January 7, 2013

VICTORIA BC - Victoria’s real estate market ended 2012 with relatively flat pricing when compared to 2011, along with similar sales numbers for the third consecutive year.

Total MLS® sales in December 2012 were 283, a 17% decrease over December 2011 when 339 units sold. A different picture is told, however, when comparing full years, where there is only a 5% decline from 2011 to 2012.

Similarly, pricing has held steady year-over-year. The annual average price of a single-family home in Greater Victoria was $603,298 in 2012 compared to $613,839 in 2011. Shelley Mann, President of the Victoria Real Estate Board, notes that while the annual average in 2010 was $629,925, it was $580,748 in 2009.

"In December there were less active listings on the MLS® system than in recent months," Mann says. "With less competition, homeowners have a better opportunity to sell. But the property must show well, and they cannot expect to sell for the all-time high prices of 2010 and 2011." Current active listings are 3,896.

"We continue to see buyers waiting to make their move. Two factors seem to have triggered this, the first being the tightening of lending regulations which has affected the purchasing power of many consumers," Mann says.

"The second factor is that some buyers are continuing to wait for the market to fall," Mann says. "What we heard at the local 2012 CMHC Housing Outlook Conference is that the market has bottomed out and slow growth is in store for 2013."

There were 65 condominium sales in December 2012, compared to 98 in November 2012 and 89 in December 2011, and the year-over-year average price has decreased by 3%. Townhome pricing remains flat.

Total Waterfront Single Family Dwellings sold: 10, also 10 in December 2011
Total Non-waterfront Single Family Dwellings sold: 146, down 27 sales from December 2011
Single Family Dwellings sold over $1 million: 10 (3 over $2 million)

Stats Quick Reference

  Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

When Interpreting Our Statistics

To ensure sales are not over-reported, we report net sales: that is, the number of sales less the number of collapsed sales, if any.  Average Price is the total dollar volume of sales for the month divided by the number of sales in the month.  Six Month Average is the total dollar volume of sales for the last six months divided the total number of sales in the last six months.  Median Price is the mid-point price between the least expensive sale and the most expensive sale in the month.

The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

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FOR IMMEDIATE RELEASE
November 1, 2012

VICTORIA, BC—While prices held steady through most of the Greater Victoria region’s real estate market in October, government lending regulations have had the desired “cooling effect” on year-over-year sales numbers.

Total MLS® sales for October 2012 were 373 compared to 483 in October 2011. During the month, 211 single family homes sold throughout the Victoria Real Estate Board’s region, compared to 260 in October 2011. The average price for single family homes was $576,720, down 2% from last October’s average of $590,539. The median price for the same period is down $24,000 (4.5%).  Month-over-month, both sales volume and the six-month average for single family homes are flat. Active listings are 4,876.

“Overall sales for Greater Victoria are down 19%,” says Carol Crabb, President of the Victoria Real Estate Board. “Federal measures to slow real estate sales nationally are having a local affect. Our REALTORS® tell me that with the reduced amortization rates, many buyers are having trouble getting financing for the type of home that fits their needs, particularly first-time buyers.”

Crabb also notes that there are fluctuations across the region. Sales and prices are flat in the Core Municipalities, while sales are down on the Saanich Peninsula, with declined sales and prices on the Westshore. “I strongly caution against reading too much into the numbers,” she says. “Both activity and prices vary by sub-area. For some the sample size is always small, so a sale of one or two properties can result in a 50% change.”

There were 92 condominium sales last month, 37% fewer than during October 2011. Six manufactured homes sold compared to 10 during the previous October. Townhome sales declined 37% and the average price dropped from $428,040 to $387,769, a 9% decrease.

Total Waterfront Single Family Dwellings sold:                      15, up 3 from 2011

Total Non-waterfront Single Family Dwellings sold:              196, down 52 sales from September 2011

Single Family Dwellings sold over $1 million:                                    11 (1 over $2 million, 1 over $3 million)

Number of Sales (Gr. Victoria only) October 2012                            COMPARED TO SEPTEMBER 2012

                                                                                                       
SINGLE FAMILY                                                                     CONDOS                                                          TOWNHOMES
     190                                                          92                                                               32

   0.00%                                                 -27.56%                                                   - 23.81%

SINGLE FAMILY                                                      CONDOS                                                                           TOWNHOMES

  $596,671                                                 $314,370                                                  $413,451

  - 0.46%                                                     - 2.29%                                                     - 0.82%

                                                                                                                     
SINGLE FAMILY                                                     CONDOS                                                                             TOWNHOMES

    211                                                           92                                                               35

  - 2.31%                                                 - 27.56%                                                        - 23.91%

SINGLE FAMILY                                                     CONDOS                                                                            TOWNHOMES

  $591,580                                              $313,989                                                    $408,559

   - 0.94%                                                 - 2.12%                                                       - 1.39%

* Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.