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Greater Victoria real estate inventory getting back to pre-pandemic average

Housing sales trending down compared to recent months
The Greater Victoria real estate market could be returning to pre-pandemic normals, local realtors say.(THE CANADIAN PRESS/Sean Kilpatrick)

Real estate sales continued to drop this spring as local agents see signs of the market cooling off.

A total of 761 Greater Victoria properties sold last month – about 300 fewer than May 2021, representing a 7.6 per cent drop from April.

The number of condominiums (250) and single-family homes (367) scooped up in May were 23 per cent and 31 per cent lower, respectively, compared to the same month last year.

The figures point to the return of a steadier market pace after what the Victoria Real Estate Board’s president called a strange two years over the course of the pandemic.

“While inventory is still below historical levels for a spring market, it is now within our pre-pandemic five-year average, which is good news for buyers,” said Karen Dinnie-Smyth.

The number of active listings sat at 1,776 at the end of last month, up 30 per cent from the previous month and almost 25 per cent more than a year ago.

The board said that increase in inventory provides buyers with more options. Both market activity and price points are differing within Greater Victoria neighbourhoods.

A BC Financial Services Authority report guiding the government’s plan to cool the market reflects some recommendations made by the board, such as implementing a five-day, pre-offer period. However, the report lacks details on the process, the Victoria realtors said.

“The government will need to do more consultation with industry stakeholders prior to implementation to ensure these changes are without negative consequences to consumers and to the market,” the May update said.

READ: Inflation, higher interest rates deflate home sales in Greater Victoria

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About the Author: Greater Victoria News Staff

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