Sales up, benchmark prices down in latest Victoria real estate report
There was some relief for home sellers in B.C.'s capital in May, new numbers show.
With 848 properties sold in May, year-over-year sales jumped by 12.3 per cent and month-over-month sales spiked by 21.8 per cent, according to the Victoria Real Estate Board.
Condo sales edged up slightly by three per cent (244 units sold) compared to April 2019 and were up 9.6 per cent compared to May 2018.
The board is calling it a "late spring bloom" for the market.
"We are seeing lower activity than we have experienced in recent years for spring home sales," said board president Cheryl Woolley, citing Canada's new mortgage stress test rules and lower inventory as factors.
"Despite this, we have seen an increase in May for sales over last year," she said. "Prices remain strong in the lower prices ranges, with little change in our benchmark prices when compared to last year."
Home benchmark prices down
The report also shows that the year-over-year benchmark price of a single-family home in Victoria's core dipped 2.9 per cent to $860,800 in May 2019. A year ago, that price was $886,200.
Benchmark prices for single-family homes in other parts of the Capital Region were also down slightly.
In Greater Victoria, the benchmark dropped to $756,000 from $758,800 a year ago.
On the Saanich Peninsula, the price dropped to $791,1000 from $808,900 in 2018.
Only the West Shore saw an increase in the benchmark price of single-family homes, rising to $637,300 from $627,100 in May 2018.
The benchmark price for a condo in the Victoria core increased slightly from $506,100 in May 2018 to $519,300 in May 2019.
The board says there were 3,019 properties for sale on its listing service at the end of May, an increase of 9.7 per cent from April and a 26.1 per cent increase from May 2018.