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®.
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Courtesy of the Victoria Real Estate Board