Here’s what happened in the month of OCTOBER in the Victoria real estate market.
Inventory pressures continue to constrain Victoria real estate market
Quotes from Victoria Real Estate Board President David Langlois:
- … it’s anyone’s guess what our sales numbers would be like had we been in a market with a historically average number of homes for sale…
- We continue to see record breaking low levels of homes for sale … we see pricing pressure persist…
- The only solution to our current market is to create more supply…
Now, some highlights from the monthly VREB report:
- A total of 745 properties sold in September (24 % less than in October 2020)
- Sales of condominiums were down 18 % from October 2020 with 249 units sold.
- Sales of single family homes decreased 30 % from October 2020 with 339 sold.
There were 1,036 active listings for sale on the Victoria Real Estate Board MLS at the end of October 2021.
- The benchmark value for a single family home in the Victoria Core in October 2020 was $880,500
- The benchmark value for the same home in October 2021 increased by 25 % to $1,103,600
- A condo in October 2020 was valued at $482,200. In October 2021 it was valued at $551,800, an increase of 14 %
CLICK HERE to read the full story from VREB.
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