There is no clear evidence yet that market pricing is moving lower. Will sustained low sales volume lead to downward pricing pressure? Or, will critically low inventory and interest rates help sustain prices? The longer economic weakness lingers the greater chance that households are forced to list their properties; such an outcome would put downward pressure on prices.
So far, the majority of sales in Greater Victoria are coming in at pretty similar pricing levels to before the market halted. Of course, there are motivated sellers and opportunities to be unveiled in every type of market. Talk to your REALTOR® about how to best navigate today’s unique marketplace.
The spring of 2020 has two distinct chapters; before and after March 15. The rapid response by government and health authorities to combat COVID19 has drastically changed our way of life and the real estate market.
Prior to March 15, sales and prices of single family homes took off like a rocket! More than 1/4 homes sold for over asking price and the average price for Greater Victoria hit an all time high of $986,000.
James Bay and the region overall were poised for a significant upswing in real estate activity, until the unexpected happened. International borders began to close, new COVID19 infections became rampant across the country and around the world, and social distancing measures were imposed. A highly contagious virus that doesn’t discriminate not only changed the way we live, work, and play; but our sentiment on the future of the economy.
Sales and new listings continue to slide downwards, ~70% compared to same time last year. Since March 15 only 5 single family homes have come to market in James Bay, while 1 has gone unconditional.
Buyers and Sellers who continue to buy and list their properties tend to be those who need to transact soon, or anticipate the need to transact soon before a potential liquidity lock-up in the market.
Strong opposing forces are facing the housing market. Falling interest rates but rising unemployment. Plans to de-stress the mortgage stress test by 30bps (which would give buyer’s more purchasing power) have been halted. Mortgage, credit card, and loan payments are being deferred en masse.
To keep informed about changing market conditions and real estate sales activity in James Bay visit VictoriaMarket.ca.
James Bay 2020 COVID19
|wdt_ID||Address||Price List||Price Sold||Bedrooms||Baths Total||SqFt Finished||Year Built||Lot Size SqFt||Date Listed||DoM|
|1||145 Rendall St||1,050,000||1,000,000||4||2||2,675||5,400||2019-10-07||101|
|2||531 Toronto St||975,000||925,000||4||3||2,090||5,140||2019-11-12||55|
|3||137 Ladysmith St||1,099,000||1,085,000||3||2||2,245||4,050||2019-11-26||79|
|4||533 Rithet St||829,900||825,000||4||2||2,396||5,200||2020-01-16||33|
|5||136 Medana St||1,250,000||1,165,000||5||3||3,508||4,938||2020-01-21||16|
|6||252 Superior St||775,000||760,000||3||2||1,144||3,600||2020-01-29||12|
|7||487 Superior St||898,000||915,000||3||2||2,093||4,343||2020-01-31||35|
|8||411 Heather St||998,000||960,000||4||1||1,481||6,768||2020-02-06||6|
|9||28 San Jose Ave||1,275,000||1,267,500||4||3||2,409||4,514||2020-02-10||16|
|10||520 Niagara St||1,699,000||1,699,000||4||3||3,609||11,197||2020-02-20||8|
|Address||Price List||Price Sold||Bedrooms||Baths Total||SqFt Finished||Year Built||Lot Size SqFt||Date Listed||DoM|