You may not need a reminder of the wildly expensive real estate market in Victoria, but sometimes the numbers are too interesting to not report.
According to the Multiple Listing Service Home Price Index, the benchmark for a single family home in the Victoria area this June increased by 18.6 per cent to $1,063,500 compared to last year.
A total of 942 properties were sold in the Victoria Real Estate Board region this June, 16.6 per cent more than the 808 properties sold in June 2020.
For a condominium, the increase was 8.3 per cent to $531,100 from last June 2020.
There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of June, 49 per cent fewer properties than the 2,698 available at the end of June 2020.
1,037 of the active listings were residential, which represented the lowest inventory for June since 1996.
Victoria Real Estate Board President David Langois said this year has seen a shrinking supply of listings since last year.
“We see now even more sales activity than the return to the market we saw last year,” said Langlois.
“And our inventory is much more restricted, with more than thirteen hundred fewer listings for sale than the year previous. There are many factors we need to watch while this summer’s market unfolds, including the change in borrowing rules that may impact first time buyers, declining levels of inventory and demand from outside of the province as tourism and travel reopens.”