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High demand, low inventory driving Greater Victoria real estate prices up

$1.063 million bought the typical single-family home in region’s core in June
Real estate prices are high and so is demand, but low inventory has seen home prices increase even more since June 2020. (Black Press Media file photo)

Strong demand continues in Victoria’s real estate market, and low inventory is fuelling the trend.

The benchmark value for a single-family home in the Greater Victoria core (Victoria, Oak Bay, Saanich, Esquimalt) jumped to $1,063,500 in June, an increase of 18.6 per cent over the equivalent 2020 benchmark of $896,700.

A total of 942 properties were sold in Greater Victoria last month, up 16.6 per cent from the 808 properties sold in the same month last year. Condominium sales were up 61.7 per cent from June 2020, with 338 units sold.

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Victoria Real Estate Board president David Langlois said the market has reached a point where they’re looking at yearly comparisons in a different way. Last June saw the market start gaining traction again after the impact of the pandemic, he added, and buyers came back in droves despite fewer properties available for purchase.

“We can see the strong impact this shrinking supply has had on year-over-year prices,” he said in a release. “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.”

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