Real estate sales in the Greater Victoria are showing some signs of recovery to start 2020. (Black Press Media File).

Real estate sales in Greater Victoria show signs of recovery

President of Victoria Real Estate Board calls on municipalities to cut red tape, bureaucracy

The head of the association representing Greater Victoria realtors sees the local market on a trajectory towards recovery.

Sandi-Jo Ayers, president of the Victorial Real Estate Board (VREB), said new figures for January already distinguish this year from the previous year.

“We’ve returned to more traditional January sales numbers, which tend to be over 400 sales,” she said. “Unfortunately, we have not seen a corresponding increase in listings alongside the demand, so buyers in the low to mid-price segment of our market may find themselves in competition for desirable properties.”

Figures show 411 properties sold in VREB’s region in January, 24.9 per cent more than the 329 properties sold in January 2019, a figure 2.2 per cent higher than sales figures for December 2019. Sales of single family homes increased 31.6 per cent from January 2019 with 200 sold, while the number of sold condominiums rose 6.3 per cent with 118 units sold.

RELATED: More than 7,200 properties sold in Greater Victoria in 2019

Ayers repeated her industry’s demand for measures that increase the supply of housing in pointing the finger at federal and provincial measures that have respectively raised mortgage thresholds and imposed a tax on secondary homes.

”Eighteen months ago, the provincial and federal governments introduced demand side measures, which we can now see have not been successful in making homes more attainable in our community,” she said. “Since demand side measures aren’t working, the board hopes that all levels of government will turn their attention to supply.”

Specifically, she called on muncipalities to cut red tape and reduce costs to “increase housing opportunities” and ease pressure.

Housing prices appear to be on the rise, according to the new figures, with the benchmark value for a single family home in the Victoria core rising 1.4 per cent to $858,500, up from $846,900 in January 2019. The benchmark value for condominiums also rose year-over-year by 4.1 per cent to $521,100.


Like us on Facebook and follow @wolfgang_depner

wolfgang.depner@peninsulanewsreview.com

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Donated sculpture in Sidney’s Beacon Park a testament to perseverance

Victoria artist Armando Barbon picked up sculpting 22 years ago

Sidney builds community resilience through neighbourhood gatherings

Meet Your Street needs residents to create gatherings, safe interactions

Greater Victoria businesses come together to help Island kids

Langford Lowe’s raises funds for youth mental health all month

‘Each step is a prayer’: Ojibwe man will walk from Hope to Saanich for Indigenous healing, reconciliation

James Taylor departs Sept. 20, returns to Saanich in five days for sacred fire

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

POLL: Do you plan on allowing your children to go trick or treating this year?

This popular annual social time will look quite different this year due to COVID-19

Ferry riders say lower fares are what’s most needed to improve service

Provincial government announces findings of public engagement process

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Comox Valley protesters send message over old-growth logging

Event in downtown Courtenay was part of wider event on Friday

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Application deadline for fish harvester benefits program extended

Those financially impacted by the pandemic have until Oct. 5 to apply

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Most Read