June Scorches May: VREB Releases Stats

Coming off a hot second half of May, the June market continued to trend upwards, despite a lagging economy and uncertainty surrounding a pandemic.

Buyers were out in full-force last month, and the Victoria Real Estate Board’s stats showcase some strong trends for both buyers and sellers out there. We had two months of pent-up demand and June bore the fruits of that hiatus.

Here’s how the last month looked:
  • 808 properties sold last month
  • ↑ 9.2 per cent over June 2019
  • ↑ 76.8 per cent over May 2020

  • 209 condos sold last month
  • ↓ 3.2 per cent over June 2019
  • ↑ 93.5 per cent over May 2020

  • 460 single-family homes sold last month
  • ↑ 16.8 per cent over June 2019
  • ↑ 81.1 per cent over May 2020

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“This June we saw competing factors from all different sides of the real estate equation,” says Victoria Real Estate Board President Sandi-Jo Ayers.

There were 2,698 active listings for sale on VREB’S MLS® at the end of June, a 6.1 per cent increase over May 2020 and a 11.3 per cent fewer than June 2019.

“Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers…. These are not normal days for local real estate, nor is this month a single of a return to normal, regardless of the numbers,” says Ayers.

The MLS® Home Price Index benchmark value for a single-family home in Victoria was $896,200 last month, a 4 per cent increase over June 2019 and a 1.2 per cent increase over May 2020. For a condo in the same area, it was $525,600 last month, which shows a 1.3 per cent increase over June 2019 and a 1.6 per cent decrease over May 2020.

One thing that I’m sure you saw in the media recently was that the average selling price for a home in Victoria was over $1,000,000. And it was, but in the Greater Victoria area. Including all areas that VREB services, the average price was $980,737, a 14.5 per cent increase over last month and a 15.8 per cent increase over the year before.

That may seem daunting to buyers, especially those looking to jump into the market for the first time as a single-family homebuyer. There are still options under that $750K mark, and good options, too! More properties are coming to market every day, especially since the BC government finally lifted the ban on all kinds of eviction notices. Buyers wishing to legitimately move into a tenanted property now are able to serve the appropriate notice again, meaning homes that did have tenants in them during the height of the pandemic will start coming to market soon.

Do you have questions about buying or selling property here in Victoria? We’ve got the answers. Regardless of what kind of timeline you’re working with, we can help craft the perfect plan for you and your needs.

As always, if you wish you read the full statistics package, you can find it here: www.vreb.org/current-statistics.

Until next time!

Kaley + Mike