You’d be hard pressed to know that there is a global pandemic happening based on June 2020 numbers for the Victoria Real Estate Board. I am absolutely stunned to see our stats for this past month.
808 properties sold. That’s up almost 10% from June of 2019. I think we can all agree – no one saw that coming amidst Covid 19.
Here’s my thoughts – we’ve moved into stages 2 & 3 of BC’s re-start plan. I do believe, compared to other jurisdictions, there is a feeling of confidence in how life on Vancouver Island is moving along. Far from out of the woods….but people are feeling good. Couple this with a bit of pent up demand, CMHC changing some of their lending policies as of July 1 & I think you saw a lot of people evaluate what ‘home’ means to them. So much has changed in the last 3-4 months. I think the reality is, many of us will be transitioning to a more home based lifestyle – so consumers became very engaged in the last 4 weeks.
We still have a lower than normal inventory level – coupled with high demand = many scenarios of multiple offers.
Bottom line. As we’ve seen in past times or turmoil – Victoria, much like other provincial capital cities, has found a way to excel.
Inventory for June down 11.3% year over year…but up 6.1% from May 2020.
Single Family Home Benchmark prices up 4% year over year. Condo’s up just shy of 2% year over year.
If you would like more details on your homes value in the current market conditions – please just reach out. I am always happy to chat.
Take care – and continue to be safe, cautious and above all else…happy! Enjoy the Summer months!
Miles