The price of a single-family home has gone down in Victoria for the first time in two years.
Numbers released by the Victoria Real Estate Board for August show the core area (Victoria, Saanich, Oak Bay, View Royal and Esquimalt) has decreased by 1.3 per cent as compared to July. The bench mark price for a single family home in these areas was $823,100 down from $824,200 in July.
In Greater Victoria, the bench mark price home was $694,500 in August. That's down from 700,800 in July.
In quote from their website, the President of the board, Ara Balabanian says: “it is still too early to call it a trend.”
The market overall cooled down a little bit, according to the VREB’s figures, there were 736 properties sold in August, down from the 883 properties sold in August 2016.
At the same time though, it should be noted that the benchmark price for a single family in the Victoria core in August 2016 was $743,200—now up 10.8 per cent to $823,100 this year.
Find the latest numbers from Victoria Real Estate Board here