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Market Update

Found 5 blog entries about Market Update.

Sept stat photo - VREBThe trend to a balanced market continued through August with a further decline in sales to just 594 properties sold in the Victoria Real Estate Board in August, a decrease of 8.8% from the 651 sold in July and 19.3% fewer than the 736 sold in August of 2017.

 

The overall supply of active listings increased to 2,519 at the end of August, 31.4% higher than the 1,917 available at the same time last year.

 

There are significant differences among various price ranges, property types and neighbourhoods with continued limited selection below $750,000, 30% fewer available than this time last year and increasing availability above $1,500,000 where selection has more than doubled.

 

The VREB Home Price Index indicates that benchmark values of

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August statsWhile the summer weather has heated up the real estate market is generally cooling off.  In July the trend of increasing listings available for sale and fewer sales continued with just 651 properties sold a decline of 17.6% from the 790 sold in July 2017. The number of listings available for sale was up to 2,607 at the end of July from 1,921 at the end of July last year.

 

Overall the proportion of listings available for sale relative to the number selling represents a balanced market with four month supply. Looking a little closer at specific property types, neighbourhoods and price ranges quickly reveals that there are significant differences in various parts of the market. For example under $750,000 in Victoria's core there are currently only 347

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The imbalance of supply and demand has shifted some in favour of buyers, but continues to be undersupplied in lower priced housing. The result being that more affordable housing is continuing to experience rising prices.

There were 755 properties sold on Victoria Real Estate Board this May, down 25% from the 1,006 sold in May last year and also 2.5% fewer than April 2018. Of those sold 237 were condos and 406 were single family homes.

At the same time, the number of listings has increased substantially to 2,394 at the end of May 2018, up 19.6% from 2,002 the previous month and up 26.3% from 1,896 last year at this time.

The shift in the balance of supply vs demand we’re seeing is not surprising given the many impactful changes including to

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I get it. I understand you may have doubts and concerns about the viability of investing in real estate. It seems so risky, maybe even out of reach. For those of us who live in Victoria, we have seen property prices skyrocket in the last few years. The number of homes available to buy are limited, and of those, many need a LOT of work – maybe more work than you feel comfortable putting in or spending more on. New provincial and municipal tax regulations are in the works regarding short-term rentals and vacant properties. And these are just your concerns about investing locally.

If you are considering investing in communities in another market, whether across the country or across the border, suddenly the prospects of dealing with out-of-province or

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As expected, government influences are impacting our Victoria and BC wide real estate market. The combination of new federal tax strategies, mortgage stress test, increased interest rates, expanded and increased foreign buyer tax and impending speculation tax is starting the push the market balance towards favouring buyers. There is widely varied market activity by price range and area with the lower end in our Victoria market still in very short supply.

Sales of all property types declined in March by 25% from the previous year with just 688 sold down from 929 in march of 2017. Condominium sales were down by 28% with just 211 sold and single family homes were down by 30% with just 337 sold this March.

The Victoria Real Estate Board reported an

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