Victoria Real Estate Market Remains Hot as Spring Trend Continues into Summer
July 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on Multiple
Listing Service® real estate activity in the Victoria area for June 2015. A total of 910 properties
sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680
properties sold in the same month last year.
“The Victoria real estate market has had another big month – and we continue to see consistent
year over year sales growth,” Victoria Real Estate Board President Guy Crozier says. “What’s
going on? Positive market conditions such as the low interest rate along with the diverse mix of
properties and price points available have likely helped support this increase in interest in local
real estate. The activity in the market may also in part be due to pent up demand from the past
six or seven years. The market cooled off around 2008, and with the US markets improving and
our local economy showing strength, consumer confidence is improving. Those that may have
been hesitant to move over the last few years are making a change now.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in
the Victoria Core this time last year was $568,600. The benchmark value for the same home
this month has increased by 4.61% to $594,800.
There were 4,003 active listings for sale on the Multiple Listing Service® at the end of June,
14.7% fewer than the 4,695 active listings in June 2014.
“We saw 48 single family homes sell for over one million dollars this month, and we saw 74
single family homes sell for under $400,000,” adds President Crozier. “There’s also a lot of
selection in our condo market, with new development in the Victoria Core and in the West Shore
helping to meet demand, and maintain solid pricing.”