Sales are slow and listings are increasing according to the March 2019 figures from the Victoria Real Estate Board. (VREB) (Chad Hipolito/The Canadian Press)

Real estate sales remain sluggish as prices drop in some parts of Saanich

Victoria Real Estate Board president predicts ‘somewhat static’ real estate market

New figures show a drop in home prices for parts of Saanich, but the overall picture is more mixed.

According to the Victoria Real Estate Board (VREB), the benchmark price for a single family home in Saanich West (areas in Saanich west of Highway 17) was $734,100 in March 2019 — down from $755,400 six month and on par with the figure a year ago ($735,100). This said, the current benchmark price for the area is still above the same period three years ago, when it stood at $563,200.

RELATED: Greater Victoria real estate sales dropped almost 24 per cent in January 2019 over January 2018

The benchmark price for Saanich East (areas in Saanich east of Highway 17 including Cordova Bay, Cadboro Bay and Royal Oak) is trending up again. Six month ago, it stood at $900,300, dropping to $860,400 a month ago, before trending upwards to $863,200.

This local trendline, however, might be more noise than signal.

The benchmark price for a single family home in the Victoria Core in March 2019 was $843,600 — down by almost three per cent from the February 2019 benchmark of $845,900, and down from the March 2018 benchmark of $867,900.

While sales across the region rose 52 per cent in March 2019 compared to February 2019, year-to-year sales were down seven per cent.

RELATED: West Shore real estate sales fall along with the rest of Greater Victoria

Cheryl Woolley, VREB’s president, said the mortgage stress test continues to put additional pressure on lower-priced properties by reducing the borrowing power of many would-be buyers and pushing many into an already compressed price bracket with limited inventory.

“We continue to see a somewhat static local real estate market through March,” she said. “Like in February, [realtors] have been busy showing properties and discussing strategy with buyers and sellers, while the sales numbers themselves continue to be relatively flat when compared with last year. These market conditions are not a surprise. Consumers continue to adjust to the…mortgage qualification rules and the long-term, low inventory of homes.”

Listings, however, are increasing, she said.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Hopeful Sidney pot shop owner challenges town in court after application denied

A court petition has been filed against the Town of Sidney

Search for space continues as North Saanich child care program closes

Beacon Community Service says it is a challenge to find suitable facilities

Semi truck impounded after driver avoids weight scales in Saanich

Driver issued 90-day roadside driving prohibition

VIDEO: Boys help rescue Cariboo bear cub

The cub, weighing just 24lbs, has been taken to wildlife sanctuary in Northwest B.C. for the winter

Greater Victoria 2019 holiday craft fair roundup

Get a jump on your holiday shopping

‘Things haven’t changed enough:’ Ecole Polytechnique anniversary prompts reflection

Fourteen women were fatally shot by a gunman at the Montreal school on Dec. 6, 1989

Bear raids freezer, gorges on Island family’s Christmas baking

Hungry bruin virtually ignored meat and fish, focused, instead, on the sweets

Second warning on romaine lettuce from California region as another E. coli case reported

Two cases of E. coli have been reported in relation to the illness in the U.S.

Residents in B.C. city could face 133% tax hike in ‘worst case’ lawsuit outcome: report

An average home could see a tax increase of $2,164 in one year

POLL: Will you be donating to charities over the holiday season?

Many here in Victoria joined others around the world to take part… Continue reading

Greater Victoria Crime Stoppers wanted list for the week of Dec. 3

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Most Read