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Homebuilding in Greater Victoria isn’t taking much of a break during the pandemic, according to year-end figures released Monday by Canada Mortgage and Housing Corporation. The national housing . . .
VICTORIA -- The latest report from the Canada Mortgage and Housing Corporation (CMHC) shows that despite the pandemic, the Victoria real estate market remains hot. The report for the third quarter of 2020 indicates that sales in the region have been trending upwards since the height of the COVID-19 lockdown in March and April. Reported sales of single-family detached homes from July to September surpassed sales in the same period in 2019 and 2018. “The third quarter not only surpassed the same level last year but it is gearing towards the peak year in 2016,” said CMHC senior analys...
Overvaluation occurs when house prices remain significantly above the levels warranted by personal disposable income and other demographic factors. CMHC market analyst Pershing Sun said the assessment’s multiple models show the actual prices paid for homes have surpassed the threshold of what the local economy can theoretically sustain. The result is that Victoria is moderately overvalued, which tips it into moderately vulnerable status. But the main takeaway from this quarter’s assessment is that Victoria is trending in the wrong direction. “Although the ratings didn’t change, ...