September Sales Stats

Listing and sales data has been released this morning for the month of September:

                      September 2016  September 2015

Net Unconditional Sales:      781              704

Active Listings                     2061           3478

Months of Sup                    2.64             4.94

*Active listings includes Commercial and Residential MLS listings, and in all areas of Victoria.

There has been much speculation in the media over the summer about a possible slowdown in the market in Vancouver. The data is being carefully monitored after the implementation of a 15% property transfer tax applying to real estate purchases made by non-residents. From the data, sales volume has dropped y/y in that market, however a limited number of "months of supply" contributes to a continued Sellers market. I personally don't believe that a reliable trend can be established until we enter early Spring 2017.

In the meantime, Victoria's market is maintaining momentum, though as we enter the fall/winter season sales numbers (and overall activity) is usually more subdued. At this point there is no indication of a pullback/correction in prices on a macro level. On an individual basis the lower seasonal liquidity can cause unevenness in the market depending on the area and type of property being sold.

Yesterday several changes were announced to mortgage qualification rules for all insured mortgages:

The effect of these changes on the maximum amount that a Purchaser can qualify for will differ substantially depending on income, downpayment, lender and personal credit file. For Buyers that currently have a preapproval, it is important to discuss options with a mortgage professional as soon as possible.

As always, don't hesitate to contact me for any advice that I can offer or for other information.

Best regards, Mark