Victoria Real Estate Market Experiences a Burst of Activity

December 1, 2017
A total of 671 properties sold in the Victoria Real Estate Board region this November, 12 per cent more
than the 599 properties sold in November last year.

“We suggested last month that some buyers may accelerate their purchase timeline to buy a new home in
anticipation of the mortgage stress test on uninsured buyers - those with a down payment of 20 per cent
or more – that will come into effect on January 1,” says Victoria Real Estate Board President Ara
Balabanian. “Judging by the sales we saw in November and what I have heard from our REALTOR®
members, some buyers have indeed accelerated their purchasing plans to avoid the stress test. This may
change the numbers we see in the early months of 2018, as some buyers who had planned to buy next
year have bought a bit earlier.”

There were 1,764 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of November 2017, a decrease of 7.4 per cent compared to the month of October and 2.8 per cent
fewer than the 1,815 active listings for sale at the end of November 2016.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria
Core in November 2016 was $748,500. The benchmark value for the same home in November 2017 has
increased by 10.2 per cent to $824,600, which is slightly higher than October’s value of $821,900.
“So was this November a record breaker?” asks President Balabanian. “While not a record, it is the
highest November sales count we’ve tracked since 1996. It is also rare that we see November numbers
beat October numbers. The fact that we’ve had an unusual month does not necessarily mean that this is
the start of a new trend, it is however, a good example of how outside forces can impact a housing
market. It’s likely there will be more government-led change in the new year and we’ll report on the effects
of those changes on the market. Our hope is that the different levels of government coordinate their
efforts to avoid a negative compounding effect on the market.”

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in
the development of standards and innovative programs to enhance the professionalism of Realtors. The
Victoria Real Estate Board represents 1,375 local Realtors. If you are thinking about buying or selling a
home, connect with your local Realtor for detailed information on the Victoria and area housing market.

Contact: Denise Hogue, Communications Manager -, 250-920-4652