Victoria home prices flatten as demand falls: Royal LePage

The average first-quarter selling price for a standard two-storey home was up 1.1% from a year before to reach $480,000. Condominiums were similarly up 1.4% over the same period to reach an average of $299,000. Detached bungalows dropped 4.2% over the same period to reach an average of $490,000.

“It’s a great time for buyers to be out there,” said Carol Geurts of Royal LePage Coast Capital Realty. “Inventory is up an average 10% and listings for single-family homes are up 20%. This increase in supply has cooled prices and created a buyer’s market.”

Victoria prices are still above the national average, but considerably less than Vancouver. The average price for a two-storey home in Vancouver was close to $1.1 million in the first quarter of this year, for example, more than double that of Victoria.

Sellers are having a tougher time in Victoria, though, as the average days on market went from 34 days last year to 57 days this most recent quarter – a 66% increase.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?