November real estate sales up 15% vs. last year in Greater Victoria

The number of homes sold in Greater Victoria increased by more than 15 per cent in November compared to the same month a year ago.

Last month’s 577 sales marked a 15.9 per cent increase compared to November 2018. Sales of single-family homes increased 15.4 per cent during that time with 308 sold and condominium sales were up 5.9 per cent with 161 units sold.

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“We continue to see low inventory and strong demand for low- to mid-priced properties in our area, which is pushing pricing up on condos and single-family homes that fall within that segment,” said Greater Victoria Real Estate Board president Cheryl Woolley. “It is a challenging time for those shopping for properties in that price range as they can often find themselves in a competing-offer situation.”

There were 2,397 active listings available at the end of November, a decrease of 9.3 per cent compared to October, but a 2.3 per cent increase from the 2,343 active listings for sale at the end of November last year.

The board said single-family home prices slipped slightly last month and there were fewer total sales compared with October.

The 577 sales last month was a drop of 6.8 per cent compared to October, while the benchmark price of a single-family home in the region slipped 0.7 per cent to $751,000. At the same time, condo prices increased by 1.2 per cent to $506,300 in the region and townhome prices rose 0.2 per cent to $588,600.

“The market this year is behaving as we had expected, in the wake of tighter mortgage requirements and after the rapid pace of price increases we saw two years ago,” said Woolley.

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