April 2, 2013


VICTORIA BC - Greater Victoria's real estate market is following tradition with a spring upswing in activities with month-over-month increases in showings, new listings and total sales.


The Victoria Real Estate Board reports a total of 483 sales processed through the Multiple Listing Service (MLS®) in March 2013, an increase of 23% over the previous month. Sales figures are 15% lower than March 2012's 570 sales.


"The market continues to unfold as predicted," says Shelley Mann, President of the Board. "March resulted in the highest number of sales since July 2012 when the lending rules changed. With sales below the historical norm, there is potential pent-up consumer demand developing in the market. We expect quarterly activity to increase over the next two quarters.


"The real estate market peaked in 2008, and then the market adjusted during the global economic crisis. The first six months of 2012 were reasonably strong, and then mortgage amortization rules changed in July. The revised lending rules affected buyers' abilities to qualify for mortgages and we are still feeling those effects on the market," Mann explains.


"With different lending rules in effect, it is challenging to compare the first six months of 2013 with 2012," she adds.


The median price of a single-family home is $510,777 compared to $555,000 in March 2012, a decrease of 8%. The six-month average shows a decrease of less than one percent month-over-month. Annual differences are skewed by four single-family home sales over $2 million in March 2012.


There were 121 condominium sales in March, with a median price of $265,000 - down 3.3% year-over-year and 2% over last month. Townhouses saw increased sales in the past month with a median price of $384,450, an increase of 2.86% year-over-year and 13.91% since February 2013. Current active listings at the end of March were 4,333.


Total Waterfront Single Family Dwellings sold: 13, down 1 over March 2012
Total Non-waterfront Single Family Dwellings sold: 264, down 47 sales from March 2012
Single Family Dwellings sold over $1 million: 15 (1 over $2 million)




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

  Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island


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 | 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.