Greater Victoria’s real-estate market saw a significant uplift in sales activity in May following one of the slowest months since 1990, according to data released by the Victoria Real-Estate Board.

 

 

The second full month of sales during the COVID-19 outbreak yielded 457 purchases and a near-record-breaking price point for single-family-homes, something Victoria realtor Marko Juras – who last month estimated April’s 287 transactions for all properties on the Multiple Listings Service would be sharply surpassed in May – says came as a surprise.

 

“We didn’t expect to see the second-highest median price for house valuations given COVID’s impact on the local market, that’s for sure,” Juras said. “The highest median price for a standalone house was recorded in March of this year, at $845,000, and May saw the median jump from April’s $795,000 to $837,000.”

 

The average paid for a single-family-dwelling throughout the Capital was $875,938, just shy of 2019’s average of $878,411. The median in 2019 was $788,000. So far this year the average is $923,550 following relatively strong showings in January, February and March.

 

The condominium side of the housing equation has remained suppressed during COVID due to a number of factors, according to the realtor.

 

“Social issues in downtown Victoria continue to present a challenge for condominium sales,” Juras says. “People are still weighing the impact of Pandora Avenue’s tent city along with the increase in criminality as reported by Victoria Police. And coupled to that are lots of questions stemming from the insurance industry’s rate adjustments and no clear consensus on how that could impact strata owners over the long term.”

 

Single-family-dwellings accounted for 214 of the month’s 457 transactions, while condominiums totalled 108. Sales of houses nearly doubled from April's 145 but condos couldn’t muster even a 50% rise over the prior month’s 73 purchases. However, the average price paid for units in multi-family buildings increased to $453,060 from April’s $421,512.

 

As for the remainder of spring, Juras believes the market is quickly adjusting to a new normal and demand for competitively priced houses, along with condominiums in desirable areas of the Capital, will remain strong into summer. 

 

“What we saw in May gives me the confidence to say that we’ll push above 500 sales in June, if not 550,” Juras says. "The single-family segment of the market is still very strong, and homes in the region’s core priced below $1 million remain highly sought after as are condominiums quality new-build projects and in established neighbourhoods outside of the downtown core." C

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