253 replies to this topic

[Barrister]

Do we have a breakdown of condo v SFH sales?

[Ryan Cook]

Sold / Pending between Oct 1 - Oct 28

 

SFH - 242

 

Condo - 191

[Mike K.]

SFDs still #1. There was one month a few years ago where condos outsold SFDs. It had never happened before, and since, but it has come close a few times.

[Barrister]

I would have thought that there is a much greater inventory of condos over houses these days. Do we know how the inventory breaks down?

[Ryan Cook]

@Barrister - yes you are right 

 

City of Victoria Only 

 

81 SF

 

341 Condo 

 

Greater Victoria 

 

1012 SF

 

882 Condo

[Barrister]

Thanks Ryan, you are great with the stats.

[Ryan Cook]

[Barrister]

Been a good month overall but not sure where prices are heading.

[Ryan Cook]

A few more rate cuts as predicted should lead to a busy Spring Market 

[Barrister]

The rate cuts may be a bit slower than anticipated since the loonie is starting to look shakey, we under 72. Better idea in a month. 

[Ryan Cook]

Good article speaking to the presale market right now 

 

https://storeys.com/...canada/?draft=1

[Ryan Cook]

Victoria market exceeds expectations but remains balanced 

 

A total of 654 properties sold in the Victoria Real Estate Board region this October, 60.7 per cent more than the 407 properties sold in October 2023 and a 14.5 per cent increase from September 2024. Sales of condominiums were up 32.6 per cent from October 2023 with 187 units sold. Sales of single family homes increased by 76.2 per cent from October 2023 with 340 sold. 

 

“Sales did increase notably over last year, but it’s important to include some context,” said 2024 Victoria Real Estate Board Chair-Elect Dirk VanderWal. “October 2023 saw the fewest sales in that month since 2008, which distorts a year-over-year comparison; in fact, last month’s sales count was almost exactly on the ten-year average for the month. With that context, although we’ve certainly seen a notable increase in sales month over month, this does signal a return to a more average market for this time of year. The number of homes available on the market has remained relatively consistent, which has also created the benefit of a more balanced market for buyers and sellers, even with the increase in sales numbers.”

 

There were 3,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2024, a decrease of 6 per cent compared to the previous month of September and a 14.7 per cent increase from the 2,756 active listings for sale at the end of October 2023. 

 

“I think it’s safe to say that many consumers have been watching the Bank of Canada rate announcements, and that could be influencing their decision making,” adds Chair-Elect VanderWal. “Recent rate drops likely encouraged a few more buyers and sellers to enter the market, and we may see that trend continue in November, the month which traditionally begins our market's winter lull. Even though sales were higher last month, we are still experiencing a comfortable environment for buyers and sellers to negotiate. There are fewer multiple offers and more time for the decision-making process. It is hard to predict what the winter market will bring, so it’s a great idea to consult with your favourite local REALTOR® to discuss the current market.”

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2023 was $1,310,100. The benchmark value for the same home in October 2024 decreased by 0.8 per cent to $1,300,200, up from September’s value of $1,279,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2023 was $578,800 while the benchmark value for the same condominium in October 2024 decreased by 5.4 per cent to $547,800, down from the September value of $553,400.

[Victoria Watcher]

Thanks, Ryan.  

[Victoria Watcher]

If we’re in an affordability sweet spot, why aren’t aspiring homebuyers jumping in?

 

Deals may not last long – there’s plenty of precedent to suggest that home prices are poised to skyrocket

https://www.timescol...ping-in-9744786

[Citified.ca]

Ryan and I had a chat about the market in October. There is definitely more activity out there, but it appears to be from pent-up demand pulling the trigger as buyers can only wait so long for the perfect deal.

 

Victoria's real-estate sales surged 60% in October as mortgage rates fell

https://victoria.cit...age-rates-fell/

[Ismo07]

Might be at the perfect deal stage right now...  If sales start 'surging', I think prices go up and up.

[Mike K.]

Now’s the time to make a move, yes.

Especially if you have a property in your sights with a 30-90 day DOM. This is also a good time of the year as demand is at its lowest point. So if you find a diamond in the rough I say go for sure (a lot of lame listings are out there in the fall and winter, people tend to save the best for spring).

[Ryan Cook]

[Ryan Cook]

[Ryan Cook]

 

 

Ryan Cook

REALTOR® | RE/MAX Camosun

ryan@ryancookrealestate.ca

250-886-9398

VictoriaRealtor.ca