46 - Real Estate Victoria

Page 4
week beginning November 15, 2012 Real Estate Victoria
Carol Crabb
VICTORIA REAL ESTATE BOARD PRESIDENT
Federal Measures Make Impact on
Victoria Real Estate Market
While prices held steady through most of the Greater Victoria region’s real estate
market in October, government lending regulations have had the federal
department’s 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%). Monthover-month,
both sales volume and the sixmonth average for single family homes
are flat. Active listings are 4,876.
Overall sales for Greater Victoria are down 19%. Federal measures to slow real
estate sales nationally are having a local effect. 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.
It’s important to note 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. 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.
For a full statistical report on October real estate results, go to www.vreb.org. For
information on your own home or specific neighbourhoods, please consult a
REALTOR ® as prices and activity vary widely.
You can view all properties listed for sale on the Victoria Real Estate Board’s MLS ®
System at www.REALTOR.ca and get more information about the Victoria real
estate market at www.vreb.org. Information regarding commercial properties
available for sale or lease in BC is at www.clslink.ca.
AVERAGE PRICES
October 2012
Six Month
Average
Single-Family $576,720 $591,580
Condominiums $274,072 $313,989
Townhomes $387,769 $408,559
TOTAL MLS ® SALES
October 2012 October 2011
373 483
TOTAL MLS ® LISTINGS
October 2012 October 2011
4,876 4,687
Number of Sales (Gr. Victoria only) October 2012 Compared to September 2012
Single Family
190
0.00%
Condos
92
-27.56%
Townhomes
32
-23.81%
Six-Month Average Price (Gr. Victoria only) October 2012 Compared to September 2012
Single Family
$596,671
-0.46%
Condos
$314,370
-2.29%
Townhomes
$413,451
-0.82%
Number of Sales (All Areas) October 2012 Compared to September 2012
Single Family
211
-2.31%
Condos
92
-27.56%
Townhomes
35
-23.91%
Six-Month Average Price (All Areas) October 2012 Compared to September 2012
Single Family
$591,580
-0.94%
Condos
$313,989
-2.12%
*Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Island and Up Island
Townhomes
$408,559
-1.39%
President . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Carol Crabb
President-Elect . . . . . . . . . . . . . . . . . . . . . . . . . . Shelley Mann
Past President . . . . . . . . . . . . . . . . . . . . . . . . . . . Dennis Fimrite
Secretary-Treasurer . . . . . . . . . . . . . . . . . . . . . . . Mike Nugent
Other Directors. ....Tim Ayres, Guy Crozier, Mike Holmes, Wendy
Moreton, Andrew Plank
Executive Officer . . . . . . . . . . . . . . . . . . . . . . . . . David Corey