Victoria’s housing market in June was slower than the same time last year, according to the latest statistics from the Victoria Real Estate Board.
A total of 612 properties sold in the Victoria Real Estate Board region this June, 35 per cent fewer than the 942 properties sold in June 2021 and a 19.6 per cent drop from May 2022, the board said in a release. Condo sales were down 40.2 per cent from June 2021 with 202 units sold, and single-family home sales decreased 31.4 per cent from June 2021 with 302 sold.
“The market feels a bit more normal right now,” said board president Karen Dinnie-Smyth. “We have seen more inventory come onto the market to the extent that we are back to numbers closer to those which we saw in pre-pandemic 2020. This is good news, as more inventory provides more choice and builds in more time for consumers to work with their realtors to make decisions.”
There were 2,059 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of June 2022, an increase of 15.9 per cent over May and a 49.7 per cent increase from the 1,375 active listings at the end of June 2021.
Despite the recent increase in supply, Dinnie-Smyth said there remains a significant need for more inventory in the region’s real estate market, and government needs to continue working to increase supply.
“We must keep the conversation alive, and we urge all levels of government to continue to aggressively address the housing supply situation. We need more supply of all types of housing. Not only do we remain on the lower side of longer-term historical averages of homes for sale, but there will be future challenges – changing interest rates, supply chain and labour constraints will hamper the ability to create new homes at a pace to meet future growth. New supply will be the key to future housing attainability in our community.”
While home sales were down and inventory up in June compared to the same time last year, benchmark values have continued to climb.
The benchmark value for a single-family home in the Victoria core in June 2021 was $1,184,700. The benchmark value for the same home in June 2022 increased by 23.6 per cent to $1,464,400, up from May’s value of $1,446,400. The benchmark value for a condo in the Victoria core area in June 2021 was $495,900 while the benchmark value for the same condo in June 2022 increased by 29.7 per cent to $643,100, up from the May value of $633,800.
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