Category: Uncategorized

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.

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®.

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

June 1, 2020

Victoria real estate activity picks up as restrictions ease

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.

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 1,380 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®.

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

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®.

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

April 1, 2020

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

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.

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 Esatte 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®.

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

March 2, 2020

Victoria real estate market shakes off winter doldrums

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.

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 Esatte 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®.

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

Victoria Real Estate Market

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.

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 1,380 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®.

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

Happy Holidays and Welcome to our December Newsletter!
 
Can you believe the most wonderful time of the year is upon us once again? 

Congratulations to those of you who are spending Christmas in your new home for the first time. During the holidays, may it be filled with the scents of pine and baking and be a place to create new memories for many years to come.

Will your home be ready to sell when the busy spring season comes along? Be sure to check out the great advice in the blog below, “Tips to Get You From Overwhelm to Sold!” 

And if you’ve decided you don’t want to wait until spring to list your home –  great decision! Serious buyers have fewer homes to choose from during the first several months of the New Year. This means less competition for you!

We are eternally grateful for another year to celebrate the season with friends and family. As we say goodbye to 2019, it’s our wish is that the new DECADE finds you happy, prosperous, and filled with joy!

Best wishes, once again. Thank you for your continued trust.

ally and dennis.

A total of 577 properties sold in the Victoria Real Estate Board region this November, 15.9 percent more than the 498 properties sold in November 2018 and a 6.8 percent decrease from October 2019. Sales of condominiums were up 5.9 percent from November 2018 with 161 units sold.

Sales of single-family homes increased 15.4 percent 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 percent compared to the month of October, but a 2.3 percent 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.”

FOR SALE! 10986 Madrona Drive, North Saanich- $1,095,000

Welcome to your own slice of Waterfront heaven tucked into a quiet bay in Deep Cove! This modern and updated home with spectacular views is compact, bright and functional. It feels like a cozy beach cottage and has the modern finishing’s for today’s buyer; granite counters, generous work surface, refinished hardwood flooring, loads of storage, skylights to take advantage of the natural light and French doors opening to a private deck overlooking the ocean. The lower level has laundry and rec room with simple kitchenette and more storage. There is a separate studio with private full bath for your guests. Plan to drop your kayak into the easy waters of this special ocean inlet from your private beach access and where your neighbor is a small Marina. Enjoy the smell of the sweet salt air! A foreshore lease is in place with a deep-water moorage buoy and a boathouse. Currently tenanted – do not approach property without appointment. 3rd bedrm has no closet. Year built unknown.

PENDING!400 Latoria Road, Royal Bay- $842,000

Welcome to 400 Latoria Rd in Lovely Royal Bay – An excellent example of a 4 BED/4BATH West Coast custom home on a LARGE LOT with high-quality features throughout. Over 3470 sq ft this airy & bright home offers many space solutions for today’s busy family including sunny living rm, den/office, formal and casual, indoor/outdoor dining spaces & bonus media room. A terrific home for large gatherings with easy access to flat, private yard and patio & great outlook from the front deck. Watch the kids and pets in the back garden from the window from open-plan kitchen! Special feat include 5” distressed plank flooring, heat pump, natural gas stove & fireplace, tankless hot water & skylight. Upper floor is private master suite w/spa-like ensuite & walk-in closet. No shortage of storage solutions & dbl garage. Lower level offers SUPER EASY SUITE CONVERSION with priv access without compromising family space. Close to amenities; enjoy the beach down the road & neighbourhood walkways.

SOLD! 7 515 Mount View Avenue, Victoria – $381,500

Welcome to 7- 515 Mount View Ave.: a well maintained 2 bed/2 bath, one level end unit townhome conveniently located and surrounded by green space. Bright, open design with large bay window overlooking your private pet friendly patio and garden. Well designed kitchen with eating area and pass-thru to the formal dining area. This sweet home has super in unit storage space, laundry room & a single car garage with driveway parking. The main bedroom has an ensuite with a brand new walk-in tub! The second bedroom, without closet, can be a den or office. This quiet adult complex is pet friendly and is centrally located close to shopping, transit, Royal Roads, the Galloping Goose & recreation facilities. Quick possession available. A great spot to call home!

Tips to Get You From Overwhelm to Sold!

It’s hard to believe a new decade is only weeks away, which also means that the busiest time for real estate is just around the corner. Will your home be ready to sell when spring comes along? Be sure to try some of these tips that let you go from overwhelmed to sold!

Once you’ve UN-decorated Christmas but have yet to return your knick-knacks to their pre-Christmas locales, do a thorough walk around your entire home. Take an honest look. Do you really need the dried flower arrangement your kids made for you in 2005? Has the paint seen better days? Have gadgets and kitchenware taken over your countertops?

The old saying, “You never get a second chance to make a first impression,” is never more real than when you decide to put your home on the market. Did you know a cluttered home makes your house look smaller? Not only does that leave a negative effect on buyers, but it will probably have a negative impact on OFFERS, too!

Don’t try to do it all at once. Take it step-by-step and room-by-room. The upside is in knowing you won’t have to pack, store, or move things that don’t fit in with the space and style of your new home.

Let your digital camera be your friend—take a picture of the things you can’t seem to let go of. The photos will keep the memories alive, can be archived forever, and most assuredly, take less space.

Rent a storage locker. Label bins with, “Yes,” “No,” or “Maybe.” Place the items you absolutely need to keep into the “Yes” bin. For things that “gotta go,” place them into the “No” bin. Consider selling “no” items through Varage (a much easier alternative to the traditional garage sale) or donating them to your local thrift store before taking them to the local dump. “Maybes” are allowed in the storage locker, but if they haven’t been missed after one year, change the label to “No,” and repeat as previously mentioned.

Still can’t let go of those “seen better days” mementos? There are experts who can help you, and I know where to find them!

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.

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 1,389 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 our press release and summary here.
View our complete statistical package here.

Victoria Real Estate market impacted by low inventory, consistent demand

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.

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 1,390 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 our press release and summary here.
View our complete statistical package here.

For More Information

Victoria Real Estate Board
Denise Hogue, Communications Manager

Phone: 250-920-4652

Notes for Interpreting Our 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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