Market IntelligenceEconomy

Victoria Sees the Busiest July on Record

 

Aug 12, 2016

Written by 

Ryan Berlin

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It’s no secret that Victoria is a great place to live - and with prices on the rise in the Lower Mainland, residents are spilling over to Greater Victoria. Here, community is paramount, the mountains and ocean are on nearly every corner, schools are top quality and home prices less than those on the Lower Mainland.

The Greater Victoria Real Estate Board reports it has been the busiest July on record, despite having seen the seasonal summer slowdown. In comparison to July last year, sales increased by 22%, from 758 homes sold to 919. Notably, sales of single family homes outside of the Greater Victoria area increased by 70% year-over-year, from 47 to 80 units sold. A lack of inventory combined with an increase in prices are factors that could attribute to the growth of sales outside the Greater Victoria area. With low supply of inventory and a high demand in sales, the real estate conditions reflect a strong seller’s market. Active listings have decreased by 45% in comparison to last year from 3,942 to 2,161.

Now is a great time for those looking to move to Vancouver Island from the Lower Mainland, and also for a great time to sell a home in Greater Victoria. Looking for a great Realtor? Our rennie advisors specialize in every neighbourhood across the Lower Mainland and can help you find the home best suited to your needs.

Written by

Ryan Berlin

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Disclaimer: This representation is based in whole or in part on data generated by the Chilliwack & District Real Estate Board, Fraser Valley Real Estate Board or Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy.

Disclaimer: This is not an offering for sale. Any such offering can only be made by way of disclosure statement. E&OE. The developer reserves the right to make changes and modifications to the information herein without prior notice. Photos and renderings are representational only and may not be accurate.