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.
