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
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.
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