CONTACT
RSS

Housing in Greater Victoria remains in high demand
 
"Comparing last year’s April market to 2021 does not provide us any real insight into long term market trends,” said Victoria Real Estate Board President David Langlois. “Instead of comparing to last year’s numbers, we need to look at years before the pandemic to see how April 2021 compares to average. In the most recent five years pre-pandemic, the average number of sales in the month of April was 896. April 2016 holds the record for sales with 1,286 properties sold. The five-year average for active listings was 2,596, so we sit at more than one thousand homes fewer than a recent average level of inventory.”
 
A total of 1,116 properties sold in the Victoria Real Estate Board region this April, 288.9 per cent more than the 287 properties sold in April 2020, but 4.9 per cent fewer than the previous month of March. Sales of condominiums were up 353.4 per cent from April 2020 with 331 units sold. 12.2 per cent fewer condominiums sold in April 2021 than in the previous month of March. Sales of single family homes were up 246 per cent from April 2020 with 564 sold. 1.7 per cent fewer single family homes sold in April 2021 than in the previous month of March.
 
There were 1,454 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2021, 36.9 per cent fewer properties than the total available at the end of April 2020 and 11 per cent more than the 1,310 active listings for sale at the end of March 2021.
 
­­"We’ve seen an imbalance in our market for a quite a few months,” explained Langlois. “Our market is based on supply and demand and there is a disconnect right now with record low supply and high demand. Unfortunately, our housing supply is not as elastic as market demand is. Desire for homes in a certain market can erupt quickly, while building homes takes years. These realities make it hard to bring our market into balance. Efforts by government to dampen demand by making home ownership more expensive through taxes and borrowing limitations do not bring balance. Municipal governments adding costs and time delays to new developments do not bring balance. A commitment to developing our communities over the long term may.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2020 was $884,600. The benchmark value for the same home in April 2021 increased by 12.6 per cent to $996,500, a 2.9 per cent increase from the previous month of March. The MLS® HPI benchmark value for a condominium in the Victoria Core in April 2020 was $533,600, while the benchmark value for the same condominium in April 2021 was $547,600, a 2.6 per cent increase.
 
 
 
The release and the full statistics package will be posted to the VREB website at www.vreb.org/current-statistics later this afternoon.
Read

Victoria Real Estate Market Statistics for the Month of April
Victoria Spring market far from the usual as real estate continues to react to pandemic
 
A total of 287 properties sold in the Victoria Real Estate Board region this April, 58.8 per cent fewer than the 696 properties sold in April 2019 and 52.8 per cent fewer than the previous month of March 2020. Sales of condominiums were down 64 per cent from April 2019 with 73 units sold. Sales of single family homes were down 55.8 per cent from April 2019 with 163 sold.
 
"We continue to see the impact of the COVID-19 pandemic on the local real estate market," says Victoria Real Estate Board President Sandi-Jo Ayers. "Sales numbers are much lower than what we expected to see this spring and new listings are slow to come to market as owners wait to see what our community's trajectory is over the course of this pandemic. As a result, the available inventory of properties for sale remains lower than in April last year. Like so many other industries, much of the real estate market is watching, waiting and adapting."  
 
There were 2,305 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2020, 16.2 percent fewer properties than the total available at the end of April 2019 but a 2.4 per cent increase from the 2,252 active listings for sale at the end of March 2020.  
 
"Real estate services and REALTORS® were declared an essential service by our province in March in order to protect consumers who need to make real estate transactions during this time," adds Ayers. "This responsibility has opened opportunities for our profession to adapt our way of doing business to ensure our community's health is protected. Technology has allowed us to move much of our work online. Now you can participate in an open house from the comfort of your couch and manage your contracts and negotiations securely online. Of course, the vast majority of transactions still require an in-person showing at some point and so local Realtors are ensuring they are adhering to the advice of the Provincial Health Officer. We know that we are in complex times, but also that some people need to buy and sell. Our message has been and will be moving forward - if you need us, we are here."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2019 was $843,500. The benchmark value for the same home in April 2020 increased by 4.6 per cent to $882,700, 0.6 per cent more than March's value of $877,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2019 was $512,700 while the benchmark value for the same condominium in April 2020 increased by 3.5 per cent to $530,700, 0.2 per cent less than the March value of $531,900.
 

Read

Slower start to spring does not signal lower prices for Victoria real estate market

A total of 774 properties sold in the Victoria Real Estate Board region this April, 12.5 per cent fewer than the 885 properties sold in April last year, but a 12.5 per cent increase from the month previous. The sales of condominiums were down 21.6 per cent from last year in April with 225 units sold. Single family homes were 8.1 per cent down from the year previous with 420 sold this April.

"We're now into the spring real estate market, which is traditionally the busiest time of the year for buying and selling homes," says Victoria Real Estate Board President Kyle Kerr. "Last year, the months of May and June were the busiest, so we may see this pattern again but on a slightly smaller scale than last year, since our sales for the year thus far are down about 18 per cent when compared to 2017. Although January to March was quite far behind last year's pace, we may see that margin get smaller as we progress through the spring months and people adjust to the new mortgage qualifying rules."

There were a total of 2,002 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2018, an increase of 13.4 per cent compared to the month of March and 18.5 per cent more than the 1,690 active listings for sale at the end of April 2017.

"We continue to see low inventory in our market, and good homes in desirable locations are still seeing multiple bids," adds President Kerr. "One interesting development we are tracking is the increase of prices in a market of fewer sales. Part of the reason for this is that there is strong pressure on lower-priced properties. After the new mortgage rule changes this year, many consumers have seen a reduction in their buying power, so more are competing for lower-priced properties and in multiple offer situations, pricing is pushed up. Our area just doesn't have the supply or mix of homes needed to meet the demand. We are working with government at all levels to identify ways to meet this demand in the CRD."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2017 was $800,100, while the benchmark value for the same home in April 2018 increased by 8.3 per cent to $866,700, higher than March's value of $859,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2017 was $418,200, while the benchmark value for the same condominium in April 2018 increased by 18.4 per cent to $495,100, which is higher than March's value of $490,000.
Read
Categories:   1029 view st | 1061 Fort St | 1188 Yates | 128 Amphion Terrace | 2018 | 2018 MLS Statistics Victoria | 2020 | 2021 | 2022 | 2417 Beacon Avenue | 3010 washington Ave | 439 cook st | 515 Chatham | 751 fairfield rd | 760 johnson st | 881 short st | 881 uptown | 930 yates | abstract | abstract development | accountant | acreage | Activity Book | affordable homes | agreement of purchase | air bnb | Apartment | approach seller direction | April statistics | astoria | august 2022 | bare trustee | bc | BC Energy | bc home assessed value | BC Housing | bc landlords | BC Real Estate Council | BC Real Estate Foundation | BC Real Estate Rules | bc speculation tax | bc tax rules | bc title | bcrea | Bear Mountain | Belmont | beneficial interest | best realtor | bosa development | british columbia | british columbia real estate | building warranty | Buy | buy a condo in cedar hill | Buy Apartment | Buy Apartment Victoria BC | Buy Condo | Buy Condo Victoria | Buy Condo Victoria BC | Buy Home | Buy Home Victoria BC | Buy House Victoria BC | Buy In Victoria BC | Buy Property | buy real estate in Rockland victoria bc | buyer | buyers | buyers tax | Buying | Buying Home | Buying A ForeClosed Home | Buying A House | Buying A House With Cash | Buying An Investment Property | Buying Property | Buying Rental Property | Buying Your First Home | BuyingProperty | canada | canada home search | Canadian Housing Market | cannabis rules | capital park | cedar hill | central saanich | central saanich waterfront | Century | Century 21 Houses For Sale | Century 21e | character home | City of Saanich | clause to remove junk | close to uvic | CMHC | Co Hatley Park, Colwood Real Estate | coast hotel | concert properties | condo | condo clear | condo downtown | condo for sale | condo project | Condos For Sale | consumer protection | cordova bay | Corona Virus | corporations | Costs House | Costs Of Buying A House | Covid-19 | covid19 | cra | Craigslist Houses | Craigslist Houses For Sale | CS Brentwood Bay, Central Saanich Real Estate | CS Saanichton, Central Saanich Real Estate | customs house | david foster | deceased on title | december | detached Homes | development opportunity | disclosure forms | dockland real estate victoria | downtown | downtown victoria | downtown victoria condo | downtown victoria condos | Downtown Victria | Du West Duncan, Duncan Real Estate | elevate | empty home tax | Es Rockheights, Esquimalt Real Estate | Es Saxe Point, Esquimalt Real Estate | esquimalt | esquimalt home | estate planning | evergreen hill | fairfield condo | fairfield rd | fantastic app | farm | farm land | father | father's day | february real estate statictics | fifteen 88 | fifteen88 | find a home in victoria | find a home victoria bc | find home find | First | First Home | First Time Home Buyer | fisherman's warf | fixed mortgage | for sale by owner | for sale by owner victoria | For Sale In | For Sale On | For Sale Victoria BC | ForeClosed | ForeClosed Home | foreign b | foreign buyer tax | foreign buyer tax in british Columbia | foreign buyers | garden suite | go agent | gst | guidelines | hacks | hamlet park | harbourside | home | Home Buyer | home for sale | Home Partnership Program | Home Prices | home renovations | home search criteria | home warranty | Homes | Homes Sale | homes for sale | homes for sale in victoria bc | homes for sale under $400000 | House | House Buy And Sell | House For Sale In | House Sold | House Victoria BC | House With Cash | houses | Houses For Sale | Houses For Sale On | Houses To Buy In Victoria BC | housing market | hudson one | hudson place | hudson place one | hudson presale | Ilaria | income splitting | Investment Property | January | Jawl | jawl properties | joint tenancy | july statistics | june 15 | June 2018 | june 2020 | june 2022 | junk removal | Kijiji Homes | Kijiji Homes For Sale | kitma rd | La Bear Mountain, Langford Real Estate | La Florence Lake, Langford Real Estate | La Glen Lake, Langford Real Estate | La Happy Valley, Langford Real Estate | La Westhills, Langford Real Estate | Ladysmith | landlord | lanford | langford | lefreve | legal | legato | luxury | luxury condo | luxury condo inner harbour | luxury home | luxury real estate | luxury tax | luxury waterfront | manhattan | March | march statistics | marigold | Market | market on yates | Market Value | May | May 2020 real estate | may 2021 real estate | may statistics | me | misrepresentation | ML Mill Bay, Malahat & Area Real Estate | MLS | MLS 2018 August | mls app | mls statistics | mortgage | mosaic | Multi Family Properties | Multi Family Properties For Sale | Na North Nanaimo, Nanaimo Real Estate | nanaimo | near | new bc budget 2018 | New Condos | New Condos For Sale Victoria BC | new foreign entity tax | New Homes | New Homes For Sale Victoria BC | New Houses | New Houses For Sale Victoria BC | New realtor | new tax rules | newsletter october | newsletter september | non-resident | north dairy rd | Norway House Buy And Sell | november | NS Dean Park, North Saanich Real Estate | NS Lands End, North Saanich Real Estate | OB South Oak Bay, Oak Bay Real Estate | ocean view | october | october 2022 | Offer | Old Houses | Old Houses For Sale | openhouse | outbreak | Pandemic | parking | parkside | parkside hotel | parkside presale | polo village | Possession Dates | Pre-sale | pre-sale home | preconstruction | presale | presale condo | price | Properties | Properties For Sale | property | property guys | property transfer tax | purchase agreement | Purple Bricks | Purple Bricks Homes For Sale | real estate | real estate app | real estate estat | real estate estatistics | Real Estate Foundation BC | real estate news | real estate purchase | real estate rule changes | Real Estate Sold | real estate statistics | real estate tax | Real Estate Victori | real estate victoria | realtor | Realtor Houses For Sale | realtor tipline | realtor.ca | realtors | Remax | Remax Land | Remax Land For Sale | Rental | Rental Property | resale downtown victoria condo | residenes | residential property | resources | rockland real estate victoria | roundhouse rise | saanich garden suite | Sale | Sale Victoria BC | save money | saxe point | school | scrap speculation tax | SE Cedar Hill, Saanich East Real Estate | SE Cordova Bay, Saanich East Real Estate | SE Maplewood, Saanich East Real Estate | SE Mt Doug, Saanich East Real Estate | SE Mt Tolmie, Saanich East Real Estate | SE Swan Lake, Saanich East Real Estate | search for homes on MLS | second property | selkirk waterway | Sell My House | Sell My House Fast For Market Value | sell your home in victoria | seller | sellers | Sellers Market | selling | september | september real estate news | sidney | Sidney condo | sidney condo project victoria | Sk East Sooke, Sooke Real Estate | Sk John Muir, Sooke Real Estate | Sold | Sold Homes | Sold properties | specul | specula | speculation | speculation ta | speculation tax | speculation tax for foreigners in British Columbia | Statistical Updates | statistics | Step One Code | Steps To Buying A House | storage | strata | strata insurance | strata tips | stress test | subdivision | SW Marigold, Saanich West Real Estate | SW Northridge, Saanich West Real Estate | SW Portage Inlet, Saanich West Real Estate | SW Royal Oak, Saanich West Real Estate | SW Strawberry Vale, Saanich West Real Estate | SW Tillicum, Saanich West Real Estate | Tax | tax avoidance penalties property transfer tax | tax changes | tax changes in bc | tax fraud | tax penalties | Tax rukes | tax rules | tax splitting | telephone scam | Tenancy | tenancy laws | tenanted properties | tenants | the aragon | the haro | the jukebox | the juliet | the manhattan | the manhattan 930 yates | the nest | the railyards | thetis Glen | thetisglen | timeshare | tips | tips on virtual open house | title insurance | Top Realtor | Top Realtor Victoria BC | townhouse | Townhouses | Townhouses Victoria BC | Townhouses For Sale Victoria BC | Tresah | Troke | trust agreements | Trusts | two lots | ubc | under 600 000 | vacation home | vancouver | variable mortgage | Vi Burnside, Victoria Real Estate | Vi Downtown, Victoria Real Estate | Vi Fairfield West, Victoria Real Estate | Vi Fernwood, Victoria Real Estate | Vi James Bay, Victoria Real Estate | Vi Jubilee, Victoria Real Estate | Vi Mayfair, Victoria Real Estate | Vi Rockland, Victoria Real Estate | vic west new condo project | victora | victoria | Victoria August 2018 MLS Statistics | victoria bc | victoria bc canada | victoria bc home find | Victoria BC Home Prices | victoria condo | victoria condo market 2019 | victoria Day parade | victoria homes | victoria housing bubble | victoria inner harbour | victoria luxury condo | Victoria New Condos For Sale | victoria pre sale | victoria property | victoria property searc | victoria property search | victoria real estate | victoria real estate board | Victoria Real estate statistics | victoria speculation tax | Victoria Top Realtor | victoria townhouse | victoria waterfront | victoria waterfront condo | Victoria Waterfront Properties | vip | virtual open house | VR Prior Lake, View Royal Real Estate | VR Six Mile, View Royal Real Estate | VR View Royal, View Royal Real Estate | VREB | VW Songhees, Victoria West Real Estate | VW Victoria West, Victoria West Real Estate | water view | waterfront | waterfront condo | waterfront property | waterview | wharf street | what is happening with BC speculation tax | yates
Categories
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.