Home Sales In Victoria Increase By 53% In April 2016

(May 19, 2016 )

Property Sales in Victoria Will Continue to Exceed Expectations, according to Victoria Real Estate Board (VREB)’s monthly report for April 2016.

A total of 1,286 properties sold in the Victoria Real Estate Board region this April, an increase of 53 per cent compared to the 840 properties sold in the same month last year.

Inventory levels remain lower than the previous year, with 2,594 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April, 34 per cent fewer than the 3,945 active listings at the end of April 2015. If you are in the market for a home right now, there is a strong chance you may find yourself in a multiple offer situation when you go to purchase, especially if you’re looking in a higher demand areas(Gordon Head, Oak Bay). This is because there are more buyers than homes for sale, making the market more competitive than we’ve seen in years past. As a consumer it may pay to get creative, consider types of property and locations you may have not originally identified. For example, condos and townhomes may be a great alternative for first time buyers.”

To benefit from this incredibly hot market, contact me today!

Manpreet Kandola