Finally we have a HPI (Housing Price Index) available for Greater Victoria Region. Officially being released November 1, 2013 in our market and available since 2009 in several other major markets, the housing price index tracks value of typical examples of various types of housing in major markets across Canada. It works much like the CPI (Consumer Price Index) giving a statistically truer representation of shifts in values over time. Comparing to the historic reporting of average (and median) prices which can vary considerably from month to month and are more a representation of consumer buying power than the actual prices of real estate. To put some perspective on that, over the past few years I’ve seen prices drop far more than indicated by our real
…October 2013
Found 4 blog entries for October 2013.
Foreclosures
Victoria Real Estate Update October 2013 - Ron’s Candid Thoughts
Sales continued stronger than this time last year with a recent wave of buyers who were anxiously getting into homes before their preapproved interest rate holds expired avoiding the recent jump from 2.99% to 3.59% for best 5 year mortgage rates. By my calculations the increase results in a 7.3% increase in cost and decrease in borrowing power for those dependent on the security of a 5 year fixed rate(a requirement for all with less than 20% down). Although rates increased, the "CMHC Benchmark Qualifiying Rate" has held steady so far at 5.34%. For those comfortable with a variable rate Prime minus 0.4% or 2.6% is still the best rate available. Sales may slow some for the next couple of months as there was a rush to purchase by those preapproved buyers
…Victoria Real Estate September MLS Activity Update
Sept 2013 |
Sept 2012 |
|
Net Unconditional Sales: |
487 |
419 |
New Listings: |
1,106 |
1,210 |
Active Listings: |
4,547 |
5,025 |