shopify analytics tool

Victoria Monthly Statistics Reports


A lukewarm spring comes to an end for the Victoria real estate market

July 2, 2019  A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018 but a 12.7 per cent decrease from May 2019. Sales of condominiums were down 6.1 per cent from June 2018 with 216 units sold. Sales of single family homes increased 10.4 per cent from June 2018 with 394 sold.

"June has trended lower than May for the past few years and tends to signal the end of the active spring market," says Victoria Real Estate Board President Cheryl Woolley. "The summer months of July and August generally see less activity than the spring, as people's attention shifts to vacation and away from real estate. This year, we have seen slightly more sales compared to June of last year. We have also seen one hundred fewer new listings enter the market this year, which continues to make a challenging market for buyers who are hoping for more options."

There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019, an increase of less than one per cent compared to the month of May and a 17.1 per cent increase from the 2,595 active listings for sale at the end of June 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2018 was $898,500. The benchmark value for the same home in June 2019 decreased by 4.3 per cent to $859,600, slightly less than May's value of $860,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2018 was $509,000, while the benchmark value for the same condominium in June 2019 increased by 2.97 per cent to $524,100, higher than May's value of $519,300.

"It is possible that some buyers are waiting for the federal government's new first-time home buyer incentive to roll out this September," adds President Woolley. "The program is intended to assist first time buyers with their down payment. It's hard to estimate how many local buyers may take advantage of the incentive, but because of the low threshold for maximum purchase price, the program may only help those in our area who seek to buy condos. This could mean a slight uplift in lower priced properties in the fall, if more buyers are enabled to enter the market. If you are interested in exploring options and strategies for either buying or selling, it would be a good time to connect with a local REALTOR®, who has the expertise necessary to navigate today's market conditions, neighbourhoods and property types."

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,380 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.



Sold Properties, David Stevens Royal LePage
RECENTLY SOLD

 Oak Bay Condo sold by David Stevens Royal LePage   Esquimalt Family Home sold by David StevensSonghees Condo sold by David Stevens
 Oak Bay                                  Oak Bay                                                            Esquimalt                                     Songhees

  Townhouse sold by David Stevens RLP  Condo Saanichton sold by David Stevens Rockland Condo Sold by David StevensWesthills Sold by David Stevens
        Saanichton                                     Saanichton                                 Rockland                                  Downtown       

Condo downtown Victoria Saanich West Home sold by David Stevens, Royal LePage Victoria
                      Downtown                       Broadmead                                     Saanich West                                   Saanich West                                                

Brock Avenue, Langford Scott St Victoria Sold David Stevens  Sold by David Stevens
                          Langford                   Oaklands                                                 Downtown                                                      Saanich         
                                    

Driftwood, Sooke, Sold by David Stevens 402-75 Songhees, Victoria BC 3223 Ernhill Pl, Victoria, BC  
                 Oak Bay                                        Sooke                                               Songhees                                           Langford                                

2395 Setchfield Ave, VictoriaKerwood Ocean Front Lot Deltana , Victoria bcNorth Saanich Home sold by David Stevens
                        Florence Lake                                 View Royal                 Westshore                              N. Saanich                          

 75 Songhees SoldCordova Bay Home Sold by David Stevens Realtor
                             Songhees                   Cordova Bay                                       

                          

 If you are thinking about buying or selling a home, connect with me David Stevens, your local Realtor, for detailed information on the Victoria and area housing market.

                         

NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.