The Victoria Real Estate Board is reporting that housing prices are still climbing across the Capital Region.
The average price of a single-family home in Greater Victoria was $889,097 in June, up 0.4 per cent from the same time last year. However, the price had fallen since May 2018, when the average price of a single-family home in Greater Victoria was $921,046.
The average price of a condo was at $483,570 in June, up 4.1 per cent from May 2018 and 16.2 per cent from June 2017. At that time, the average price of a condo was $416,281.
Townhouses also saw a price jump, with an average price of $617, 862. It was a 6.2 per cent increase from May 2018 and a 14.9 per cent increase from June 2017, when the average price was $537, 842.
The real estate board said property sales were down in June. A total of 708 properties were sold, 29.8 per cent fewer than the 1,008 properties sold in June 2017 and a 6.2 per cent decrease from May 2018.
“June typically signals the conclusion of the busy spring market, and activity lightens into the summer,” Victoria Real Estate Board President Kyle Kerr saidn in a release. “However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria’s real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out. Even demand side measures that are not yet live, like the Vancouver/Kelowna/Nanaimo/Victoria-specific Speculation Tax, are
dragging the market down as many consumers stand aside to watch what happens.”
Victoria Real Estate Board statistics