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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
Private & Peaceful on Portage Inlet Open Sunday Sep 15th 1:30 PM - 3:00 PM Welcome to this charming 2-bed, 1-bath home on Portage Inlet, nestled on a .6-acre, parklike ...
- 2 Beds
- 976026 MLS
Courtesy of Coldwell Banker Oceanside Real Estate
Exceptional family home offering unparalleled flexibility and opportunity in a family friendly neighbourhood. This unique home is perfect for multi-generational living or...
- 6 Beds
- 4 Baths
- 975288 MLS
Courtesy of RE/MAX Camosun
Discover this extraordinary custom-built home in the prestigious Uplands neighbourhood, a masterpiece of timeless luxury & award-winning design. Featured in architectural...
- 5 Beds
- 6 Baths
- 975783 MLS
Courtesy of The Agency
Home Sweet Home! Welcome to Pacific Trilogy Two – a modern development in the heart of Langford! This quiet, centrally located condo offers 876 sq.ft. of spacious open-co...
- 2 Beds
- 2 Baths
- 975118 MLS
Courtesy of Oakwyn Realty Ltd.
This RS-6 Zoned, 6 Bed 3 Bath house is built on an expansive 11,300-flat lot. With NEW ZONING rules of the District of Saanich, a FourPlex can be built here, or a Garden ...
- 6 Beds
- 3 Baths
- 975654 MLS
Courtesy of Fair Realty
Open House, Saturday, Sept 14th. Beautiful, well-maintained 2 bedroom, 1 bathroom Fairfield home. The spacious living room has a gas fireplace, hardwood floors, coffered ...
- 2 Beds
- 1 Baths
- 975966 MLS
Courtesy of RE/MAX Camosun
Total privacy in a tranquil forest. While this stunning property lists as one acre, it is in a natural reserve of 20 acres-so the seclusion is complete. A strong design c...
- 3 Beds
- 3 Baths
- 976003 MLS
Courtesy of Coldwell Banker Oceanside Real Estate
Open House Sept 14th and 15th, 12:00 to 2:00. Everything you need is in this immaculately kept two bedroom, two bathroom home! Granite counter tops, stainless steel appli...
- 2 Beds
- 2 Baths
- 975373 MLS
Courtesy of Pemberton Holmes - Cloverdale
Don't miss this gorgeous 6 bedroom, 3 bathroom character home in a fantastic location with multiple income helpers in popular Fernwood. Boasting 3 self contained suites,...
- 6 Beds
- 3 Baths
- 975999 MLS
Courtesy of RE/MAX Camosun
Discover luxury living in this exquisite 1995 family home at prestigious 10-Mile Point. Updated with modern amenities, including heated floors and sleek quartz countertop...
- 4 Beds
- 3 Baths
- 974990 MLS
Courtesy of Sotheby's International Realty Canada
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