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

Aid a priority for idled Vancouver Island loggers, John Horgan says

Steelworkers, Western Forest Products returning to mediation

UPDATED: Transportation Safety Board finishes work at plane crash site, investigation continues

Transport Canada provides information bulletin, family of victim releases statement

Doorway open for lewd plays and skits in North Cowichan?

Wagon wheels can now be any size as community scraps 52 obsolete bylaws include one on public morals

Nanaimo mechanical engineer writes thief tracking program

Nanaimo Thief Tracking lets users plot and share information about thefts online

Nanaimo Flying Club to honour pilot killed in Gabriola plane crash

Alex Bahlsen remembered by club as a ‘great guy’ and a leader

VIDEO: More air-passenger rights go into effect this weekend

The first set of passenger rights arrived in mid-July in Canada

UPDATE: VIU student dies, another injured in car crash on Nanaimo Lakes Road

Students part of Vancouver Island University’s automotive program

Swoop airlines adds three destinations in 2020 – Victoria, Kamloops, San Diego

Low-fair subsidiary of WestJet Airlines brings new destinations in April 2020

Navigating ‘fever phobia’: B.C. doctor gives tips on when a sick kid should get to the ER

Any temperature above 38 C is considered a fever, but not all cases warrant a trip to the hospital

Canada Post carrier seriously injured in Saanich dog attack

The employee was bitten on the hand and arm

Trudeau sets 2025 deadline to remove B.C. fish farms

Foes heartened by plan to transition aquaculture found in Fisheries minister mandate letter

Island Health takes over management of Victoria seniors facility following scathing report

Concerns were raised at the Selkirk Seniors Village about cleanliness and staffing

Sentencing for B.C. father who murdered two young daughters starts Monday

The bodies of Aubrey, 4, and Chloe, 6, were found in Oak Bay father’s apartment Dec. 25, 2017

String of ‘suspicious’ fires ignite investigation by Saanich police

Four small fires were set in first two weeks of December

Most Read