Saanich’s Royal Oak neighbourhood continues to be among the more desirable neighbourhoods for buyers. File photo

Greater Victoria real estate still strong despite summer dip

July real estate sales down 19 per cent from July 2016

Real estate sales in are down almost 19 per cent for July compared to the same month last year but the Victoria real estate market continues to be brisk, says a report from the Victoria Real Estate Board that came out on Tuesday.

Any slow down is normal behaviour in the summer months, said VREB President Ara Balabanian, and the current pace is as expected.

The trend of multiple offers continues to apply to anything listed around $700,000 or less.

“This July, we saw a strong focus on the lower priced end of the market, with condos and townhomes and single family homes listed for under $700,000 in high demand,” Balbanian said.

A total of 790 properties sold in the Victoria Real Estate Board region this July, 18.7 per cent fewer than the 972 properties sold in July last year.

The surprise has been the low inventory levels, Balbanian added, with listings consistently below the 2,000-mark throughout Greater Victoria.

“The 10 year average for sales in July is just over 700 properties,” added Balabanian. “So the numbers from last month illustrate an ongoing demand for homes in Victoria. We anticipated at the beginning of the year that we would see another busy market – without the record breaking numbers we saw in 2016 – and we are seeing exactly that.”

The good news is that compared to the start of the year we have 26.7 per cent more listings on the market, but that supply is still lower than we expected, which puts pressure on pricing and availability.”

There were 1,921 active listings as of July 31, an increase of 0.3 per cent compared to June. but 11 per cent fewer than the 2,161 active listings for sale at the end of July 2016.

Just Posted

Octogenerian to start New Year with 60-day flight around South America

Cordova Bay’s Bob Vance helped raise $425,000 for Hope Air

Esquimalt’s Pyjama Prance tours Township on a frosty morning

Third annual event sees largest turnout yet, raises $1,738 for The Rainbow Kitchen

Omnibus Victoria Zoning Bylaw raises alarms

Neighbourhood associations, councilors express concern over streamlined development process

VIDEO: Carlton House knitters send warmth to Our Place

Residents of Carlton House have been working all year in preparation for the holidays

Big OT win in Prince George for Victoria Royals

Western Hockey League clubs do battle again in Cariboo on Tuesday

Site C decision coming Monday

Premier John Horgan to announce fate of dam project at B.C. legislature

Saanich Braves pee wee team headed to Ottawa’s hockey on the hill

A Saanich Braves pee wee team are taking their “show on the… Continue reading

Students lose eligibility over school transfer

Academics, catchment have priority over high school sports

Smartphone pedometers underestimate steps, but valuable health tool: study

UBC researchers found the iPhone underestimated steps by 21.5 per cent

Saanich real estate sales top $65 million in November

New figures show the price for an average single family home in… Continue reading

VIDEO: ‘Last Jedi’ premiere kicks off with droids, Daisy Ridley

Latests Star Wars film premiered in style ahead of Dec. 15 theatre debut

Most Read