Greater Victoria real estate sales are up but prices dip

WatchThere's a big jump in Greater Victoria real estate sales but depending on where you live, your home may be worth tens of thousands of dollars less. Tess van Straaten reports.

If you think there are more for sale signs around Greater Victoria, you’d be right.

May saw more than 3,000 listings — up 26 per cent from May of 2018.

Sales are also up over both last month and last year.

“I think in the end it shows we’ve always had a demand and always will have a demand for Victoria properties,” says real estate agent Kyle Kerr, past president of the Victoria Real Estate Board (VREB).

The average price for a single-family home was $856,061.

That’s a drop of almost $65,000, or 7.1 per cent, from May of 2018.

“A lot of those price decreases were at the higher end of the market,” Kerr explains. “If someone’s out there looking for a more affordable condo or an affordable single family home with a suite, they’re actually seeing prices are staying really strong and potentially going up in some areas.”

Those areas are Esquimalt, Sooke, Langford, Colwood and parts of Saanich — places that tend to be more affordable.

Condo prices also saw a small increase in May.

The average price for a condo in Greater Victoria was $470,311, up 1.2 per cent from the same period last year.

Greater Victoria is still considered a balanced market.

But could the bubble burst given corrections in key markets like Vancouver and Toronto? Experts say it’s highly unlikely.

“Vancouver is a true international city and that comes with its positives and its negatives,” Kerr says. “They’ve had such a run-up for such a long amount of time. We never had the same amount of increases they did.”

Real estate agents say the new mortgage stress test is definitely having an impact — and so is B.C.’s speculation tax.

But because the Capital Region is such a desirable location, prices are expected to stay fairly steady.

Tess van StraatenTess van Straaten

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