A total of 608 properties sold in the Victoria Real Estate Board region this March, five
per cent fewer than the 640 properties sold in March 2019 but eight percent more than
the previous month of February 2020. Sales of condominiums were down 9.2 per cent
from March 2019 with 178 units sold. Sales of single family homes decreased 5.3 per
cent from March 2019 with 305 sold.
 
"Last month, we stated that we saw the spring market kicking off," says Victoria Real
Estate Board President Sandi-Jo Ayers. "The start of March continued that trend and we
saw higher year over year sales for the first weeks of the month - spring had officially
sprung with multiple offers, new listings and sales. And then the world changed. Since
the COVID-19 pandemic was declared, we have tracked a predictable downturn of
sales in our market. Moving forward it is hard to predict what our spring market will look
like, but it will likely be very different than recent years as our entire community slows
down to stay healthy."
 
There were 2,252 active listings for sale on the Victoria Real Estate Board Multiple
Listing Service® at the end of March 2020, 7.5 percent fewer properties than the total
available at the end of March 2019 but a 5.9 per cent increase from the 2,127 active
listings for sale at the end of February 2020.  
 
"Right now, it is not business as usual," adds Ayers. "Our REALTORS® are working to
ensure that services for clients who need them are delivered in a healthy, safe and
secure way. Our industry is working with government stakeholders to make sure that
transactions that were underway before the pandemic was declared are protected and
that homeowners are able to complete sales and purchases. This is a time to ensure
our clients are safeguarded as well as to ensure that our community stays healthy.
Many Realtors are leveraging new technologies including video home tours and virtual
showings. Our message is - 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 March 2019 was $836,100. The benchmark value for the
same home in March 2020 increased by five per cent to $877,700, 1.1 per cent more
than February's value of $868,100. The MLS® HPI benchmark value for a condominium
in the Victoria Core area in March 2019 was $507,700 while the benchmark value for
the same condominium in March 2020 increased by 4.8 per cent to $531,900, 0.9 per
cent more than the February value of $527,400

As promised, we are providing industry related updates as the COVID-19 situation unfolds in our community.   The provincial government has just announced that they will restrict owner access to tenanted properties. This means that landlords will now need consent of the tenant to show properties (or for routine maintenance). If you have a tenanted property currently listed be aware access to the property for showings can only occur with the consent of the tenant. The prior notice provisions for access in the legislation are not enforceable for property viewings.   The government has also announced a halt to evictions. Sellers under existing contracts of purchase and sale for tenanted properties should be advised to seek legal advice concerning the enforceability of any existing Notices to End a Residential Tenancy served upon their tenants, or that are scheduled to be served upon tenants as per existing contracts of purchase and sale. Any seller of a current listing of a tenanted property should be advised to seek advice as to their ability to provide vacant possession at completion. We will have more updates for you as they are available.   These measures are temporary and are intended to keep our community safe and healthy.     From the Province:   The Province is implementing a number of additional measures to keep people housed and protect their health. The full list of immediate measures includes: The new temporary rent supplement will provide up to $500 per month, paid directly to landlords. Halting evictions by ensuring a landlord may not issue a new notice to end tenancy for any reason. However, in exceptional cases where it may be needed to protect health and safety or to prevent undue damage to the property, landlords will be able to apply to the Residential Tenancy Branch for a hearing. Halting the enforcement of existing eviction notices issued by the Residential Tenancy Branch, except in extreme cases where there are safety concerns. The smaller number of court ordered evictions are up to the courts, which operate independently of government. Freezing new annual rent increases during the state of emergency. Preventing landlords from accessing rental units without the consent of the tenant (for example, for showings or routine maintenance), except in exceptional cases where it is needed to protect health and safety or to prevent undue damage to the unit. Restricting methods that renters and landlords can use to serve notices to reduce the potential transmission of COVID-19 (no personal service and allowing email). Allowing landlords to restrict the use of common areas by tenants or guests to protect against the transmission of COVID-19.   You can find the full release here.

Dear Families,

Being a parent myself I felt it useful to share the attached information on some resources for parents. Please find and some guidance on home schooling for our kids in BC.

LINK