James Bay real estate slows amid pandemic

Hot market interrupted by COVID19. Buyer’s and Seller’s pause amid uncertainty.

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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
11 106 Medana St 1,199,000 1,200,000 6 2 3,326 6,600 2020-02-21 12
12 429 Oswego St 899,000 900,000 3 3 1,673 2,003 2020-02-26 4
13 585 Michigan St 998,000 999,000 3 3 1,847 3,026 2020-03-11 7
Address Price List Price Sold Bedrooms Baths Total SqFt Finished Year Built Lot Size SqFt Date Listed DoM

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