It’s too soon to see what effect the recent drop in the prime lending rate may have on housing sales – but it’s fair to say that July 2015 has been an interesting month. Some segments of the market are “up” while others are “down” …
The Single Family Home (SFH) price for Greater Victoria in July hit a record high of $663,791 – breaking all previous records. When accounting for inflation, the average SFH price in July was actually $23,990 less than in 2010, when the average (annual) SFH price was $629,925 (or $687,781 in 2015 dollars). The SFH median has dropped to $545,000 – less than last month and July 2014, and is now at the lowest level since December 2014. The average for condos is down to $308,561, a 3.3% decrease from July last year. The median of $268,00 is marginally up (1.5%) from last year – but has been steadily decreasing (by a total of 9.1%) since February 2015. The townhouse average is up to $420,710, a 3.8% increase from June. The townhouse median is also up – to $405,000, a 5.7% increase from June and the highest level since December 2014. The full VREB news release and statistics are available here.
The rate of new listings for July is close to the average over the past ten years, but ironically the active listings are at the lowest count since 2008. Sales are up substantially, at the highest rate since 2009. It’s a market of contradictions!
[Sorry about the delay in posting the July Sales … At 4 PM on Monday, my water heater “died” and I was busy replacing it on Tuesday. The joys of home ownership!]