According to the Victoria Real Estate Board, home prices in Greater Victoria are plateauing, continuing 2018’s trend that followed two years of boom.
In June 2019 the benchmark value of a single-family home was $859,600, compared to $898,500 the same time last year, a 4.3 per cent decrease.
At the same time, the number of listings increased to 3,040 in June, up from 2,595 June of last year.
“[Buyers] have more choices and you can spend a little bit more time searching as opposed to what felt sort of hectic and a little bit rushed over the last couple years,” said The Condo Group’s Haden Campbell.
Experts say the mortgage stress test could be a factor by reducing buying power.
The Victoria Real Estate Board says some people may be waiting for the new first-time home buyer incentive this September.
Still, realtors say Greater Victoria remains a good place to invest.
“Victoria’s always going to be a very desired place to live, so that will make us hold our values maybe a little bit more than other regions would,” said VREB president Cheryl Woollie.
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