Victoria Real Estate Market Changes Tempo for Autumn

Oct 2, 2017

A total of 640 properties sold in the Victoria Real Estate Board region this September, 18.1 per cent fewer
than the 781 properties sold in September last year.

“We can certainly feel the difference in the current market when we compare to last year’s record
breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing
and demand,” notes Victoria Real Estate Board President Ara Balabanian. “Now the tempo of the market
is trending slowly – very slowly – towards more balanced conditions. Recently we’ve seen overall price
increases level out, which can indicate slightly less demand, and inventory is building.”

There were 1,976 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the
end of September 2017, an increase of 3.1 per cent compared to the month of August and 4.1 per cent
fewer than the 2,061 active listings for sale at the end of September 2016.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria
Core in September 2016 was $742,200. The benchmark value for the same home in September 2017
has increased by 10.9 per cent to $823,100.

“Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local real
estate market.” adds President Balabanian. “The ten year average for sales in September is 573
properties and the month exceeded that average by more than ten per cent, which indicates we’re still in
an active market. And of course there are neighbourhoods that are still tracking up in terms of value from
last year. It’s for reasons like these that now more than ever it makes sense to seek the assistance of a
local REALTOR® to sell or buy your home.”

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 1,369 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