GREATER VICTORIA – “This year may feel a bit steady and less exciting when compared to last year’s record-breaking market. People are getting used to this new tempo of brisk sales,” says Ara Balabanian, President of Victoria Real Estate Board (VREB).
“However, when we look at the longer term numbers, we’re in a very active market. This June we counted over one thousand properties sold, while the ten year average for sales in the month of June is 798. If we remove 2016 sales, this June would have been the record breaker.”
A total of 1,008 properties sold in the Victoria Real Estate Board region this June, 14.1 per cent fewer than the 1,174 properties sold in June last year.
There were 1,915 active listings for sale on the VREB Multiple Listing Service (MLS) at the end of June 2017, an increase of one per cent compared to the month of May, but 16.3 per cent fewer than the 2,289 active listings for sale at the end of June 2016.
“The good news for buyers is that inventory is slowly starting to build,” says Balabanian. “But buyers can still anticipate multiple offer scenarios in certain high demand neighbourhoods where inventory is being bought at a more rapid pace. It’s never been a better time to be a seller, with MLS Home Price Index prices at a record high for the Victoria Core.”
The MLS Home Price Index benchmark value for a single family home in the Victoria Core in June 2016 was $721,000. The benchmark value for the same home in June 2017 has increased by 15.1 per cent to $829,600.
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