Six-bedroom waterfront Saanich Peninsula home sells for record $22 75M timescolonist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timescolonist.com Daily Mail and Mail on Sunday newspapers.
Inventory dropped by 7.6 per cent, or 1,375 listings, last month from the previous month. “The market is driven by inventory and fewer home listings lead to fewer home sales,” Langlois said. “In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.” A total of 835 properties sold last month, down by 14.7 per cent from the 979 sales in July 2020, the board’s report said. Elton Ash, regional executive vice-president for RE/MAX western Canada, said the real estate market is returning to normal patterns, as sale are typically lower in July and August after a stronger spring.
Veteran agent Tony Joe said he and several colleagues intend to continue wearing masks, using sanitizer and pre-qualifying would-be buyers before they shop for new homes. “That hasn’t changed and probably shouldn’t change,” Joe said, adding no one should expect to see a rash of open houses on weekends just because they are once again allowed. “If ever there was a time to demonstrate the ineffectiveness of open houses it has been the past 16 months,” he said, noting only a tiny percentage of homes sell as a result of an open house and not having them over the past year and a half has had no ill effect on home sales.
Real estate market hot despite COVID rules timescolonist.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timescolonist.com Daily Mail and Mail on Sunday newspapers.
Prices are climbing as demand outstrips supply and sales numbers jump. The capital region is facing a tight inventory with just 1,450 properties for sale down 43 per cent from May 2020. Board president David Langlois predicts strong demand will continue, which means the region needs to support the creation of a housing market that can respond to population growth and evolve with community needs. “Victoria is an amazing place to live and we will continue to see demand for property here,” Langlois said Tuesday. Langlois praised the City of Victoria for moving to fast-track non-profit developments. In May, the benchmark value for a Greater Victoria condominium rose to $521,000 from $487,000 in the same month in 2020.