Victoria Real Estate: June Statistics

The Victoria Real Estate Board has released the real estate statistics for June in the Greater Victoria Real Estate market. We’re continuing to see a slow down in sales as we move further into the year. There were a total of 708 properties sold according to the Victoria Real Estate Board real estate statistics report for June 2018, a 30% decrease compared to June 2017 (condos seeing a 25% decrease compared to last June).

“June typically signals the conclusion of the busy spring market, and activity lightens into the summer,” says Victoria Real Estate Board President Kyle Kerr. “However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria’s real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out. Even demand side measures that are not yet live, like the Vancouver/Kelowna/Nanaimo/Victoria-specific Speculation Tax, are dragging the market down as many consumers stand aside to watch what happens.”

As for condos, we saw 445 active listings at the end of the month, a 58% increase compared to June 2017. This means more options for condo buyers, and depending on the property, less competition and pressure too! The average price per unit is still higher than last year, currently at $483,570 (16% higher than June 2017).

“The good news is that inventory is slowly being added to the market, though we are still very far off from our ten year average inventory level of 4,100 listings” adds President Kerr. “The slower pace of the market has created more time for buyers who may have been hesitant to jump in during the high pressure market conditions of recent years. Homes are spending a bit longer on the market and there are fewer multiple offer situations than in the past, and if we see more listings over the next few months we may be heading back into a more balanced market situation [see graphic below]. Every type and location of property is a separate segment of our market, and there are varying pressures and demands, so if you are buying or selling it is wise to take advantage of the services of your local REALTOR® to help navigate this changing market.”

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To read the full real estate statistics report from the Victoria Real Estate Board, check it out here: http://www.vreb.org/current-statistics

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 for expert insight and advice at 250-382-6636.

— Amy Francoeur