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.

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