Housing market hot heading into summer

Victoria property sales up 53 per cent for the month of April

April was a hot month for the Vancouver Island housing market: the Victoria Real Estate Board recorded 1

It already feels like summer, and with the hot weather comes an even hotter housing market.

Sales of properties in the Victoria Real Estate Board region went up an astounding 53 per cent this April, compared to the same month last year. The VREB saw 1,286 properties sold last month, up from 840 in April 2015.

Additionally, home buyers had fewer properties to choose from in April 2016 than April 2015, with active listings totalling 2,594 at the end of the month, down from 3,945 a year prior.

In a statement, VREB president of the board Mike Nugent attributed the boost in home sales to a range of ongoing market trends, including low mortgage rates, higher employment numbers, diversity of properties for sale and the “growing international awareness” of Victoria as a place to live.

“We continue to see extraordinary interest in the Victoria and area housing market,” said Nugent. “The vast majority of Victoria buyers are from within the local Victoria marketplace.”

According to the VREB, Victoria area residents made up 70.5 per cent of home buyers last year. In the first quarter of 2016, the average has risen to 72.5 per cent.

Nugent said this quarter, they’ve seen slight increases in buyers from the Lower Mainland (8.2 per cent, up from 7.4 per cent in 2015), the U.S. (one per cent, up from 0.8 per cent) and Asia (0.8 per cent, up from 0.7 per cent). They’ve also seen a decrease in Albert buyers, dropping from 5.7 per cent in 2015 to 3.9 per cent this quarter.

The VREB said the benchmark value for a single family home in the Victoria core was estimated at $581,700 in April 2015, and has since increased 17.7 per cent to $684,900.

Nugent noted that areas like Saanich and Oak Bay are in high demand for home sales, creating a lot of competition among prospective buyers.

“As a consumer it may pay to get creative, consider types of property and locations you may have not originally identified,” he said, adding condos and townhomes may be more appropriate for first-time buyers.

Nugent noted some areas, such as Esquimalt and the West Shore, are under slightly less pricing pressure and may offer more affordable alternatives that won’t break the bank.

 

jacob.zinn@saanichnews.com

 

 

Just Posted

Visions Gala attendees step up to raise $1M for Victoria hospitals

Money goes towards purchasing critically needed imaging equipment

Escaped Metchosin inmate sentenced to additional year tacked on to 14-year sentence

Man escaped from William Head Institution arrested days later in Esquimalt

Vancouver Island business awards nomination deadline looms

Nov. 22 deadline for nominations in 17 categories

Two Sidney seniors struck by vehicle with foggy windows in marked crosswalk

Driver fined for failure to yield, limited visibility caused by foggy windows

Cold, stormy winter forecast across much of Canada, The Weather Network predicts

In British Columbia temperatures will be slightly above normal and precipitation will be just below normal

B.C. pushes for greater ‘transparency’ in gasoline pricing

Legislation responds to fuel price gap of up to 13 cents

B.C. woman ordered to return dog to ex-boyfriend for $2,000

After the two broke up, documents state, they agree to share custody of the dog, named Harlen

B.C. petition calls for seat belts in new school buses

Agassiz bus driver collects 124,000 signatures in support

Duncan man gets suspended sentence in Teddy the dog cruelty trial

Joe also gets lifetime ban on owning animals

Campbell River RCMP officer assaulted during traffic stop

Officer expected to make a full recovery; had been conducting impaired driving investigation alone

BC SPCA seeks help after senior cat attacked by dog twice

Nine-year-old tabby named Meow Meow will need her front leg amputated

Abbotsford police chief mulls more enforcement of homeless lawbreakers

‘When all else has failed we have to hold people accountable,’ Police Chief Mike Serr tells council

Most Read