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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
Enjoy modern living in a natural setting! Near the upper end of Sewell Road, this 3-bed, 5-bath home overlooks a neighbouring forest. With privacy in mind, Keith Baker De...
- 3 Beds
- 5 Baths
- 944949 MLS
Courtesy of RE/MAX Camosun
With Mt. Work Regional park in your back yard this home offers convenient access to hours of Hiking, Mountain biking and horse back riding and it is only a short walk to ...
- 5 Beds
- 4 Baths
- 944875 MLS
Courtesy of RE/MAX Camosun
Bright SE corner offers the feeling of being on the top floor (only 1 unit above w/ only their deck over your Primary & Livingroom) - welcome to The Shire a Well-appointe...
- 2 Beds
- 2 Baths
- 944883 MLS
- The Shire Condos Bldg.
Courtesy of eXp Realty
Experience the epitome of relaxed elegance with this casually contemporary strata duplex, perfectly situated near the picturesque Roberts Bay. Nestled in a welcoming neig...
- 3 Beds
- 3 Baths
- 944674 MLS
Courtesy of RE/MAX Camosun
Open Saturday 12:00-2:00 - This stunningly renovated 4 bedroom 4 bathroom home in centrally located View Royal. This home has undergone extensive updates and thoughtful r...
- 4 Beds
- 4 Baths
- 944925 MLS
Courtesy of Engel & Volkers Vancouver Island
Here is an opportunity to purchase the last one of three premium, flat residential building lots, registered and located close to the South Oak Bay border in desirable Fa...
- 944863 MLS
Courtesy of Pemberton Holmes - Cloverdale
Introducing this rare 3 bedroom plus office/storage condo! Lots of room combined with a great location and regular bus transport into downtown. Enclosed south facing balc...
- 3 Beds
- 1 Baths
- 944946 MLS
- Plaza Court Bldg.
Courtesy of Engel & Volkers Vancouver Island
Newly renovated mid-century modern home with development potential centrally located in Brentwood Bay! Extensively reimagined, this home has all of the modern amenities w...
- 5 Beds
- 2 Baths
- 944536 MLS
Courtesy of Coldwell Banker Oceanside Real Estate
Welcome home to the Wade. A beautiful, modern designed steel and concrete building located within the downtown core. This unit is situated on the quiet side of the buildi...
- 3 Beds
- 2 Baths
- 944891 MLS
- The Wade Bldg.
Courtesy of Pemberton Holmes Ltd. - Oak Bay
Nestled in Victoria's coveted Rockland neighborhood, this elegant custom townhome is part of the prestigious Grierson Estate. Offering over 3,700 sq ft of luxurious livin...
- 4 Beds
- 4 Baths
- 943935 MLS
Courtesy of RE/MAX Camosun
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