Market Update
Found 292 blog entries about Market Update.
The Neal Estate Team's Victoria Real Estate Market Update for March 2019
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…
BC Speculation Tax - Declaration Due by March 31, 2019 (and annually thereafter)
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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
The Neal Estate Team Victoria Real Estate Market Update for February 2019
The supply of active listings available for sale in the VREB at the end of January 2019…
The Neal Estate Team's Victoria Real Estate Update for January 2019
The 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
…The Neal Estate Team's Victoria Real Estate Market Update for December 2018
The Neal Estate Team Victoria Real Estate Market Update for November 2018
>Last month we saw a small normal seasonal increase in sales over to 598 sold over the 533 sold in September, but down 10% from the 664 sold in October last year. There were 15% fewer condos and single family homes sold in October compared to October of the previous year.
The supply of homes available for sale was up to 2,510 actively for sale at the end of October, that's 32% higher than at the end of October last year.
The simple overall math is that we now have a 4 month supply which suggests a "balanced market". A closer look shows significant differences in this "balance" in different areas, property types and price ranges. Some continue to be relatively under supplied with competing bids while others are seeing almost no activity and
…The Neal Estate Team's Victoria Real Estate Market Update for October 2018
The downward trend for real estate sales in Greater Victoria continued with a total of just 533 sold in September 2018, 16% fewer than the 640 sold last September 2017 and 10% fewer sales than last month, August 2018. This is contrary to the typical seasonal increase in sales after summer.
At the same time the upward trend with our supply of listings available for sale continued with 2,646 for sale at the end of September 2018, 5% than the month before and 34% more than the 1,976 available at the end of September 2017. This apparent balanced level of supply and demand means we now have a 5 month overall supply of listings available for sale. Of course as reported in previous…The Neal Estate Team Victoria Real Estate Market Update for September 2018
The 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
…The Neal Estate Team Victoria Real Estate Market Update for August 2018
While 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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