Record Real Estate Sales Values Reached in 2006
The value of all property transactions through the Victoria Real Estate Board’s (VREB) Multiple Listing Service® (MLS®) hit a new record high of nearly $3.4 billion in 2006, up from $3.2 billion in 2005. For the first time, the value of single family home sales exceeded $2 billion; the value of all condominium sales increased by nearly seven percent to over $614 million. Victoria Real Estate Board President Bev McIvor noted that although the overall number of MLS® sales declined by nearly seven percent, all major property types showed strong price increases. "Last year more properties became available for sale and the rate of price increases eased somewhat as we saw a return to a more balanced market." McIvor noted that the overall average price for single family homes for the year rose by 12.5% to $521,460; the average for condominiums rose by 13.6% to $286,058 and the average for townhomes rose by 6.3% to $366,080.
There were 2,650 homes and other properties listed for sale at the end of last month - a 32% increase over the 2,005 properties available for sale in December, 2005. There were 385 sales in December, down from 571 sales in November. There were 391 sales in December, 2005.
The average price for single family homes in Greater Victoria last month was $502,447; the average for the last six-months was $521,995. The median was lower at $433,000. The average price for all condominiums sold in December was $289,761; the average for the last six months was $300,369. The median was again lower at $250,000. The average price for townhomes last month was $428,394 the average for the last six months was $373,151. The median was $362,750. MLS® sales last month included 211 single family homes, 107 condominiums, 30 townhomes and 13 manufactured homes.
McIvor notes that all indications point to a strong and stable real estate market in 2007. "We expect to see a wide choice of properties available for buyers coupled with strong demand for homes that are priced realistically. Prices are expected to increase during the year, but at a more modest pace than in recent years."
