Special Feature: "Where are all the buyers from?"
July 2008
A balanced market and a larger inventory of properties for sale are giving buyers more choice and flexibility as the number of sales of homes and other properties in the Greater Victoria area declined in July. Prices, however, showed little change and the number of listings now stands at the highest level since May 1998.
The average price of single family homes and townhomes showed little change last month: the average price of single family homes in Greater Victoria in July was $578,177; the six-month average was $596,659; the median was $529,900. Eighteen single family homes sold for over $1 million, including three sales on the Gulf Islands.
The average price of all townhomes sold last month was $454,918; the six month average was $435,786. The median price was $417,450. The average price for condominiums at $302,536 was the lowest monthly average since May, 2007. The average for the last six months was $324,583, however, showing little change from the $326,904 six month average at the beginning of the year. The median price for condominiums in July was $285,000.
JUNE 2008 DOWN SLIGHTLY FROM MAY - PRICES REMAIN STABLE
The number of sales of homes and other properties in the Greater Victoria area in June was down slightly from May - however prices continue to remain stable.
The overall average price of single family homes last month was $580,104; the six-month average was $600,740 and the median was $538,000. In comparison, the six month average in January was just over $586,000.
The average price of all condominiums sold in June was $319,943; the average for the last six months was $330,992; the median was $295,000. The average price of all townhomes sold last month was $431,992; the six month average was $432,152; the median price was $399,500.The number of properties available for sale continued to increase last month rising to 4,513 - a 27 % increase compared to June last year. This means that while buyers feel less pressure to make a quick decision, sellers who price their homes realistically can still expect strong interest.
Although sales last month were down substantially compared to June of last year, it is important to remember that 2007 was an exceptional year for the local real estate market.
CMHC 2007 FALL OUTLOOK:
The Fall 2007 edition of CMHC's Housing Market Outlook - Victoria is now available and can be accessed by clicking on the link below....
Click to view 2007 Outlook
Housing Starts Cooling in 2007 and 2008
OTTAWA, August 15, 2007 — Housing starts will moderate in 2007, reaching 220,000 units, a decrease of 3.2 per cent from 2006, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition report. Residential construction will continue to decline in 2008 to 207,200 units, yet will mark seven consecutive years in which housing starts exceed 200,000 units.
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2008 MARKET FORECAST
MONTHLY MARKET REVIEW:
2008 Off To Solid Start
Sales of homes and other properties in the Greater Victoria area got off to a solid start in the first month of 2008. There were 464 sales through the Victoria Real Estate Board’s Multiple Listing Service® in January, up from the 442 sales in the same month a year ago. The average price of single family homes sold in January in Greater Victoria was $606,449. While 19 sales of over $1 million had an upward impact on the average price of single family homes, nearly 29 per cent sold for less than $450,000. The six-month average for single family homes was $586,338.
The average price of all condominiums sold in January was $349,045; the median selling price was $304,450 and nearly 37 per cent of all condominiums sold for under $275,000. The average for the last six months was $326,904. The average price of all townhomes sold last month was $423,774; the median price was $392,950; the six month average was $419,926.
