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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)


Graphical representation of recent sale counts and average prices



Tablular representation of sales statistics from the last two months and from last year


Summary Report and Graphs

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

Categories:   Co Wishart South, Colwood Real Estate | CS Saanichton, Central Saanich Real Estate | CS Turgoose, Central Saanich Real Estate | Es Esquimalt, Esquimalt Real Estate | Es Kinsmen Park, Esquimalt Real Estate | Es Old Esquimalt, Esquimalt Real Estate | Es Rockheights, Esquimalt Real Estate | Es Saxe Point, Esquimalt Real Estate | La Bear Mountain, Langford Real Estate | La Florence Lake, Langford Real Estate | La Goldstream, Langford Real Estate | La Happy Valley, Langford Real Estate | La Langford Proper, Langford Real Estate | ML Shawnigan Lake, Malahat & Area Real Estate | NS McDonald Park, North Saanich Real Estate | OB Estevan, Oak Bay Real Estate | OB South Oak Bay, Oak Bay Real Estate | SE Cedar Hill, Saanich East Real Estate | SE Cordova Bay, Saanich East Real Estate | SE Gordon Head, Saanich East Real Estate | SE High Quadra, Saanich East Real Estate | SE Maplewood, Saanich East Real Estate | SE Mt Doug, Saanich East Real Estate | SE Mt Tolmie, Saanich East Real Estate | SE Quadra, Saanich East Real Estate | SE Sunnymead, Saanich East Real Estate | Si Sidney South-East, Sidney Real Estate | Sk Broomhill, Sooke Real Estate | Sk John Muir, Sooke Real Estate | Sk Saseenos, Sooke Real Estate | SW Gateway, Saanich West Real Estate | SW Glanford, Saanich West Real Estate | SW Gorge, Saanich West Real Estate | SW Marigold, Saanich West Real Estate | SW Northridge, Saanich West Real Estate | SW Rudd Park, Saanich West Real Estate | Technology | Vi Central Park, Victoria Real Estate | Vi Downtown, Victoria Real Estate | Vi Fairfield West, Victoria Real Estate | Vi Hillside, Victoria Real Estate | Vi Mayfair, Victoria Real Estate | Vi Oaklands, Victoria Real Estate | Vi Rockland, Victoria Real Estate | Vi Sears, Victoria Real Estate | VR Six Mile, View Royal Real Estate | VR View Royal, View Royal Real Estate | VW Victoria West, Victoria West Real Estate
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.