Statistics Canada warns of ‘deteriorating market conditions’ in Greater Victoria

Housing prices dropped 0.4 per cent in May 2019, according to Statistics Canada

Greater Victoria recorded the second-largest decline in housing prices anywhere in Canada in May 2019.

Figures from Statistics Canada show housing prices in the Victoria Census Metropolitan Area (CMA) dropped 0.4 per cent in May 2019 thanks to what the agency called “[deteriorating] market conditions” as primary reasons. They included among others a rise in regional unemployment. New home prices also dropped 0.7 per cent in Kelowna and 0.3 per cent in Vancouver. Saskatoon recorded the largest drop with a minus of 0.5 per cent. Canada-wide, housing prices dropped 0.1 per cent in May 2019.

Year-over-year, housing prices dropped 1.4 per cent in Victoria, and 0.9 per cent in Vancouver.

RELATED: Real estate spring market ends with a ‘whimper’ in Greater Victoria

The figures, however, require some perspective. According to the Victoria Real Estate Board (VREB), the benchmark value for a single family home in Victoria’s core was 859,600 in June 2019, and Victoria’s officially remains a seller’s market as measured by the sales-to-active listings ratio. While far removed from the real estate boom that defined the area just a few years ago, the region remains among the most expensive in Canada.

RELATED: New figures from Statistics Canada show a rise in Greater Victoria’s unemployment rate

Unemployment, while rising, also remains at a relatively low level. It reached four per cent in June 2019 — up from 3.6 per cent in May 2019. This said, Victoria’s regional unemployment remains the lowest among B.C.’s four CMAs. It ties with Vancouver’s rate and remains ahead of Kelowna (4.4 per cent) and Abbotsford-Mission (5.4) per cent. The provincial unemployment rate is 4.5 per cent.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

B.C. mayors want forestry powers shifted to communities

Vancouver Island push adopted by the Union of B.C. Municipalities

Victoria woman one step closer to opening region’s first cat cafe

Ashley Deiter’s Kickstarter page surpassed its goal, making the Mask and Mantle Cafe a possibility

Burning Thanksgiving question: Turkey or ham?

PQB notables also talk best side dishes

Green leader criticized for push to scrap temporary foreign worker program

Elizabeth May wants to scrap federal program which supplies local business with temporary workers

Remembering when Oak Bay was the original Hollywood North

Fourteen films were shot at Willows Park Studio in the 1930s

VIDEO: Langley woman’s security camera records its own theft

Langley family discovers early morning grab was recorded

Island record show will indulge the audiophile lifestyle

Organizers expect dealers to bring about 20,000 records to Comox Valley event

Share crash data, private insurers tell David Eby, ICBC

B.C. monopoly makes drivers retrieve their own records

B.C. VIEWS: Wolf kill, not backcountry bans, saving caribou

B.C.’s largest herds turn the corner from extinction

Pearson nets shootout winner as Canucks clip Flyers 3-2

Vancouver picks up second straight home win

Map on Elections Canada website sends Nanaimo-Ladysmith voters to landfill

Address for polling station correct, but Google Map address differs

BC Children’s Hospital launches 2 new virtual care sites bringing total to 19 across province

Provincial initiative allows pediatric patients to see health specialists through video

PHOTOS: Kipchoge becomes first runner to dip under 2 hours for marathon

Olympic champion and world record holder from Kenya clocks 1 hour, 59 minutes and 40 seconds

Most Read