Although May was a strong month, overall sales were 6% lower than the previous month of April. Single Family Home sales decreased by 4.8% and Condo sales by 1.8%.
Demand is still very high, so these numbers reflect the very tight inventory situation we find ourselves in. There were 4 fewer homes for sale this month over last; only 1450 active listings, which is a 43% decrease from inventory levels in 2020.
This squeeze in inventory has pushed the value of Single Family Homes up 6.9% from two months ago, and by 17% since May 2020. Though less substantial, condo prices have also risen, 5.2% over last May.
The President of The Victoria Real Estate Board has stressed that “Adding inventory to the GVA Market should be the focus of every municipality council across the region. If people are concerned about attainable housing and the future of homes in Greater Victoria, they need to consider supporting the next housing development in their community”.
Many of these newer projects add substantial and unique amenities that are making condo and townhouse living more attractive. From personal rooftop garden plots to onsite carshares and geothermal heating, there is an element of superior comfort in many of these developments. A focus on fostering a sense of community and belonging through increased common spaces and amenities also makes them attractive to families.
Active listings: 1,450 SFH, Victoria Core: $1,036,100
(17% increase over last April and 3% increase over last month)
Condo, Victoria Core: $526,000
(5.2% increase over last April)
Active listings: 2,073
SFH, Victoria Core $885,900
Condo, Victoria Core: $500,000
If you are looking to enter the Victoria market, or to sell your current home it is very important to ensure you are getting expert advice at every level of the Real Estate Process. I have a wide network of experts that I trust, including financial advisors, property lawyers, and appraisers. I encourage you to reach out if you are looking for a referral. If you have any questions, I’d love to hear from you!
FULL STATS available at: https://www.vreb.org/pdf/VREBNewsReleaseAndSummary.pdf