april market statistics from vreb

May 1, 2020

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

A total of 287 properties sold in the Victoria Real Estate Board region this April, 58.8 per cent fewer
than the 696 properties sold in April 2019 and 52.8 per cent fewer than the previous month of March 2020. Sales of condominiums were down 64 per cent from April 2019 with 73 units sold. Sales of
single family homes were down 55.8 per cent from April 2019 with 163 sold.

“We continue to see the impact of the COVID-19 pandemic on the local real estate market,” says
Victoria Real Estate Board President Sandi-Jo Ayers. “Sales numbers are much lower than what we
expected to see this spring and new listings are slow to come to market as owners wait to see what
our community’s trajectory is over the course of this pandemic. As a result, the available inventory of
properties for sale remains lower than in April last year. Like so many other industries, much of the
real estate market is watching, waiting and adapting.”

There were 2,305 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at
the end of April 2020, 16.2 percent fewer properties than the total available at the end of April 2019
but a 2.4 per cent increase from the 2,252 active listings for sale at the end of March 2020.

“Real estate services and REALTORS® were declared an essential service by our province in March
in order to protect consumers who need to make real estate transactions during this time,” adds Ayers.
“This responsibility has opened opportunities for our profession to adapt our way of doing business to
ensure our community’s health is protected. Technology has allowed us to move much of our work
online. Now you can participate in an open house from the comfort of your couch and manage your
contracts and negotiations securely online. Of course, the vast majority of transactions still require an
in-person showing at some point and so local Realtors are ensuring they are adhering to the advice of
the Provincial Health Officer. We know that we are in complex times, but also that some people need
to buy and sell. Our message has been and will be moving forward – if you need us, we are here.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the
Victoria Core in April 2019 was $843,500. The benchmark value for the same home in April 2020
increased by 4.6 per cent to $882,700, 0.6 per cent more than March’s value of $877,700. The MLS®
HPI benchmark value for a condominium in the Victoria Core area in April 2019 was $512,700 while
the benchmark value for the same condominium in April 2020 increased by 3.5 per cent to $530,700,
0.2 per cent less than the March value of $531,900.

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the
development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria
Real Estate Board represents 1,387 local Realtors. If you are thinking about buying or selling a home, connect
with your local Realtor for detailed information on the Victoria and area housing market.

View the Victoria Real Estate Board press release and summary here.
View the Victoria Real Estate Board complete statistical package here.

Notes for Interpreting the Victoria Real Estate Board Statistics
The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

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Courtesy of the Victoria Real Estate Board