March 1 Victoria Real Estate Market Stats

March 1, 2021:  Victoria Real Estate Market demand surges against limited supply. 

A total of 863 properties sold in the Victoria Real Estate Board region this February, 53.3 % more than the 563 properties sold in February 2020 and 33.6 % more than the previous month of January. 

Sales of condominiums were up 65.7 % from February 2020 with 290 units sold.
Sales of single-family homes were up 43.9 % from February 2020 with 390 sold. 

“Our early spring market is in full swing carrying on from a fast start in January,” said Victoria Real Estate Board President David Langlois. “Our market remains one with tightly constrained inventory and high demand. The good news is that we have seen some stabilization in listings and condo pricing between January and February, but we continue to see huge pressure on single-family homes – new listings are snapped up as soon as they are listed. As a result, the pressure on single-family% homes continues to ramp up. There is significant competition for desirable homes – and in our marketplace most homes are desirable – and people competing for properties pushes prices up.” 

There were 1,318 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2021, 38 % fewer properties than the total available at the end of February 2020 and three properties fewer than the 1,321 active listings for sale at the end of January 2020. 

“The theme for 2021 is going to be inventory - where does it come from and how much new supply can be approved - so that this situation does not persist,” adds Langlois. “We’ve seen the government attempt to influence the housing market in hopes of dampening the demand for homeownership. The foreign buyer tax has changed nothing – our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust. Demand-suppression measures have not worked and their failure to moderate housing prices in our community has only exacerbated the pressure on the supply that was constrained ten years ago but is now at historically low levels.  

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 % to $948,200, a 1.7 % increase from the previous month of January. 

The MLS® HPI benchmark value for a condominium in the Victoria Core in February 2020 was $525,600, while the benchmark for the same condominium in February 2021 remained close to last year’s value at $525,400, a 0.38 % decrease.

Source:VREB