Federal Measures Make Impact on Victoria Real Estate Market
November 1, 2012
VICTORIA BC - While prices held steady through most of the Greater Victoria region's real estate market in October, government lending regulations have had the desired "cooling effect" on year-over-year sales numbers.
Total MLSÂ® sales for October 2012 were 373 compared to 483 in October 2011. During the month, 211 single family homes sold throughout the Victoria Real Estate Board's region, compared to 260 in October 2011. The average price for single family homes was $576,720, down 2% from last October's average of $590,539. The median price for the same period is down $24,000 (4.5%). Month-over-month, both sales volume and the six-month average for single family homes are flat. Active listings are 4,876.
"Overall sales for Greater Victoria are down 19%," says Carol Crabb, President of the Victoria Real Estate Board. "Federal measures to slow real estate sales nationally are having a local affect. Our REALTORSÂ® tell me that with the reduced amortization rates, many buyers are having trouble getting financing for the type of home that fits their needs, particularly first-time buyers."
Crabb also notes that there are fluctuations across the region. Sales and prices are flat in the Core Municipalities, while sales are down on the Saanich Peninsula, with declined sales and prices on the Westshore. "I strongly caution against reading too much into the numbers," she says. "Both activity and prices vary by sub-area. For some the sample size is always small, so a sale of one or two properties can result in a 50% change."
There were 92 condominium sales last month, 37% fewer than during October 2011. Six manufactured homes sold compared to 10 during the previous October. Townhome sales declined 37% and the average price dropped from $428,040 to $387,769, a 9% decrease.
Total Waterfront Single Family Dwellings sold: 15, up 3 from 2011
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island