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The Briar Hill Group

BHG's Special Real Estate Market Update - Oct 2012

Fall Real Estate Market Update SPECIAL ISSUE OCT, 2012


Dear [!SalutationNameOnly] We have received a lot of questions about the market and what's happening this year. We thought we'd do a little research and pass it along to you. Please read through the charts, click on the link to youtube and read through what's happening at the local level these past two weeks...

Victoria's market - Monthly Comparison Between September, August 2012 and September 2011
Homes: Number of sales, Average price and median price are all below last year's levels
Condos: Number of sales are consistent
Active Listings are Up slightly.

October 16, 2012 Market Watch

This is a perspective of the last two weeks... there are just over 5000 homes on the market at the moment. The market has picked up in terms of new listings this month, with just over 300 new listings coming online. At the same time, sellers and their realtors have considered the relative number of sales/listing and many have reduced their prices accordingly, with just under 300 price adjustments in the past week.

BCREA's Chief Economist Gives His Monthly Market Update - Click above to listen

Some highlights from this report are:
The number of home sales ACROSS BC trended down in September.
This is in part due to tighter mortgage rules implemented 4 different times this year, across Canada
Average home price declined 6% across BC due to more of the sales happening in less expensive areas
Predicts little price change for the remainder of the year
Decline of just over 4% in sales in 2012 compared to last year, with 9 months of supply of sales. 6+ months of inventory usually indicates a buyer's market.

Jane's Thoughts on the Market

Buyers are more picky now than ever before and are patient for home prices to come down. That being said, they recognise value when they see it and some homes, priced below market value for a quick sale, are getting multiple offers.

The US election as well as our own election issues, is distracting from real estate. Two years ago, many of the same issues arose. The market rebounded back in January. I expect the same thing to happen in Victoria in 2013.
We hope that this has been of assistance to you. Should you or someone you know require more detailed information about the market, please give us a call at 250-744-0775
Copyright © 2012 The Briar Hill Group at Pemberton Holmes Ltd. All rights reserved.

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September 10, 2013 5:12 PM

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April 2, 2014 2:36 PM

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About Jane Johnston Personal Real Estate Corporation M.E

Jane Johnston was a winner of an VREB MLS® Silver Award in 2007 and 2008 and 2010, and MLS® Gold Award Winner in 2010. Jane was Pemberton Holmes' top new REALTOR® in her first year and has consistently been a top 1% performing realtor at Pemberton. Jane is focused on providing you with top-rated service.