Despite lower inventory levels

HOME FINDER: Greater Victoria sales down, market still strong

Inventory numbers on the rise now that winter has left the West Shore and the Capital Region.

While many properties up for sale on the West Shore are still moving fast, the number of homes sold isn’t quite measuring up to the pace set in 2017.

“In spite of the low inventory, the real estate market in Victoria is robust,” said Ara Balabanian, Victoria Real Estate Board (VREB) president in a statement. “(But) 2017 won’t match 2016 in terms of huge sales numbers, due to many factors, including the present lack of inventory.”

Inventory levels continue to edge lower in 2017, with 1,614 active listings so far for the month of March on the VREB Multiple Listing Service. At the end of February there were 1,537 active listings. That’s a roughly 40-per-cent drop from the roughly 2,560 listings active at the end of February 2016.

But despite the decline, home sales are still going strong in the region.

“The 10-year average for (property) sales in February is 542, so we are well within expected numbers for this time of the year In fact, this February’s sales are the second-highest in the past 10 years,” Balabanian noted.

Last month 675 properties were sold in the VREB region, representing a roughly 12-per-cent drop from the 772 properties sold in February 2016.

“The low number of homes for sale in our marketplace can put pressure on pricing,” Balabanian continued. “The good news is we have seen an increase in new listings.”

So far, March has seen 484 new listings. February’s count was 880, up from 753 in January, but down from last year’s 1,160 new listings that month. It’s something Balabanian and Realtors across the region will have their eyes on. “We’ll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives,” he said.

The first few months of 2017, he added, were also subjected to something that may be normal in other Canadian markets, but doesn’t usually have too much of a cooling effect on the West Shore or the rest of the Capital Region.

“The snowfall in the Victoria area certainly cancelled many open houses and may have put a damper on sales.”


Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Beefs & Bouquets, April 8

To submit a beef or a bouquet, email

West Shore first responders salute health care staff at Victoria General Hospital

Students and first responders support those on the frontline against COVID-19

Colwood mayor advocates for zero per cent tax lift for 2020 in light of COVID-19

Mayor Rob Martin also advocating for tax deadline extension

Annual Goddess Run goes virtual with few registration spots remaining

Participants can share their route, time and photos online

Victoria health care worker reminds public animals need help too during pandemic

Cat’s Cradle’s thrift store in Sidney temporarily closed due to the risk of spreading COVID-19

VIDEO: Easter festivities may be scaled back, but it can still be a fun holiday

COVID-19 circumstances have dictated that the holidays may not be perfect

COVID-19 world update: U.S. to start antibody tests; drones enforce lockdown in Italy

Comprehensive update of coronavirus news from around the world

Lower Mainland hunting store sees 200% increase in firearm sales

Co-owner of Wanstalls says increase due to a variety of reasons

People needing addiction services feeling ‘abandoned’ during pandemic

The province is trying to increase access to addiction care through a phone line of experts, doctors

COVID-19: B.C. ER nurse self-isolates in travel trailer, apart from family

Marcia Kent says situation is difficult but worth it to keep twin boys safe

B.C. unveils $5M for mental health supports during the COVID-19 pandemic

Will include virtual clinics and resources for British Columbians, including front-line workers

VIDEO: Community rallies around Campbell River fire victims

Emergency Social Services volunteers logged over 100 hours in first day after fire

B.C.’s COVID-19 rent supplement starts taking applications

$300 to $500 to landlords for April, May and June if eligible

Reality TV show about bodybuilders still filming in Okanagan, amid COVID-19

Five bodybuilders from across the country flew to Kelowna to move into a house for a reality TV show

Most Read