For the first time, the monthly benchmark value for a single-family house in the core area of Victoria has topped $1 million.
The benchmark price for a single-family house in the core reached $1.036 million last month, up from $885,900 in May 2020. Victoria, Esquimalt, Oak Bay, Saanich and View Royal make up the core, the Victoria Real Estate Board said.
Take into account other communities in the region and the benchmark value for the region was $943,000 last month, up from $790,500 in May of last year.
Prices are climbing as demand outstrips supply and sales numbers jump.
The capital region is facing a tight inventory with just 1,450 properties for sale — down 43 per cent from May 2020.
Board president David Langlois predicts strong demand will continue, which means the region needs to support the creation of a housing market that can respond to population growth and evolve with community needs. “Victoria is an amazing place to live and we will continue to see demand for property here,” Langlois said Tuesday.
Langlois praised the City of Victoria for moving to fast-track non-profit developments.
In May, the benchmark value for a Greater Victoria condominium rose to $521,000 from $487,000 in the same month in 2020.
Canada’s real estate boards set values in terms of benchmark prices, which are different from average prices.
A benchmark measures the value of a home in a particular area over time, a method the real estate industry says more accurately reflects the market than average prices.
The average price for a single-family house in the core was $1.176 million last month. In March, the average for the core was $1.18 million.
A total of 1,049 properties sold through the board’s multiple listing service last month.