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Victoria Real Estate Market Update – July 2020

Posted by on Wednesday, July 15th, 2020 in Victoria Real Estate News

July 2020:

Hope you are enjoying this summer of 2020 under the circumstances we are living in. The Victoria real estate market was impacted by many different factors in June. Phase 3 re-opening, pent up demand from the lockdown months, changes to mortgage qualifying by CMHC, and the increased desire for people to move to our city from other parts of Canada due to the great job we are doing at containing Covid-19. The results were higher sales numbers compared to 2019, and an increase in overall prices for Condos and Single Family homes. I am anticipating the remaining months of the summer to show a continued increase in sales from 2019 levels with continued upward pressure on pricing.

 Below are the numbers for June, 2020.   

Listing Inventory: 

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3 % fewer properties than the total available at the end of June 2019 but a 6.1 % increase from the 2,544 active listings for sale at the end of May 2020. This lower inventory is contributing to the increase in prices as demand exceeds supply at this time.

Sales:

A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 % more than the 740 properties sold in June 2019 and 76.8 % more than the previous month of May 2020. Sales of condominiums were down 3.2 % from June 2019 with 209 units sold. Sales of Single Family homes were up 16.8 % from June 2019 with 460 sold. These higher sales numbers combined with the lower inventory are contributing to the current price increases in June.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4% to $896,200, 1.2 % more than May’s value of $885,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 % to $525,600, 1.6 %t less than the May value of $534,300. The overall market should continue to remain strong throughout the summer, and prices should stay form or increase slightly due to this current excess demand for properties.

In the meantime, let’s hope the great strides our City and Province have made during the COVID 19 pandemic continue to help get things back to normal as fast as possible.

If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com

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