Dockside Realty Update for November 2016

The Victoria Housing Market is very strong due to their current positive economic factor, baby boomers retiring there, millennial buying cycles, and the low Canadian dollar that keeps Canadians closer to home.

The Victoria Single Family home benchmark price is $753,800 up 23.9% from Nov. 2015.  Their Listing Volume is down to 1815, 38.5% lower than Nov 2015 (2952 listings then).

Pender Sales, 123 from January to December, have doubled over the same time frame last year.  These numbers are closer to sales in 2003 (163 total year-end sales) and 2004 (125 total year-end sales).  Unfortunately, this activity is still not seeing prices rise here.  Sales are many, but only after much negotiation and lower offers, as buyers are still nervous to invest here.

Saturna Island can boast 21 Sales so far, this year and these are record numbers there too.

Foreign Buyers also drove the Victoria Market and rippled over to our island and other communities.  Since the Foreign Buyer Tax was imposed, Vancouver and most markets have cooled off, except Victoria.  Victoria and Toronto are the hottest markets.

We are getting lots of traffic to our Sidney office, and we all seem to be still very busy for this time of year. Typically, it is quieter while most folks are getting ready for the holidays. 

These sunny days do inspire buyers in the colder climate areas to check out our websites and the inquiries keep coming in, thankfully.  

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