A survey shows Greater Victoria recorded one of the greatest year-to-year drops in sales to listings as it heads towards B次元官网网址� albeit very slowly B次元官网网址� a more balanced market.
This said, it remains one of the most competitive real estate markets in Canada and the only sellerB次元官网网址檚 market in western Canada among surveyed communities.
Victoria, remains a sellerB次元官网网址檚 market, as measured by the ratio of sales-to-new-listings. As of July 2018, it stands at 62 per cent B次元官网网址� down 12 per from July 2017, based on figures from Canadian Real Estate Board.
This drop gives Victoria third place among the markets with the greatest year-over-year decline. The Fraser Valley and Greater Vancouver lead that list with drops of 15 and 13 per cent respectively, and both markets have now entered balanced market territory.
B次元官网网址淏ritish Columbia, in particular, has weathered considerable challenges, as tougher mortgage hurdles compound with foreign buyer and speculation taxes, making steep affordability even more acute, and dampening home buyer demand,B次元官网网址� the survey notes.
But the figures also clearly show that these market conditions continue to favour sellers. The report identifies three regions in eastern Canada B次元官网网址� Ottawa, Montreal Census Metropolitan Area, and London and St. Thomas B次元官网网址� as the most competitive real estate markets to enter with ratios of 72, 73, and 78 per cent respectively.
Overall, of the 26 markets surveyed across Canada, only one qualifies as a buyersB次元官网网址� market: Newfoundland and Labrador. Of the remaining markets, 11 qualify as balanced, with the rest falling into the category of sellerB次元官网网址檚 market. With the exception of Victoria, all markets lie in Ontario, Quebec, and Atlantic Canada.
Canada as a country qualifies as a balanced market, according to the surveyB次元官网网址檚 definitions. A buyerB次元官网网址檚 market has a sales-to-new listings ratios of between zero to 39 per cent, a balanced market has a ratio that ranges from 40 to 60 per cent, and a sellersB次元官网网址� market has a ratio of 61 per cent and up.
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