April 26 Week Ending Stats

Inventory is continuing to rise, however, not at the pace that it was in March. According to this realtor's website, there are currently 4070 active listings in Greater Victoria. This is around 200 more than at the end of March. In comparison, the month of March saw an increase of around 350 listings on their website.

Today, there are 137 more SFH listings on MLS than on the 29th of March. The greatest increase in listings has been for SFH priced higher than $700k. There have been comments on the incredible number of listings with asking prices higher than $1 million. Today, there are 248 of such listings. Crazy!

There are 20 more townhomes listed today than there were on March 29. The number of condos listed is basically unchanged.

I have to pick on this one $1 million+ listings. MLS#240724. Seriously, what are these people smoking? $1049000 for this POS? Yeah right!

March Condo Sales Graphs

The Housing Boom is Officially Over!

Thanks to anonymous for mentioning this occasion on Craigslist.

Yes, according to The Globe and Mail, and specifically Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., the housing boom in Canada is now officially over. First quarter statistics are what helped him come to that conclusion.

Certainly, we are seeing this in Victoria. Inventory is ballooning and sales are the lowest in years.

Will we follow in the footsteps of our neighbours south of the border? Perhaps. Perhaps not. But the market is definitely not what it was in the previous 2 or 3 years.

Discuss away!

March SFH Sales Graphs

A picture is worth a thousand words...

March Sales Numbers

The Victoria Real Estate Board has posted March's sales numbers. Commentary on the numbers started in the last post. Please do continue. It looks to me like this year is going to the bears.

Following are SFH, condo, and townhome graphs for Greater Victoria. More are to follow in the coming days.