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Market Update

Found 16 blog entries about Market Update.

Vancouver, BC – July 15, 2019. The British Columbia Real Estate Association (BCREA) reports that a total of 6,960 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June, a decline of 11.8 per cent from the same month last year. The average MLS® residential price in the province was $687,584, a decline of 4 per cent from June 2018. Total sales dollar volume was $4.8 billion, a 15.3 per cent decline from the same month last year.

“BC home sales moderated lower in June after a stronger showing in May,” said BCREA Deputy Chief Economist Brendon Ogmundson. “While mortgage rates offered by lenders have moved below 3 per cent, a static qualifying rate has limited the impact of the lower cost of borrowing.”

Total MLS®

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Following historically normal trends, the volume of new listings and sales appears to have peaked in May with our spring market. 

There were a total of 740 properties sold in the Victoria Real Estate Board in June, that's 4.5% more than the 708 sold June of last year but 12.7% fewer than the previous month. The number of condos sold decreased 6% to 216 while single family home sales increased 10% over June 2018 with 394 sold.  At the end of June, there were 3,040 listings available for sale, an increase of less than 1% over the previous month but up 17% from the 2,595 available at the end of June 2018.  

The market is much more balanced overall now than it has been for a few years with an overall approximate 4 month supply. This balance of

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As expected we experienced significant seasonal increases in both properties listed and properties sold in the month of May compared to both the month before and May of 2018.

The 848 properties sold in May of this year was 10% more than May of last year and a 22% jump from the previous month. Of the properties sold, 246 were condos, an increase of 2% over May 2018.  There were 448 single family homes sold, a 10% increase over last year. and town homes sales were up 27% with 98 sold this year.

The number of active listings continued it's climb to a 3 year high of 3,019 at the end of May, up 10% from the previous month and 26% higher than the 2,394 active at the end of May last year. Also notably higher than the low of 1,896 in May of 2017.

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There were a total of 696 properties sold in April of 2019, a decline of 10% from last year's 774 total and up seasonally 9% from the previous month. Single-family home sales were down 12% from the previous year and condominium sales were down 8.8%.   The number of listings available for sale continued to edge upwards to 2,751 at the end of April 2019, an increase of 13% from the previous month and 37% more than the 2,002 at the end of April 2018.   While balanced overall from a general perspective with a 4 month supply of listings relative to sales, the market continues to be undersupplied in the lower end of the market with multiple competing offers common under the 750k mark. The higher end is experiencing a very different market, for…
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With the arrival of our welcome warm spring weather, the market has heated up and real estate signs are popping up along with the spring flowers.   Sales increased 52% in March to 640 sales from just 421 sales in our cold and snowy February, but still down 7% from 688 sales in March of 2018.   The number of listings actively available for sale rose another 14% from 2,131 at the end of February to 2,435 at the end of March and up 38% from the 1,766 available at the end of March 2018. While the supply has increased substantially, it still lags below the 10 year average of 3,403.   Overall with a ratio of 1 sale to 4 listings in March, a 4 month supply, we are experiencing a balanced market. As is normally the case, there are different…
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This is getting repetitive, but again sales are down and listings are up. That's more than 12 consecutive months now of fewer sales and more listings than the previous year.    In February there were a total of 421 properties sold in the Victoria Real Estate Board (Sidney to Sooke to Oak bay to South of Duncan AND the Gulf Islands), that's 23% fewer than the 545 sold in February 2018 but an encouraging and seasonal increase of 28% more than in the month before, January 2019. Condo sales were down 26% from the previous year with 129 sold, also up 16% from the previous month. Single family home sales were down 16% from the previous year with 219 sold.   The supply of active listings available for sale remains historically low but has been…
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  • This new annual tax is designed to:

    • Target foreign and domestic speculators who own residences in B.C. but don’t pay taxes here
    • Turn empty homes into good housing for people
    • Raise revenue that will directly support affordable housing

    All owners of residential property in the designated taxable regions of B.C. must complete an annual declaration. Over 99% of British Columbians are estimated to be exempt from the tax.

    How to Exempt Yourself

    To claim your exemption, you must register your property by March 31, 2019 – and it’s easy to do, either by phone or online. The information you’ll need to register your property declaration will be mailed by mid-February to all owners of residential property within the taxable

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Feb enewsOur report has been somewhat repetitive over the past few months with the continuing trend of fewer sales and more listings for sale. We are starting to see price declines across most property types, areas and price ranges.   Last month there were 329 properties sold in Greater Victoria, 24% fewer than the 431 sold in January of 2018 and also 12% fewer than December. Condo sales were down only 6% while single family sales were down 29% from the previous year. Last year in January the numbers were already down significantly from the prior year due to the introduction of the new mortgage stress test. Sales levels are now significantly below the 10 year average.
The supply of active listings available for sale in the VREB at the end of January 2019…
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Dec HPIThe trend of fewer sales and more listings available for sale continued through the end of the year with  just 375 properties sold in the Victoria Real Estate Board in December 2018, 19% fewer than the 462 sold in December 2017 and 25% less than sold in November.

 

In 2018 in total 7,150 properties were sold , 20% fewer than the 8,994 sold in 2017. That's also 33% less than the record 10,622 the previous year and now below the 7,351 10 year average. The number of Single Family Homes sold in 2018 was down 22% in 2018 to 3,187 from 4,069 in 2017. Condo sales also declined 23% to 2,150 in 2018 from 2,773 in 2017.

 

There were 1,998 active listings available for sale on the VREB MLS at the end of December 2018, up 44% from the end of December a

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Dec 18 newsletter statsThe trend of decreasing sales volume continued in November with a total of 498 properties sold, 17% fewer sales than in October and 26% fewer than the 671 sold in November of last year. Condo sales were down 31% and single family sales were down 21%. In the fall of 2017 the federal government announced the changes to mortgage lending rules which came into effect January 1, 2018 and led to a frenzy of activity in November and December 2017.  Last months sales volume was just 3% lower than our 10 year average sales volume of 515 in November.   The MLS (Multiple Listing Service) HPI (Home Price Index) benchmark value for a single family home in the Victoria Core (Victoria, Vic West, Esquimalt, Oak Bay, Saanich and View Royal) was up 4% to $865,200 from…
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