Single-family home sales rose 15 per cent in the West Shore from this time last year while the average home price has edged up slightly, according to the latest figures from the Victoria Real Estate Board.
The biggest contributor to the increase was Langford, which saw 72 single family home sales last month, a 38 per cent growth from May 2018.
Other West Shore municipalities, by comparison, had modest sales activity.
Colwood had just two more single-family home sales in the same time frame, bringing the number to 22. Prices for the homes in the city dipped 3 per cent, from $687,000 to $666,600. Home prices in Metchosin also saw a 2.2 per cent drop annually in May.
Highlands had two more home sales, up from four to six during this period. The average price of a single-family residence in West Shore, considered a benchmark of overall health in the market, rose from 627,100 to 637,300, a 1.6 per cent change since last May.
Condo prices in Langford average $399,500, a slight decrease of 1.3 per cent from April, while staying largely the same as May 2018 figures. This is similar to condo prices in West Shore overall, which stayed virtually the same to the current rate of $403,900.
While sales in Greater Victoria are less than expected due to market pressures, prices have been stable, Victoria Real Estate Board President Cheryl Woolley said in a statement. “We are seeing lower activity than we have experienced in recent years for spring home sales,” she said.
“Of course, this is not surprising given consumers are impacted by the B20 mortgage stress test, as well as ongoing lower inventory levels. Despite this, we have seen an increase in May for sales over last year,” she added.
“Prices remain strong in the lower price ranges, with little change in our benchmark prices when compared to last year.”
The listings to sales ratio for the West Shore has risen to above 20 per cent, which indicates a market that still favours sellers.