Victoria Market

As expected, the number of properties sold has decreased, both due to the season and because sales in the market has been cooling. December 2017 saw 462 properties sold as compared to December 2018 with 375 sold. The December tally brought the total number of properties sold in Greater Victoria to 7,150 in 2018.

"All levels of government turned their focus to try to make housing more affordable and attainable across the property spectrum,” said the Victoria Real Estate Board President Kyle Kerr. Indeed, consumers lost 20 per cent of their purchasing power due to the federal government's change to mortgage lending qualification rules.

Meanwhile, municipal government has been leveraging and acquiring new land and creating partnerships with private and non-profit organizations to bring new affordable units to market. And the provincial government has committed to substantial investments into affordable housing.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in December 2018 was $858,600 - a 3.2 per cent increase over December 2017, but lower than November's value of $865,200.

Interestingly, the MLS® HPI benchmark value for a condominium in the Victoria Core area, now at $502,400, is an increase of 8.2 per cent over December 2017, and a slight increase from November’s value of $500,00.

Last year, the hot real estate market and a shortage of supply drove up typical values by 15 to 35 per cent for condominiums and townhouses. This year, supply is less of a problem as more condominiums come on stream throughout the capital region amid a construction boom. Offsetting that, and perhaps pushing values upward, are the families and first-time home buyers who are now looking to condos and townhouses as a more affordable alternative to single-detached dwellings.

Whether you’re looking for a condo, townhouse or single-detached dwelling to call your own, I would enjoy working with you to help you find the best value for your budget.

Jane Logan