An aerial of downtown Victoria. The region's real-estate market has posted yet another record-setting month with a total of 1,289 sales recorded throughout the month of May. Citified.ca.
For the third month in a row Victoria’s real-estate market has set a new monthly sales record.
May surged ahead of last year's total for the month by a whopping 42%, reaching 1,289 sales, while active listings dropped by 40%.
Victoria’s real-estate frenzy began in March when sales reached 1,121 transactions and solidified the month as the busiest on record. April set another record with a 1,286 transaction total. May raised the bar even further with an additional three sales.
Analysts expect Victoria’s real-estate industry to see strong demand leading into the busy summer buying and selling period while listings remain highly deflated compared to last year. With such strong demand in a low supply environment, fuelled by investment capital and offshore buyers, prices are expected to keep climbing.
Over the first five months of 2016 total real-estate sales have reached 5,007, a 49% increase over the first five months of 2015. C
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