Greater Victoria real estate sales up significantly from 2013

Overall, 2014 saw 11.67 per cent more sales than in 2013, while December saw a 9.6 per cent increase in sales

The Victoria Real Estate Board reports 389 properties sold in the Victoria region in December, an increase of 9.6 per cent when compared to the 355 properties sold in December 2013. Overall, 2014 saw 11.67 per cent more sales than in 2013.

“I think the increase in sales we saw in 2014 surpassed a lot of people’s expectations. To see growth of over 10 per cent – that shows consumer confidence and interest in our market,” said Victoria Real Estate Board president Guy Crozier. “Of course one factor that helped sell houses [in 2014] was the low mortgage rate. That, combined with balanced market conditions, created a steady, consumer-friendly environment in which to purchase and sell properties.”

The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria core this time last year was $542,800. During December, the benchmark value rose 2.9 per cent to $558,500. Over the course of 2014, 6.2 per cent of single family homes (238) sold for over $1 million.

“There are two indicators to track in the new year – the number of sales and the amount of inventory currently available on the market. In 2014 we saw less inventory available than in previous years but more sales. With job growth predicted and consumer confidence increasing in our area, it will be interesting to watch these numbers as 2015 sales unfold.”