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Victoria Real Estate Board Report for November 2008

Cautious Buyers Lead to Decline in November Sales

The number of property sales throughout Greater Victoria declined in November as buyers remained

cautious due to concerns over the economy and direction of the market.

A total of 268 homes and other properties sold in November through the Victoria Real Estate Board’s

Multiple Listing Service® (MLS®) down from the 316 sales in October. There were 623 sales in

November of last year. November’s sales were the lowest monthly sales since December, 1999. The

number of properties available for sale at the end of November was 4,459. That represents a 40 per

cent increase compared to November of last year but a further decline from the 4,680 properties

available for sale at the end of October.

Victoria Real Estate Board President, Tony Joe, says it’s clear the uncertain economic climate is having

an effect on the housing market. “More people are taking a ‘wait and see’ approach and are less

inclined to buy or sell unless they have to given all the uncertainty we hear about almost every day.

Despite this, so far there has only been a modest effect on prices for single family homes and

townhomes.” Joe noted that the average price of single family homes in Greater Victoria last month

was $524,128, down from $565,741 in October; the six-month average was $562,772 though the

median price in November at $500,000 was up slightly from $495,000 in October.

Condominium prices were most affected last month. The overall average price for condominiums was

$273,890 last month, posting a significant decline from $323,028 in October. The average for the last

six months was $308,133. The median price for condominiums in November was $258,450. The

average price of all townhomes sold last month was $447,370 up from $389,731 in October due in large

part to two sales, one in Victoria for over $775,000 and one in Sidney for over $950,000. The six month

average was $425,086 while the median price in November was substantially lower at $372,250.

MLS® sales last month included 153 single family homes, 77 condominiums, 20 townhomes and seven

manufactured homes.