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Weak Evidence of Problematic Conditions in Victoria’s Housing Market – CMHC

On July 27, CMHC released its report on the housing markets of cities across Canada. They report “weak evidence of problematic conditions” in the Victoria market.

“The Victoria housing market is assessed as showing weak overall evidence of problematic conditions. However, there is moderate evidence of overheating as sales significantly outpaced new listings in the first quarter of 2016 and this trend continued into the second quarter, pushing the sales-to-new-listings ratio of existing homes above the threshold used to identify evidence of
overheating. This ratio of 90 per cent in the second quarter of 2016 remains above the threshold of 80 per cent, which is required to detect moderate evidence of overheating. As a result,
prices are growing at a faster rate in the region. Although the number of newly completed and unsold homes has continued to trend lower, an increase in new construction activity compared to the previous year will alleviate some of the price pressure as new units under construction are brought to completion, giving home buyers  more options.”

The full report on markets across Canada is available here. 

 

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