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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
Perfect for investors or first time home buyers who are looking to get into the market. Bring your own ideas and style, and build some sweat equity. This 1916 built home ...
- 6 Beds
- 2 Baths
- 920174 MLS
Courtesy of RE/MAX Camosun
Dean House.... One of the best locations possible for retirement living. Located directly across from the Lansdowne Campus of Camosun College, this large One Bedroom plus...
- 2 Beds
- 2 Baths
- 920248 MLS
- Dean House Bldg.
Courtesy of RE/MAX Camosun
Priced to sell - here is your opportunity to live in a quality steel & concrete luxury building by award winning Concert Properties! The Chelsea is an elegant boutique st...
- 2 Beds
- 2 Baths
- 918924 MLS
- Chelsea Bldg.
Courtesy of RE/MAX Camosun
One level living, centrally located near hillside mall! This great one level, two bedroom townhome is ready for its new owner. Featuring a large living room, full sized...
- 2 Beds
- 1 Baths
- 920024 MLS
Courtesy of DFH Real Estate Ltd.
Sooke River Mini Farm. Rare opportunity to purchase 0.87 acre of private, fenced and useable property. This Country Rancher offers 3 bedrooms, 2 bathrooms and over 1900 s...
- 3 Beds
- 2 Baths
- 920211 MLS
Courtesy of Royal LePage Coast Capital - Sooke
Welcome to 106–859 Carrie St. A great opportunity for a student, a first time home or just a chance to live close to town at an affordable price rarely found in todays ma...
- 1 Beds
- 1 Baths
- 920230 MLS
- Highland Manor Bldg.
Courtesy of RE/MAX Generation - The Neal Estate Group
Stunning Float Home in the heart of James Bay at Fisherman's Wharf! Living directly on top of the ocean is a lifestyle and this one comes with lots of perks! When you fir...
- 2 Beds
- 1 Baths
- 920178 MLS
Courtesy of Coldwell Banker Oceanside Real Estate
THIS IS AN ASSIGNMENT. Welcome to the Penthouse at the Peak on Third! Steps from all that Beacon Avenue has to offer and just a stone’s throw from the Sidney Waterfront. ...
- 2 Beds
- 2 Baths
- 920243 MLS
Courtesy of Holmes Realty Ltd
The total package! Beautifully cared for 1957 home on .22 of an acre in Sooke Center. Easy walk to the Rotary Pier and Boardwalk-easy walk to Sooke Center. Lovely home wi...
- 3 Beds
- 2 Baths
- 920221 MLS
Courtesy of RE/MAX Camosun
Welcome to the Bowker Collection in beautiful Oak Bay built by award-winning Abstract Developments. This spacious 2 bedroom home is located on the quiet side of the build...
- 2 Beds
- 2 Baths
- 920106 MLS
- Bowker Collection Bldg.
Courtesy of RE/MAX Camosun
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