The number of houses on the market in the Victoria-area has levelled off from this time last year, but the prices and competition for limited supply have not.
According to the Greater Victoria Real Estate Board, since April of 2016 the benchmark home price has increased nearly 17 per cent, from $685,000 to $805,000.
Ara Balabanian with the Victoria Real Estate Board says numbers are easing from record highs in inventory and sales last year, but they’re still up there.
“Even though we’re down in the number of transactions by about 30 per cent we’re still above the ten-year average by quite a bit.”
Condo prices have increased even more, with the benchmark up 25 per cent from last year, jacking the price up by $80,000 to $409,000.
But Balbanian says early indications suggest that trend may not continue.
“I expect that this situation will gradually sort of get back to what we are more accustomed to in the way of a balanced market. It’s taking a while to get there, there’s some evidence that it’s moving in that direction albeit slowly.”
Since January 2016 the market on the island has increasingly had more buyers than sellers, with the sales to listing ratio going from around 25 per cent to between 70 and 80 per cent.