New real estate numbers from February 2018 show sales in Greater Victoria continue to slow down. Black Press File

Real estate sales in Greater Victoria slump almost 20 per cent

Sales are down across the region, but the drop could be worse, when held up against the historic highs of the last two years.

That is the message from the Victoria Real Estate Board (VREB) after it released new sales figures for February.

VREB reported 545 properties sold in February – almost 20 per cent less than the 675 properties sold in February last year. Sales of condominium dropped 15.5 per cent compared to the same period last year, while single family homes dropped 24.4 per cent.

“Yes, numbers are down in a signififcant amount compared to last year,” said Kyle Kerr, VREB’s president.

But this drop deserves perspective, he added. 2016 was a record year for sales, and 2017 also witnessed strong sales, he said.

“Even down 20 per cent, it is not a huge correction,” he said.

So what accounted for the drop? Kerr cites a combination of factors.

Measures to curb demand such as the mortgage stress test are starting to show effects, as new buyers are adjusting to them, he said. Interest rates are also trending up, he said.

This said, supply remains at an historical low, and the market continues to show upward pressure on prices, despite a small uptick in listings.

Looking at the ratio of total residential sales over total active residential listings, it was near the 50 per cent mark. According to VREB, a market qualifies as a seller’s market if the ratio line is above 25 per cent.

In February 2018, the benchmark value for a single-family home in the VREB region was $710,500. For Saanich (East), it was $877,400, for Saanich (West) $703,700. The most expensive community in the core region of Greater Victoria was Oak Bay with $1.22 million, with the City of Victoria at $823,900.

Looking at total sales figures for Saanich, 62 single family homes worth more $63.17 million sold across all parts of the community in February 2018. A total of 31 condominiums worth almost $12.5 million sold across Saanich, while sales of local townhouses totaled 15 worth some $11 million.

The corresponding figures for January were 38 single family homes worth more than $35.6 million, 24 condominiums worth more than $10.7 million, and five townhouses worth more than $3.1 million.

Just Posted

Needles found at Goldstream campground in Langford

West Shore RCMP respond to several calls for service associated with homeless campers

Alcohol and drugs ruled out in serious crash that closed Sooke Rd last week

All three drivers taken to hospital have since been released

Crashes and tickets are up in Sidney/North Saanich

New traffic stats show more crashes and tickets, likely due to more enforcement

Risk of thunderstorm this afternoon for Vancouver Island and Lower Mainland

A special weather statement calls for heavy rain and wind over the next 48 hours

Only tent city residents allowed access at Goldstream Park campsites

Local RCMP point to reports of criminal activity and drug use in the area as cause for safety concerns

Neighbours fear impact of tent city residents on Goldstream Provincial Park

Langford residents opposed to campers voice concerns at campground gate

5 things to do this weekend in and around Greater Victoria

Sooke Apple Fest returns, Saanich lights up with lantern festival and anarchists unite for downtown book fair

An unexpected sight: Bear spotted eating another bear in central B.C.

Cheslatta Carrier Nation Chief finds bear eating another bear’s carcass

RCMP confirm death of missing BC teen Jessica Patrick

No details on cause were given. Case is under criminal investigation and police are asking for tips.

CUTENESS OVERLOAD: 2 sea otters hold hands at the Vancouver Aquarium

Holding hands is a common – and adorable – way for otters to stay safe in the water

B.C. teen with autism a talented guitarist

Farley Mifsud is gaining fans with every performance

Yukon man facing new attempted murder charge in B.C. exploding mail case

Leon Nepper, 73, is now facing one charge each of aggravated assault and attempted murder

B.C. man who left hospice to run in upcoming election dies

A week after leaving hospice to go to city hall to declare his candidacy, David Hesketh has died.

Tilray Inc sees $10-billion in market cap go up in smoke

Tilray’s share price closed at $123 US on Friday, a decline from its intraday peak of nearly $300 US earlier in the week

Most Read