Local real estate sales continue to decline.
While it is common to see declining sales in January, sales in January 2019 dropped almost 24 per cent (23.7 per cent) when compared to January 2018, with sales of single family homes down almost 30 per cent from January 2018.
B次元官网网址淚tB次元官网网址檚 already an interesting year for local real estate,B次元官网网址� said Cheryl Woolley, president of the Victoria Real Estate Board (VREB). B次元官网网址淸Realtors] are are keeping busy showing homes and writing offers, however actual sales are slower than we would expect in an average January.B次元官网网址�
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She said buyers are hesitant to purchase for many reasons. B次元官网网址淔or instance, changes to mortgage lending rules have decreased the amount of funds buyers can qualify for by up to twenty-five per cent,B次元官网网址� she said in citing a familiar reason. B次元官网网址淚n turn, some consumers are re-evaluating their expectations and looking at condos and townhomes rather than single family homes; or they are looking at single family homes further outside the core.B次元官网网址�
Many would-be buyers and sellers are also holding out. Buyers are waiting for new inventory to open up, while sellers are assessing their prospects.
While the number of listings has steadily risen, prices remain steady, if not rising slightly.
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B次元官网网址淥ver the past few years, demand in Greater Victoria has outstripped supply, putting upward pressure on pricing,B次元官网网址� said Woolley. B次元官网网址淲hile many of the new developments proposed for our region are being built for much needed rental and social housing units, it will provide little relief for buyers who are caught in the pinch between tougher lending rules and higher prices.B次元官网网址�
Looking at the ratio between sales and active listings, it has hit 20 per cent B次元官网网址� the upper end of what constitutes a B次元官网网址渂alanced marketB次元官网网址� in which prices face little pressure either way.
Looking at specific communities, Saanich has seen prices for single family homes drop. In Saanich East, prices dropped to $864,400 in January 2019 from $875,000 from December 2018. Six months ago, the price for a single family home stood at $911,700.
In Saanich West, prices dropped to $750,000 in January 2019 from $753,000 in December 2018. Six months ago, the price stood at $763,700.
Depending on the neighbourhood, January prices for single family homes in Victoria ranged from $656,300 to $742,000, with the general trendline pointing downwards.
Prices for single-family homes also dropped in most but not all West Shore communities and in communities on the Saanich Peninsula.
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