March 2019 Month End MLS® Statistics.
Unit sales are down compared to a year ago, however, they are greatly increased over February of this year.
Active listings are also greatly increased compared to a year ago, however, with the ongoing B20 mortgage stress-test still in place for the country, buyers continue to be pushed down into lower price points as they qualify for far smaller mortgages under the stress-test.
This has translated into higher average prices, as measured by the MLS® Home Price Index (HPI) for both condos and townhomes in the core while single family detached (SFD) homes have decreased slightly in price.
With relatively low inventory and demand levels stabilizing, we are seeing balanced market conditions in Greater Victoria, having successfully moved away from a seller’s market in place from roughly the start of 2016 to half way through 2018.
Details of percentage changes are in the 3 graphs above and below.
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