Market update!

A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that market activity has returned to comparable levels of a year ago. "Overall sales so far this year are down 21 per cent compared to a year ago. It’s important to note, however, that the first few months of last year were very active compared to this year and we are now seeing a return to similar market conditions of a year ago."
Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently seven per cent higher than a year ago. "The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June - the highest monthly level in 15 years." Fimrite add that there were 4,857 properties available for sale at the end of May.

The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June.

The overall average price for condominiums last month was $320,172, down from $328,345 in May. The average for the last six months rose to $329,402. The median price for condominiums in June also rose to $300,000.

The average price of all townhomes sold last month declined to $444,768 from $466,845 in May. The median price also declined to $399,000 while the six month average rose to $448,159.
MLS® sales last month included 348 single family homes, 177 condominiums, 62 townhomes and nine manufactured homes.

Active Listings, New Listings and Sales Graphs
Average Selling Price Graphs

What this means is that there is a gradual lowering of home prices due to the amount of properties for sale. Supply is greater than demand so that drives the prices down.

The only reason the Single Family home prices are up is due to sales of the higher priced properties - million dollers +

If you are a buyer this is a great time to invest in your future as home prices are down and interest rates are attractive.