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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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.