Victoria real-estate sales fall 36 per cent, most in B.C.

Times Colonist-  People looking to buy a home in B.C. are finding a buyer’s market with rising inventories and declining sales putting home-hunters more in control.

Across B.C. in June, realtors recorded 7,722 sales through the realtor-controlled Multiple Listing Service which was down 22.5 per cent from the same month in 2009, the period when biggest markets were just heating back up.

Active listings in inventory, in the meantime, climbed almost 21 per cent to hit 59,232 units in June, which equaled a 9.3-month supply based on the pace of sales, Cameron Muir, the association’s chief economist said.

Muir said the key influences in June were simply an extension of the ones that have dampened demand since they took hold in April: tougher qualifying rules for some mortgages, particularly for first-time buyers and those seeking secondary suites and a shift in long-term mortgage rates…

Victoria real-estate sales fall 36 per cent, most in B.C.

Prices up, but may be at ‘plateau,’ report finds

Times Colonist- Prices moved up for Greater Victoria homes in the second quarter of this year, but the region’s high inventory is pushing down some parts of the market, a spokesman for real estate company Royal LePage said yesterday.

"Homes are generally selling below asking price, and significantly so in some condominium cases," said Carol Geurts of Royal

LePage Coast Capital Realty in Victoria.

"It appears prices may have reached a plateau for the moment, in that much of the price growth we expected for 2010 has already happened."

Condos in the lower end of the price range are most popular, while it can be more difficult to move those priced at $500,000 and up. "I think it goes back to the economy."

Yesterday, the Multiple Listing Service showed 1,001 listings for condominiums for sale in Greater Victoria. Of those, 28 were priced at $1 million and up, with the highest at $4.2 million for a 4,060-square-foot condo at Songhees…

Prices up, but may be at ‘plateau,’ report finds

Real estate sales sag in Greater Victoria

Times Colonist- Home sales cooled and inventory continued to rise last month as some real estate buyers in Greater Victoria chose to take the time to shop around.

A total of 625 homes sold in June through the Victoria Real Estate Board’s Multiple Listing Service. That was down from 695 sales in May and about a third less than the 946 sales in June a year ago.

Meanwhile, for-sale signs continued to sprout as inventory levels rose to 4,730 properties, up 25 per cent from the 3,794 available a year earlier.

Major banks last month inched some mortgage rates down, but the small decreases didn’t create a rush into the market as potential buyers mulled over increasing inventories for better deals. Observers also note waning consumer confidence in the overall economy may be a factor in the softening market…

Real estate sales sag in Greater Victoria

B.C. home sales to fall while prices climb, analyst predicts

Times Colonist- The number of B.C. home sales is forecast to drop this year even as housing prices for the year are expected to rise from 2009, said a new report.

Average home prices are anticipated to climb by six per cent this year over last, to $494,600, said Cameron Muir, B.C. Real Estate Association chief economist, said in his housing forecast released yesterday.

"That really represents the price increases that have already happened." Prices reflect sales of all types of homes sold through the multiple listing service…

B.C. home sales to fall while prices climb, analyst predicts

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