Victoria Real Estate Market Slowly Stabilizing after a Record Breaking 2016

November 1, 2017

A total of 664 properties sold in the Victoria Real Estate Board region this October, 9.7 per cent fewer
than the 735 properties sold in October last year.

“As expected, we saw fewer sales than this time last year,” notes Victoria Real Estate Board President
Ara Balabanian. “Looking at the longer term picture however, sales last month were 17.1 per cent above
the ten year average of 567 properties for the month of October, so the market is still very active here in
Victoria, and this is in spite of the ongoing low inventory levels.”

There were 1,905 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of October 2017, a decrease of 3.6 per cent compared to the month of September and 1.7 per cent
fewer than the 1,938 active listings for sale at the end of October 2016.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria
Core in October 2016 was $752,000. The benchmark value for the same home in October 2017 has
increased by 9.3 per cent to $821,900, but is lower than July’s value of $834,200.

“The fact that we’ve seen such a controlled levelling off in the market directly following a year which felt
so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the
Victoria market. An unstable market may have experienced a heavy correction or shift, whereas in our
market sales are moderating at a reasonable rate.” adds President Balabanian. “In the coming months we
expect to see less inventory on the market, because the year end changes buyer and seller behaviours,
their focus shifts to holidays and winter weather. One unknown influence that may play on the winter
market is the upcoming mortgage stress test. Some buyers may move their purchasing timelines forward
to make their home purchases before the stress test on uninsured buyers (those with a downpayment of
20 per cent or more) becomes required January 1.”

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 1,364 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 - denise@vreb.org, 250-920-4652