After declining sales activity for Victoria Real Estate Board each month since May, we experienced a seasonally unusual increase in local sales volume from October to November with a total of 671 properties sold, also 12% more than November the previous year. In fact it was the highest number of sales recorded in November since 1996.
This increase was attributable at least in part to a surge of activity generated from anxious buyers rushing to lock down purchases before new mortgage rules take affect in the new year. The new mortgage rules will decrease the average home buyer’s purchase threshold by more than 20%.
The total number of properties listed and available for sale followed our typical seasonal decline to just 1,764 listings down 7.4%
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