Market Update September 2019

Posted by on

Market Update

 

The overall trend in the Victoria area real estate market is continuing with strong sells in entry level homes, and slower sales at the top of the market. The overall sales to active listings ratio was just over 23%, meaning overall we are in what is generally considered a seller’s market however this doesn’t tell the whole story.

 

Year over year overall sales are up from August 2018, but down from July 2019. August is traditionally a slower month with families, a significant portion of the market,  having made their moves for the new school year and now setting off for family vacations and getting ready for back to school. Both house and condominium sales increased year over year with pricing remaining relatively stable as expected.

 

What we are seeing is a decrease in inventory, which tends to apply pressure to pricing. At the end of August there were only 2,838 properties listed, 3.8% fewer than July 2019. This and an over 20% sales to active listings ratio makes it a good time to sell if you are considering making a move.

 

The benchmark pricing for a single family home int he Victoria Core area year over year is down 4.6% where the benchmark price for a condo year over year in the core is up 2.9% showing the sustained demand for entry level housing.

 

New Federal First Time Buyer Program

 

This month the federal government launched its new first time buyer program. This program is aimed at reducing the carrying costs for home owners on a monthly basis. First time buyers includes the obvious, first time buyers but also anyone who hasn’t lived in a home they own for 4 years as well as those who are recently divorced.

 

For qualified buyers the government will advance 5-10% towards the purchase of a new home. There are a few qualification requirements but if you’re interested in finding out more give me a call or send me a note. We can grab a coffee and have a chat. This program is aimed at reducing the carrying costs for home owners on a monthly basis. First time buyers includes the obvious, first time buyers, but also anyone who hasn’t lived in a home they own for 4 years and recently divorced people.