A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.

Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.

"We continue to see low inventory hindering sales in the local market," notes Mike Nugent, 2016 President of the Board. "Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2015 was $608,200. The benchmark value for the same home in October 2016 has increased by 24.1 per cent to $755,000.

"The federal government's change to mortgage lending rules has also impacted buyers," adds President Nugent. "Buyers that require mortgage insurance are able to qualify for significantly smaller mortgages than before the rule change and this is further limiting their options in a very restricted market. Some buyers have postponed their search in order to save up more of a down payment so they can work within these new limitations."

Victoria is rated as the one of the best places to live, work or retire in Canada and it is easy to understand why. With a strong economy which consists of hitech industry and manufacturing, tourism, government and military as some of the largest employers. Victoria has one of the lowest unemployment rates in Canada and because of Victoria's desirability there is a shortage of rental housing making Victoria an ideal place to invest in real estate.

Considering the location of Victoria on the southern tip of Vancouver Island our climate is more temperate than anywhere in Canada and also allows for the outdoor adventures that many seek. From yachting, diving and even surfing our diverse coastline will accommodate any ocean sport enthusiast and there are numerous marina's to dock your pleasure craft. Epic hiking and nature exploring is out your front door and within minutes you can be deep in the serine countryside of our beautiful rainforest landscape.

Arts and Entertainment are a staple here in the Capital city of Victoria with a huge population of artists and eclectic entertainment throughout our great city. You can explore many great art galleries or take in local theater productions. Many great festivals are held throughout the year as well, from Jazz Fest to Rifflandia there is something for everyone.

Some of the most amazing Golf courses are located in the Greater Victoria Area from the exclusive Victoria and Uplands Golf courses that are member clubs to some of the most scenic and challenging public courses like Highland Pacific and Olympic View and of course the world famous Jack Nicholas designed Bear Mountain 36 hole golf course located on the Westshore. Being an avid golfer myself and having enjoyed almost all of the courses here in Victoria I do focus on many golf course related properties.