The 2021 Victoria real estate market year in review

A grand total of 10,052 properties sold over the course of 2021, 18.3 percent more than the 8,497 that sold in 2020. 2021 sales came in close to 2016’s record-breaking sales year where 10,622 properties were sold. 

“The theme of this year has been very consistent,” says 2021 Victoria Real Estate Board President David Langlois. “Each month a high demand for homes paired with record-low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point. We see stories from many countries highlighting the increasing desirability of homeownership in the wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on record – but with such strong demand that most transactions see multiple offers.” 

There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2021, a decrease of 26.5 percent compared to the previous month of November and a 49 percent decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest inventory of active listings at month-end in at least the last 25 years. 

 The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1 percent to $1,144,900, up from November’s value of $1,122,600. 

The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the same condominium in December 2021 increased by 17.1 percent to $570,600, up from the November value of $560,700.