Victoria & Langford Real Estate Market Review of April

"Last year, the months of May and June were the busiest," said Victoria Real Estate Board President Kyle Kerr. "So, we may see this pattern again but on a slightly smaller scale than last year, since our sales for the year thus far are down about 18 per cent when compared to 2017."

A total of 2,002 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2018. A total of 774 properties sold in the Victoria Real Estate Board region through April which is a 12.5 per cent increase from the month previous.

There isn't a lot of homes on the market to meet demand, and good homes in desirable locations still see multiple bids. There is a strong pressure on lower-priced properties. The reduced buying power of consumers due to the new mortgage rules is creating more competition for lower-priced properties. That's what is pushing prices up.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in April 2018 was $866,700, an increase of 8.3 per cent increase over last April at $800,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April was $495,100, an increase of 18.4 per cent over last April at $418,200.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in Langford in April 2018 was the $627,900. The MLS® HPI benchmark value for a condominium in Langford in April was $385,400.

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