Victoria Market Report 

A slight uptick in sales and inventory, but Victoria real estate 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…

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Victoria Market report


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…

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Victoria Market Report

Strong First Quarter for BC Housing Markets, But Rising Rates Loom Large
March Market Report 2022

The British Columbia Real Estate Association (BCREA) reports that a total of 11,463 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2022, a decrease of 24.1 per cent from a record March 2021.

The average MLS® residential price in BC was $1.096 million, a 15.7 per cent increase from $946,813 recorded in March 2021. Total sales dollar volume was $12.6 billion, a 12.1 per cent decline from the same time last year.

“Home sales in the province continue to moderate from record highs of this time last year,” said BCREA Chief Economist Brendon Ogmundson. “Given the sharp rise in Canadian mortgage…

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Victoria Market Report

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

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Victoria Market Report

Limited inventory continues to be key in Victoria real estate market

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…

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Victoria Market Report 2021

No change on the horizon for the Victoria real estate market

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…

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Multiple Offers!

  Tight housing market continues in February with relentless demand and low inventory. Demand has grown in all housing types and sales increased 36% compared to January with only a 3% increase in inventory. Prices were up 7% overall compared to January averaging 121% of assessed value. Median house price has increased from $710,000 to $746,000. Housing supply has again diminished, leaving us with only 1.2 months of inventory vs. 1.5 months in January and December. Not sure we can get more blood from this beautiful rock we live on.  

Sales stats for Victoria

Single Family Homes: We are down to a 0.9 month supply of single family homes with 314 sales and 296 listings; with an average of 9 days on market, most sales…

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Victoria Real Estate Market Report

Overall housing demand on the South Island remained at 1.7 months supply but with 20% less residential sales and 20% less inventory. November sales volume was approx. double that of November 2019 and that of November 2018. Average sales prices remained at 111% of the assessed value.  

Single Family Homes:

Detached home demand dropped only slightly from 1.4 months to 1.5 months of supply, with a 20% drop in sales and 16% drop in listings. Sales prices averaged 117% of assessed value which is up from 114% last month. Sales volume in Saanich East and in Sooke did not change, all other areas were down. The 1 week trend ending November indicates that the market is not slowing down just yet. By price,…

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Market Report Victoria June 1,2020

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…

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Westcoast Beaches

CURRENT STATISTICS

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…

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