march market statistics from vreb

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®.

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Courtesy of the Victoria Real Estate Board