While the number of homes sold in Greater Victoria stayed on par, real estate figures show prices dropped compared to this time last year.
The Victoria Real Estate Board reported on Tuesday (Sept. 3) that 545 properties sold in the region last month – beating the August 2023 total by a single home. The onset of summer saw more buying as the 545 homes sold represented a 16.5 per cent drop from July.
Condo sales were up 10 per cent compared to last August, while single-family home sales were down almost eight per cent this year.
The end of summer is generally a relaxed time for home sales and listings, Victoria Real Estate Board chair Laurie Lidstone said in a news release accompanying the agency's monthly data drop.
“Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July,” Lidstone said.
The price of a representative single-family home in the region's core came in at $1,287,400 last month, which reflected a $9,000 reduction from July and was about $40,000 less than what the same place cost in August 2023. The board classifies the core as Victoria, Oak Bay, Saanich, Esquimalt and View Royal.
The value of a condo in the core area dropped three per cent year-over-year to $559,200 in August, with the price of those units falling $8,000 from July.
The benchmark price of a single-family home was cheaper in every part of the region this August compared to the same month last year. Apartments also saw year-over-year price drops in the core and West Shore areas, while condo prices were higher last month on the Saanich Peninsula compared to August 2023.
August ended with 3,191 active listings, marking a slight decrease from July and a 28 per cent drop from the number of properties up for sale at the same point last year. Lidstone said it's likely the market will get a bit busier in the coming months as people refocus on work, school and big projects like making a move.
