Victoria Real Estate: August 2019

Victoria Real Estate August 2019

After the peak of the Summer months, we can see the historic patterns in real estate summer sales & inventory levels. Sales are up for Victoria Real Estate August 2019 (661 sales) compared to August 2018 (594). Overall inventory has decreased slightly since last month (down by 6.4%), however we’re still seeing a 12.7% increase over last year with 2,838 active listings for sale at the end of August 2019.

“August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace,” says Victoria Real Estate Board President Cheryl Woolley. “As expected, we’ve seen relatively stable pricing, with an uptick in sales – particularly single family homes. Unfortunately, summer has been accompanied with a slowing of new inventory coming onto the market, which suggests it is a good time for prospective sellers to consult with their REALTOR® about selling in the fall market.”

Condos in Victoria

We’ve seen a decrease in condo sales (4.4% over August 2018) compared to the overall market this month(11.3% over August 2018).  Although condo sales were down compared to July, it was only by 5.6%. The benchmark value for a condo in the Victoria Core remains steady and is still seeing an increase over last year (2.9% higher).

Although the average sale price remains steady, properties continue to take longer to sell, with an average of 44 days on the market compared to 42 days in July 2019. Overall condo inventory continues to increase since last year, by 66%, matching the overall market trend in Victoria, so there is still more for condo buyers to choose from!

Looking Forward

“This month the federal government opened its First Time Home Buyer Incentive program,” adds President Woolley. “We’re pleased the government is looking at creative ways to get first time buyers into homes as this program will help some buyers in Canada’s smaller markets. We look forward to hearing how the federal government plans to help first time buyers in larger markets like Victoria, perhaps by adjusting the mortgage stress test parameters and extending the length of mortgage amortizations.”

To read the full Victoria Real Estate August statistics report from the Victoria Real Estate Board, check it out here.

If you are looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group Real Estate for expert insight and advice at 250-382-6636.

— Amy Francoeur