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2008 Victoria BC Canada Real Estate Review

Following several years in Victoria we have seen significant price increases and exceptionally strong sales in 2007. The Victoria Real Estate  area housing market softened in 2008. The total sales of homes and other properties in Victoria fell by 27% compared to 2007 while the value of all property transactions through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) dropped from over $4.1 billion in 2007 to $3.1 billion last year.

Bill Ethier and David Wardle notes that due largely to increases in the early part of 2008, the overall average prices for the year as a whole showed modest increases compared to 2007. In the Greater Victoria Real Estate area the overall average price for single family homes rose by three percent last year; the average price for condominiums rose just under one percent while the average price for town homes rose 5.6%. Bill and David note there has been some softening in prices in recent months and anticipates the Victoria real estate market will stabilize during 2009.

Bill and David further mentioned that real estate sales in Victoria continued to decline in December, though overall prices showed little change. The average price of single family homes in Greater Victoria last month was $548,025; the six-month average was $556,458. The median price in Victoria was considerably lower at $507,500.

If we take a look at Condominiums sales in Victoria, the average price of all condominiums sold in Victoria in December was $280,487; the average for the last six months was $302,566. The median was again lower at $253,750. The average price for Victoria town homes sold last month was $389,371; the average for the last six-months was $418,364. The median price was $368,000.

There were 239 MLS® sales last month, down from 408 sales in December of last year. There were 268 sales in November. Sales last month included 140 single family homes, 53 condominiums, 28 town homes and eight manufactured homes. There were 3,824 properties listed for sale on the MLS® system at the end of last month, up 37 per cent from the 2,799 properties in the same month a year ago.

If you are planning to purchase a property in 2009, just let us know. Our team of professionals has the knowledge and know how. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their two websites or or just email Bill and Dave .

Cheers, Bill

Properties in Victoria Professionals- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

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