The price of a single-family house in the Greater Victoria area exceeded the $1 million mark in the month of June, according to the Victoria Real Estate Board (VREB).
In a report from VREB released on July 2, the data suggests that a single-family home in the Greater Victoria area was selling for $1,014,746 on average in the month of June.
That is a jump up from an average of $875,938 during the previous month of May and compared to $867,312 in June of 2019.
Overall, 808 properties sold in the VREB region during the month of June, which is a 9.2 per cent increase from June 2019.
“This June we saw competing factors from all different sides of the real estate equation,” says Victoria Real Estate Board President Sandi-Jo Ayers. “If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues and while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC’s Restart Plan.”
Experts highlight that the start of Phase 2 allowed for more opportunities to view homes, which led to the spike in sales when compared to May.
VREB also points to the fact that restrictions on evictions were lifted, allowing for more places to become available on the market.
“Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC,” adds Ayers.
According to the Victoria Real Estate Board, there were 2,698 active listings for sale at the end of June, 11.3 percent fewer properties than the total available at the end of June 2019, but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.
Condo sales saw a dip, down 3.2 per cent from June 2019 with 209 units sold this year in June.