Distributed to media today:
Victoria real estate summer sales and inventory levels follow historic patterns
A total of 661 properties sold in the Victoria Real Estate Board region this August, 11.3 percent more than the 594 properties sold in August 2018 but a 6.4 percent decrease from July 2019. Sales of condominiums were up 4.1 percent from August 2018 with 203 units sold. Sales of single-family homes increased 15.5 percent from August 2018 with 351 sold.
"August could be considered a status quo month for real estate in Greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace," says Victoria Real Estate Board President Cheryl Woolley. "As expected, we've seen relatively stable pricing, with an uptick in sales -, particularly single-family homes. Unfortunately, summer has been accompanied with a slowing of new inventory coming onto the market, which suggests it is a good time for prospective sellers to consult with their REALTOR® about selling in the fall market."
There were 2,838 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2019, a decrease of 3.8 percent compared to the month of July but a 12.7 percent increase from the 2,519 active listings for sale at the end of August 2018.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in August 2018 was $888,100. The benchmark value for the same home in August 2019 decreased by 4.6 percent to $847,300, slightly less than July's value of $858,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2018 was $503,600, while the benchmark value for the same condominium in August 2019 increased by 2.9 percent to $518,100, lower than July's value of $523,400.
"This month the federal government opened its First Time Home Buyer Incentive program," adds President Woolley. "We're pleased the government is looking at creative ways to get first time buyers into homes as this program will help some buyers in Canada's smaller markets. We look forward to hearing how the federal government plans to help first time buyers in larger markets like Victoria, perhaps by adjusting the mortgage stress test parameters and extending the length of mortgage amortizations."