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July Market Update

Sat, 08 Jul 2023 20:31:43 GMT

Conclusion of a strong spring Victoria real estate market

July 4, 2023 A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 per cent more than the 612 properties sold in June 2022 and a 9 per cent decrease from May 2023. Sales of condominiums were up 19.8 per cent from June 2022 with 242 units sold. Sales of single family homes increased 6.6 per cent from June 2022 with 322 sold.

"As we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons," said Victoria Real Estate Board Chair Graden Sol. "During and shortly after the pandemic, we couldn't rely on our usual comparisons to explain the market. This year we have seen a return to a seasonal pattern, where the sales are slower through the winter and may peak in the spring. This seasonal trend is generally followed by a summer market which remains stable but is not as highly active."

There were 2,342 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2023, an increase of 7 per cent compared to the previous month of May and a 13.7 per cent increase from the 2,059 active listings for sale at the end of June 2022.

"We have seen a small increase in inventory over the month of June," adds Sol. "This inventory is very welcome, as we are still low on available listings for sale compared to historical counts. If inventory continues to rise, we may see prices stabilize further - another reminder of how important it is to add supply to the marketplace where possible. Well-priced properties are still selling rapidly while benchmark pricing remains reasonably level. In terms of pace and stability this is good news for sellers and buyers and hopefully heralds a summer of positive real estate transactions. To ensure that your transaction goes smoothly, engage a local REALTOR® to assist. Your Realtor knows the up-to-the-minute information for Victoria and how to navigate the market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2022 was $1,408,500. The benchmark value for the same home in June 2023 decreased by 7 per cent to $1,310,100, which is up from May's value of $1,297,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2022 was $615,200, while the benchmark value for the same condominium in June 2023 decreased by 9 per cent to $573,800, which is up from the May value of $569,300.

June Market Update

Fri, 02 Jun 2023 22:39:42 GMT

Spring market begins to grow just in time for summer

June 1, 2023 A total of 775 properties sold in the Victoria Real Estate Board region this May, 1.8 per cent more than the 761 properties sold in May 2022 and a 21.7 per cent increase from April 2023. Sales of condominiums were down 0.8 per cent from May 2022 with 248 units sold. Sales of single family homes increased 8.7 per cent from May 2022 with 399 sold.

"The month of May marks the highest number of sales we've seen since April of last year," said Victoria Real Estate Board Chair Graden Sol. "While we haven't seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales higher than the month previous. With momentum building, there's an indication of consumer optimism in the market heading into June. However, if the ongoing lack of homes for sale persists and inventory is not added, we risk a return to an overheated market with pressure on pricing."

There were 2,189 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2023, an increase of 7.1 per cent compared to the previous month of April and a 23.3 per cent increase from the 1,776 active listings for sale at the end of May 2022.

"The return of consumer confidence we indicated last month appears to be staying strong," adds Sol. "The slight uptick in inventory means there is more selection, though of course on well-priced properties buyers need to come prepared to move at pace with the help of their REALTOR® to ensure they are well positioned in the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2022 was $1,424,000. The benchmark value for the same home in May 2023 decreased by 8.9 per cent to $1,297,600, which is up from April's value of $1,295,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2022 was $619,500, while the benchmark value for the same condominium in May 2023 decreased by 8.1 per cent to $569,300, which is up from the April value of $564,000.

May Market Update

Mon, 01 May 2023 21:46:09 GMT

Not enough growth in inventory numbers means spring market sales slow

May 1, 2023 A total of 637 properties sold in the Victoria Real Estate Board region this April, 22.7 per cent fewer than the 824 properties sold in April 2022 but an 8 per cent increase from March 2023. Sales of condominiums were down 21.8 per cent from April 2022 with 205 units sold. Sales of single family homes decreased 19.4 per cent from April 2022 with 325 sold.

"Sales numbers for this April are more moderate than the higher levels we've seen in recent years," said Victoria Real Estate Board Chair Graden Sol. "We are in a familiar market pattern, where the majority of sales for the year occur in the spring. While we've seen an increase in sales over the previous month, we're not expecting a return to record setting activity. Our inventory levels continue to be very low and new properties are slow to come onto market. More inventory is needed to balance the supply against spring demand. The good news is that prices have stabilized for now. If listings do not pick up over this season, there is a risk that the price stabilization could turn and we could see prices increase."

There were 2,043 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2023, an increase of 3.7 per cent compared to the previous month of March and a 49.7 per cent increase from the 1,365 active listings for sale at the end of April 2022.

"Though we are seeing multiple offers in our market, these situations are dependent on a number of factors including price, competition, area, condition of home, etc.," adds Sol. "This means sellers should seek clarity on what to expect during their transaction as this spring market continues to evolve. Overall, consumer confidence in the market has returned. Accurately priced homes are selling quickly and close to list price. Your REALTOR® can help you understand the pulse of the market should you be contemplating buying or selling this spring."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2022 was $1,424,900. The benchmark value for the same home in April 2023 decreased by 11.3 per cent to $1,264,200, which is up from March's value of $1,236,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2022 was $630,200, while the benchmark value for the same condominium in April 2023 decreased by 10.3 per cent to $565,000, which is up from the March value of $560,300.

April Market Update

Mon, 03 Apr 2023 22:25:35 GMT

Winter real estate market wraps with improved consumer confidence and more stable pricing

March 1, 2023 A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023. Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single family homes decreased 28.8 per cent from February 2022 with 220 sold.

"Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics," said Victoria Real Estate Board Chair Graden Sol. "We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive growth as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We're also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace."

There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2023, an increase of 4 per cent compared to the previous month of January and a 113.1 per cent increase from the 849 active listings for sale at the end of February 2022.

"The market today is different than we have seen in recent years," adds Sol. "There's plenty of demand from buyers, and we are still low in inventory, but there are opportunities in a less pressurized environment for consumers to get into a new home. Most buyers will find they have more time to view homes, make decisions and do their due diligence in this somewhat more relaxed market. Of course, we are heading into a new season which is typically very active. The statistics in this report reflect what happened last month. Prudent buyers and sellers will seek the knowledge of their Realtor to determine the up-to-the-minute conditions and how to best navigate the market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2022 was $1,321,400. The benchmark value for the same home in February 2023 decreased by 5.6 per cent to $1,247,200, down from January's value of $1,251,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2022 was $580,900, while the benchmark value for the same condominium in February 2023 decreased by 2.2 per cent to $568,200, down from the January value of $578,300.

March Market Update

Wed, 01 Mar 2023 22:53:17 GMT

Winter real estate market wraps with improved consumer confidence and more stable pricing

"Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics," said Victoria Real Estate Board Chair Graden Sol. "We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive headwinds as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We're also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace."

February Market Update

Thu, 02 Feb 2023 23:12:40 GMT

A slow start to the year may not foretell the future for the Victoria housing market

February 1, 2023 A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

"If you're looking at the statistics, this January was one of the slowest we've seen on record," says 2023 Victoria Real Estate Board Chair Graden Sol. "However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year. It may be that consumers are moving past the market shock of the rate increases and economic uncertainty and that our market is regaining its equilibrium. What the data doesn't show is the optimism that many of our REALTOR® members are noting from their buyers and sellers, who remain active viewing homes and making offers. Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like."

There were 1,739 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 3 per cent compared to the previous month of December and a 133.7 per cent increase from the 744 active listings for sale at the end of January 2021.

"Despite the slower start to the market in January, and our constrained inventory levels, some consumers still found themselves in multiple offer situations, particularly on the types of properties that represent the crucial missing middle segment of our market. The Victoria City Council voting to move forward with their missing middle housing program is a great step in the right direction when we are considering how low inventory has impacted the attainability of housing in the CRD," adds Sol. "But this is one step in a marathon of work to be done to increase housing opportunities to meet our community's short- and long-term needs. Each municipality must keep their focus on adding gentle density where they can so that we do not face another swift increase in values when our market demand increases again."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2022 was $1,296,600. The benchmark value for the same home in January 2023 decreased by 3.5 per cent to $1,251,100, down from December's value of $1,283,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2022 was $561,300, while the benchmark value for the same condominium in January 2023 increased by 3 per cent to $578,300, up from the December value of $574,300.

January Market Update - A New Year!

Tue, 03 Jan 2023 21:56:54 GMT

The 2022 Victoria Real Estate Market Year in Review

January 3, 2023 A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold.

A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014's sales year when 6,698 properties were sold.

"We began the year with record low inventory, and with higher than average sales," says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. "And then the market changed on a dime. Interest rate increases through the remainder of 2022 signalled the end of low-cost borrowing and pushed buyers to the sidelines. Each time interest rates went up, market activity slowed. As we head into 2023, we continue to see the cost of moving and borrowing money undermine demand. Slower sale activity has resulted in inventory levels rebounding from historic lows, which means there are more opportunities for buyers in our market this year than in recent years."

There were 1,688 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2022, a decrease of 20 per cent compared to the previous month of November but a 158.9 per cent increase from the 652 active listings for sale at the end of December 2021.

"The new year begins with the federal government's ban on foreign buyers," adds President Dinnie-Smyth. "This is a disappointing politically motivated action in the theme of government trying to slow demand, rather than addressing the more lengthy and less politically popular process of building more housing supply. The cost of housing is unlikely to be affected by this ban because we know from the government's own data that foreign buyers represent only a handful of transactions in our region in recent years. At the provincial government level, legislation began today for the cooling-off period, now referred to as the Home Buyer Recission Period. The Victoria market has already cooled off, which leaves this legislation at least a year out of date and toothless in terms of public protection, as standard condition terms are often longer than the three-day legislated term. Victoria REALTORS® support policies that provide housing that British Columbians can afford, and we are pleased to see some of our municipalities considering innovative builds that can help with this. Will 2023 be the year that the housing supply chain will be front and center on all levels of government agendas? If we fail to encourage new development now, we will have another supply shortfall in an upcoming market cycle which will lead to pressure on pricing. New government rules further complicate real estate transactions - so if you are buying or selling in 2023 - be sure to call your favourite Realtor for guidance."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2021 was $1,262,600. The benchmark value for the same home in December 2022 increased by 1.7 per cent to $1,283,600, down from November's value of $1,307,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2021 was $544,100, while the benchmark value for the same condominium in December 2022 increased by 5.6 per cent to $574,300, down from the November value of $587,800.

December Market Update

Fri, 02 Dec 2022 23:46:08 GMT

Victoria Real Estate Board Market Report for November 2022

December 1, 2022 A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.

"November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021," says Victoria Real Estate Board President Karen Dinnie-Smyth. "With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options."

There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021.

"Premier Eby's rapid introduction of changes to the Strata Property Act which remove rental restrictions and age restrictions other than 55 and older from strata developments is raising questions within strata communities. It remains to be seen what effect this may have on the strata market," adds President Dinnie-Smyth. "It is an open question whether these changes will bring any additional rental stock to the market - with BC's complex Residential Tenancy Act not all homeowners of vacant strata homes have a desire to become landlords and current interest rates are less attractive to investors who may want to purchase strata rental properties. It is also possible that these measures will contribute further to eroding housing affordability as older stratas with rental restrictions were generally valued lower than their rentable counterparts."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2021 was $1,249,400. The benchmark value for the same home in November 2022 increased by 4.6 per cent to $1,307,100 but was down 2.6 per cent from October's value of $1,341,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2021 was $536,200, while the benchmark value for the same condominium in November 2022 increased by 9.6 per cent to $587,800, down by 2.5 per cent from the October value of $602,700.

November Market Update

Tue, 01 Nov 2022 21:57:31 GMT

A slight uptick in sales and inventory, but Victoria market still requires commitment to homes

November 1, 2022 A total of 480 properties sold in the Victoria Real Estate Board region this October, 35.6 per cent fewer than the 745 properties sold in October 2021 but a 17.1 per cent increase from September 2022. Sales of condominiums were down 39 per cent from October 2021 with 152 units sold. Sales of single family homes decreased 32.2 per cent from October 2021 with 230 sold.

"Inventory has remained stable this month and for the first time since May 2022, we see a slight increase in the month over month sales," says Victoria Real Estate Board President Karen Dinnie-Smyth. "We noted last month that the number of sales for September did not necessarily reflect the on-the-ground activity in the marketplace. October sales have shown what the industry has been experiencing, an increase in activity, more sales and well-priced homes receiving plenty of attention — some receiving multiple offers. If you are considering selling a property, the continually evolving market conditions this month reinforce the need for up-to-date analysis of how to price your home during this type of market. With many micro-markets within the Greater Victoria area conversations with your local REALTOR® on how the housing market is performing in your specific area will be crucial to your success."

There were 2,192 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2022, a decrease of 4.7 per cent compared to the previous month of September but a 111.6 per cent increase from the 1,036 active listings for sale at the end of October 2021.

"With new mayors and councillors heading to work in several of our municipalities, we hope to see strong commitments to positive ways to manage the current and future housing needs of our communities high on council agendas," adds President Dinnie-Smyth. "The future cost of housing is at stake. The pressure on pricing and in the market overall will not resolve until we see material improvements in the number and types of properties available in the Greater Victoria area. Rentals, townhouses, duplexes, triplexes and beyond are all needed to help ensure that we do not face another cycle of rapid price increases due to lack of inventory in the future. We hope that all municipalities will be looking at gentle density improvements that will ensure more homes for more people in their community planning."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2021 was $1,216,900. The benchmark value for the same home in October 2022 increased by 10.2 per cent to $1,341,400 but was down 1.7 per cent from September's value of $1,364,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2021 was $524,500, while the benchmark value for the same condominium in October 2022 increased by 14.9 per cent to $602,700, down by 2.4 per cent from the September value of $617,400.

October Market Update

Mon, 03 Oct 2022 21:46:15 GMT

Victoria's summer real estate market conditions push into September

October 3, 2022 A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1 per cent fewer than the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold.

"September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market," says Victoria Real Estate Board President Karen Dinnie-Smyth. "This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics, but is noticeable if you are actively buying and selling."

There were 2,300 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2022, an increase of 7.6 per cent compared to the previous month of August and a 104.6 per cent increase from the 1,124 active listings for sale at the end of September 2021.

"The good news is that we have seen more inventory come to market, which when combined with slower sales activity, has resulted in more balanced market conditions," adds President Dinnie-Smyth. "In the current environment, properties that are well-priced and well-maintained continue to sell briskly. If you are thinking of making a move, a conversation with your favourite REALTOR® for an up-to-date analysis of how the housing market is performing in your area will be crucial to your success. Another consideration is to take the time to vote in your municipal elections October 15 for candidates who reflect your preferences for housing in our communities. Much of our future housing supply and the way Greater Victoria will manage housing needs will be determined by decisions made at the municipal level."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2021 was $1,201,100. The benchmark value for the same home in September 2022 increased by 13.6 per cent to $1,364,200 but was down 2 per cent from August's value of $1,391,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2021 was $519,200, while the benchmark value for the same condominium in September 2022 increased by 18.9 per cent to $617,400, down by 0.7 per cent from the August value of $621,900.

September Market Update

Mon, 05 Sep 2022 22:07:34 GMT

Less pressure on buyers in August in the Victoria real estate market

September 1, 2022 A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022. Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold. Sales of single family homes decreased 30.3 per cent from August 2021 with 249 sold.

"August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception," says Victoria Real Estate Board President Karen Dinnie-Smyth. "After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing."

There were 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2022, a decrease of 1.2 per cent compared to the previous month of July but a 90.8 per cent increase from the 1,120 active listings for sale at the end of August 2021.

"One of the metrics we watch when we look at the market is the sales to active listings ratio - this is the percentage of available listings that have sold over the course of the month, which helps indicate the balance of supply and demand," adds President Dinnie-Smyth. "A high percentage means more of the available listings have sold, which shows a high buyer demand and that's generally a favourable market for sellers. The lower the percentage, the more properties available. In general, we look at the 15 to 20 per cent range as a balanced market. Right now, the ratio is 28.14 per cent, while at this time in 2021 we were at 94.91 per cent. We continue to trend towards a more balanced market. As conditions change, connect with your trusted REALTOR® to understand how your selling and buying plans fit into the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2021 was $1,201,400. The benchmark value for the same home in August 2022 increased by 15.8 per cent to $1,391,700 but was down 2.9 per cent from July's value of $1,433,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2021 was $509,000, while the benchmark value for the same condominium in August 2022 increased by 22.2 per cent to $621,900, down by 2.8 per cent from the July value of $639,900.

August Market Update

Tue, 02 Aug 2022 22:40:02 GMT

Shift in Victoria Real Estate market brings more time for buyers and sellers

August 2, 2022 A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold.

"We'd previously indicated a shift in the local housing market," said 2022 VREB President Karen Dinnie-Smyth. "This continued be the case in July as sales dipped, and we saw fewer listings come to the market, with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many."

There were 2,162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 per cent compared to the previous month of June and a 70.2 per cent increase from the 1,270 active listings for sale at the end of July 2021.

"As a result of the higher interest rates and inflation occurring right now, we see fluctuations in price and availability," adds President Dinnie-Smyth. "Values will rise and fall over time, and historically local real estate values slowly increase over time, which means despite month-to-month variations, if you are buying a home, you have a sound, long-term investment. We need to remember that people don't buy and sell on a month-to-month basis and that in the larger scheme of things, housing is more than numbers. A property is a place where people live their daily lives, raise their families, etc. It is more than a commodity, and for many it is the most important purchase they make in their lifetime. The government's recent focus has been on demand-side mechanisms and other market modifiers such as a mandatory three-day cooling off period to start in 2023. A better long-term approach to housing affordability for our future is to address housing supply constraints which will be central to the next round of upward pressure on home prices. Consult with your REALTOR® to keep informed regarding current values and market conditions if you are in the market to buy or sell."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2021 was $1,204,900. The benchmark value for the same home in July 2022 increased by 19 per cent to $1,433,800 but was down 2.1 per cent from June's value of $1,464,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2021 was $502,600, while the benchmark value for the same condominium in July 2022 increased by 27.3 per cent to $639,600, down by 0.5 per cent from the June value of $643,100.

July Market Update

Mon, 04 Jul 2022 23:13:10 GMT

Victoria’s hot housing market levels off, supply still important for long-term attainability

July 4, 2022 A total of 612 properties sold in the Victoria Real Estate Board region this June, 35 per cent fewer than the 942 properties sold in June 2021 and a 19.6 per cent decrease from May 2022. Sales of condominiums were down 40.2 per cent from June 2021 with 202 units sold. Sales of single family homes decreased 31.4 per cent from June 2021 with 302 sold.

"The market feels a bit more normal right now," says Karen Dinnie-Smyth, 2022 Victoria Real Estate Board President. "We have seen more inventory come onto the market to the extent that we are back to numbers closer to those which we saw in pre-pandemic 2020. This is good news, as more inventory provides more choice and builds in more time for consumers to work with their REALTORS® to make decisions."

There were 2,059 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2022, an increase of 15.9 per cent compared to the previous month of May and a 49.7 per cent increase from the 1,375 active listings for sale at the end of June 2021.

"It may seem counterintuitive to continue to talk about the need for supply at a time when inventory is rising," adds President Dinnie-Smyth. "We must keep the conversation alive, and we urge all levels of government to continue to aggressively address the housing supply situation. We need more supply of all types of housing. Not only do we remain on the lower side of longer-term historical averages of homes for sale, but there will be future challenges - changing interest rates, supply chain and labour constraints will hamper the ability to create new homes at a pace to meet future growth. New supply will be the key to future housing attainability in our community."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2021 was $1,184,700. The benchmark value for the same home in June 2022 increased by 23.6 per cent to $1,464,400, up from May's value of $1,446,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2021 was $495,900 while the benchmark value for the same condominium in June 2022 increased by 29.7 per cent to $643,100, up from the May value of $633,800.

May Market Update

Mon, 02 May 2022 22:35:32 GMT

Spring is traditionally the busiest real estate season, but early on Victoria’s market sees a change

May 2, 2022 A total of 824 properties sold in the Victoria Real Estate Board region this April, 26.2 per cent fewer than the 1,116 properties sold in April 2021 and a 1.1 per cent decrease from March 2022. Sales of condominiums were down 20.8 per cent from April 2021 with 262 units sold. Sales of single family homes decreased 28.5 per cent from April 2021 with 403 sold.

"The past month concluded with notably lower sales when compared to April of last year," said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. "This tells an interesting story because activity traditionally peaks over the course of the spring, and this year we have seen a gradual softening of the market. As we have reported many times in the past years, the market hinges on supply and demand. Rising interest rates and inflationary pressures on top of higher prices throughout the region have combined to introduce new market dynamics because of waning demand that consumers and their REALTORS® are now navigating. Our inventory levels remain well below historic averages, so prices remain buoyant because the supply is still much lower than this recent decrease in demand."

There were 1,365 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2022, an increase of 28.4 per cent compared to the previous month of March but a 6.1 per cent decrease from the 1,454 active listings for sale at the end of April 2021.

"The market has made a pivot compared to the spring of 2021," adds President Dinnie-Smyth. "However, we continue to see competition for lower priced homes and multiple offers are still very much a reality in our market and likely will be for some time. We are currently experiencing a lessening of demand, but that does not mean we can lose sight of the fact that our housing market needs more supply. We must continue to encourage the government and stakeholders to focus on building more homes and not on creating new rules such as a cooling-off period that have nothing to do with getting more people into homes and risk upward pressure on pricing. The market will continue to have corrections, both up and down, and government interventions must target more new doors for the long-term health of our housing market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2021 was $997,500. The benchmark value for the same home in April 2022 increased by 26.9 per cent to $1,266,200, up from March's value of $1,233,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2021 was $513,100 while the benchmark value for the same condominium in April 2022 increased by 26.7 per cent to $650,200, up from the March value of $635,100.

April Market Update

Mon, 04 Apr 2022 20:27:42 GMT

Victoria real estate market continues to experience low inventory and high demand

April 1, 2022 A total of 833 properties sold in the Victoria Real Estate Board region this March, 29 per cent fewer than the 1,173 properties sold in March 2021 but a 16 per cent increase from February 2022. Sales of condominiums were down 26 per cent from March 2021 with 279 units sold. Sales of single family homes decreased 28.2 per cent from March 2021 with 412 sold.

"Once again, we have had a record breaker of a month," said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. "This March had the lowest number of active listings we have seen in a month of March - beating last year's record low. For context, in the past five years the average number of active listings at the end of March is 1,864 properties. This March had just over one thousand properties at month end. We did see more homes come to market this month compared to February - which is a positive sign - but our supply is still so constricted that multiple offers and competition continues, especially in the lower price ranges. We may see a lift in that pressure if more listings come to market over the spring, but since our inventory is so much lower than average, we have a long way to go to find balance."

There were 1,063 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2022, an increase of 25.2 per cent compared to the previous month of February but an 18.9 per cent decrease from the 1,310 active listings for sale at the end of March 2021.

"March generally kicks off the busy spring real estate season," adds President Dinnie-Smyth. "However, this month's sales and listings may have been partly depressed by reasons beyond the market. After two spring breaks of COVID restrictions, it's plausible that many prospective buyers and sellers put their plans on pause to travel. Looking forward, it is difficult to predict what this spring will look like as those buyers and sellers return to the market. Many factors - including rising interest rates, the government's promise to apply new barriers to sales such as cooling-off periods, inflationary pressures and record high house prices - continue to make this a challenging market. If you are considering a move, a sale or both, it's a good time to engage the assistance of a trusted local REALTOR® to help you navigate the complex landscape."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2021 was $968,500. The benchmark value for the same home in March 2022 increased by 27.4 per cent to $1,233,700, up from February's value of $1,196,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2021 was $497,000 while the benchmark value for the same condominium in March 2022 increased by 27.8 per cent to $653,100, up from the February value of $603,600.

March Market Update

Tue, 01 Mar 2022 22:51:40 GMT

Record low inventory prevents Victoria real estate market from cooling-off

March 1, 2022 A total of 718 properties sold in the Victoria Real Estate Board region this February, 16.8 per cent fewer than the 863 properties sold in February 2021 but a 51.5 per cent increase from January 2021. Sales of condominiums were down 7.9 per cent from February 2021 with 267 units sold. Sales of single family homes decreased 20.8 per cent from February 2021 with 309 sold.

"It was heartening this month to see some more listings come to market in February," said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. "However, inventory levels remain at record lows and without a strong government focus on increasing supply, buyers will continue to face escalating prices and difficult market conditions."

There were 849 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2022, an increase of 14.1 per cent compared to the previous month of January but a 35.6 per cent decrease from the 1,318 active listings for sale at the end of February 2021.

"We have asked the government for strong solutions to create supply to bring our market back into balance," adds President Dinnie-Smyth. "We need incentives for gentle densification and the removal of municipal barriers to development. What government has chosen to focus on instead is their announcement of a cooling-off period for residential sales this spring. They announced this measure with no industry consultation into how this may impact our housing market. The Victoria Real Estate Board and the British Columbia Real Estate Association have strongly recommended against a cooling-off period. Industry research shows that a cooling-off period will add volatility in both slow and pressurized market conditions. It provides no protection for home sellers and creates more risk and uncertainty for them when selling a home. Experienced and well-funded buyers will have an advantage over first-time buyers because a cooling-off period reduces negotiations to price alone. We have recommended alternative ideas for consumer protection - including the suggestion that a pre-sale offer period be introduced, which transcends market conditions and would better protect buyers and sellers while also mitigating the impact of pre-emptive offers. We hope our suggestions are taken seriously, they are a result of thorough research and consultation of hundreds of our local practitioners. Instead of discussing the British Columbia Real Estate Association's recommendations yesterday, Finance Minister Selina Robinson chose to inform the public that REALTORS® have a vested interest in home prices. For Minister Robinson to suggest that Realtors are keeping prices high is a convenient excuse and a weak attempt to divert attention away from the real issue - supply. Realtors would prefer a balanced market with reasonable prices and plenty of housing supply to meet demand. Our Realtors' only vested interest is in their clients and the more balanced our market is, the better we are able to serve the needs of buyers and sellers."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2021 was $948,500. The benchmark value for the same home in February 2022 increased by 26.1 per cent to $1,196,300, up from January's value of $1,161,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2021 was $494,200, while the benchmark value for the same condominium in February 2022 increased by 22.1 per cent to $603,600, up from the January value of $587,300.

February Market Update

Wed, 02 Feb 2022 21:46:09 GMT

Limited inventory continues to be key in Victoria real estate market

February 1, 2022 A total of 474 properties sold in the Victoria Real Estate Board region this January, 26.6 per cent fewer than the 646 properties sold in January 2021 but an 8.2 per cent increase from December 2021. Sales of condominiums were down 13 per cent from January 2021 with 188 units sold. Sales of single family homes decreased 39.7 per cent from January 2021 with 179 sold.

"A cursory glance at our sales numbers could lead to the quick conclusion that our market is slowing down," says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. "But what we must consider is not only the number of homes that have sold, but also the number of homes which were for available for sale within the month. To put our inventory into context, last year broke the record for lowest inventory for the month of January. This January broke that record nearly in half and that lack of supply in the market really impacts what our end sales numbers are. Had we seen more homes for sale, it's likely our result would have been many more sales."

There were 744 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 14.1 per cent compared to the previous month of December and a 43.7 per cent decrease from the 1,321 active listings for sale at the end of January 2021.

"As it stands, our market will be slow to change until our inventory levels perk up," adds President Dinnie-Smyth. "This means we need to see supply added of all types of housing and we need to establish a sustainable source of supply into the upcoming years to meet growth. The reality of housing is that it takes years to add new numbers and until we are better able to meet demand, our market will be under pressure. With the constrained and fast paced market, it's an excellent time to use the services of an experienced REALTOR®, one who can help you identify a strategy and process for selling or buying - or selling and buying - a new home."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2021 was $932,200. The benchmark value for the same home in January 2022 increased by 24.6 per cent to $1,161,500, up from December's value of $1,144,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2021 was $487,500, while the benchmark value for the same condominium in January 2022 increased by 20.5 per cent to $587,300, up from the December value of $570,600.

January Market Update - A New Year!

Mon, 10 Jan 2022 22:00:09 GMT

The 2021 Victoria real estate market year in review

January 4, 2022 A total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December 2020 and a 32.9 per cent decrease from November 2021. Sales of condominiums were down 22.1 per cent from December 2020 with 152 units sold. Sales of single family homes decreased 34.1 per cent from December 2020 with 207 sold.

A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in 2020. 2021 sales came in close to 2016's record breaking sales year where 10,622 properties were sold.

"The theme of this year has been very consistent," says 2021 Victoria Real Estate Board President David Langlois. "Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point. We see stories from many countries highlighting the increasing desirability of home ownership in the wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on record - but with such strong demand that most transactions see multiple offers."

There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2021, a decrease of 26.5 per cent compared to the previous month of November and a 49 per cent decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest inventory of active listings at month-end in at least the last 25 years.

"We have spoken throughout the year about the need for new housing supply at all levels to help moderate prices and improve attainability," adds President Langlois. "Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area - it has been far too difficult and expensive to build homes in our region. The situation we are now in is because of the deficit of supply that has compounded over the past decades of hesitation around growth. However, governments at the federal and provincial level have instead chosen to focus elsewhere and invest their time re-inventing the process of how homes are sold in Canada by creating new rules which include the introduction of a 'cooling-off' period. These measures will do nothing to improve our market, nor will they increase consumer protection. The process of how a home is sold is not the issue - homes will sell for what consumers will pay for them - using any sales process. The issue is how homes are brought to the marketplace and our huge lack of supply. Governments should expend their resources to address supply issues that continue to drive up competition for homes and result in ever increasing prices."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1 per cent to $1,144,900, up from November's value of $1,122,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the same condominium in December 2021 increased by 17.1 per cent to $570,600, up from the November value of $560,700.

December Market Update

Mon, 06 Dec 2021 19:30:36 GMT

No change on the horizon for the Victoria real estate market

December 1, 2021 A total of 653 properties sold in the Victoria Real Estate Board region this November, 17.9 per cent fewer than the 795 properties sold in November 2020 and 12.3 per cent fewer than the previous month of October. 236 condominiums sold, 5.2 per cent fewer than in the previous month of October. 276 single family homes sold, 18.6 per cent fewer than in the previous month of October.

"Strong demand for housing in our community continues to exceed the ultra-low number of listings of homes available for sale," said Victoria Real Estate Board President David Langlois. "This demand creates competition and pressure on pricing and we continue to see home values notch up. At this moment in time, there are fewer than 600 residential properties for sale in our market."

There were 887 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2021, 51.1 per cent fewer properties than the 1,813 available at the end of November 2020 and 14.4 per cent fewer properties than the 1,036 active listings for sale at the end of October 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2020 was $903,700. The benchmark value for the same home in November 2021 increased by 24.2 per cent to $1,122,600, a 1.7 per cent increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2020 was $485,100, while the benchmark value for the same condominium in November 2021 increased by 15.6 per cent to $560,700.

"Only with strong measures around supply will we see a lift in the pressures on our housing market," added President Langlois. "Governments continue to try to intervene by using demand side measures, such as the province announcing their plan to introduce a 'cooling off' period for resale homes. This concept was delivered without industry consultation or supporting data. Introducing measures that add uncertainty to the marketplace fails to address the issues of supply and attainability in our community - and threatens to make the supply situation worse. A cooling off period will not increase consumer protection - in fact many of the unintended consequences of such a policy could decrease protection for both buyers and sellers. The housing market is complex and policy must be evidence-based and designed for all types of markets – not to react to a moment in time. The government needs to sharpen their focus on the issue that has been documented for years – that a consistent delay in the delivery of homes to meet the needs of our growing population has created housing gridlock."

November Market Update

Tue, 02 Nov 2021 03:31:00 GMT

Inventory pressures continue to constrain Victoria real estate market

November 1, 2021 A total of 745 properties sold in the Victoria Real Estate Board region this October, 24.7 per cent fewer than the 990 properties sold in October 2020 and 2.1 per cent fewer than the previous month of September. Condominium sales were down 18.1 per cent from October 2020 with 249 units sold. 18.6 per cent fewer condominiums sold in October 2021 than in the previous month of September. Sales of single family homes were down 30.4 per cent from October 2020 with 339 sold. 2.4 per cent more single family homes sold in October 2021 than in the previous month of September.

"Once again – it's anyone's guess what our sales numbers would be like had we been in a market with a historically average number of homes for sale," said Victoria Real Estate Board President David Langlois. "Over the previous ten years, the average number of properties for sale in October was 3,210 - we are one third of that this year. We continue to see record breaking low levels of homes for sale and with continuing competition for homes, we see pricing pressure persist."

There were 1,036 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2021, 51.2 per cent fewer properties than the 2,122 available at the end of October 2020 and 7.8 per cent fewer properties than the 1,124 active listings for sale at the end of September 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2020 was $880,500. The benchmark value for the same home in October 2021 increased by 25.3 per cent to $1,103,600, a 0.3 per cent increase from the previous month of September. The MLS® HPI benchmark value for a condominium in the Victoria Core in October 2020 was $482,200, while the benchmark value for the same condominium in October 2021 increased by 14.4 per cent to $551,800.

"The only solution to our current market is to create more supply," added President Langlois. "And creating supply isn't something that happens overnight, so we need to make a commitment to build in the coming years. That takes cooperation. It takes public acceptance of increased density in some areas, the ability for builders to staff and supply their developments and for investors to be able to make their plans a reality within a reasonable timeline and at a reasonable cost. We need to continue to focus on densification of our urban areas – the idea of encouraging duplexes and small plexes in neighbourhoods and building up in core areas. Thoughtful densification will allow us to protect our greenspace, leverage existing infrastructure and take advantage of existing amenities."

October Market Update

Fri, 01 Oct 2021 18:24:21 GMT

A greater commitment to development required to balance local housing market

October 1, 2021 A total of 761 properties sold in the Victoria Real Estate Board region this September, 23.1 per cent fewer than the 989 properties sold in September 2020 and 8.4 per cent fewer than the previous month of August. Condominium sales were up 9.3 per cent from September 2020 with 306 units sold. 11.3 per cent fewer condominiums sold in September 2021 than in the previous month of August. Sales of single family homes were down 38.6 per cent from September 2020 with 331 sold. 7.3 per cent fewer single family homes sold in September 2021 than in the previous month of August.

"We are in a situation this month that is very similar to last month," said Victoria Real Estate Board President David Langlois. "We have seen a lot of demand for homes of all types, but very little inventory come onto the market. And just like last month, it would be inaccurate to say that the market has slowed down and certainly an oversimplification to say the market is experiencing traditional seasonal slowing. What we are experiencing is a continued response to long-term low inventory levels."

There were 1,124 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2021, 53 per cent fewer properties than the 2,389 available at the end of September 2020 but four properties more than the 1,120 active listings for sale at the end of August 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2020 was $879,700. The benchmark value for the same home in September 2021 increased by 25.1 per cent to $1,100,200, a 1 per cent increase from the previous month of August. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2020 was $482,000, while the benchmark value for the same condominium in September 2021 increased by 13.3 per cent to $545,900.

"It’s a complex market and it has been for some time here in Greater Victoria," added President Langlois. "We have a lot of people who want to share in this wonderful community, but we do not have the homes to answer the demand at all points in the housing spectrum. Adding more inventory - be it rental or market housing - requires a commitment to building from our community members. If you support more homes, you need to vocally support projects coming through your local municipal council. Many amazing developments never happen or are buried in expense, which adds to the end cost, before they make it through years of permitting because of opposition at public reviews - often by a small but vocal minority. In order to stop our cycle of pressure on pricing due to limited supply, our community must choose to commit to new housing or commit to prices escalating further."

September Market Update

Tue, 07 Sep 2021 22:03:44 GMT

Victoria housing market continues to adapt to long-term lack of supply

September 1, 2021 A total of 831 properties sold in the Victoria Real Estate Board region this August, 15.1 per cent fewer than the 979 properties sold in August 2020 and 0.5 per cent fewer than the previous month of July. Condominium sales were up 31.7 per cent from August 2020 with 345 units sold. 21.5 per cent more condominiums sold in August 2021 than in the previous month of July. Sales of single family homes were down 29.9 per cent from August 2020 with 357 sold. 9.8 per cent fewer single family homes sold in August 2021 than in the previous month of July.

"Year over year numbers might indicate a slowing of our market, but there are two important factors to consider," said Victoria Real Estate Board President David Langlois. "The first is that our market is starved for inventory. It should come as no surprise that with half the available inventory of last August we sold fewer homes this August. Without the significant lack of inventory we're experiencing, sales would most certainly have been comparable to, if not greater than, last August. The second factor is that the previous ten-year running average for sales in the month of August is 675 properties, so with 831 properties changing hands this August, it is clear that our market remains very robust and that lack of supply is the biggest issue impacting attainability for our community.”

There were 1,120 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2021, 56.7 per cent fewer properties than the 2,584 available at the end of August 2020 and 11.8 per cent fewer than the 1,270 active listings for sale at the end of July 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2020 was $889,800. The benchmark value for the same home in August 2021 increased by 22.4 per cent to $1,089,400, a 0.7 per cent increase from the previous month of July. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2020 was $483,400, while the benchmark value for the same condominium in August 2021 was $540,600, an 11.8 per cent increase.

"The federal election will focus on each party's proposed policies and programs for housing," added Langlois. "The primary issue for housing attainability has been and remains one of supply. While increasing a consumer's ability to pay through tax free savings accounts, extended mortgage terms, or altering stress test provisions may assist some buyers to obtain housing, it will do nothing to slow the price appreciation that the systemic lack of housing supply continues to fuel. Specific commitments such as incentivising municipalities with infrastructure grants for density improvements, increasing on-campus housing, supporting co-op and leasehold developments and utilizing surplus federal lands to directly add to housing stock can all provide a path to more supply. Debates about bidding processes and foreign buyers do not offer material solutions to improve supply nor the attainability of housing. The municipal, provincial and federal governments' failure to support real growth and diversity in housing stocks has created the market conditions we find ourselves in today. Housing policy matters and we hope that all voters consider what each party proposes and the potential impact to our market."

August Market Update

Mon, 16 Aug 2021 21:27:01 GMT

Victoria housing inventory continues to decline over summer months

August 3, 2021 A total of 835 properties sold in the Victoria Real Estate Board region this July, 14.7 per cent fewer than the 979 properties sold in July 2020 and 11.4 per cent fewer than the previous month of June. Condominium sales were up 18.8 per cent from July 2020 with 284 units sold. 16 per cent fewer condominiums sold in July 2021 than in the previous month of June. Sales of single family homes were down 29.2 per cent from July 2020 with 396 sold. 10 per cent fewer single family homes sold in July 2021 than in the previous month of June.

"The real estate story right now continues to be inventory," said Victoria Real Estate Board President David Langlois. "The market is driven by inventory; and fewer home listings lead to fewer home sales. In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory."

There were 1,270 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2021, 52.1 per cent fewer properties than the 2,653 available at the end of July 2020 and 7.6 per cent fewer than the 1,375 active listings for sale at the end of June 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2020 was $909,900. The benchmark value for the same home in July 2021 increased by 18.9 per cent to $1,082,000, a 1.7 per cent increase from the previous month of June. The MLS® HPI benchmark value for a condominium in the Victoria Core in July 2020 was $494,900, while the benchmark value for the same condominium in July 2021 was $535,100, an 8.1 per cent increase.

"As a sort of housing gridlock continues to develop, the pressure to create more of all different types of homes in our community of should not be lessened," added Langlois. "It is important for the long term health of our housing market that a strong focus continue on developing new homes to meet our growing demand. The current market is increasingly challenging for buyers and sellers. It's important to access the expertise and knowledge of your local REALTOR® to ensure your interests are protected."

July Market Update

Sun, 04 Jul 2021 03:47:00 GMT

Low inventory and strong demand continue in Victoria real estate market

July 2, 2021 A total of 942 properties sold in the Victoria Real Estate Board region this June, 16.6 per cent more than the 808 properties sold in June 2020, but 10.2 per cent fewer than the previous month of May. Condominium sales were up 61.7 per cent from June 2020 with 338 units sold. 4 per cent more condominiums sold in June 2021 than in the previous month of May. Sales of single family homes were down 4.3 per cent from June 2020 with 440 sold. 18.1 per cent fewer single family homes sold in June 2021 than in the previous month of May.

"We are at a point now where we can look at yearly comparisons with a new lens," said Victoria Real Estate Board President David Langlois. "In recent months we have been unable to glean anything by comparing year over year numbers because of the sudden and unexpected impact of the pandemic on the 2020 market. But June last year was when the market started its reacceleration. Buyers came back into the market in droves even though listings were restrained compared to long term averages."

There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2021, 49 per cent fewer properties than the 2,698 available at the end of June 2020 and 5.2 per cent fewer than the 1,450 active listings for sale at the end of May 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2020 was $896,700. The benchmark value for the same home in June 2021 increased by 18.6 per cent to $1,063,500, a 2.6 per cent increase from the previous month of May. The MLS® HPI benchmark value for a condominium in the Victoria Core in June 2020 was $490,400, while the benchmark value for the same condominium in June 2021 was $531,100, an 8.3 per cent increase.

"We see now even more sales activity than the return to the market we saw last year," added Langlois. "And our inventory is much more restricted, with more than thirteen hundred fewer listings for sale than the year previous. We can see the strong impact this shrinking supply has had on year over year prices. There are many factors we need to watch while this summer's market unfolds, including the change in borrowing rules that may impact first time buyers, declining levels of inventory and demand from outside of the province as tourism and travel reopens. Speak with your REALTOR® if you'd like fresh insight into our current market."

June Market Update

Wed, 02 Jun 2021 21:27:19 GMT

Unwavering demand reinforces need to support supply of homes

June 1, 2021 The Victoria market continued to show its strength through the month of May, with a near record setting pace for sales and ongoing record low inventory levels. A total of 1,049 properties sold in the Victoria Real Estate Board region this May, 129.5 per cent more than the 457 properties sold in May 2020, but 6 per cent fewer than the previous month of April. Sales of condominiums were up 200.9 per cent from May 2020 with 325 units sold. 1.8 per cent fewer condominiums sold in May 2021 than in the previous month of April. Sales of single family homes were up 111.4 per cent from May 2020 with 537 sold. 4.8 per cent fewer single family homes sold in May 2021 than in the previous month of April.

"Victoria is an amazing place to live and we will continue to see demand for property here," said Victoria Real Estate Board President David Langlois. "In the future we need to support the creation of a housing market that can respond to demand and population growth and evolve with community needs. Adding inventory to the Greater Victoria market should be the focus of every municipal council across the region."

There were 1,450 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2021, 43 per cent fewer properties than the total available at the end of May 2020 and just 4 properties fewer than the 1,454 active listings for sale at the end of April 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2020 was $855,900. The benchmark value for the same home in May 2021 increased by 17 per cent to $1,036,100, a 3.9 per cent increase from the previous month of April. The MLS® HPI benchmark value for a condominium in the Victoria Core in May 2020 was $500,000, while the benchmark value for the same condominium in May 2021 was $526,000, a 5.2 per cent increase.

"Recently the City of Victoria moved to fast-track non-profit developments, which is an exciting step in the right direction," added Langlois. "But continued attention needs to be paid on housing of all types. By supporting an increase in urban density, we can ensure attainable housing, address missing middle family housing, increase tax revenues for community amenities and protect green space by slowing sprawl. If you are concerned about attainable housing and the future of homes in Greater Victoria, consider supporting the next housing development proposal in your neighbourhood."

May Market Update

Mon, 03 May 2021 22:18:43 GMT

Housing in Greater Victoria remains in high demand

May 3, 2021 "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.

April Market Update

Wed, 07 Apr 2021 21:33:06 GMT

The fast pace of Victoria real estate market surges on

April 1, 2021 A total of 1,173 properties sold in the Victoria Real Estate Board region this March, 92.9 per cent more than the 608 properties sold in March 2020 and 35.9 per cent more than the previous month of February. Sales of condominiums were up 111.8 per cent from March 2020 with 377 units sold. Sales of single family homes were up 88.2 per cent from March 2020 with 574 sold.

"Limited supply with overwhelming demand has been the story for the first quarter of 2021," said Victoria Real Estate Board President David Langlois. "This time last year was the beginning of the pandemic and most everything was shut down – so we cannot compare year over year numbers – but if we look at longer term trends, the average number of sales from the month of March in the past ten years before 2020 was 715 properties. Numbers from last month are close to the market trends we saw in 2016, but with an even greater imbalance in inventory due to a surge in consumer demand for homes in the Victoria area."

There were 1,310 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2021, 41.8 per cent fewer properties than the total available at the end of March 2020 and 0.6 per cent properties fewer than the 1,318 active listings for sale at the end of February 2021.

"The underlying issue is a deficit in supply," explained Langlois. "Supply needs to be addressed by all levels of government and particularly by local governments which control land use policies and development processes. Equally important, governments need to ensure that measures they make to moderate the housing market do not exacerbate the problem by attempting to suppress demand by adding costs or qualification barriers. These sorts of measures raise the overall cost of housing and add even more challenges for first time buyers. We need to continue to push for both increased supply and sensible government policies around housing."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2020 was $879,600. The benchmark value for the same home in March 2021 increased by 10.1 per cent to $968,700 a 2.2 per cent increase from the previous month of February. The MLS® HPI benchmark value for a condominium in the Victoria Core in March 2020 was $531,800, while the benchmark value for the same condominium in March 2021 remained close to last year's value at $529,100 a 0.5 per cent decrease.

March Market Update

Sun, 14 Mar 2021 22:04:14 GMT

Victoria Real Estate Market demand surges against limited supply

March 1, 2021 A total of 863 properties sold in the Victoria Real Estate Board region this February, 53.3 per cent more than the 563 properties sold in February 2020 and 33.6 per cent more than the previous month of January. Sales of condominiums were up 65.7 per cent from February 2020 with 290 units sold. Sales of single family homes were up 43.9 per cent from February 2020 with 390 sold.

"Our early spring market is in full swing carrying on from a fast start in January," said Victoria Real Estate Board President David Langlois. "Our market remains one with tightly constrained inventory and high demand. The good news is that we have seen some stabilization in listings and condo pricing between January and February, but we continue to see huge pressure on single family homes – new listings are snapped up as soon as they are listed. As a result, the pressure on single family homes continues to ramp up. There is significant competition for desirable homes – and in our marketplace most homes are desirable – and people competing for properties pushes prices up."

There were 1,318 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2021, 38 per cent fewer properties than the total available at the end of February 2020 and three properties fewer than the 1,321 active listings for sale at the end of January 2020.

"The theme for 2021 is going to be inventory - where does it come from and how much new supply can be approved - so that this situation does not persist," adds Langlois. "We've seen the government attempt to influence the housing market in hopes of dampening the demand for home ownership. The foreign buyer tax has changed nothing – our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust. Demand-suppression measures have not worked and their failure to moderate housing prices in our community has only exacerbated the pressure on the supply that was constrained ten years ago but is now at historically low levels. If you are concerned about housing prices and availability of housing in general in our community, please support development in your municipality. Be vocal with your local council or neighbourhood association – these stakeholders hold the power in these negotiations - and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 per cent to $948,200, a 1.7 per cent increase from the previous month of January. The MLS® HPI benchmark value for a condominium in the Victoria Core in February 2020 was $525,600, while the benchmark for the same condominium in February 2021 remained close to last year's value at $525,400, a 0.38 per cent decrease.

February Market Update

Mon, 22 Feb 2021 04:35:00 GMT

Victoria real estate market sees strong start to 2021

February 1, 2021 A total of 646 properties sold in the Victoria Real Estate Board region this January, 57.2 per cent more than the 411 properties sold in January 2020 and 2.4 per cent more than the previous month of December. Sales of condominiums were up 83.1 per cent from January 2020 with 216 units sold. Sales of single family homes were up 48.5 per cent 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 per cent fewer properties than the total available at the end of January 2020 but a 3.3 per cent 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 a 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 per cent to $932,000, a 1.8 per cent 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 per cent decrease.

January Market Update

Mon, 04 Jan 2021 21:23:23 GMT

The 2020 Victoria real estate market year in review

January 4, 2021 A total of 631 properties sold in the Victoria Real Estate Board region this December, 57 per cent more than the 402 properties sold in December 2019 and a 20.6 per cent decrease from November 2020. Sales of condominiums were up 61.2 per cent from December 2019 with 195 units sold. Sales of single family homes increased 58.6 per cent from December 2019 with 314 sold.

A grand total of 8,497 properties sold over the course of 2020, 17.1 percent more than the 7,255 that sold in 2019. 2020 sales came in close to one thousand sales over the ten-year average of 7,329 properties.

"This has been an unexpected year on many levels," says 2020 Victoria Real Estate Board President Sandi-Jo Ayers. "The onset of the COVID-19 pandemic in March and April quickly swept away any illusions that our normal seasonal market patterns would persist. Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations. The combination of the ongoing pandemic, historically low interest rates and a shift in consumer priorities towards properties that cater to a more home-based work / life / retirement balance resulted in record setting sales for the last several months of 2020."

There were 1,279 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2020, a decrease of 29.5 per cent compared to the previous month of November and a 34.5 per cent decrease from the 1,952 active listings for sale at the end of December 2019. This represents the lowest inventory of active listings at month-end in at least the last 25 years.

"The other side of our local story was the inventory," adds Ayers. "We ended the year on a record low of properties available in Greater Victoria. This means that the huge demand we see for homes in our area is not being met by supply and prices are being pushed upwards as buyers vie for homes. Even historically lower-priced markets like the Highlands and the Westshore are seeing pressure as buyers adjust what suits their needs and focus on home ownership. What remains consistent is that in this complex market, your REALTOR® can help to navigate one of the biggest purchases most will make in their lifetime."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2019 was $857,200. The benchmark value for the same home in December 2020 increased by 6.8 per cent to $915,100, slightly more than November's value of $903,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2019 was $520,100, while the benchmark value for the same condominium in December 2020 decreased by 0.9 per cent to $515,600, slightly less than the November value of $516,600.

December Market Update

Thu, 03 Dec 2020 23:00:38 GMT

Victoria real estate market continues to experience strong demand, low supply

December 1, 2020 A total of 795 properties sold in the Victoria Real Estate Board region this November, 37.8 per cent more than the 577 properties sold in November 2019 but 19.7 per cent fewer than the previous month of October 2020. Sales of condominiums were up 62.7 per cent from November 2019 with 262 units sold. Sales of single family homes were up 21.8 per cent 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 a 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 per cent fewer properties than the total available at the end of November 2019 and a 14.6 per cent 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 out performed 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 per cent to $903,100, a 2.7 per cent 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 per cent fluctuation.

November Market Update

Mon, 02 Nov 2020 23:56:51 GMT

Victoria Real Estate Market continues to outperform in unpredictable times

November 2, 2020 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.

October Market Update

Fri, 02 Oct 2020 21:14:44 GMT

Consumer interest in homeownership in Victoria unwavering over course of pandemic

October 1, 2020 A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month of August 2020. Sales of condominiums were up 26.7 per cent from September 2019 with 280 units sold. Sales of single family homes were 91.9 per cent from September 2019 with 539 sold.

"Another month has passed where we have seen surprisingly high sales numbers - which included quite a few higher end properties," says Victoria Real Estate Board President Sandi-Jo Ayers. "I don't think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent up demand from dampened sales in April and May would result in this level of market activity. There's no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market."

There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.

"We had some much-needed new inventory enter the market over the course of September," adds Ayers. "But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2019 was $849,100. The benchmark value for the same home in September 2020 increased by 3.5 per cent to $879,200, 1.1 per cent less than August's value of $889,200. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2019 was $512,500, while the benchmark value for the same condominium in September 2020 decreased by 0.4 per cent to $510,600, 0.6 per cent less than the August value of $513.900.

September Market Update

Thu, 03 Sep 2020 00:39:00 GMT

Victoria real estate market experiences an active summer

September 1, 2020 A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold. Sales of single family homes were up 45 per cent from August 2019 with 509 sold.

"Once again we saw a very active month in terms of property transactions," says Victoria Real Estate Board President Sandi-Jo Ayers. "And once again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation. It is a challenging time to define what is happening in the market given so many factors that don't exist in a normal year. We have been surprised by the pace of the summer market and are grappling with the evolving socio-economic effects of the pandemic and how these underlying factors will influence our fall real estate market."

There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9 per cent fewer properties than the total available at the end of August 2019 and a 2.6 per cent decrease from the 2,653 active listings for sale at the end of July 2020.

"What I do know is that our business has changed a lot in recent months," adds Ayers. "REALTORS® have adapted to health and safety requirements and much more technology is being leveraged to facilitate all aspects of the housing transaction. We can also see that though demand is up, there are fewer listings on the market, which increases demand on desirable properties even more. This is why we saw a lot of competition and multiple offers over the summer. Will this continue into fall? That will depend on how much new inventory comes into the market and how our community continues to manage the impact of COVID-19. This is an evolving and nuanced market. As always, it is a good time to connect with your Realtor if you're considering selling or buying. 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 August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 per cent to $889,200, 2.3 per cent less than July's value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 per cent to $513,900, 3.2 per cent less than the July value of $530,800.

August Market Update

Wed, 12 Aug 2020 00:22:00 GMT

Victoria real estate market continues to adapt in the changing times

August 4, 2020 A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 per cent more than the 706 properties sold in July 2019 and 21.2 per cent more than the previous month of June 2020. Sales of condominiums were up 11.2 per cent from July 2019 with 239 units sold. Sales of single family homes were up 61.1 per cent from July 2019 with 559 sold.

"If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month are on the higher end of our market for a typical July," says Victoria Real Estate Board President Sandi-Jo Ayers. "But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall."

There were 2,653 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2020, 10 percent fewer properties than the total available at the end of July 2019 and a 1.7 per cent decrease from the 2,698 active listings for sale at the end of June 2020.

"A big factor in our market right now is that we continue to see this very long term, very low supply of inventory which puts pressure on our market and prices," adds Ayers. "Though we had a good number of new listings come to market this month, many of those listings were snapped up by buyers. Our average active listings for July over the past ten years is 3,767 but our current local inventory is more than a thousand properties less than that. Right now we have a lot of demand for single family homes – without the numbers to meet demand - prospective buyers are often entering into multiple offer, competitive situations or are unable to find appropriate properties. It's a challenging market to navigate, but your REALTOR® is standing by to help should you wish to discuss a strategy to buy or sell a home in our current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2019 was $861,100. The benchmark value for the same home in July 2020 increased by 5.7 per cent to $910,400, 1.6 per cent more than June's value of $896,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2019 was $520,900, while the benchmark value for the same condominium in July 2020 increased by 1.7 per cent to $529,900, 0.8 per cent more than the June value of $525,600.

July Market Update

Thu, 02 Jul 2020 20:25:48 GMT

Victoria real estate market impacted by many different factors in June

July 2, 2020 A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May 2020. Sales of condominiums were down 3.2 per cent from June 2019 with 209 units sold. Sales of single family homes were up 16.8 per cent from June 2019 with 460 sold.

"This June we saw competing factors from all different sides of the real estate equation," says Victoria Real Estate Board President Sandi-Jo Ayers. "If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC's Restart Plan. Because of the pandemic, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market."

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3 percent fewer properties than the total available at the end of June 2019 but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.

"Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC," adds Ayers. "This may have pushed some demand forward - although there are alternate suppliers of mortgage insurance. Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers. This may be in part due to the recent strata insurance issues which caused concern for owners and sellers. The government promised this month to begin to address the insurance issue, so there may be some relief on the horizon. These are not normal days for local real estate, nor is this month a signal of a return to normal, regardless of the numbers. That said, buyers and sellers are successfully navigating our market with the help of local REALTORS®, who know how to implement health and safety protocols and understand the complexities of our current market. As always, I recommend you consult your Realtor to understand what is happening in the moment."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4 per cent to $896,200, 1.2 per cent more than May's value of $885,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 per cent to $525,600, 1.6 per cent less than the May value of $534,300.

Big Changes Coming to CMHC Mortgage Qualifying!

Fri, 05 Jun 2020 18:06:13 GMT

Breaking News: There are big changes to qualifying for CMHC insured mortgage financing (less than a 20% down payment/equity purchase) coming July 1st, 2020!

-Reducing the debt servicing ratios from 39/44 GDS/TDS to 35/42 GDS/TDS (Gross Debt Service/Total Debt Service). In English, this means that you’ll qualify for approximately 12% less than you do today.

*For example, assume you make a 70K and currently qualify for a 350K mortgage, you’ll now only qualify for 308K.*

-Increasing the minimum beacon score from 600 to 680.
-Eliminating the ability to borrow your down payment.

For more information see the article below or contact me anytime:
778-679-1028
mikaila@mikailarhodes.com

https://spinmortgage.com/cmhc-breaking-news-july-2020/

June Market Update

Mon, 01 Jun 2020 20:26:06 GMT

Victoria real estate activity picks up as restrictions ease

June 1, 2020 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.

May Market Update

Fri, 01 May 2020 21:50:00 GMT

Victoria Spring market far from the usual as real estate continues to react to pandemic

May 1, 2020 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.

Spring Market Update Newsletter

Sat, 11 Apr 2020 01:53:00 GMT

Spring Market Update as we enter Unprecedented Times

Dear clients, friends, family and colleagues,

I hope you and your loved ones are all staying safe and healthy during these unprecedented times! In most parts of Canada, Real Estate has been deemed an essential service to help those people that were already in the middle of a purchase or home sale. I am adjusting my business practises to responsibly and professionally assist my clients, as we adapt to the Government and Health Authorities directives and social distancing measures. As an essential service, it is our duty to serve the public, operating with the same public health agency protocols to maximize safety for our clients and ourselves.

The health and safety of everyone, my friends and family, your friends and family, and our community is the most important thing right now and we are all responsible for playing a part in this! I know it has been a challenging time for most people right now as we are all adjusting to this time of social distancing in different ways, and our new realities for an unknown period of time. Please let me know how I can assist you at any time, whether it's real estate related or not! I am 100% available to all my clients whether it's by phone or email, and I always love to hear from you!

We’re going to get through this, and when we do, we will all have a new found appreciation for every interaction, coffees and brunch with our friends, date nights with our loved ones, camping in nature, travelling the world, all those things we never thought we would have to give up. Savour this time to slow down and reflect on everything we are grateful for, gratitude will help us through this. Remember that you are doing your best and whatever you do each day is enough!

Thank you to all of those front line workers helping our community each day, the health care workers, grocery store clerks, neighbours looking out for each other, everyone is playing an important role and it does not go unnoticed.

Sending you all warm wishes for health and safety, and I look forward to seeing all of you when the world recovers :)

Happy Easter!

Mikaila

For the Full Newsletter See the link below:

https://mailchi.mp/51cf84ccd7b5/spring-market-update?e=f992e98ab0

April Market Update

Wed, 01 Apr 2020 23:49:34 GMT

Victoria real estate spring market will be impacted by COVID-19

April 1, 2020 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 per cent 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.

March Market Update

Mon, 02 Mar 2020 00:33:00 GMT

Victoria real estate market shakes off winter doldrums

March 2, 2020 A total of 563 properties sold in the Victoria Real Estate Board region this February, 33.7 per cent more than the 421 properties sold in February 2019 and 37 per cent more than in January 2020. Sales of condominiums were up 35.7 per cent from February 2019 with 175 units sold. Sales of single family homes increased 23.7 per cent from January 2020 with 271 sold.

"February brought the bloom of an early spring market," says Victoria Real Estate Board President Sandi-Jo Ayers. "Sales numbers are up substantially from last year, which in part indicates that our spring market may have arrived a bit earlier than a lot of our local blossoms. Additionally, we need to consider that last year's sales activity was quite weak until April and May. Despite a thirty plus percent increase in total sales over last year, our ten-year average for total sales in February is 537, so we are within less than five per cent of our long-term average for the month."

There were 2,127 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2020, 4 properties fewer than the total available at the end of February 2019 and an 8.6 per cent increase from the 1,958 active listings for sale at the end of January 2020.

"One of the most prominent aspects of our market right now is this continued low inventory," adds Ayers. "Our ten-year average active listings for the month of February is 3,007. We concluded this month with just over 2,000 active listings, which means a lot less choice for consumers, more pressure on pricing and multiple offers."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2019 was $838,800. The benchmark value for the same home in February 2020 increased by 3.5 per cent to $868,100, 1.1 per cent more than January's value of $858,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2019 was $503,600 while the benchmark value for the same condominium in February 2020 increased by 4.7 per cent to $527,400, 1.2 per cent more than the January value of $521,000.

Victoria Home Renovation & Decor Show

Sat, 29 Feb 2020 00:56:00 GMT

Had such a fun time chatting real estate, handing out bags and treats, and giving away some Sid the Handcrafted Vodka at the Victoria Home Renovation & Decor Show this weekend!

Questions about the market, changes in the industry or a property? Contact me anytime 778-679-1028

February Market Update

Wed, 05 Feb 2020 01:00:00 GMT

Victoria real estate market returns to traditional sales numbers, but low inventory persists

February 3, 2020 A total of 411 properties sold in the Victoria Real Estate Board region this January, 24.9 per cent more than the 329 properties sold in January 2019 and 2.2 per cent more than in December 2019. Sales of condominiums were up 6.3 per cent from January 2019 with 118 units sold. Sales of single family homes increased 31.6 per cent from January 2019 with 200 sold.

"Our new year is already showing a strong distinction from the year previous," says Victoria Real Estate Board President Sandi-Jo Ayers. "We've returned to more traditional January sales numbers - which tend to be over 400 sales. Unfortunately, we have not seen a corresponding increase in listings alongside the demand, so buyers in the low- to mid-price segment of our market may find themselves in competition for desirable properties. Our market is challenging and at times like these the services of your local REALTOR® are invaluable."

There were 1,958 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2020, 6 properties more than the total available at the end of December 2019 and a 4.8 per cent decrease from the 2,057 active listings for sale at the end of January 2019.

"Pressure on our market has been slowly returning," adds Ayers. "With not enough inventory to satisfy demand, people occupying the middle rung of our property ladder have limited options - which means less movement to make room for those hoping to move or to buy their first homes. Eighteen months ago, the provincial and federal governments introduced demand side measures, which we can now see have not been successful in making homes more attainable in our community. Since demand side measures aren't working, the Board hopes that all levels of government will turn their attention to supply. Our municipalities working with developers to cut red tape and reduce costs should help to introduce more housing opportunities and alleviate some pressure."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2019 was $846,900. The benchmark value for the same home in January 2020 increased by 1.4 per cent to $858,500, 0.4 per cent more than December's value of $855,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2019 was $500,500, while the benchmark value for the same condominium in January 2020 increased by 4.1 per cent to $521,100, slightly more than the December value of $520,700.

January Market Update

Tue, 07 Jan 2020 19:46:00 GMT

Victoria Real Estate Market wraps up a relatively flat year for home sales

January 2, 2020 A total of 402 properties sold in the Victoria Real Estate Board region this December, 7.2 per cent more than the 375 properties sold in December 2018 and a 30.3 per cent decrease from November 2019. Sales of condominiums were up 17.5 per cent from December 2018 with 121 units sold. Sales of single family homes increased 13.8 per cent from December 2018 with 198 sold.

A grand total of 7,255 properties sold over the course of 2019, 1.47 percent more than the 7,150 that sold in 2018. 2019 sales came in at slightly under the ten-year average of 7,413 properties sold.

"Overall, our market throughout 2019 can be characterized as still active, slow to grow and low in supply," says 2019 Victoria Real Estate Board President Cheryl Woolley. "Last year we saw many prospective buyers sit on the sidelines waiting for inventory to be added. As a result of this unmet demand, there was and continues to be a push from consumers to create townhomes and condos at accessible price points. We began 2019 discussing the potential impact of various taxes and lending rules introduced by the federal and provincial governments that were designed to calm housing market activity - although this activity had already begun to slow following our hyper-active market in 2016/17. The most impactful government change we saw was the tighter mortgage lending rules, which lowered consumer borrowing power and made many unable to qualify for the value of mortgages they had in the past, therefore compressing more demand into our mid- and lower-priced property market."

There were 1,952 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2019, a decrease of 18.6 per cent compared to the month of November and a 1.8 per cent decrease from the 1,988 active listings for sale at the end of December 2018.

"Constant demand on this middle housing segment has put a moderate amount of pressure on pricing," adds Woolley. "And although we did not see huge price increases though 2019 like we did in the run up through 2016, we do see buyers entering into multiple offer situations and competing for properties. The high end of the market - over $1.5 million - has been softer, which is nice for a very small percentage of buyers in our area, but difficult on sellers who have seen some equity erode. The theme heading into 2020 does for now appear to be the limited selection of single-family homes and growth in pressure for more condos and townhomes. What remains consistent is that in this complex market, buyers and sellers value the assistance of their REALTOR® to navigate one of the biggest purchases most will make in their lifetime."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2018 was $860,400. The benchmark value for the same home in December 2019 decreased by 0.6 per cent to $855,000, slightly less than November’s value of $855,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December.

2018 was $503,000, while the benchmark value for the same condominium in December 2019 increased by 3.5 per cent to $520,700, slightly more than the November value of $517,000.

Holiday Newsletter

Tue, 07 Jan 2020 19:42:28 GMT

Greater Victoria Holiday Market Update

From our family to yours, we hope you had a magical holiday season & wish you a New Year filled with love, peace and prosperity.

December Market Update

Wed, 04 Dec 2019 04:31:00 GMT

Victoria Real Estate market remains competitive

December 2, 2019 A total of 577 properties sold in the Victoria Real Estate Board region this November, 15.9 per cent more than the 498 properties sold in November 2018 and a 6.8 per cent decrease from October 2019. Sales of condominiums were up 5.9 per cent from November 2018 with 161 units sold. Sales of single family homes increased 15.4 per cent from November 2018 with 308 sold.

"We continue to see low inventory and strong demand for low to mid priced properties in our area, which is pushing pricing up on condos and single family homes that fall within that segment," says Victoria Real Estate Board President Cheryl Woolley. "It is a challenging time for those shopping for properties in that price range as they can often find themselves in a competing offer situation."

There were 2,397 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2019, a decrease of 9.3 per cent compared to the month of October, but a 2.3 per cent increase from the 2,343 active listings for sale at the end of November 2018.

"The market this year is behaving as we'd expected, in the wake of tighter mortgage requirements and after the rapid pace of price increases we saw two years ago," adds Woolley. "Appropriate pricing and awareness of market trends are essential right now if you want to buy or sell a home in our area. That is why it is important to have a Realtor guide you through the process. It's worth getting this professional help, for what likely will be the biggest purchase or sale of your lifetime."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2018 was $865,800. The benchmark value for the same home in November 2019 decreased by 1.2 per cent to $855,400, slightly less than October's value of $857,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2018 was $501,300, while the benchmark value for the same condominium in November 2019 increased by 3.1 per cent to $517,000, slightly more than the October value of $511,600.

November Market Update

Fri, 08 Nov 2019 19:30:28 GMT

Victoria Real Estate market impacted by low inventory, consistent demand

November 1, 2019 A total of 619 properties sold in the Victoria Real Estate Board region this October, 3.5 per cent more than the 598 properties sold in October 2018 and a 0.5 per cent increase from September 2019. Sales of condominiums were down 1.1 per cent from October 2018 with 178 units sold. Sales of single family homes increased 10 per cent from October 2018 with 318 sold.

"This month's overall numbers are very similar to the numbers we saw last year," says Victoria Real Estate Board President Cheryl Woolley. "It's interesting that last month we saw a large uptick in condo sales, but this month is fairly flat when compared to last year. This shows that we are not yet seeing a trend in property types."

There were 2,643 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2019, a decrease of 6.4 per cent compared to the month of September, but a 5.3 per cent increase from the 2,510 active listings for sale at the end of October 2018.

"There has been a slight increase in our inventory from October last year," adds Woolley. "The current inventory is likely not enough for home buyers to feel they have a lot more to choose from - which in turn puts pressure on pricing for homes in desirable locations and price points. It's not uncommon to see multiple offers in many of our market segments. Your local Realtor will be able to help you understand the intricacies of our current market and what you can expect at the time you decide to buy or sell a home."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2018 was $878,900. The benchmark value for the same home in October 2019 decreased by 2.4 per cent to $857,700, slightly more than September's value of $846,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2018 was $503,200, while the benchmark value for the same condominium in October 2019 increased by 1.7 per cent to $511,600, the same as September's value.

October Market Update

Sun, 06 Oct 2019 20:45:59 GMT

Victoria Real Estate Market shows increased interest in condos and townhomes

October 1, 2019 A total of 616 properties sold in the Victoria Real Estate Board region this September, 15.6 per cent more than the 533 properties sold in September 2018 but a 6.8 per cent decrease from August 2019. Sales of condominiums were up 48.3 per cent from September 2018 with 221 units sold. Sales of single family homes decreased 1.1 per cent from September 2018 with 282 sold.

"September's statistics clearly demonstrate that Victoria continues to have a stable real estate sector and is a desirable place to live," says Victoria Real Estate Board President Cheryl Woolley. "While sales are up compared to the same month last year, our inventory remains low, which may create challenges for people trying to get into the market in certain categories."

There were 2,823 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2019, a decrease of 0.5 per cent compared to the month of August but a 6.7 per cent increase from the 2,646 active listings for sale at the end of September 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2018 was $878,500. The benchmark value for the same home in September 2019 decreased by 3.6 per cent to $846,500, slightly less than August’s value of $847,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2018 was $503,600, while the benchmark value for the same condominium in September 2019 increased by 1.6 per cent to $511,600, lower than August's value of $518,100.

"We saw increased activity in the condo and townhouse market with an almost 50 per cent year-over-year sales increase in condos," adds President Woolley. "It may be too early to call this a trend towards condo purchases, but this is a number to watch through the fall to see if buyers continue opting for condos and townhomes as more new developments are added to the market in highly desirable locations, with price points often lower than a single family home."

September Market Update

Fri, 06 Sep 2019 18:50:34 GMT

Victoria real estate summer sales and inventory levels follow historic patterns

September 3, 2019 A total of 661 properties sold in the Victoria Real Estate Board region this August, 11.3 per cent more than the 594 properties sold in August 2018 but a 6.4 per cent decrease from July 2019. Sales of condominiums were up 4.1 per cent from August 2018 with 203 units sold. Sales of single family homes increased 15.5 per cent from August 2018 with 351 sold.

"August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace," says Victoria Real Estate Board President Cheryl Woolley. "As expected, we've seen relatively stable pricing, with an uptick in sales - particularly single family homes. Unfortunately, summer has been accompanied with a slowing of new inventory coming onto the market, which suggests it is a good time for prospective sellers to consult with their REALTOR® about selling in the fall market."

There were 2,838 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2019, a decrease of 3.8 per cent compared to the month of July but a 12.7 per cent increase from the 2,519 active listings for sale at the end of August 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2018 was $888,100. The benchmark value for the same home in August 2019 decreased by 4.6 per cent to $847,300, slightly less than July's value of $858,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2018 was $503,600, while the benchmark value for the same condominium in August 2019 increased by 2.9 per cent to $518,100, lower than July's value of $523,400.

"This month the federal government opened its First Time Home Buyer Incentive program," adds President Woolley. "We're pleased the government is looking at creative ways to get first time buyers into homes as this program will help some buyers in Canada's smaller markets. We look forward to hearing how the federal government plans to help first time buyers in larger markets like Victoria, perhaps by adjusting the mortgage stress test parameters and extending the length of mortgage amortizations."