WATCH: Victoria’s real estate market is sizzling. March was a record breaking month for home sales and now April has topped that, with more than 1,200 homes sold. Monica Martinez has the story.
Home buyer Rob Baker is looking at a Central Saanich home currently listed for $950-thousand.
The Albertan wants to move back to Victoria but is having difficulties finding the right place.
“There isn’t a lot out there. It’s a tough market and things are selling fast,” he said.
His realtor, Bowman Rutledge, said he has never seen the market so busy.
“A typical property right now is selling over the asking price and unconditional within four or five days,” said the Engel & Vokers realtor.
Victoria real estate is on fire. April was a record breaking month, with the most properties ever sold since the board began keep track in 1990.
March was also a stellar month, with the second highest number of sales not seen since 1991.
“When you see those two indicators – inventory down and sales climbing, it continues to put a lot of pressure on our market. It’s hard to predict it will change anytime soon,” said past Real Estate Board President Guy Crozier.
Realtor Phil Hahn with Island Home Sellers said there are doing triple the transactions with no end in sight.
Open houses that once would see 20 people come through in a weekend, are now getting hundreds.
“This property on Graham Street, we brought it up to market on a Friday. Saturday and Sunday we had 260 people through it and it sold $70,000 over asking to a Vancouver family,” he said.
The open house for a home on 1509 Earlston Street saw 300 groups of people come through on the weekend. There were 8 offers. One was from a buyer that had only seen photos of the home.
After four days on the market it sold for $890,000 – that’s $40-thousand over asking. It went to a Vancouver buyer with an unconditional offer.
The real estate board says only 8.2 per cent of buyers are from the Lower Mainland, but realtors tell us they are seeing a huge increase in Vancouver buyers.
“I think there is definitely some fear from what is happening in the Lower Mainland where people are either not able to get into the market or cashing up with a home way more than they bought it for and coming here,” Hahn said.
After two back-to-back record breaking months, and no signs of slowing down Victoria’s real estate market likely to keep heating up.