Greater Victoria real estate market ‘boring’ but stable

Home sales in Greater Victoria picked up in May, though the total is still slightly below the same month last year.

“Ample inventory coming to market outpaced brisk sales, which provided a consistent amount of choice and eased competition on high-demand properties,” Victoria Real Estate Board Board Chair Dirk VanderWal said in a media release. “More balanced market conditions were supported by stability both in prices and in interest rates. The May market was resilient, and that steady pace is a little boring to report on but has been much more comfortable for buyers and sellers to navigate than markets we’ve seen in past years.”

The benchmark value for a single family home in the Victoria Core was $1,326,600 in May, down from April’s value of $1,345,200. The benchmark value for a condominium in the same area was $564,100 in May, down from the April value of $566,300.