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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – April 2018

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – April 2018

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in April 2018.

Greater Victoria

In April 2018, there were 348 sales of single family homes and 654 active listings in the Greater Victoria. The benchmark sale price was $732,600 with an average days on market of 24. The hottest markets for sales were Saanich East and Sooke with 69 and 50 sales respectively. There were also 28 sales and 47 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 225 sales, 377 active listings at the end of the month.  The benchmark sale price was $485,000 with an average days on market of 21. The hottest market for sales was Victoria, 89 sales.

Townhome sales were 74, active listings were 119 and the benchmark sale price was $575,600. The average days on market were 32, and the hottest market was Langford with 22 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_April2018_Victoria

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Active Victoria Real Estate Listings Slide Below 2,000 Mark | Times Colonist

Active Victoria Real Estate Listings Slide Below 2,000 Mark | Times Colonist

[soliloquy id=”5879″]

With less than 2,000 active listings, Victoria’s real estate market remains firmly weighted in favour of the seller, according to data released Tuesday by the Victoria Real Estate Board.

There were 1,921 active listings at the end of last month, a drop from the 2,161 on the market in July 2016, which led to sellers getting excellent prices for their homes.

The median sale price of a single-family home in the region was $759,000 last month, a 14.3 per cent increase from the $664,000 recorded in July last year.

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Condos in Downtown Vancouver

Condos in Downtown Vancouver

The residential areas of Downtown Vancouver comprise 3 main areas:

  1. Yaletown – which borders the north side of False Creek and much of it originally was developed by Concord Pacific after the Expo 86 World’s Fair;
  2. Coal Harbour – which is the strip of newly developed condos north of West Georgia Street and West of Burrard Street; and
  3. The West End – which comprises the downtown core and west of Burrard Street.

It seems that the new 15% tax on “foreign” buyers has had very little impact on this market, especially with condos where the asking price is under $2 million.  There are many reasons for this:

  • Only 1-5% of the buyers in this segment traditionally have been “foreign”;
  • More and more “empty nesters” from the West Side of Vancouver sell their homes after their children have moved out and downsize by moving downtown and retire on the capital gains earned by selling their detached homes;
  • The buyers are from all backgrounds: local retired people, young singles and married couples (usually with no children or with small families), Chinese immigrants, Koreans, Iranians, Americans, Eastern Europeans, Middle Easterners, etc. In other words there is strong demand from all segments of the market;
  • There seems to be increasing interest in this area from “foreigners” from the USA, typically young hi-tech professionals from San Francisco and San Jose, and older couples from Seattle and Los Angeles, all of them attracted by the diversity, safety, cuisine, scenery and recreational opportunities downtown Vancouver has to offer.
  • Being close to the Central Business District is extremely convenient for the tens of thousands of professionals of all kinds who work downtown.

What’s so special about the Downtown core of Vancouver?  Well, it depends on the specific neighbourhood:

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