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A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.
Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.
"We continue to see low inventory hindering sales in the local market," notes Mike Nugent, 2016 President of the Board. "Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2015 was $608,200. The benchmark value for the same home in October 2016 has increased by 24.1 per cent to $755,000.
"The federal government's change to mortgage lending rules has also impacted buyers," adds President Nugent. "Buyers that require mortgage insurance are able to qualify for significantly smaller mortgages than before the rule change and this is further limiting their options in a very restricted market. Some buyers have postponed their search in order to save up more of a down payment so they can work within these new limitations."
Hot Victoria Area Investment Properties
Welcome to the Penthouse at Blu. The only two bedroom suite in this boutique seven residential suite development. Sold prior to completion of construction, this suite wa...
- 2 Beds
- 1 Baths
- 911309 MLS
Courtesy of Engel & Volkers Vancouver Island
Welcome to your new home in Hawthorne Village! This rancher style 3-bed, 2-bath home is perfect for one-level living in an adult-oriented neighbourhood. The living room/d...
- 3 Beds
- 2 Baths
- 910203 MLS
- Hawthorne Village Mhp Bldg.
Courtesy of RE/MAX Camosun
UPDATED BRIGHT & SUNNY 2 bedroom condo. Enjoy a private outlook from this spacious SW facing corner suite. Beautifully updated kitchen with quartz countertops, modern cup...
- 2 Beds
- 1 Baths
- 911329 MLS
- Hampstead House Bldg.
Courtesy of RE/MAX Camosun
*OH 12-2 SAT* Welcome to this brand new custom built home crafted by Scagliati Homes! Enjoy these stunning ocean & mountain views while only being a short distance from t...
- 5 Beds
- 4 Baths
- 911647 MLS
Courtesy of Engel & Volkers Vancouver Island
Welcome to unit 405 at the highly coveted Residences at the Triple Crown Development. This top floor, spacious one bedroom plus den, open concept design built in 2018 off...
- 1 Beds
- 1 Baths
- 911649 MLS
Courtesy of RE/MAX Generation - The Neal Estate Group
Open House Sunday, August 14th 2-4 pm!!! Pride of ownership is clear in this great family home on a quiet cul-de-sac in this sought-after Brentwood Bay neighbourhood! Nes...
- 4 Beds
- 4 Baths
- 911634 MLS
Courtesy of Holmes Realty Ltd
Welcome to 3290 Hazelwood! This stunning home in the family oriented community of Happy Valley offers 3 bedrooms and 3 bathrooms, a single car garage and just over 1500 s...
- 3 Beds
- 3 Baths
- 911169 MLS
Courtesy of The Agency
Stonetide Manor, an exclusive enclave of 5 waterfront units in the Heart of Sidney By the Sea. One level living in an outstanding waterfront location! This elegant 3 bedr...
- 3 Beds
- 2 Baths
- 910985 MLS
- Stone Tide Manor Bldg.
Courtesy of Sotheby's International Realty Canada
Rare opportunity to own the most prestigious top-floor suite in the best 55+ Independent Living building in the region. This unique and bright suite offers privacy and wi...
- 2 Beds
- 2 Baths
- 911650 MLS
- Rose Bank Gardens Bldg.
Courtesy of Fair Realty
Top floor 2 bedroom / 2 bath suite features many recent renovations with premium finishing throughout. Large modern kitchen with tons of roll out drawers & ample countert...
- 2 Beds
- 2 Baths
- 911543 MLS
- Blackwood Manor Bldg.
Courtesy of Pemberton Holmes Ltd. - Oak Bay
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