Victoria MLS Statistics – from the Victoria Real Estate Board 

  • Victoria MLS Statistics overview

    Victoria MLS Statistics overview

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  • Victoria MLS Statistics Benchmarks

    Victoria MLS Statistics Benchmarks

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Victoria MLS Statistics

February 1, 2018
Victoria Real Estate market begins the new year with low inventory and high demand

A total of 462 properties sold in the Victoria Real Estate Board region this February 1, 2018
Victoria Real Estate market begins the new year with low inventory and high demand
A total of 431 properties sold in the Victoria Real Estate Board region this January, 9.8 per cent fewer than the
478 properties sold in January last year. The sales of condominiums were down 30.6 per cent from last year in
January – with 118 sold. Single family homes were 4 per cent down from the previous year, with 215 selling in
the first month of 2018.
“We expected January to be a bit slower after the increase in activity we saw in November and December, which
was likely due in part to buyers entering the market early to avoid the new mortgage stress test,” says 2018
Victoria Real Estate Board President Kyle Kerr. “We have yet to see the full effect of the stress test, as many
people attained a 90 -120 day pre-approval before the test became required January 1. We won’t know how
much that stress test will affect the spring market until we see the numbers, and spring is also the time when
sales traditionally pick up.”
There were a total of 1,491 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at
the end of January 2018, an increase of 7.7 per cent compared to the month of December and 1.6 per cent
fewer than the 1,516 active listings for sale at the end of January 2017.
“2017 concluded with very constrained inventory levels, which hit record lows early in January. The lack of
inventory in our market is maintaining pressure on pricing, especially as high demand continues in many areas
of Victoria,” adds President Kerr. “We can also see the effects of headwinds influencing our market in 2018,
including attempts to curb demand at all levels of government. The mortgage stress test is the latest to be
introduced, and we may learn of further measures later this month when the provincial budget is released. We
hope the government takes a balanced approach to our housing market in their budget and offsets any further
demand-side measures with initiatives aimed at addressing the ongoing supply shortages for both home buyers
and renters. We also encourage our local governments to take some time to assess the effects of demand-side
measures like the mortgage stress test and recent interest rate hikes before introducing further restraints on our
market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in
January 2017 was $761,100. The benchmark value for the same home in January 2018 increased by 9.3 per
cent to $831,900, slightly higher than December’s value of $823,800. HPI benchmark value for a condominium
in the Victoria area in January 2017 was $375,300. The benchmark value for the same condo in January 2018
increased by 20.1 per cent to $450,600, which is slightly higher than December’s value of $445,000.

About the Victoria Real Estate Board. Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors.

The Victoria Real Estate Board represents 1,364 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor . For detailed information on the Victoria and area housing market.

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