Greater Victoria’s frenzied real estate market hit a fever pitch in April, new numbers show.
It was the single busiest sales month in the region’s history since the Victoria Real Estate Board started tracking sales in 1990.
A total of 1,286 properties were sold in April – a 53 per cent jump compared to the same month last year.
But there are far fewer houses being listed this year, meaning competition for property is at an all-time high.
There were only 2,594 active listings for sale in April 2016, compared to the 3,495 listings at the end of April 2015.
Low mortgage rates, higher employment, diversity of homes and a growing international reputation are being credited for the sales spike, said VREB President Mike Nugent.
While the majority of buyers are from within the region, “We’ve also tracked a slight increase in Lower Mainland buyers,” Nugent said in a media release. “Reports from the first quarter of 2016 show that 8.2 per cent of buyers are from the Lower Mainland, and last year we counted 7.4 per cent.”
There was also a small increase in U.S. and Asian buyers last month, he said.
The benchmark price for a single-family home in the region shot up by more than $100,000 compared to April 2015, according to VREB.
Last year the benchmark was $581,700; this year it jumped 17.7 per cent to $684,900.
Buyers frustrated with the red-hot, competitive market are being encouraged to “get creative” when it comes to finding a home.
“For example, condos and townhomes may be a great alternative for first time buyers,” Nugent said.
“Some locations in the Victoria area are under slightly less pricing pressure, for example properties in the West Shore or Esquimalt area are close to amenities, share the same amazing weather as other nearby neighbourhoods.”
You don’t have to look that far back to find the previous sales record.
March 2016 saw 1,121 properties sold in the region.
