WATCH: According to Victoria Real Estate Board numbers out Friday more than 1100 homes were sold in March 2016, the most sold in a single month in the area’s history, but there are still deals to be had
On the West Shore, the large number of new housing developments is keeping the pressure off the real estate market, for now.
But in Victoria, the race for the limited number of single family homes available is a frenzy.
“Buyers are working really hard to find their house, often offering on many properties before they get the one they want,” said RE/MAX Camosun realtor Kirsten Marten.
And the Victoria Real Estate board’s numbers for March 2016 show why.
The number of active listings on the market dropped 30% from March of last year.
But the number of sales for the month is up an incredible 53% from March 2015.
“The numbers that came out for March 2016 are the highest amount of residential sales that Victoria’s ever had in its history,” said Guy Crozier, Past President of the Victoria Real Estate Board.
And that drop in supply and huge increase in demand is putting pressure on prices.
The average price of a single family home in Greater Victoria in March was $748,000, while in March 2015 it was $624,093.
“It’s a great place to live, the economy is strong, lots of people working, interest rates are low so it just drives a lot of people into the housing market,” said Crozier.
But there are still deals to be had.
An updated two level home on a large lot in Langford is listed at just $474,000, compared to a tiny tear-down cottage in Victoria’s desirable James Bay neighbourhood listed at $499,900.
But realtors say even the West Shore is likely about to heat up.
“When that interchange comes prices out here are going to skyrocket like the rest has because the commute will become irrelevant,” said Marten.
And experts say this record-breaking real estate market may not be cooling off any time soon.