Victoria’s Two Tiers of Real Estate

If you’re buying real estate in Victoria, you’re looking at either a seller’s or a buyer’s market, depending on how much you’re planning on spending.

Houses in the $750,000-or-less bracket are a fast-moving market with low inventory. Across the Capital Regional District (CRD) and the Malahat, there are 30 per cent fewer homes listed for sale under $750,000 than this time last year.

For single detached homes listed in the area, only 34 per cent were listed for $750,000 or less. And of those, 47 per cent sold at or over list price. There is a great deal of pressure on homes below this price point and it is still very much a seller’s market.

Homes listed at $1.5 million and above are sitting on the market longer and there is far more selection. For the first seven months of 2018, there were 664 homes in this price range compared to 481 in the same period last year (2017), which means inventory rose 27.6 per cent. You can take your time looking for homes in this price range and it’s most certainly a buyer’s market.

Here are some other useful stats to know.

Single family home prices:

The Victoria Real Estate Board reported the Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in July 2018 was $880,00 with a 5.5 per cent increase over July 2017 when the benchmark value for the same home was $834,200.

Condominiums:

The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2016 was $495,700, which is a 12.1 per cent increase over July 2017 of $442,100. For more details, have a look at the information via my link: – http://www.bcrealestate.today 

Mathieu Powell I President
BC Real Estate Today
Main Office: 778-425-4644
Sales:  250-516-6287  
www.bcrealestate.today/contact-us.html
www.bcrealestate.today

 

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