Region’s real estate market strong and steady

Real estate activity in Greater Victoria during the month of May was up 26.8 per cent over the same month last year, according to VREB.

SIDNEY — Real estate activity in Greater Victoria during the month of May was up 26.8 per cent over the same month last year, says a report released this week by the Victoria Real Estate Board.

A total of 905 properties sold in Greater Victoria, compared to 714 properties sold in May 2014.

“We’ve not seen this many sales in May since 2007 when we saw 963 properties sell in the month,” Victoria Real Estate Board president Guy Crozier says.

“Despite the demand, prices remain competitive and there is great variety in what is available.”

On the Saanich Peninsula, 60 single family homes were sold in May — 16 in Central Saanich and 22 each in North Saanich and Sidney. Average prices ranged from $659,600 in North Saanich to $520,900 in Central Saanich and $462,200 in Sidney.

There were also 17 condos and three townhouses sold in Sidney, three condos and eight townhouses in Central Saanich and two townhouses in North Saanich. The average in Sidney was $324,300 for condos and $369,300 for townhouses.

The average for townhouses sold in Central Saanich was $418,300.

Four manufactured homes were sold in Central Saanich while one sold in Sidney.

The only lot sold in May on the Peninsula was in Central Saanich, at a value of $590,000.

Across Greater Victoria, there were  4,043 active listings for sale on the Multiple Listing Service at the end of May, 13.5 per cent fewer than the 4,672 active listings in May 2014.

“May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties,” Crozier says.