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Victoria Market Update – June 2018

Posted by on Thursday, June 14th, 2018 in Victoria Real Estate News

Hello again,

Here is the inaugural email of my new monthly Victoria Real Estate Update.

The goal of my email updates is to provide you with current real estate market statistics, some commentary about the local housing market and some real estate related links and articles to assist you with any of your real estate queries.

Not a lot has changed in the Victoria market since my last update. Housing prices are still at record highs throughout the greater Victoria area and sales have continued to drop this year. In fact, May sales are down about 25% from a year ago.

Listing inventory is still on the lower side statistically, but the supply has increased about 25% from a year ago and houses that are listed for prices that are above their “fair market” value, are sitting on the market for a longer period of time.

With only 29% of sales in May resulting in a sale price of full or above asking, is appears that multiple offers are becoming more and more a thing of the past. This is especially appealing to buyers, who have been frustrated and discouraged by the lack of choice and the large number of multiple offers and bidding wars over the last 2 years. A return to a more balanced market appears to be a welcome one.

The next 90 days should provide a better perspective of where the market is heading. It is my prediction that the overall prices will remain strong for the next few months, especially for condos and townhouses and homes under the $1 million mark, but will soften on the higher end price range. The effects of the mortgage stress test effects enacted in December 2018, and the 20% foreign buyers tax implemented in February, along with the uncertainty around the proposed BC government speculation tax, most likely are the main reasons for the sales slow down. This could result in some easing of prices in the coming months, but to be sure, it will be an interesting rest of the year indeed.

I have just recently launched a new and improved website that provides easy to navigate real estate and community-related information to further assist you with browsing the local real estate market. Please check out my new website and if you have any thoughts or any suggestions on content or improvements that I can implement I would be very happy to hear them. It is my desire to provide you with the most accurate and relevant information, with an easy to use format that assists in making your real estate experience a smooth one: www.dalesheppard.com.

I have also launched a new advertising campaign to share with you.

Check out all of the Latest Greater Victoria Real Estate Statistics here

Click here for List of Upcoming Open Houses

In the meantime, have a great summer and happy Father’s Day! if you or any of your friends or relatives require any real estate related information or assistance please call or contact me through my website. I look forward to hearing from you.

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