July 2, 2020
Victoria real estate market impacted by many different factors in June
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.
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 1,374 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.
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®.
The documents we link to on this page are stored in PDF format. If your browser already has a PDF plug-in like the Adobe Reader, you’ll probably be able to simply click on the document you’re interested in to view it here online. If not, you can download and install this popular, free software.
Courtesy of the Victoria Real Estate Board