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Victoria home prices surge to record-setting $1 million average as June sales outpaced 35 of the last 36 months

Victoria's real-estate market saw prices surge to new heights in June as buyers flocked to reduced inventory as easing of COVID-19-related social activity restored more societal norms. Pictued is Mike Geric Construction's Travino Royal Oak, a multi-phased condominium development in Saanich's Royal Oak neighbourhood.  Citified.ca

Victoria home prices surge to record-setting $1 million average as June sales outpaced 35 of the last 36 months
MIKE KOZAKOWSKI, CITIFIED.CA
Victoria’s real-estate market surged in June to set a record price for single-family-homes as buyers flocked to limited listings and delivered the second strongest month of sales in three years.
 
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With the highest-ever average of $1,014,746 paid for a stand-alone home on the south Island (with a median of $865,750), the month also landed as the sixth busiest June on record, according to data released by the Greater Victoria Real-Estate Board.
 
June sales via the Multiple Listings Service (MLS), which include condominiums, townhomes, commercial properties, mobile homes, vacant land and single-family-homes, totalled 808 and beat out 35 of the last 36 months.
 
Realtor Marko Juras says June’s rush surpassed expectations as the setting of a new average for single-family-homes reflected buyer demand for higher priced inventory in desirable locations.
 
“The combination of ultra-low interest rates and a desire to accumulate tangible assets in lieu of paper saw purchasers reaching for some of the higher priced listings in our region,” Juras said.
 
“Most of the market activity in June was locally driven, and buyers pursued value rather than the location of a home. We saw quite a few $1.5 million-plus properties sell throughout the region from Sooke to North Saanich, as that segment turned of the market out to be an opportunity for relative bargains with sellers favouring a quick sale rather than waiting on asking prices.”
 
The weak side of the market, however, continued to be condominiums which saw muted sales of 209 compared to annual spring averages in the range of 300 per month.
 
“The same factors that were at play earlier the spring continue to drag down the sales of condos,” Juras says. “The insurance industry has adjusted its rates upwards, and quite significantly in some cases, which has lead to higher strata fees and by extension a dampening of demand for re-sale units. But that being said June’s condo sales were double that of what we say in May.”
 
The average price paid for condominiums totalled $480,097 while the median was $425,000.
 
By the numbers, single-family-homes accounted for 399 of June’s 808 sales. Townhomes, which are often described throughout Victoria as the ‘missing middle’ due to their relatively low numbers on the south Island, saw 100 transactions and averaged a sale price of $593,408.
 
Active listings on MLS fell 11.25% to 2,698 from 3,040 last June.
 
The combined volume of sales for 2020 has reached 3,134 and has been cumulatively valued at just below $2.3 billion.

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