Victoria Sees Late Spring Bloom: VREB

It took some time, but we finally saw a kick-up in the Victoria real estate market this spring. Victoria Real Estate Board has released its May stats and for the first time in awhile, we showed an increase in sales year over year.

848 properties sold last month
↑ 12.3 per cent over May 2018
↑ 21.8 per cent over April 2019

Condo sales saw:
244 units sold
↑ 3 per cent over May 2018
↑ 20.2 per cent over April 2019

Single-family home sales saw:
445 homes sold
↑ 9.6 per cent over May 2018
↑ 20.6 per cent over April 2019

The best news out of last month’s stats were the 26.1 per cent increase in available listings in the Greater Victoria area, with a total of 3,019. Last year, we only had 2,394 active listings, creating the downward pressure for too many buyers looking for great homes. We saw a slight gain over April’s listings, with 9.7 per cent more than last month.

The benchmark rates held steady for the most part; single-family prices decreased over last year, but they did increase over last month.

For a single-family home, the benchmark price was $860,800, 2.9 per cent lower than May 2018, but this was an increase over April 2019’s $843,500. For a condo, on the other hand, the benchmark price was $519,300, which shows a 2.6 per cent increase over May 2018 and still higher than April 2019’s $512,700.

“This month with 848 sales we are very close to the ten year average for the overall sales in May, which is 813 properties,” says Cheryl Woolley, VREB President.

To read the full statistics package, click here: www.vreb.org/current-statistics.

We have said it before and we’ll say it again: it is so important to work with a trusted advisor. You need someone fighting for YOU in this complicated real estate market, ensuring you get top dollar for your property or helping you find a well-priced place to call home.

Have questions? We’re always happy to answer them.

Until next time!

Kaley + Mike