The president of the Victoria Real Estate Board said her organization hopes all municipalities in Greater Victoria will consider what she called “gentle density improvements” to improve the supply of housing in the region.
“The future cost of housing is at stake,” said Karen Dinnie-Smyth, president of the Victoria Real Estate Board (VREB). “The pressure on pricing and in the market overall will not resolve until we see material improvements in the number and types of properties available in the Greater Victoria area.”
Dinnie-Smyth added the region needs rentals, townhouses, duplexes, triplexes and beyond to help ensure that it does not face another cycle of rapid price increases due to the lack of future inventory.
Dinnie-Smyth made these comments after last month’s municipal elections across British Columbia (which in Greater Victoria communities often hinged around the pace and size of development) and after VREB released sales figures for October. They show realtors sold 480 properties in October — 35.6 per cent fewer than the 745 properties sold in October 2021 but up 17.1 per cent from September. Sales of condos dropped 39 per cent, while sales of single-family homes decreased 32.2 per cent.
The uptick in sales comes after figures not seen in decades as September sales of 410 were the second lowest for September in the last 20 years.
Prices dropped slightly last month. According to VREB, the benchmark price for a single-family home in October was about $1.341 million, down 1.7 per cent from $1.364 million in September. The corresponding figures for condominiums were $602,700 in October, down 2.4 per cent from the September value of $617,400.
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