The rate of homes during the first week of June is on pace with the number of properties sold in June 2020.
As of June 7, the Victoria Real Estate Board’s statistics reported 168 property sales this month, compared to 808 total sales for June 2020. June 1 to 7 accounts for 23.3 per cent of the month; the 168 properties sold within that time frame account for 20.8 per cent of those sold in June 2020. If property sales continue at this rate, there will be 721 properties sold in June 2021.
VREB’s June 1 news release showed May 2021 property sales exceeded those of May 2020 by 129.5 per cent. Last month, a total 1,049 properties were sold. Condo sales for May 2021 were up 200.9 per cent from May 2020, with 325 units sold. Sales for single-family homes were up 111.4 per cent, with 537 units sold.
Between April and May 2021, sales went down six per cent for properties, 1.8 per cent for condos and 4.8 per cent for single-family homes.
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The Multiple Listing Service Home Price Index benchmark value this May was up from May 2020 by 5.2 per cent for condos and 17 per cent for single-family homes. The exact benchmark values last month for condos and single-family homes were $526,000 and $1,036,100, respectively.
VREB president Dave Langois said these numbers are unsubstantial. He attributed minimal value to comparing the market month by month and noted housing sales have been inconsistent this last year due to COVID-19.
“I think we’ve fallen off pace a bit from last year,” said Langois, alluding to “drowning numbers” in the condo market.
“What I can say is the market remains robust and busy.”
Langois said it is early to make predictions about the rest of June but emphasized the value of trends.
Not included in the release were duplex and townhouse sales, which Langois said are often too few to be sampled.
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“By supporting an increase in urban density, we can ensure attainable housing, address missing middle family housing, increase tax revenues for community amenities and protect green space by slowing sprawl,” said Langois in the release.
The VREB represents 1,422 local realtors and has operated since 1921.
Read more about the Vancouver Island housing market here.
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