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Victoria Real Estate: August Cools Down

Friday, September 1, 2017   /   by Amy Francoeur

Victoria Real Estate: August Cools Down

Looking ahead to September, we can already see a flurry of new listings about to hit the market – but what about August? A Victoria Real Estate trend that we typically see in August, is that people are in a different mindset – trying to relax and enjoy their last bit of Summer weather and activities. Last year, we didn’t see much of an August slow-down, but this year, we have. Does that mean things are returning to a more ‘normal’ market? At this point, it’s too soon to tell.

“Though much too early to call a trend, we do see that the August HPI benchmark value for single family homes in the Victoria Core area has decreased by 1.3 per cent when compared to July. This is the first time we’ve noted a decrease in HPI values since August 2015.” adds Victoria Real Estate Board President Balabanian.  “That said, this is not an indicator of a huge change in property values across our region. We’ve seen a phenomenally busy two years in real estate for our area and we are likely heading towards a period of more balanced activity. Note too, that though the overall HPI value shows a small month over month decrease – specific areas and specific types of product have seen increases. For example, condominiums across the entire region are up by half a percent compared to the previous month and single family homes in North Saanich have increased in benchmark value by almost one per cent. It’s for reasons like these that now more than ever it makes sense to seek the assistance of a local REALTOR®  to sell or buy your home.”

We saw 736 sales this August, compared to 883 in August last year – not a drastic decrease, but still a decrease. As for condos, we saw 206 sales this year, and 265 in August last year. However, the average price for a condo now is $414,637 – a 23% increase over last August.

To read the full release, check it out here: http://www.vreb.org/current-statistics

If you’re looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group for more information at 250-382-6636.

— Amy Francoeur

The Condo Group Real Estate Ltd
Chris Gill
102-3645 Tillicum Rd
Victoria, BC V8Z 4H7

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