The number of properties that sold were up +48% in August and +39% higher in July compared to last summer. Single family detached took off like a rocket 🚀, with more than 1 in 4 homes selling over asking price.
Demand increased across all price segments, including the luxury market. Since July more than 60 properties have sold for over $2,000,000 💰Buyers are scooping up incredible deals on luxury and waterfront properties.
The strong sales activity in the luxury market has brought the average home price in Victoria to $1,000,000 for the first time ever! Our median sale price is $880,000 which is also an all-time high 🚨
In contrast, condo prices are flat as a pancake! Sales are still strong, but we aren’t seeing any increase in prices. The average condo now sits at $480,000. Perhaps COVID has sent buyer’s out of the urban core and into the suburbs.
** Other noteworthy news **
🏦 The Bank of Canada lowered it’s qualifying rate for insured mortgages to 4.79% from 4.94% providing easier access to credit.
⛴ Tourism takes a hit. BC ferries passengers down 54%, airport passengers down 82%, and a 35% occupancy rate at local hotels.
Make your next move a breeze, contact Dustin Miller at 8X Real Estate. ☎️