The aggregate and median prices of homes in Victoria have gone up by more than six per cent year-over-year, according to the latest Royal LePage House Price Survey.
The report released Tuesday morning says the aggregate price of a Victoria home increased 6.8 per cent in the third quarter of 2018 to $680,113.
The median price of a two-storey detached house has gone up 7.1 per cent compared to the same time last year to $921,760, a bungalow has climbed by 6.2 per cent to $744,804 and the median cost of a condominium is $491,932, an increase of 7.1 per cent.
A Royal LePage spokesperson says after a frenzied pace the last few years, Victoria is making a smooth transition to a more balanced market.
“The new mortgage stress test rules have slowed demand in the detached category, and that’s led to more inventory and properties remaining on the market for longer,” Royal LePage Coast Capital Realty partner Sean Burns said in a release.
“But the market for condos, townhouses, and bungalows below $800,000 remains competitive.”
Burns says the Victoria market is supported by newly created jobs leading to a strong economy, a growing tech industry and people moving to the Island.
He adds affordability remains an issue in Victoria, which has fueled high condo demands.
“There have been a lot of new units built in the region, and those are getting absorbed quickly by young people buying their first homes and baby boomers looking to downsize,” Burns said.
The survey expects healthy price appreciation and sales activity to continue in the final quarter of the year.
While housing prices increased year-over-year across the country, condominiums saw the largest median hike of 6.7 per cent to $441,240.
Royal LePage says nationally, the average price of a home increased 2.2 per cent year-over-year to $625,499 in the third quarter.