Twenty Year LOW for Inventory in Victoria

August was another record-breaking month in the Victoria real estate market with the highest sales for the sixth consecutive month and the lowest inventory in twenty years. This combination in continuing to put pressure on pricing, as Victoria Real Estate Board President, Mike Nugent notes the ‘lack of inventory will continue to put pressure on pricing'. 

 Sales in the Greater Victoria area have already surpassed the 2015 numbers so with four months to go, we will hit a new high. Properties listed are at an all-time low with only 2094 active listings.  This time last year there were 3688 listings. That is a marked drop of 43.2%.

In August 2015, the average single family home on the Multiple  Listing Service® Home Price Index sat at $603,200. The benchmark  price for the same home in August 2016 is $746,900, up 23.8%. Yet,  consumer confidence has continued to be strong for Victoria and  there does not seem to be any indication of a slow-down even with  the new foreign investment Property Purchase Tax now in place in  Vancouver.

Tara Hearn

Tara Hearn

Personal Real Estate Corporation
CENTURY 21 Queenswood Realty Ltd.
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