Dodd Team Real Estate

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March Month End Market Stats 2018

April 3, 2018  A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 percent fewer than the 929 properties sold in March last year, but a 26.2 percent increase from the month previous. The sales of condominiums were down 28.2 percent from last year in March with 211 units sold. Single-family homes were 30.8 percent down from the year previous, with 337 sold this March.

"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government's new mortgage qualification rules. Combine these factors with rising interest rates and you've got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty."

There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2018, an increase of 14.3 percent compared to the month of February and 13.5 percent more than the 1,556 active listings for sale at the end of March 2017. 

"Despite all of the above, we continue to see benchmark price increases across our market and demand persists - partly due to low inventory - 

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