The Neal Estate Team's Victoria Real Estate Market Update for October 2018

 

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 months, there are significant variations in the proportion of listings available for sale and selling by area, property type and price range. For example supply remains limited and pressure high on condos in downtown Victoria under $500,000 where 17 sold in September and just 25 are currently available for sale, just a 6 week supply compared to 11 sold of 157 available for sale, a 14 month supply of luxury homes offered for sale over $2,000,000

 

With this overall return to a balanced market statistically we are seeing relative price stability with no change from the previous month with the Victoria Real Estate Board Home Price Index for downtown condos of single family homes in the region although both are up from a year ago with the benchmark for single family at $883,700, up 6.2% from $832,000 a year ago and the index for condos in Victoria's core at $503,000, up 9% from $457,700 a year ago.

 

The many government measures introduced to slow our market have had their impact. Rent controls were also recently revised with previously announced maximum rent increase for 2019 of 4% reduced to 2.5%. The very controversial Speculation tax is scheduled to come before government now during the fall session of the BC legislature.  

It's a great market to move up in with strong demand in the bottom end and increasing selection in the higher end. If you're curious about options and considering taking advantage of this market, or you happen to know someone who is, please give us a call. For up to date information relevant to you, please call or text us at 250.386.8181to arrange your free consultation, without obligation of course.

The Neal Estate Team
Victoria’s Real Estate Experts
“Go with those who know!”
www.RonNeal.com