Home sales are down to the Victoria region. File photo.
Real estate prices are still high but sales are down across the Capital Region.
New numbers from the Victoria Real Estate Board show that a total of 498 properties sold in the region this November, down 25.8 per cent from the 671 properties sold in November of last year. It’s also a 16.7 per cent decrease from October 2018.
“We certainly anticipated a difference this year in terms of sales for November compared to last year,” Victoria Real Estate Board President Kyle Kerr said in a statement. “This time last year, the government announced plans to change mortgage lending qualification rules and our market saw a rush of activity as buyers tried to beat that new lending criteria, which was rolled out January first. Our ten-year average of units sold for the month of November is 515, which is likely a better comparison than to the unusual market conditions we saw last year.”
Two hundred and sixty seven single-family homes were sold in November, compared to 337 in November 2017 and 289 in October 2018. There were 152 condo sales last month, compared to 180 in October 2018 and 220 in November 2017.
However, prices did remain high throughout the region. Condos had an average price of $536,575, a 16.1 per cent increase from October 2018 where the average price was $461,976. The average price of a condo at this time last year was $437,741.
The price of a single-family home in all areas of the Victoria Real Estate Board, which includes Greater Victoria and the Southern Gulf Islands, did drop from last month. In October 2018, the average price of a single-family home was $883,987 It went down 6.4 per cent to $826,988 this month. In November 2017, the average price was $873,975.
Townhouse prices have also fallen compared to last month. In November, the average price for a townhouse was $629,291, compared to $638,160 in October. However, the average price was $560,865 in November 2017.
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