Greater Victoria Residential Real Estate Transitions to a Balanced Market

Total number of sales for April was 615, a 5% increase compared to April 2012 with 586 sales. On the residential side, more properties are selling, and slightly fewer are entering the market, so we are moving from a buyers’ market to more balanced market conditions. Prices remained relatively flat and, there were 367 single family homes sold in April at a median price of $540,000,
30 Single Family Dwellings sold over $1 million (5 over $2 million)

Spring Delivers Greater Balance

Last month’s sales equate to the lowest April total in the region since 2001 and 20.9% below the 10-year sales average for the month.

The sales-to-active-listings ratio currently sits at 15.7% in Greater Vancouver. This is the second consecutive month that this ratio has been above 15%. Previous to this, May 2012 was the last time this ratio was above 15%. There have been modest increases in home prices across the region over the last three months. This comes on the heels of home price declines of approximately 5-6% in Greater Vancouver during the last half of 2012. The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $597,300. This represents a decline of 3.9 % compared to this time last year and an increase of 1.6 % compared to January 2013. Sales of detached properties reached 1,064 in April 2013, a decrease of 5.5% from the 1,126 detached sales recorded in April 2012, and a 24.1% decrease from the 1,402 units sold in April 2011. The benchmark price for detached properties decreased 5.2% from April 2012 to $914,000. Since January the benchmark price of a detached home has increased 1.4%.

For the first time since 2007, conditions favour the seller. The benchmark price of single family homes reached a new high of $452,900 in April, as market conditions that favour the seller finally drove prices above the unadjusted peak in 2007. Residential year-to-date sales improved by nearly 4% compared to the same time in 2012. Meanwhile, citywide benchmark prices totaled $406,000 a 7% rise over the previous year.

Estimated SFD sales of 1,037 units (960 actual) were down 4.4% from last year but condominium sales increased 4.1% year-over-year to 459 estimated sales (425 actual).

In April, the average price for a single family detached home was $402,270 (down 3.5% from March). The average priced condo sold for $243,503 (down 1.3% m/m) and duplex and rowhouses prices were up 2.8% to $324,975 on average.

Greater Toronto reported 9,811 sales through the Toronto MLS system in April 2013, representing a dip of 2% in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis. The average selling price for April 2013 transactions was $526,335 – up by 2% in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9%t.

#100 – 1553 Harvey Av.

Kelowna, BC, V1Y 6G1