What do the Victoria Board November Statistics mean in Markets that are not “Victoria proper”? Victoria Board October Statistics indicate the sales have decreased and sales are heading toward a balanced market - not a Sellers Market as labelled for the last 4 years. Does this apply north of Langford?
The Malahat Area - which comprises Mill Bay, Cobble Hill, Shawnigan Lake and Malahat properties has its own set of statistics. The Malahat area is lumped into the Victoria Real Estate Board Statistics, but has several unrelated characteristics. One, being that the Victoria Market is subject to Speculation and Vacancy Tax which affects the Market. New building projects, properties that are vacant and properties that are rentable are all affected if different ways. In the Malahat Area, this tax does not apply. Second, the October Benchmark Price in Victoria was $881,000 for your “average home” in the Victoria board, a 6% increase over last year. We know that in the Malahat Area, this is not the case. $650,000 will purchase a beautiful average home in today’s market, while single family homes in the $450-$550,000 are common. We are our own little microcosm. The Sales Statistics are quite specific.
If you would like to know where your home fits into the current area Real Estate Statistics Contact me for details and your own pertinent statistics. vidasellsvi@gmail.com
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