Homes and Condo Mississauga

Greater Victoria’s real estate market remains strong compared to rest of Canada – Saanich News


A survey shows that Greater Victoria recorded one of the largest annual declines in sales to listings while focusing on – albeit very slowly – a more balanced market.

That said, it remains one of the most competitive real estate markets in Canada and the only vendor market in Western Canada among the communities surveyed.

Victoria, according to a survey by Zoocasa, a listed company, remains a seller's market, as measured by the ratio of sales to new offers. From July 2018 it stands at 62 percent – a decrease of 12 per July 2017, based on figures from the Canadian Real Estate Board.

This fall gives Victoria the third place in the market with the largest decrease on an annual basis. The Fraser Valley and Greater Vancouver lead that list by 15 and 13 percent respectively, and both markets have now reached a balanced market area.

"British Columbia in particular has faced significant challenges, such as tougher mortgage barriers along with foreign buyer and speculation taxes, making a steeper affordability even more acute and dampening demand for home buyers," the survey said.

But the figures also clearly show that these market conditions continue to favor sellers. The report identifies three regions in eastern Canada – Ottawa, Montreal Census Metropolitan Area, and London and St. Thomas – as the most competitive real estate markets to enter with ratios of 72, 73 and 78 percent, respectively.

of the 26 markets surveyed in Canada, only one qualifies as a buyers' market: Newfoundland and Labrador. Of the other markets, 11 qualify as balanced, while the remainder fall into the category of the seller's market. With the exception of Victoria, all markets are in Ontario, Quebec and Atlantic Canada.

Canada as a country qualifies as a balanced market, according to the definitions of the survey. A buyers market has a sales-to-new listings ratio of between zero to 39 percent, a balanced market has a ratio ranging from 40 to 60 percent and a market for sellers has a ratio of 61 percent and higher.


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wolfgang.depner@saanichnews.com

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