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Greater Victoria single-family home sales down in September

Drop due to lack of inventory, not a market slowdown
Condo sales were up nine per cent from September 2020 while single-family home sales were down 38 per cent. (Black Press Media file photo)

Noticeably fewer properties were sold throughout Greater Victoria in September than those sold in the same month last year, illustrating a strain on housing inventory that’s worsened over the last few years, according to the Victoria Real Estate Board.

A total of 761 properties were sold among the communities of Greater Victoria this September, which was nearly a quarter less (23.1 per cent) than the 989 properties sold in the same area in September 2020. With only 331 sold, family home purchases were down 38.6 per cent from last year. Condo sales, however, were up by 9.3 per cent from September 2020 with 306 units sold.

“We have a lot of people who want to share in this wonderful community, but we do not have the homes to answer the demand at all points in the housing spectrum,” said Victoria Real Estate Board president David Langlois in the board’s press release.

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“We have seen a lot of demand for homes of all types, but very little inventory come onto the market … just like last month, it would be inaccurate to say that the market has slowed down and certainly an oversimplification to say the market is experiencing traditional seasonal slowing. What we are experiencing is a continued response to long-term low inventory levels.”

He added, “in order to stop our cycle of pressure on pricing due to limited supply, our community must choose to commit to new housing or commit to prices escalating further.”

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About the Author: Greater Victoria News Staff

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