The Victoria real estate market has remained active through August 2015. There were a total of 741 properties sold in the Victoria Real Estate Board region this August. Victoria saw a total of 3,688 active listings for sale on on the MLS (Multiple Listing Service®)VREB (Victoria Real Estate Board). *To receive more information about the data below and to watch active listings and sales that are tracked in real time, contact us.
Victoria Real Estate Market Highlights
- a 21.7% increase in sales compared to the 609 properties sold in the same month last year
- the highest number of single family homes were sold since August 2007 (379 single family homes sold in August 2015 compared to 399 in August 2007).
- 14.6% fewer active listings August 2015 than August 2014
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in August was $556,600. The benchmark value has increased by 8.37% for the same home in August 2015 to $603,200!
The CMHC (Canadian Mortgage and Housing Corporation) announced their new rules for buyers who have less than a 20 per cent deposit. Starting at the end of September 2015, buyers who are applying for mortgage loan insurance from CMHC will be able to include 100 per cent of the projected income from any secondary suites. “This is a substantial change that will likely keep our Victoria real estate market strong through the fall and winter”, said President Crozier.
For more information from VREB More information on the Multiple Listing Service® Home Price Index visit vreb.org.
Source: VREB News Release August 2015. Read full report here.
About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents over 1,200 local REALTORS®. If you are thinking about buying or selling a home, connect with your local REALTOR® for detailed information on the Victoria and area housing market.
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