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Greater Victoria home sales slide below $200 million

Posted by Ron Neal on Tuesday, October 2nd, 2012 at 12:37pm.

The total value of monthly home sales through the Greater Victoria Real Estate Board dropped below $200 million in September for the first time since January. At the same time, the number of sales and the average price for a single-family house also declined.Greater Victoria's results reflect what's been happening across the province, according to the B.C. Real Estate Association, which noted the dollar volume of B.C. homes decreased 25.4 per cent to $2.6 billion in August compared with the same month last year.Consumer demand also weakened in August and tighter mortgage rules in July affected the "already tentative market," the association said. Between January and August, home sales in B.C. declined by 17.5 per cent to $26.2 billion, compared to the same period last year.And the average residential price was 9.3 per cent lower at $521,599.In the capital region, buyers are waiting for prices to drop and sellers are pricing for the current market, Victoria Real Estate Board president Carol Crabb said Monday. "We are at a bit of a standoff in the Greater Victoria real estate market." The total value of all residential sales through the Victoria board was $188.78 million in September. That's down from $204.3 million in August.May had the highest total home sales value so far this year at $321 million. January home sales were valued at $159.78 million, board figures show.Last month, there were 400 residential sales out of a total of 419 sales, which includes other property such as acreages and commercial holdings, for a total value of $191.7 million.August's figures were higher. There were 430 home sales with a total value of $204.3 million. In that month, there were 462 sales for all types of property, totalling $211 million. The average price of a single-family home in the capital region was $598,361 in September, down from $590,843 in August. The median last month was $518,500.In September 2011, the average price of a single-family home was 5.3 per cent higher, at $622,393.A total of 14 single-family houses sold for more than $1 million last month. Every month brings several sales topping $1 million because the capital region features many highend homes, including multimillion-dollar luxury estates. The highest priced home listed through the MLS is the 2005-built Mille Fleurs at 525 Towner Park Rd. It has an $18-million price tag and was listed last week with Southeby's International Realty Canada.On 3.8 acres, the country home has five bedrooms and eight bathrooms. The main house is 11,416 square feet and includes a winetasting room, wet bar, media room, wood-burning pizza oven and landscaped gardens. It is fully furnished. The waterfront property will be marketed internationally, said Scott Piercy, who shares the listing with Jim LeBlanc.Piercy said the buyer purchases shares in the Towner Bay Country Club Ltd. and receives a certificate for the property and membership in the club, Piercy said. The club was incorporated in 1929 and has 27 directors, according to B.C. registry records. Meanwhile, the average price of a condominium was $320,304 last month, on par with August. The median was $263,450. Victoria, Saanich East and Langford led sales numbers. Townhouses sold in Greater Victoria had an average price last month of $395,271.Buyers had 5,025 properties to choose from in September, close to the August listings at 5,034. © Copyright (c) The Victoria Times Colonist


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