Cheryl Woolley, president of Victoria Real Estate Board (VREB), says new real estate figures for July 2019 point towards a stable market (Black Press File)

Greater Victoria real estate sales up in July 2019 compared to July 2018

VREB’s president says sellers are adjusting to new realities

The president of the local real estate board predicts a relatively stable real market after the release of new figures.

“Things have been pretty level,” said Cheryl Woolley, president of the Victoria Real Estate Board (VREB), when commenting on real estate figures for July 2019. While July 2019 sales rose 8.4 per cent compared to July 2018, sales dropped 4.6 per cent compared to June 2019. Prices, meanwhile, dropped. The benchmark value for a single family home in the Victoria Core was $858,800 in July 2019 — down 3.4 per cent from July 2018.

Woolley said this relationship between rising sales and dropping prices marks a departure from previous years when sales rose along with prices.

RELATED: Real estate spring market ends with a ‘whimper’ in Greater Victoria

RELATED: Statistics Canada warns of ‘deteriorating market conditions’ in Greater Victoria

“We have levelled off,” she said. “Sellers are adjusting to new realities. So there has been price dropping.”

Sales of single family homes rose 2.1 per cent, while sales of condominiums rose 14.4 per cent. What accounts for this relationship?

Woolley said it is a question of affordability. She had said earlier that realtors continue to report strong interest in entry-level homes as well as properties that are competitively priced, with prices for high-end homes softer.

Looking at specific municipalities, a single-family home cost $831,700 in Victoria, $871,100 in Saanich East, $754,000 in Saanich West, $637,500 in Langford, and $1.21 million in Oak Bay.

The total number of sales in July reached 303 with a total value of $253.8 million.

Writing on househuntvictoria.ca last month local real estate expert Leo Spalteholz raised the possibility that July sales could hit almost 750.

“A little surprising to see this amount of activity in July when sales usually back off from June,” said Spalteholz, who wondered whether changes in mortgage rules would end up attracting more buyers.

In the end, 706 properties sold in July, just below the long run average of 720 for the month. So while actual sales did not fulfill the high expectations raised earlier in the month, July was nonetheless better than expected.

“July’s statistics show that our region’s housing market continues to be fairly active, despite many people being in summer vacation mode,” said Woolley earlier.


Like us on Facebook and follow us on Twitter

wolfgang.depner@saanichnews.com

Just Posted

Graffiti clean up costs Victoria businesses roughly $1M a year

Business association teams up with city in campaign to reduce graffiti in downtown

Mixed-use density proposed for Oak Bay Avenue

Parking prioritized despite proximity to amenities

Victoria woman experiencing homelessness wants systematic changes as she faces losing her truck

Willi Boepple fears losing one of her last possessions after being inundated with parking tickets

WATCH: Marine security company posts live seal cam at Oak Bay Marina

Seals tend to loiter near the fish-cleaning table

Tour de Victoria: The downlow on detours in the region

Thousands of cyclists participating in ninth Tour de Victoria

WATCH: Family dog missing after fire tears through Metchosin home

Firefighters continue to monitor for hot spots

Ferries employees participating in Denman Island cleanup for plastic-shedding ferry

The cleanup comes a few weeks after one organized by residents of the Island

Discussion on grief and loss between Stephen Colbert, Anderson Cooper goes viral

The exchange includes emotional question from Cooper, and outlook on grief as a child

Toronto activist calling on federal parties to nominate more black candidates

Fewer than 20 black Canadians have been nominated so far, including some Liberal MPs seeking re-election

Portland, Oregon, awaits right-wing rally, counter protests

Patriot Prayer’s Joey Gibson surrendered Friday on an arrest warrant for felony rioting

Kraft Heinz brand baby food recalled in B.C. due to possibility of insects

The Canadian Food Inspection Agency says the product should not be consumed

First Nations women finally to be treated equally under Indian Act: Bennett

Canadian Feminist Alliance for International Action thanked the feds

Helicopter-riding dog Mr. Bentley now featured on cans of new B.C.-made beer

Partial proceeds from every pack go to Children’s Wish

Victoria Shamrocks open WLA finals at Q Centre in Colwood

Team is evenly matched in championship series against Maple Ridge Burrards

Most Read