Triple Crown

According to a report released by Canada Mortgage and Housing Corporation (CMHC) on February 8th, the number of January starts – 100 units – is down from 175 starts last January. CMHC Stats However, 2017 was a near-record year with close to 4000 units started. That’s nearly double what the Capital Regional District normally sees – on average 2000 – 2200. Builders in the Greater Victoria region started 2,966 multi-family units and 896 single-family homes last year for a total of 3862 new homes. This number beats every other year except 1976 when the region saw 4439 starts.

Real estate prices have risen a good deal in the last year, driven by the lack of inventory which was at a record low in January. There was a total of 1,491 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2018, 1.6 percent fewer than the 1,516 active listings for sale at the end of January 2017. The lack of inventory in our market is maintaining pressure on pricing, especially as high demand continues in many areas of Victoria. The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2018 was $831,900, a 9.3 percent increase from January 2017. HPI benchmark value for a condominium in the Victoria area in January 2018 was $450,600, a 20.1 percent increase from January 2017.  Read the full report on the Victoria Real Estate Board website.