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Victoria Real Estate Market Update – January 2019

Posted by on Monday, January 14th, 2019 in Victoria Real Estate News

 

I hope you all had a great holiday season. 2019 is now upon us. I can’t believe we are already in mid January. Time does fly by. The real estate market in Victoria is starting to pick up again and all signs are indicating that it should be a good year throughout 2019. The Bank of Canada did not increase interest rates last week, and there does not appear to be any further government market influencing policies or agendas on the horizon. This should bode well for maintaining a normal balanced market throughout the winter and into the spring. Prices may continue to drop somewhat, but there does not appear to be a significant factor that would create any major change to the current market conditions.

The December sales volume continued its typical seasonal slowdown, while the total sales for 2018 showed a 20% drop overall compared to 2017. A total of 7,150 properties sold over the course of 2018 compared to the 8,994 that sold in 2017. The 2018 sales numbers were slightly below the ten year average but were significantly lower than the record sales pace of 2016 and 2017.

There were 1,988 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of 2018, which was an increase of 43.6 per cent compared to the end of 2017. While this is a much higher number compared to the almost record low of December 2018, when compared to the ten year average, this current inventory level is still on the lower side, which should result in more choice for buyers and a continued balanced market for 2019. Currently, the average price for a Single Family home is sitting at $858,600, down slightly from the average price of $865,200 in November, 2018. Average condo prices are sitting at $502,400. While these condo prices are up from one year ago, they have not changed much in the last 6 months.
2019 should continue to be a less frantic market for buyers and sellers with less overall urgency which will help to relieve some of the stresses of buying and selling. The Canadian economy is predicted to grow slower than anticipated, which should keep interest rates stable for the first half of this year. The continued effects from the last two years of government policies aimed at slowing the housing market, combined with the increase in listing inventory, should result in continued downward pressures on pricing which will make 2019 an interesting year to watch.

All the best throughout this new year, and 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: www.dalesheppard.com or direct at 250-744-0844. I look forward to hearing from you soon.

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