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October Stats are In - New Mortgage Rules Slow Market

FOR IMMEDIATE RELEASE
November 1, 2012

 

 

 

 

 

FEDERAL MEASURES MAKE IMPACT ON VICTORIA REAL ESTATE MARKET

 

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)

 

 

 

STATS QUICK REFERENCE

October 2012, MLS® Real Estate Sales and Average Prices, Greater Victoria

 

2012 - October

2012 - September

2011 - October

 

No of Sales

Average
Price $

Median
Price $

No of Sales

Average
Price $

Median
Price $

No of Sales

Average Price $

Median Price $

Single Family Gr. Victoria

190

592,097

526,500

190

 

589,361

518,500

238

595,836

539,750

Single Family

Other Areas

21

437,595

425,000

26

639,962

517,202

22

533,235

407,000

Total* Single Family All areas

211

576,720

506,000

216

595,452

517,500

260

590,539

530,000

Condos

92

274,072

255,000

127

320,304

263,450

145

307,329

277,000

Townhomes

35

387,769

382,450

46

391,291

378,500

52

428,040

374,500

Manufactured*Homes

6

-122,417

127,850

11

135,036

148,000

10

152,450

160,000

TOTAL RESIDENTIAL

344

 

 

400

 

 

 

461

 

 

TOTAL SALES

373

 

 

419

 

 

483

 

 

TOTAL ACTIVE LISTINGS

4,876

 

 

5,025

 

 

4,687

 

 

* Negative result reflects a collapsed sale of $1,545,000 reported as complete in Sept. 2012.

 

 

 

 

October 2012, MLS® Real Estate Sales and Six-Month Average Prices over September 2012

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%

Six-Month Average Price (Gr. Victoria only) October 2012              COMPARED TO SEPTEMBER 2012

                                                                                                       

SINGLE FAMILY                                                      CONDOS                                                                           TOWNHOMES

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

  - 0.46%                                                     - 2.29%                                                     - 0.82%

Number of Sales (All Areas) September 2012                                            COMPARED TO AUGUST 2012

                                                                                                                     
SINGLE FAMILY                                                     CONDOS                                                                             TOWNHOMES

    211                                                           92                                                               35

  - 2.31%                                                 - 27.56%                                                        - 23.91%

Six-Month Average Price (All Areas) September 2012                             COMPARED TO AUGUST 2012

                                                                                                       

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®.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.