October 1, 2018 ~ WEST SHORE.
In September 2018, the overall sale price of single family homes in Greater Victoria was $920,825 (233 homes sold).
In Langford the average sale restored to the mid-$700,000’s at $750,502 (30 homes) in September. In Colwood the average sale was $729,875 (16 homes). In Sooke the average sale was back up over half a million at $553,205 (21 homes) after sagging below $500,000 last month.
Overall sales volume in September 2018 was 16.7% lower than September last year, with single family home sales down 9.2% from September 2017, and condo sales down 30.4%.
“The under $800,000 housing market in some areas is under tremendous pressure as many buyers compete for these homes,” said Victoria Real Estate Board (VREB) President Kyle Kerr in the VREB monthly release of market sales stats.
“This year’s housing market has continued to behave as we’ve expected, moderating after the record-setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualifications that were intended to cool the market,” Kerr said.
Cooling the market tends to impact the entry-level market of low-end sellers and buyers. Indeed, Kerr said that the multi-million-dollar market is currently experiencing less pressure (compared to the under $800,000 range) “and we can see price flexibility coming into play in the $1.5+ million market.”