Home sales during the month of March were up 20 per cent from the same time last year in Greater Victoria as the busier real estate season continues to ramp up.
The Victoria Real Estate Board reports 575 properties were sold in March, compared to 483 in March 2013. Average sales for the month of March over the past five years is 607 properties per month, however, which reveals sales haven't yet returned to pre-recession highs.
“This time last year sales weren’t outstanding – the market was sluggish," said Tim Ayres, Victoria Real Estate Board president. "Tightened mortgage amortization rules resulted in slower sales as buyers adjusted to the new requirements. Property values were stable, but inventory didn’t move quickly."
Ayres said lower interest rates may help to move more homes in the coming months.