Major Cities Report
Victoria Real Estate Market Still Adjusting to Federal Government Changes
A total of 640 properties sold in the Victoria Real Estate Board region this March, 7 per cent fewer than the 688 properties sold in March 2018 but a 52 per cent increase from February 2019. Sales of condominiums were down 7.1 per cent from March 2018 with 196 units sold but were up from February 2019 by 51.9 per cent. Sales of single family homes were down 4.5 per cent from March 2018 with 322 sold.
Prospective Home Buyers Remain on the Sidelines in March
Residential home sales in the region totaled 1,727 in March 2019, a 31.4 per cent decrease from the 2,517 sales recorded in March 2018, and a 16.4 per cent increase from the 1,484 homes sold in February 2019. Last month’s sales were 46.3 per cent below the 10-year March sales average and was the lowest total for the month since 1986.
Oversupply Persists Despite Improved Sales Activity for Affordable Product
March saw a modest decline in city wide sales activity compared to last year. However, sales have been rising for more affordable product in the detached and attached sectors. Shifts in the lower end of the market have not outweighed easing across the higher priced product. First-quarter sales dropped to 3,108 units. This is 9% below last year and 28 per cent below typical levels of activity.
Overall Unit Sales Up Relative to February 2019
When compared to February 2019, unit sales across all categories increased, with single family home sales increasing 27.84%, condo sales increasing 8.86% and duplex/rowhouse sales increasing 21.05%. Year-over-year sales are down in all major categories, with single family homes sales decreasing 12.57%, condo sales decreasing 18.06% and duplex/rowhouses sales decreasing 3.50%. Year to date sales for all residential categories were down 13.19% compared to March 2018.
Continued Moderate Growth For March
“Market conditions have remained tight enough to support a moderate pace of price growth. Despite sales being markedly lower than the record levels of 2016 and early 2017, the supply of listings has also receded. This means that in many neighbourhoods throughout the GTA, we continue to see competition between buyers for available listings, which provides a level of support for home prices,” said Jason Mercer, TREB’s Chief Market Analyst