March 1, 2013

VICTORIA BC - The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in single-family homes and condominiums.

Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it's more important to look at monthly trends and compare monthly buying behaviour year-over-year. "The trend lines for November, December and January are the same for the last three years.

"We've seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 2-4% sales increase in 2013," Mann says.

"The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it's clear to me that sellers are in a holding pattern regarding the value of their homes," Mann says. "However, if a house is priced properly, within the market value range, it will likely sell more quickly."

The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month. "In other words, no change," Mann adds.

There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 2013. Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% year-over-year and 10.82% since January 2013. Current active listings at the end of February were 4,072.

Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012
Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012
Single Family Dwellings sold over $1 million: 11 (3 over $2 million)

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

February 1, 2013

VICTORIA BC - A slow start to the year in Victoria's real estate market is evidence that buyers are continuing to wait for prices to drop. Although January 2013 sales are 21% lower than January 2012, the six-month average price for a Greater Victoria home is only down 1% for the same period.

"We are realistic and sales are not what we would like to see," says Shelley Mann, President of Victoria Real Estate Board. "But there are many stories within the market. This week, three houses sold in Sidney that were all newly listed and they sold for over asking price."

Mann adds that she's spoken to several local REALTORS® who have clients who want to buy, but they are looking for good houses with quality amenities. "One Member told me that he has several potential buyers, but they can't find anything they like."

In January, 294 properties sold, compared to 372 in January 2012. The median price of a single family home is $482,500 compared to $522,000, a decline of 7.6.%. The six-month average shows a 1.4% decline, year-over-year, but less than one percent over last month.

"My basic message is that sales are down, prices are flat and our provincial economist is predicting 2013 will be a transition year," Mann says. "He believes the economic fundamentals are strong, and as a result the sales volume will increase 4% this year over 2012, but prices will remain flat."

Current active listings are 3,870. There were 81 condominium sales in January, a 24.6% increase over December 2012, while the median price of $238,350 is down 12.1% year-over-year. Townhouses saw increased sales in the past month and a median price of $382,000, up 4.7% year-over-year.

Total Waterfront Single Family Dwellings sold: 9, up 5 over January 2012
Total Non-waterfront Single Family Dwellings sold:144, down 43 sales from January 2012
Single Family Dwellings sold over $1 million: 3 (1 over $2 million)

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

January 2, 2013

VICTORIA BC - Victoria’s real estate market ended 2012 with relatively flat pricing when compared to 2011, along with similar salesnumbers for the third consecutive year.

Total MLS® sales in December 2012 were 283, a 17% decrease over December 2011 when 339 units sold. A different picture is told, however, when comparing full years, where there is only a 5% decline from 2011 to 2012.

Similarly, pricing has held steady year-over-year. The annual average price of a single-family home in Greater Victoria was $603,298 in 2012 compared to $613,839 in 2011. Shelley Mann, President of the Victoria Real Estate Board, notes that while the annual average in 2010 was $629,925, it was $580,748 in 2009.

"In December there were less active listings on the MLS® system than in recent months," Mann says. "With less competition, homeowners have a better opportunity to sell. But the property must show well, and they cannot expect to sell for the all-time high prices of 2010 and 2011." Current active listings are 3,896.

"We continue to see buyers waiting to make their move. Two factors seem to have triggered this, the first being the tightening of lending regulations which has affected the purchasing power of many consumers," Mann says.

"The second factor is that some buyers are continuing to wait for the market to fall," Mann says. "What we heard at the local 2012 CMHC Housing Outlook Conference is that the market has bottomed out and slow growth is in store for 2013."

There were 65 condominium sales in December 2012, compared to 98 in November 2012 and 89 in December 2011, and the year-over-year average price has decreased by 3%. Townhome pricing remains flat.

Total Waterfront Single Family Dwellings sold: 10, also 10 in December 2011
Total Non-waterfront Single Family Dwellings sold: 146, down 27 sales from December 2011
Single Family Dwellings sold over $1 million: 10 (3 over $2 million)

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

December 3, 2012

VICTORIA BC- While the number of single-family home sales has held relatively steady over the last three months, Greater Victoria REALTORS® are noting a year-over-year decrease that coincided with tighter mortgage regulations imposed in July of this year. Amortization periods were reduced to 25 years for high-ratio buyers - those with less than 20% down payments.

"The change from a 30- to 25-year amortization can result in an additional $150 to $200 on the monthly mortgage payment, which is impacting many first-time homebuyers and limiting the number entering the market," says Carol Crabb, President of the Victoria Real Estate Board.

Crabb also notes that the median price for a single-family home in Victoria remains relatively flat, increasing 1% over November 2011. "Sales may have slowed, but the median price of single-family homes has not decreased. Condominiums, the primary option for those first-time buyers, have a decreased median price of 10%."

Total MLS® sales for November 2012 were 366 compared to 373 the previous month; 202 single-family homes sold throughout the Victoria Real Estate Board's region, compared to 293 in November 2011. The median price for single family homes was $540,000, up 1% from last November's median of $536,500. The average price for the same period is up $48,373 (8%), but this is influenced by two sales over $2 million and one sale over $5 million. Month-over-month, the six-month average for single-family homes is flat.

"We are now moving into the slower winter season. Both Canada Mortgage and Housing (CMHC) and Cameron Muir, Chief Economist of BC Real Estate Association, predict the next few months will mirror October and November, followed by slow growth for the balance of 2013," Crabb says. BC and Greater Victoria continue to experience strong full-time employment growth, an expanding population and low mortgage rates.

"For buyers, there is a good supply of homes on the market, so while they have time to conduct due diligence they shouldn't expect large reductions on all properties. We are still seeing quick sales and the occasional bidding war on homes that are priced well.

"Sellers have a lot of competition, so curb appeal, how the house shows and competitive pricing are key to moving from 'For Sale' to 'Sold'," Crabb says.

Condominium sales remain stable with 98 in November 2012, compared to 92 in October 2012 and 104 in November 2011, although the year-over-year median price has declined 10%. Townhome sales declined 38% in 12 months, while pricing remains flat.

Total Waterfront Single Family Dwellings sold: 6, down 4 from November 2011
Total Non-waterfront Single Family Dwellings sold: 196, down 97 sales from November 2011
Single Family Dwellings sold over $1 million: 17 (2 over $2 million, 1 over $5 million)

*Negative result reflects a collapsed sale of $1,545,000 reported as complete in September 2012.

  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

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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)

Summary Report and Graphs

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

BCREA 2012 Fourth Quarter Housing Forecast

Vancouver, BC – October 26, 2012. The British Columbia Real Estate Association (BCREA) released its 2012 Fourth Quarter Housing Forecast today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to decline 9.8 per cent to 69,200 units this year, before increasing 8.3 per cent to 74,920 units in 2013. The fifteen-year average is 79,000 unit sales, while a record 106,300 MLS® residential sales were recorded in 2005.

"Despite stronger consumer demand in the interior, BC home sales will fall short of last year’s total,” said Cameron Muir, BCREA Chief Economist. “A moderating trend in Vancouver has recently been exacerbated by tighter high-ratio mortgage regulation. The resulting decline in purchasing power has squeezed some potential buyers out of the market. However, strong full-time employment growth, persistently low mortgage interest rates and an expanding population base point to more robust consumer demand in 2013."  

"While the average MLS® residential price is forecast to decline 7.6 per cent to $518,600 this year, the change is largely the result of luxury home sales returning to more normal levels after an unusually active 2011,” added Muir. In addition, the Lower Mainland’s share of provincial home sales is expected to decline to 57 per cent this year from 62 per cent in 2011.The average MLS® residential price in BC is forecast to edge up 0.7 per cent to $522,000 in 2013.