Greater Victoria Spring Market Update
A total of 421 properties sold in the Victoria Real Estate Board region this February, 22.8% fewer than the 545 properties sold in February 2018 but a 28% increase from January 2019. Sales of condominiums were down 25.9% from February 2018 with 129 units sold but were up from January 2019 by 16.2%. Sales of single family homes were down 15.8% from February 2018 with 219 sold.
"Buyers and sellers appear to be looking at the current real estate market from different perspectives," says Victoria Real Estate Board President Cheryl Woolley. "Buyers are hoping to see reductions in prices because governments have told the public that policies like the mortgage stress test and the speculation tax will improve affordability. However, the actual result of some of these policies seems to have softened the higher priced end of the market and increased competition for properties at the lower priced end. Conversely, sellers may be holding out to see if prices increase in the spring, and those hoping to up-size may be unable to qualify for the funds needed to move up because of the stress test...Currently, we still have very low inventory compared to the long-term average with little having come into the market this past month. As the spring thaw comes, there's a good chance more listings will come onto the market which will create more options for prospective buyers."
There were 2,131 active listings for sale on the Victoria Real Estate Board MLS® at the end of February 2019, an increase of 3.6% compared to the month of January and a 37.9% increase from the 1,545 active listings for sale at the end of February 2018.