The Victoria real estate market is experiencing a standoff as prices remain steady but sales numbers decline slightly. Total residential sales in September 2012 were 400, down from 435 the previous September. The average price of single family homes was $589,361, a small decrease from 2011. The market is in a wait-and-see attitude as buyers wait for lower prices but sellers are pricing reasonably given current conditions. Condominium and manufactured home sales were unchanged while townhome sales declined 10% compared to September 2011.

1. FOR IMMEDIATE RELEASE
October 3, 2012
VICTORIA REAL ESTATE MARKET AT A STANDOFF AS PRICES REMAIN STEADY
(revised due to error*)
VICTORIA, BC—REALTORS® across Vancouver Island are experiencing a “wait and see” attitude amongst buyers
and sellers alike. The result? Prices remain steady but sales numbers are down in some categories.
Total MLS® residential sales for September 2012 were 400 compared to 435 in September 2011. During the month,
216 single family homes sold throughout the Victoria Real Estate Board’s region, just 28 fewer than the 244 sold in
September 2011. The average price for single family homes sold in Greater Victoria last month was $589,361,
down from September 2011’s average of $622,393. The median price is down by $16,500 to $517,500 over
September 2011. There are 5,025 active listings.
“We are at a bit of a standoff in the Greater Victoria real estate market,” says Carol Crabb, President of the Victoria
Real Estate Board. “Buyers are waiting for prices to go down, but there are no economic indicators to show that
will happen. Sellers are pricing their properties reasonably for the current market, which is reflected by the fact
that single family homes are selling for an average 96% of list price.
“The median price of a single family home is only 1.5% lower than last year and that number has held steady for
the last five months,” Crabb says.
Condominium and manufactured home sales are virtually unchanged over September 2011 (approximately 1%
each), while townhomes sales have declined 10%.
Total Waterfront Single Family Dwellings sold: 18, up 7 sales from 2011
Total Non‐waterfront Single Family Dwellings sold: 198, down 35 sales from September 2011
Single Family Dwellings sold over $1 million: 14 (0 over $2 million)
*The original news release issued on October 1, 2012 contained an error. We apologize for any inconvenience this
may have caused.
STATS QUICK REFERENCE
September 2012, MLS® Real Estate Sales and Average Prices, Greater Victoria
2012 ‐ September 2012 ‐ August 2011 ‐ September
No of Average Median No of Average Median No of Average Median
Sales Price $ Price $ Sales Price $ Price $ Sales Price $ Price $
Single Family 190 589,361 518,500 215 590,843 530,000 212 622,393 535,000
Gr. Victoria
Single Family 26 595,452 517,202 25 565,418 460,000 32 517,734 412,500
Other Areas
Total* Single 216 595,452 517,500 240 588,195 526,250 244 608,668 525,000
Family All areas
Condos 127 320,304 263,450 127 320,650 262,900 128 332,490 279,900
Townhomes 46 391,291 378,500 47 432,459 369,000 52 436,039 391,000
Manufactured 11 135,036 148,000 16 131,069 106,450 12 119,000 92,500
Homes
TOTAL 400 430 436
RESIDENTIAL
TOTAL SALES 419 462 458
TOTAL ACTIVE 5,025 5,034 4,940
LISTINGS

2. ‐ 2 ‐
September 2012, MLS® R
Real Estate Sales and Six‐Mo
onth Average P
Prices over August 2012
Number of Sales (Gr.
. Victoria only
y) September
r 2012 COMPAR
RED TO AUGU
UST 2012
SINGLE FAMILY CONDOS
S TO
OWNHOMES
190 127 42
‐ 11.63%%
0% ‐ 8.70%
Six‐Mont
th Average P
Price (Gr. Vic ctoria only) Se eptember 201 12 COMPARED TO AUGUST 2012
SINGLE FAMILY CONDOS TOWNHOMES
S
$599,427 7 $321,73 30 $416,869
‐ 1.30% ‐ 0.60%
% ‐ 0.51%
Number of Sales (All Areas) Septe
ember 2012 CO
OMPARED TO AUGUST 201
12
SINGLE FAMILY CONDOS
S TOWNHOMES
S
216 127 46
‐ 10.00%
0% ‐ 2.13%
Six‐Mont
th Average P
Price (All Are eas) September 2012 CO
OMPARED TO O AUGUST 201
12
SINGLE FAMILY CONDOS
S TOWNHOMES
S
$597,2022 $320,7779 $414,338
‐ 0.82% ‐ 0.60% ‐ 0.72%
* Total Sin
ngle Family Alll Areas includees Shawnigan Lake/Malaha at, Gulf Islandss and Up Islan
nd
While the use of averagee price informaation can be usseful in establis
shing trends when applied ov ver a period of
f
six months or longer, the Vict
time, e.g. s toria Real Estate Board cautions that an av verage price do
oes not indicate
e the
actual valu
ue of any partic
cular property.. Those requiring specific info
ormation on pr roperty values should contacct a
REALTOR®.
‐ 30 –
For information:
Maggie Kerrr‐Southin APR
Manager, Communications
al Estate Board
Victoria Rea
Direct Phone: 250.920.4652 2; Cell: 250.516.5
5596
Email: mkerrrsouthin@vreb. .org