charliesangelsperth August Slump for Victoria Property Prices — Mortgage Sandbox
Slump in house prices as Victoria heads into Fall

Slump in house prices as Victoria heads into Fall

HIGHLIGHTS

  • Victoria house prices surged upward this Spring after 6 months of price drops but, like 2018, the price increases did not extend into the summer.
  • Victoria condo and townhouse prices have been flat for over a year now.
  • The average Victoria household still can not afford current house prices and unusually high house prices ($200,000 more expensive than 2016) are the greatest factor making homes unaffordable.
  • Metro Vancouver and the Okanagan have been hit hard by a real estate slow down. The number of Victoria purchases-sales dropped too but prices haven't been as severely impacted.
  • Foreign speculative investors are leaving B.C. and prices are now more closely linked to local economic fundamentals.
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Victoria

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