Victoria Real Estate Market Remains Hot as Spring Trend Continues into Summer

July 2, 2015, Victoria BC The Victoria Real Estate Board today released its report on Multiple Listing Service real estate activity in the Victoria area for June 2015. A total of 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year.

The Victoria real estate market has had another big month and we continue to see consistent year over year sales growth, Victoria Real Estate Board President Guy Crozier says. Whats going on? Positive market conditions such as the low interest rate along with the diverse mix of properties and price points available have likely helped support this increase in interest in local real estate. The activity in the market may also in part be due to pent up demand from the past six or seven years. The market cooled off around 2008, and with the US markets improving and our local economy showing strength, consumer confidence is improving. Those that may have been hesitant to move over the last few years are making a change now.

The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800.

There were 4,003 active listings for sale on the Multiple Listing Service at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.

We saw 48 single family homes sell for over one million dollars this month, and we saw 74 single family homes sell for under $400,000, adds President Crozier. Theres also a lot of selection in our condo market, with new development in the Victoria Core and in the West Shore helping to meet demand, and maintain solid pricing. For detailed information on the Victoria and area housing market, connect with your local REALTOR.

More information on the June 2015 report and the Multiple Listing Service Home Price Index is available from the Victoria Real Estate Board, at vreb.org.

About VREB Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS. The Victoria Real Estate Board represents over 1,200 local REALTORS.

Contact:Denise Hogue, communications manager - denise@vreb.org, 250 920 4652

CommonlyQuotedBenchmarkHome June2015Benchmark

Price

May2015Benchmark

Price

June2014Benchmark

Price

June2015IndexValue

May2015IndexValue

June2014IndexValue

LM% LY%

SingleFamilyBenchmarkHome:GreaterVictoria $508,900 $506,800 $486,700 146.7 146.1 140.3 0.4% 4.6%SingleFamilyBenchmarkHome:Core $594,800 $593,200 $568,600 154.4 154.0 147.6 0.3% 4.6%SingleFamilyBenchmarkHome:Westshore $421,600 $419,700 $413,300 137.6 137.0 134.9 0.5% 2.0%SingleFamilyBenchmarkHome:Peninsula $549,400 $548,700 $527,100 142.8 142.6 137.0 0.1% 4.2%

CondoBenchmarkHome:GreaterVictoria $298,900 $300,500 $285,800 147.9 148.7 141.4 0.5% 4.6%TownhouseBenchmarkHome:GreaterVictoria $413,900 $408,700 $405,200 142.9 141.1 139.9 1.3% 2.1%

LY%:

PreviousPeriodsComparisonofMLSHPIBenchmarkPricesandMLSHPIIndexValues

Legend

June2015May2015June2014PercentagechangebetweencurrentmonthandlastmonthPercentagechangebetweencurrentmonthandsamemonthlastyear

CurrentMonth:LastMonth:LastYear:

LM%:

Wednesday, July 01, 2015June 2015Previous Periods Comparison of Unit Sales, Average Prices and Median Prices

Sales by Property Type

Single Family Greater Victoria Single Family Other Areas Single Family Total All Areas Condos Townhouses Manufactured Homes Total Residential Total Sales

Active Listings

Units Median$Average$LY%LM% LY%LM% LY%LM% Units Median$Average$ Units Median$Average$2015 - June

481

2039720

855

535

910

54

4,003

512

1929017

867

568

905

56

4,043

379

1457117

658

425

680

46

4,695

$657,061

$335,231$405,406$122,040

$648,783$575,044

$569,000

$274,400$383,000$111,250

$562,000$510,000

$649,431

$316,188$409,990$114,426

$628,592$438,063

$557,250

$283,000$385,700$105,000

$548,450$379,500

$603,311

$328,370$412,762$114,886

$582,691$412,800

$535,000

$280,000$375,000$110,000

$525,000$410,000

-6.1%

5.7%7.8%

17.6%-1.4%

-5.8%

0.6%

-3.6%

-1.0%

26.9%

40.0%36.6%17.6%29.9%

25.9%

33.8%

17.4%

-14.7%

1.2%

6.0%-1.1%6.7%

3.2%31.3%

8.9%

2.1%-1.8%6.2%

11.3%39.3%

2.1%

-3.0%-0.7%6.0%

2.5%34.4%

6.4%

-2.0%2.1%1.1%

7.0%24.4%

2015 - May 2014 - June

Legend

Units: net number of listings soldLM%: percentage change since Last MonthLY%: percentage change since This Month Last YearAverage$: average selling priceMedian$: median selling priceActive Listings: total listings on the market at midnight on the last day of the month

This Month Last Month This Month Last Year

June 2015Statistics Package for Media

Previous Periods Comparison of MLS HPI Benchmark Prices and MLS HPI Index Values

Victoria Real Estate Board June 2015 statistics

Previous Periods Comparison of Unit Sales, Average Prices and Median Prices

8%10%12%14%16%18%20%22%24%26%28%

Jun

2013

Jul 2

013

Aug

201

3

Sep

201

3

Oct

201

3

Nov

201

3

Dec

201

3

Jan

2014

Feb

2014

Mar

201

4

Apr

201

4

May

201

4

Jun

2014

Jul 2

014

Aug

201

4

Sep

201

4

Oct

201

4

Nov

201

4

Dec

201

4

Jan

2015

Feb

2015

Mar

201

5

Apr

201

5

May

201

5

Jun

2015

Balanced Market

Sales to Active Listings Ratio

The active listing count and the sales count can be viewed as indicators of housing supply and demand respectively. Observing the ratio between them can thus help indicate a "buyers' market", where there is downward pressure on prices, and a "sellers' market", where there is upward pressure on prices.

- below 10%, there is downward pressure on prices (buyers' market) - above 25%, there is upward pressure on prices (sellers' market) - in the 15-20% range, there is little pressure on prices either way (balanced market)

Victoria Real Estate Board June 2015 statistics

Total new MLS listings and total MLS sales for entire district

The Victoria Real Estate Board uses the MLS Home Price Index (MLS HPI) to report on property values. The MLS HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defi ned area.

Through the analysis of over ten years of Victoria Real Estate Board MLS sales data, the MLS HPI defi ned benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.

MLS HPI benchmark and value - Single Family Homes

Victoria Real Estate Board June 2015 statistics