Real estate numbers are now out for the month of August, and while home sales in Vancouver are starting to show signs of cooling after the introduction of a 15-per-cent tax for foreign buyers, things couldn’t be more different in the Capital Region, where for a sixth-straight month, sales records have fallen.
The Victoria Real Estate Board says MLS data recorded 883 homes and condos sold last month, well over the 741 that sold in August 2015.
“It’s almost to the point now where we’re not comparing this year to last, it’s like we’re comparing this year to best,” said Re/Max realtor Tony Joe.
The Greater Vancouver Real Estate Board releases its final August numbers Friday, but preliminary MLS data through the first two weeks of the month showed a sharp drop,down 86 per cent compared to the same time period last year, after the province’s foreign investor tax went into effect on the Lower Mainland August 2nd.
In Victoria, realtors say its too early too tell if having the tax in place on the mainland is driving sales across the strait.
“The number of foreign investors here has never been particulary large most of the movement that we’ve seen has been people from Vancouver but lets not forget Victoria still remains an area where most of the sales that occur here occur within Victoria, so people moving from one place to the next,” said Joe.
Meanwhile, with the rise in sales and low inventiory, prices for single-family homes in the Capital are reaching new heights.
VREB says the “benchmark” price for a detached house in the region has gone up nearly 25 per cent in the past twelve months, rising from a little over $603,200 last August to $746,900 last month.