Despite stronger sales on an annual basis, Victoria’s real estate market performance last month remained muted in the greater scheme of things.
Overall sales volume in June was 4.5% higher year-over-year, but was 12.7% below May 2019 levels.
“June has trended lower than May for the past few years and tends to signal the end of the active spring market,” Victoria Real Estate Board president Cheryl Woolley explained. “The summer months of July and August generally see less activity than the spring, as people’s attention shifts to vacation and away from real estate. This year, we have seen slightly more sales compared to June of last year.
“We have also seen one hundred fewer new listings enter the market this year, which continues to make a challenging market for buyers who are hoping for more options.”
Single-family homes sold the most in BC’s capital city in June, with transactions increasing by 10.4% annually. On the other hand, the condo sub-sector had a 6.1% decline during the same period.
The benchmark price of single-family properties in Victoria’s core fell by 4.3% year-over-year, ending up at $859,600. Condos’ benchmark value edged up by 2.97% to settle at $524,100.
“It is possible that some buyers are waiting for the federal government’s new first-time home buyer incentive to roll out this September,” Woolley explained.
“It’s hard to estimate how many local buyers may take advantage of the incentive, but because of the low threshold for maximum purchase price, the program may only help those in our area who seek to buy condos. This could mean a slight uplift in lower priced properties in the fall, if more buyers are enabled to enter the market.”
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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