The monthly numbers of property sales and new listings in Greater Victoria over the last two years. Despite declines in condo and single family homes in recent months, the number of condo sales from this July was up 19 per cent from the July 2020 figure. (Courtesy of the Victoria Real Estate Board)

The monthly numbers of property sales and new listings in Greater Victoria over the last two years. Despite declines in condo and single family homes in recent months, the number of condo sales from this July was up 19 per cent from the July 2020 figure. (Courtesy of the Victoria Real Estate Board)

No summer doldrums on Greater Victoria home values

Million-dollar houses the norm in region’s core, trends point to continued low inventory

The 835 total properties sold in the Victoria Real Estate Board (VREB) region this July fell short of sales for both July 2020 and June 2021.

Last month’s sales of single-family homes, 396, dropped 10 per cent from the previous month and 29 per cent from July 2020. Condominium sales for the month dipped 16 per cent from June, but saw a 19-per-cent increase over the same period last year.

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The 1,270 active listings on the VREB Multiple Listing Service (MLS) by the end of this July dropped 52 per cent from the number of available properties in July 2020, and eight per cent from the June mark.

“In that context, these numbers do not reflect a downturn in our market, but reveal sales falling due to this continued trend of low inventory,” said VREB president David Langlois in a statement.

The MLS Home Price Index benchmark value for single-family homes in the four-core municipalities continued to rise over the $1 million mark. In July the figure reached $1.08 million, a 19-per-cent jump from last July and almost two per cent higher than the previous month. The benchmark value for condos hit $535,000 in July, eight per cent higher than last year and one point higher than June.

“It is important for the long-term health of our housing market that a strong focus continue on developing new homes to meet our growing demand,” Langlois said.

For more information on local real estate statistics, visit vreb.org.


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