A total of 599 properties sold in the Victoria
Real Estate Board region this November, 4.5 per cent more than the 573
properties sold in November last year.
Inventory levels remain lower than last year,
with 1,815 active listings for sale on the Victoria Real Estate Board Multiple
Listing Service® at the end of November 2016, 38.5 per cent fewer than the
2,952 active listings at the end of November 2015.
"Our current housing market is in a strong
cycle due to many factors, including our current positive economic conditions,
baby boomers retiring here, millennial buying cycles, a low Canadian dollar
keeping folks closer to home and our favourable living conditions," notes Mike Nugent, 2016 President of the Board. "These factors and others, in combination with
ongoing low inventory mean demand for housing is up, particularly in those
areas close to the core and amenities."
The Multiple Listing Service® Home Price Index
benchmark value for a single family home in the Victoria Core in November 2015
was $608,600. The benchmark value for the same home in November 2016 has
increased by 23.9 per cent to $753,800.