Real estate prices picked up slightly in May from April, but remain below levels seen a year ago in the capital region.
The number of properties that changed hands climbed by 22 per cent in May from the previous month, indicating increased consumer confidence, Victoria Real Estate Board chair Graden Sol said Thursday, when monthly data was released.
May saw the highest number of sales since April of last year, he said.
While sale numbers lag below what would typically be expected in a spring market, May was the fourth consecutive month with sales higher than the previous month’s.
A total of 775 properties, valued at $774.9 million, sold through the board last month.
That represents an increase of 1.8 per cent from May 2022 and 21.7 per cent from April of this year, the board said.
The benchmark price for a single-family house in Victoria’s core was $1.297 million last month, a drop from $1.4 million in the same month a year ago.
Last month’s benchmark price was $1.295.8 million.
The benchmark price for condominiums in Victoria’s core slid to $569,300 in May from $619,500 a year earlier, although it was up slightly from April, when it was $564,000.
A total of 2,189 properties were for sale at the end of May, up 7.1 per cent from April, and up 23.3 per cent from the end of May last year.
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