New figures show the price for an average single family home in the Greater Victoria area now exceeds $900,000, as November sales rose 12 per cent compared to the same period last year. November sales also exceeded October sales.

Ara Balabanian, president of the Victoria Real Estate Board (VREB), said the sales spike likely reflect a response to changing mortgage rules, calling it a B次元官网网址済ood exampleB次元官网网址� of how outside forces can change market behaviour.

The federal banking regulator B次元官网网址� known as Office of the Superintendent of Financial Institutions B次元官网网址�, starting Jan. 1.

B次元官网网址淲e 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 B次元官网网址� those with a down payment of 20 per cent or more B次元官网网址� that will come into effect on Jan. 1,B次元官网网址� he said.

Based on sales, some buyers have in fact sped up their purchasing plans to avoid the new mortgage stress test, with more to come, Balabanian said.B次元官网网址淚tB次元官网网址檚 quite likely weB次元官网网址檒l see a little bump in sales over December, and even January as buyers who are avoiding the stress test will be making purchases,B次元官网网址� he said.

But Balabanian warns against reading too much. This is not the start of a new trend, he said.

B次元官网网址淕enerally the winter months, particularly December and January, are quieter for real estate,B次元官网网址� he said. B次元官网网址淒ecember is traditionally the very lowest month for listings and sales.B次元官网网址�

During the holiday season, sellers often pause their listings, which means there is often less choice on the market, he said. B次元官网网址淗owever, many buyers suspend their searches, which means serious buyers can find interesting opportunities.B次元官网网址�

For now, numbers in Victoria are pointing up. B次元官网网址淲hile not a record, it is the highest November sales count weB次元官网网址檝e tracked since 1996,B次元官网网址� he said. B次元官网网址淚t is also rare that we see November numbers beat October numbers.B次元官网网址�

Local housing prices have also risen. According to VREB, the average selling price of a single-family home in Greater Victoria was $902,985, up 5.6 per cent from the month before and 5.9 per cent compared to the same time last year. Back in November 2016, the average price of a single-family home stood at $852,590.

Balabanian warned against reading too much into that figure. B次元官网网址淭he average for a month doesnB次元官网网址檛 indicate what most buyers will pay for a home - two or three high value properties selling in a month can really increase an average in a smaller market like Victoria,B次元官网网址� he said.

Looking at Saanich figures, 78 single family homes sold in November for a total of nearly $65 million,with sales in Saanich East outpacing Saanich West. Prices in Saanich East for single family homes also outpaced prices in Saanich West B次元官网网址� $855,300 versus $705,600.