A sunny start to September in Greater Victoria has seen the release of the August statistics from The Victoria Real Estate Board (VREB).
Month-end MLS® statistics for August are in all homes in Greater Victoria there was increased activity over August of 2018 in Sales, New Listings and Active Listings. Increases in both demand and supply kept us, and our colleagues, busy by the normal August standard. The HPI average benchmark price from VREB for August 2019 was $762,000, down 1.8% from August of 2018 at $762,000, which further illustrates prices are moderating near flat as the market continues to trend to balanced conditions.
As we transition Autumn, one of my favorite times of year, we see the consensus among industry analysis and economists that interest rates are poised to possibly decrease futher in Canada, potentially adding more affordability to mortgage rates which have been slowly decreasing over the last couple of months. We hope you enjoy the warm afternoons and crisp September evenings coming this week. As always, please contact us anytime with any questions!