Victoria Experienced “Record Breaking Month” In Home Sales In July

The city of Victoria, British Columbia, has emerged with its highest ever recorded number of home sales during the month of July. The city managed to surpass its previous record in home sales which was set back in 2009.

According to the Victoria Real Estate Board (VREB), 972 properties were sold in the city in July. The number was 22% higher than the number of properties sold in the same month only a year before. July 2015 ended with Victoria recording the sale of 796 properties overall.

The success in sales is further reflected by the decline in inventory in comparison to last year. Statistics from the Victoria Real Estate Board Multiple Listing Service reveal the city’s inventory levels fell by 45 percent, from 3,945 listings a year before to 2,161 last month.

The current president of the Victoria Real Estate Board, Mike Nugent, summed up his designated city’s phenomenal month with the following statement:

“Though we saw the seasonal slowdown that we expect this time of year, we had another record breaking month. The last time we saw a July this busy was in 2009 when 933 properties sold.”

Many believe that the higher rate of sales in properties that occurred in Victoria is due to the spill-over effect the BC government’s tax is having on other cities. Analysts have always tipped foreign homebuyers to move to other cities as a result of the tax and Victoria has already seemed to become an example for this claim.