The Victoria Real Estate Board has released their latest statistics for the month of May. The following is an excerpt from their press release.
A total of 761 properties sold in the Victoria Real Estate Board region this May, 27.5 per cent fewer than the 1,049 properties sold in May 2021 and a 7.6 per cent decrease from April 2022. Sales of condominiums were down 23.1 per cent from May 2021 with 250 units sold. Sales of single family homes decreased 31.7 per cent from May 2021 with 367 sold.
"The real estate market in Greater Victoria is returning to a steadier pace following the strange two years we experienced over the course of the pandemic,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “While inventory is still below historical levels for a spring market, it is now within our pre-pandemic five-year average, which is good news for buyers. The increase in inventory provides buyers with more options, and we are seeing market activity and price points differ within the unique neighbourhoods that make up Greater Victoria. During a changing market like the one we see now, it is more important than ever to have an expert on your side – whether you are buying or selling it’s a great time to give your favourite REALTOR® a call.”
There were 1,776 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2022, an increase of 30.1 per cent compared to the previous month of April and a 22.5 per cent increase from the 1,450 active listings for sale at the end of May 2021.
"Looking to the future of the market, the Board has reviewed the British Columbia Financial Services Authority (BCFSA) report which the government requisitioned to guide the deployment of their cooling-off plan," adds President Dinnie-Smyth. “We are aligned with BCFSA on the importance of consumer protection in real estate and see areas of the BCFSA report which reflect the Victoria Real Estate Board’s and the British Columbia Real Estate Association’s recommendations - specifically the concept of a five-day pre-offer period. However, the BCFSA report leaves detailed process and procedural questions unanswered. The government will need to do more consultation with industry stakeholders prior to implementation to ensure these changes are without negative consequences to consumers and to the market.”
The Multiple Listing Service® Home Price Index benchmark values are currently unavailable. This document will be updated when May’s numbers are available for publication.
This chart tracks the ratio of total residential sales over total active residential listings at month-end for each of the last 25 months. The active listing count and the sales count can be viewed as indicators of housing supply and demand respectively. Observing the ratio between them can thus help indicate a "buyers' market", where there is downward pressure on prices, and a "sellers' market", where there is upward pressure on prices.
below 10%, there is downward pressure on prices (buyers' market)
above 25%, there is upward pressure on prices (sellers' market)
in the 15-20% range, there is little pressure on prices either way