High Demand Continues as Inventory Shrinks in the Victoria Housing Market
A
total of 599 properties sold in the Victoria Real Estate Board region
this November, 4.5 per cent more than the 573 properties sold in
November last year.
Inventory
levels remain lower than last year, with 1,815 active listings for sale
on the Victoria Real Estate Board Multiple Listing Service® at the end
of November 2016, 38.5 per cent fewer than the 2,952 active listings at
the end of November 2015.
Our
current housing market is in a strong cycle due to many factors,
including our current positive economic conditions, baby boomers
retiring here, millennial buying cycles, a low Canadian dollar keeping
folks closer to home and our favourable living conditions," notes Mike Nugent, 2016 President of the Board.
"These factors and others, in combination with ongoing low inventory
mean demand for housing is up, particularly in those areas close to the
core and amenities."
The
Multiple Listing Service® Home Price Index benchmark value for a single
family home in the Victoria Core in November 2015 was $608,600. The
benchmark value for the same home in November 2016 has increased by 23.9
per cent to $753,800.
"Foreign
buyers are another factor that affects our local housing market. The
provincial government is considering implementation of a local tax on
foreign buyers to ensure pressure on pricing from that source remains
mitigated," adds President Nugent. "While October data shows an increase
in foreign buyers into the Capital Regional District compared to
previous months, their 6.3 per cent of property transfers indicate that
these buyers are one factor in the marketplace. A much larger factor
affecting affordability and availability right now is the lack of
inventory. An effective method to address housing affordability issues
could be through efforts to increase the supply of housing, either through adjustments to zoning or density."
Home Economics
HOW MUCH IT COSTS - (to heat a 2500sqft home)
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Oil Furnace - $4,000 to install + $2,663 to heat
Propane - $2,500 to install + $2,253 to heat
Gas Furnace Mid-efficiency - *No longer avail in most markets High-efficiency - $4,000 to install + $969 to heat
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