CONTACT
RSS

Released to media today:
 
Victoria real estate market sees strong start to 2021
 
A total of 646 properties sold in the Victoria Real Estate Board region this January, 57.2 percent more than the 411 properties sold in January 2020 and 2.4 percent more than the previous month of December. Sales of condominiums were up 83.1 percent from January 2020 with 216 units sold. Sales of single-family homes were up 48.5 percent from January 2020 with 297 sold.
 
“Our bustling market continues to be fueled by strong consumer demand to own a home in Greater Victoria, driven in part by low-interest rates and by the overall desirability of our larger community,” said Victoria Real Estate Board President David Langlois. “This continuing demand, coupled with our record low inventory, has resulted in competition for desirable properties. The competition for sparse inventory has pushed both pricing and activity up and has created the very fast-paced market that we’ve been experiencing for the past several months.”
 
There were 1,321 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2021, 32.5 percent fewer properties than the total available at the end of January 2020 but a 3.3 percent increase from the 1,279 active listings for sale at the end of December 2020.
 
­­“The luxury home market continues to significantly outpace previous years,” adds Langlois. “For example, in January 2020, four homes over two million dollars sold. This January, twenty-five sold. We also see continued strengthening in the condominium market across all price points. Right now, navigating both the buying and selling process is challenging. With many moving pieces and in such a fast-paced market it’s important to leverage the experience and expertise of your trusted local REALTOR®.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2020 was $860,700. The benchmark value for the same home in January 2021 increased by 8.3 percent to $932,000, a 1.8 percent increase from the previous month of December. The MLS® HPI benchmark value for a condominium in the Victoria Core in January 2020 was $523,400, while the benchmark for the same condominium in January 2021 remained close to last year’s value at $518,800, a 0.9 percent decrease.
 
 
Read

Victoria real estate market continues to experience strong demand, low supply
 
A total of 795 properties sold in the Victoria Real Estate Board region this November, 37.8 percent more than the 577 properties sold in November 2019 but 19.7 percent fewer than the previous month of October 2020. Sales of condominiums were up 62.7 percent from November 2019 with 262 units sold. Sales of single-family homes were up 21.8 percent from November 2019 with 375 sold.
 
Once again, we’ve tracked an unexpectedly busy month for the Victoria area real estate market,” said Victoria Real Estate Board President Sandi-Jo Ayers. “With near 800 total sales last month, we came close to the record for sales in November - which was 892 sales in 1989."
 
There were 1,813 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2020, 24.4 percent fewer properties than the total available at the end of November 2019 and a 14.6 percent decrease from the 2,122 active listings for sale at the end of October 2020.
 
“I expect the question on most people’s minds is – how long does this last, and is this sustainable,” adds Ayers. “The fact is, the market has outperformed anyone’s expectations in the midst of this pandemic. There is a chance we will see a slow leveling of activity over the winter – which is what we would expect seasonally. However, because of our consistently low inventory, pressure on pricing and multiple offer situations will likely continue as we remain in a demand-heavy environment.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in November 2019 was $857,600. The benchmark value for the same home in November 2020 increased by 5.3 percent to $903,100, a 2.7 percent increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2019 was $517,400, while the benchmark for the same condominium in November 2020 remained close to last year’s value at $516,600, a 0.2 percent fluctuation.
 
 
Read

Victoria Real Estate Market continues to outperform in unpredictable times
 
A total of 990 properties sold in the Victoria Real Estate Board region this October, 59.9 per cent more than the 619 properties sold in October 2019 and 0.1 per cent more than the previous month of September 2020. Sales of condominiums were up 70.8 per cent from October 2019 with 304 units sold. Sales of single family homes were up 53.1 per cent from October 2019 with 487 sold.
 
"Once again, another month concluded with numbers that surprised many of us,” said Victoria Real Estate Board President Sandi-Jo Ayers. “Sales for October broke the record for the month and inventory continues to be snapped up quickly. Due to this high demand, low supply environment, we are seeing many multiple offer situations. Condos and single family homes both continue to be popular choices for buyers.”
 
There were 2,122 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2020, 19.7 per cent fewer properties than the total available at the end of October 2019 and an 11.2 per cent decrease from the 2,389 active listings for sale at the end of September 2020.
 
“We have mentioned previously the pent-up demand – how sales that were depressed over the spring because of the pandemic occurred later during the summer. These delayed sales resulted in higher than average numbers for our summer and early fall market,” adds Ayers. “We may also be seeing some brought-forward demand – where people are making their future moves now. In part this may be to take advantage of lower mortgage interest rates. It may also be because of our current public health situation. Some people may be anticipating a slow down in general activity over the winter months due to the course of the pandemic and so are accelerating their plans. This may mean continued heightened sales activity through the fall and early winter, which is contrary to our normal market trend. In a normal year, we would see a tapering off of activity leading to the winter season, but thus far we have seen sustained sales and demand through October. Check in with a local REALTOR® to ascertain the to-the-minute market environment if you are considering buying or selling a property.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2019 was $859,900. The benchmark value for the same home in October 2020 increased by 2.3 per cent to $879,600, virtually the same value as listed in September. MLS® HPI benchmark value for a condominium in the Victoria Core in October 2019 was $512,500, while the benchmark for the same condominium in October 2020 remained close to last year’s value at $512,300, 0.3 per cent more than the September value of $510,600.
 
Read

May 2020 - Victoria Real Estate Statistics
Victoria real estate activity picks up as restrictions ease
 
A total of 457 properties sold in the Victoria Real Estate Board region this May, 46.1 per cent fewer than the 848 properties sold in May 2019 but 59.2 per cent more than the previous month of April 2020. Sales of condominiums were down 55.7 per cent from May 2019 with 108 units sold. Sales of single family homes were down 42.9 per cent from May 2019 with 254 sold.
 
"Our market continues to respond to the current health crisis," says Victoria Real Estate Board President Sandi-Jo Ayers. "Activity in real estate right now echoes the activity in our broader community - as restrictions gradually begin to lift - so too have our sales and listings numbers. Of course, like any industry, we do not expect a sudden shift back to any kind of normal. That said, one theme that persists in our market is that well-priced properties in high demand areas continue to see multiple offers. Demand exists and we continue to have motivated buyers searching for their perfect home."
  
There were 2,544 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2020, 15.7 percent fewer properties than the total available at the end of May 2019 but a 10.4 per cent increase from the 2,305 active listings for sale at the end of April 2020.  
 
"If you're considering buying or selling a property right now you will find the experience different than pre-pandemic," adds Ayers. "REALTORS® are doing our part to ensure that there is not a resurgence of COVID-19 in our community by following government health and safety guidelines, by leveraging technology to facilitate many aspects of the real estate transaction virtually and by implementing various clean showing protocols. Your Realtor will navigate the new processes and requirements to keep you, your property and our city safe and healthy."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2019 was $863,000. The benchmark value for the same home in May 2020 increased by 2.6 per cent to $885,400, 0.1 per cent more than April's value of $884,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2019 was $516,400, while the benchmark value for the same condominium in May 2020 increased by 3.5 per cent to $534,300, 0.1 per cent more than the April value of $533,600.
 
 
Read

Victoria Real Estate Market Statistics from MLS

If you look at the Victoria Real Estate Statistics, you wil see that the supply is not that much more than it was last year. Please note as well that the number of unconditional sales is significantly lower, showing a shift in financing and the bank tightening up on their lending policies. 

 

If you would like to review the real estate market in Victoria, please do not hesitate to contact us.

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.