Last month the BC Real Estate Association announced in the Times Colonist “Home prices and number of sales are predicted to rise this year and in 2021 in Greater Victoria and on the rest of Vancouver Island…” Looking at the sales figures for January 2020, it appears the rise has begun.
The total number of properties sold last month in Greater Victoria increased to 411. In January 2019 there were only 329. There was also a small increase to the number of new listings; 901 in January 2020 compared to 897 in January 2019.
“Our new year is already showing a strong distinction from the year previous,” says Victoria Real Estate Board President Sandi-Jo Ayers. “We’ve returned to more traditional January sales numbers – which tend to be over 400 sales. Unfortunately, we have not seen a corresponding increase in listings alongside the demand, so buyers in the low- to mid-price segment of our market may find themselves in competition for desirable properties…”
If you’ve been thinking of selling, we offer complementary Market Evaluations. CLICK HERE to email us and we’d be happy to talk with you about how we can help you market and sell your home.
Sales of condominiums were up 6.3 per cent from January 2019 with 118 units sold. Sales of single-family homes increased 31.6 per cent from January 2019 with 200 sold.
The Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core in January 2019 was $846,900. The benchmark value for the same home in January 2020 increased by 1.4 per cent to $858,500, 0.4 per cent more than December’s value of $855,000.
The HPI benchmark value for a condominium in the Victoria Core area in January 2019 was $500,500, while the benchmark value for the same condominium in January 2020 increased by 4.1 per cent to $521,100, slightly more than the December value of $520,700.
INTEREST RATES: A five-year fixed term mortgage can be had for around 2.69% if you qualify, depending on your down payment, term, credit history, institution etc. Rates are still inching down little by little. That’s a very good rate, historically speaking. If you’re thinking of moving, take the time to get preapproved to make sure everything goes more smoothly.
Need a Mortgage Broker? Click HERE to send us an email and we’ll forward on a list of reputable Mortgage Specialists.
Of course, if you have any questions about the market or what your home or investment property could sell for, we are here to help you!
Real Estate Professional
Victoria Property Specialists Group