Mikaila Rhodes Victoria Realtor®

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The Greater Victoria region had higher sales in July over June for the first time since 2003, with 681 sales in July and 680 in June. We saw an increase of almost 17% in year over year sales for July, and a 18% sales to active listing ratio. For the full article from the Greater Victoria Real Estate Board see below:

Surprising Summer Sales for Victoria and Area Real Estate

August 1, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for July 2014.

 

681 properties sold in the region in the month of July 2014, compared to 583 last year in July - an increase of nearly 17%. June 2014 saw 680 sales.

 

When compared with year-to-date sales in 2013, 2014 shows a 10% increase.

 

"I think the activity in July has surprised a few people," Victoria Real Estate Board President Tim Ayres says. "Traditionally the summer market is slower than the spring, but numbers are tracking closely to March and April sales this year. Last year sales in July were 12% lower than in June - and June was the peak of the market in 2013. This year we see slightly more sales in July than in June. This is the first year since 2003 that July numbers have beaten June."

 

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core area in July was $562,000 - 2% higher than last year’s average value for the same home - $550,900.

 

"I’m looking forward to August numbers. With the diverse inventory on the market, stable pricing and the reasonable interest rates," adds President Ayres, "I think the busy sales season could last into fall."

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This was an interesting read, and I was definitely surprised to find that only 39% of parents planned on passing down the family cottage:

"Garry Marr from the Financial Post writes that children hoping to inherit the family cottage may be in for a surprise, according to a British Columbia financial institution. BlueShore Financial surveyed 498 of its clients between July 7 and 14 and found among those who own cottages 61% don’t plan on passing the property on to their children."

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