Days On Market – November Statistics Update

As indicated in the graph below, the median days on market (DOM) continues to rise in Greater Victoria, up approximately 55% in 2018 for the same period in both 2016 and 2017.   This metric further illustrates that real estate in Greater Victoria is trending towards a balanced market (neither a seller’s market nor a buyer’s market) as 2018 comes to a close.  Tougher mortgage qualification rules (via the mortgage stress test), along with gradually rising interest rates, are slowing the record-setting pace of sales from 2016 and 2017, although we are continuing to see sales this week just two weeks from Christmas.

As always, we look forward to answering all of your questions about your buying and selling decision in the Victoria Real Estate Market.

Happy Holidays!