Another month is behind us, and more records were set here in beautiful Victoria, BC. The Victoria Real Estate Board has released its May stats, and this is how things shook out:
Last Month’s Numbers
- 1,049 properties sold in the Victoria Real Estate Board region
- ↑ 129.5 per cent over May 2020
- ↓ 6.0 per cent over April 2021
- 325 condos sold
- ↑ 200.9 per cent over May 2020
- ↓ 1.8 per cent over April 2021
- 537 single-family homes sold
- ↑ 111.4 per cent over May 2020
- ↓ 4.8 per cent over April 2021
but what do those stats actually mean
Once again, however, you have to take into account that this time last year, the market still hadn’t returned to any semblance of normality in light of the ongoing pandemic. It’s a tale of two worlds right now, one breaking records year over year and one easing up month over month. You have records being set in comparison to last year, but you’ve got decreases in comparison to the month prior.
And with the changes to mortgage qualifications launching on June 1, 2021, it’s possible that we will see this trend continue. As all buyers, whether insured or uninsured, see their buying power diminished, it may allow for inventory to catch up a little bit. Are the days of record-low inventory and record-high demand behind us? Honestly? Probably not. But it is possible that we will see things balance out a little bit. Our lovely city will always remain a desirable place to live, especially given our temperate climate.
How is victoria real estate moving forward
Victoria Real Estate Board President David Langlois agrees and says, “In the future we need to support the creation of a housing market that can respond to demand and population growth and evolve with community needs. Adding inventory to the Greater Victoria market should be the focus of every municipal council across the region.”
At the end of May, there were 1,450 active listings on the MLS® system, 43 per cent fewer than at the end of May 2020, but only four properties fewer than at the end of April 2021.
In terms of the MLS® Home Price Index benchmark value, both single-family homes and condos in the core saw increases. The benchmark value for a single-family home crossed the $1M mark to $1,036,100, or a 17 per cent increase over May 2020 and a slight 3.9 per cent increase over April 2021. The benchmark value for a condo at the end of May was $526,000, or a 5.2 per cent increase over May 2020 and a 2.5 per cent increase over April 2021.
Have questions about what’s going on in the city or how the real estate market might impact you? Let’s talk! We’re always happy to grab a coffee and talk shop.
To read the full statistics package, you can find it here: www.vreb.org/current-statistics.
Until next time!
Kaley, Mike & Rodney