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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
Open Saturday April 1st - 1-3 p.m. - Looking for a home with English country charm? This 3 bedroom, 2 bathroom home, nestled in Oak Bay’s desirable “Poets Corner” will no...
- 2 Beds
- 2 Baths
- 927315 MLS
Courtesy of Newport Realty Ltd.
Welcome to your dream home at 3369 Radiant Way! This stunning Arts and Crafts style townhome is an absolute gem, featuring 3 bedrooms, 3 bathrooms, and a single car garag...
- 3 Beds
- 3 Baths
- 927428 MLS
Courtesy of Pemberton Holmes Ltd. - Oak Bay
On a tree lined street, in a great neighbourhood, you’ll find this mid century charmer. Well maintained throughout the years, this home features 3 bdrms on the main, glea...
- 4 Beds
- 2 Baths
- 927414 MLS
Courtesy of Pemberton Holmes Ltd. - Oak Bay
SIDNEY WATERFRONT! Custom-built 4BD/3BA, 3,322sf home looks out over Roberts Bay with Gulf Islands & Mt. Baker as a backdrop. Expansive ocean, island views can be enjoyed...
- 4 Beds
- 3 Baths
- 927573 MLS
Courtesy of Newport Realty Ltd. - Sidney
Eagle Ridge Estates welcomes you to the most desirable living in North Saanich. This lovely townhome is tucked away in private forested ALR complex yet offers a bright op...
- 2 Beds
- 3 Baths
- 927594 MLS
- Eagle Ridge Bldg.
Courtesy of DFH Real Estate - Sidney
Location, location, location! Check out this bright & thoughtfully laid out 696sq ft 1 bed + DEN/1 bath in the heart of it all! Enjoy the floor to ceiling windows in this...
- 2 Beds
- 1 Baths
- 927560 MLS
- Parc Residences Bldg.
Courtesy of eXp Realty
One freshly subdivided building lot of a four lot subdivision, located in amenity rich James Bay village with building plans in place designed by Arcata Architecture (See...
- 927492 MLS
Courtesy of Coldwell Banker Oceanside Real Estate
Opportunity awaits with this side by side Maplewood, legal duplex, boasting 3 separate living spaces (and the potential for a 4th!). With excellent revenue potential this...
- 6 Beds
- 3 Baths
- 927443 MLS
Courtesy of Engel & Volkers Vancouver Island
O.H. Sat. Apr.1 - 1-3 pm. Stunning Deep Cove home situated on a south facing lot w distant ocean views. The chef’s kitchen has a spacious eat in area, ample cupboard & co...
- 5 Beds
- 4 Baths
- 927637 MLS
Courtesy of Holmes Realty Ltd
Beautiful 1.24acre property located in the Highlands and only 10 minutes to Costco and Millstream Market. The residence was originally a 1989 manufactured home that was c...
- 3 Beds
- 2 Baths
- 927613 MLS
Courtesy of RE/MAX Camosun
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