The Neal Estate Team's Victoria Real Estate Market Report for April 2019

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 experiences in different areas, price ranges and property types.

 

There continues to be an overall shortage of listings in the lower end, particularly those properties most suited as rental investments. The ongoing impact of mortgage stress test introduced last year together with the latest Federal government measures are likely to further increase the demand on the lower end, giving none of the intended relief to first time home buyers.

 

The new home buyer incentive program introduced by the Federal Liberals last month is targeted at first time home buyers with a maximum purchase price target of $500,000 to $600,000, depending on size of down payment. It's restricted to new home buyers with family income of up to $120,000. TD economists estimate the new mortgage incentive could help push up home sales and prices by between two and five per cent by 2020.

 

The Victoria Real Estate Board Home Price Index Benchmark Price for single family homes in Victoria's core continued to slip down another 2.8% from the previous month, now $843,600, $24,300 lower than $867,900 at the end of March last year and now 6% or $54,800 less than the peak of $898,400 in June of 2018.

 

As always, the market varies considerably by neighbourhood, property type and price range. Buying and/or Selling, we are happy to assist and advise. Please contact your Victoria and Vancouver Island Real Estate Experts, email RonNeal@REMAX.net call or text us at 250.386.8181 for FREE consultation and advice, there is no obligation of course!

P.S. Ask us about our new home sellers program, Your Home Sold in 30 Days...Or We Sell it *FREE! Click HERE for Free Market Value Estimate!

 

The Neal Estate Team
Vancouver Island's Real Estate Experts
“Go with those who know!”
www.RonNeal.com
www.HomesOnVancouverIsland.ca
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