Mikaila Rhodes Victoria Realtor®

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Low inventory and strong demand continue in Victoria real estate market

July 2, 2021  A total of 942 properties sold in the Victoria Real Estate Board region this June, 16.6 per cent more than the 808 properties sold in June 2020, but 10.2 per cent fewer than the previous month of May. Condominium sales were up 61.7 per cent from June 2020 with 338 units sold. 4 per cent more condominiums sold in June 2021 than in the previous month of May. Sales of single family homes were down 4.3 per cent from June 2020 with 440 sold. 18.1 per cent fewer single family homes sold in June 2021 than in the previous month of May.

"We are at a point now where we can look at yearly comparisons with a new lens," said Victoria Real Estate Board President David Langlois. "In recent months we have been unable to glean anything by comparing year over year numbers because of the sudden and unexpected impact of the pandemic on the 2020 market. But June last year was when the market started its reacceleration. Buyers came back into the market in droves even though listings were restrained compared to long term averages."

There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2021, 49 per cent fewer properties than the 2,698 available at the end of June 2020 and 5.2 per cent fewer than the 1,450 active listings for sale at the end of May 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2020 was $896,700. The benchmark value for the same home in June 2021 increased by 18.6 per cent to $1,063,500, a 2.6 per cent increase from the previous month of May. The MLS® HPI benchmark value for a condominium in the Victoria Core in June 2020 was $490,400, while the benchmark value for the same condominium in June 2021 was $531,100, an 8.3 per cent increase.

"We see now even more sales activity than the return to the market we saw last year," added Langlois. "And our inventory is much more restricted, with more than thirteen hundred fewer listings for sale than the year previous. We can see the strong impact this shrinking supply has had on year over year prices. There are many factors we need to watch while this summer's market unfolds, including the change in borrowing rules that may impact first time buyers, declining levels of inventory and demand from outside of the province as tourism and travel reopens. Speak with your REALTOR® if you'd like fresh insight into our current market."

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Unwavering demand reinforces need to support supply of homes

June 1, 2021 The Victoria market continued to show its strength through the month of May, with a near record setting pace for sales and ongoing record low inventory levels. A total of 1,049 properties sold in the Victoria Real Estate Board region this May, 129.5 per cent more than the 457 properties sold in May 2020, but 6 per cent fewer than the previous month of April. Sales of condominiums were up 200.9 per cent from May 2020 with 325 units sold. 1.8 per cent fewer condominiums sold in May 2021 than in the previous month of April. Sales of single family homes were up 111.4 per cent from May 2020 with 537 sold. 4.8 per cent fewer single family homes sold in May 2021 than in the previous month of April.

"Victoria is an amazing place to live and we will continue to see demand for property here," said Victoria Real Estate Board President David Langlois. "In the future we need to support the creation of a housing market that can respond to demand and population growth and evolve with community needs. Adding inventory to the Greater Victoria market should be the focus of every municipal council across the region."

There were 1,450 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2021, 43 per cent fewer properties than the total available at the end of May 2020 and just 4 properties fewer than the 1,454 active listings for sale at the end of April 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2020 was $855,900. The benchmark value for the same home in May 2021 increased by 17 per cent to $1,036,100, a 3.9 per cent increase from the previous month of April. The MLS® HPI benchmark value for a condominium in the Victoria Core in May 2020 was $500,000, while the benchmark value for the same condominium in May 2021 was $526,000, a 5.2 per cent increase.

"Recently the City of Victoria moved to fast-track non-profit developments, which is an exciting step in the right direction," added Langlois. "But continued attention needs to be paid on housing of all types. By supporting an increase in urban density, we can ensure attainable housing, address missing middle family housing, increase tax revenues for community amenities and protect green space by slowing sprawl. If you are concerned about attainable housing and the future of homes in Greater Victoria, consider supporting the next housing development proposal in your neighbourhood."

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Housing in Greater Victoria remains in high demand

May 3, 2021 "Comparing last year's April market to 2021 does not provide us any real insight into long term market trends," said Victoria Real Estate Board President David Langlois. "Instead of comparing to last year's numbers, we need to look at years before the pandemic to see how April 2021 compares to average. In the most recent five years pre-pandemic, the average number of sales in the month of April was 896. April 2016 holds the record for sales with 1,286 properties sold. The five-year average for active listings was 2,596, so we sit at more than one thousand homes fewer than a recent average level of inventory."

A total of 1,116 properties sold in the Victoria Real Estate Board region this April, 288.9 per cent more than the 287 properties sold in April 2020, but 4.9 per cent fewer than the previous month of March. Sales of condominiums were up 353.4 per cent from April 2020 with 331 units sold. 12.2 per cent fewer condominiums sold in April 2021 than in the previous month of March. Sales of single family homes were up 246 per cent from April 2020 with 564 sold. 1.7 per cent fewer single family homes sold in April 2021 than in the previous month of March.

There were 1,454 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2021, 36.9 per cent fewer properties than the total available at the end of April 2020 and 11 per cent more than the 1,310 active listings for sale at the end of March 2021.

"We've seen an imbalance in our market for a quite a few months," explained Langlois. "Our market is based on supply and demand and there is a disconnect right now with record low supply and high demand. Unfortunately, our housing supply is not as elastic as market demand is. Desire for homes in a certain market can erupt quickly, while building homes takes years. These realities make it hard to bring our market into balance. Efforts by government to dampen demand by making home ownership more expensive through taxes and borrowing limitations do not bring balance. Municipal governments adding costs and time delays to new developments do not bring balance. A commitment to developing our communities over the long term may."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2020 was $884,600. The benchmark value for the same home in April 2021 increased by 12.6 per cent to $996,500, a 2.9 per cent increase from the previous month of March. The MLS® HPI benchmark value for a condominium in the Victoria Core in April 2020 was $533,600, while the benchmark value for the same condominium in April 2021 was $547,600, a 2.6 per cent increase.

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The fast pace of Victoria real estate market surges on

April 1, 2021  A total of 1,173 properties sold in the Victoria Real Estate Board region this March, 92.9 per cent more than the 608 properties sold in March 2020 and 35.9 per cent more than the previous month of February. Sales of condominiums were up 111.8 per cent from March 2020 with 377 units sold. Sales of single family homes were up 88.2 per cent from March 2020 with 574 sold.

"Limited supply with overwhelming demand has been the story for the first quarter of 2021," said Victoria Real Estate Board President David Langlois. "This time last year was the beginning of the pandemic and most everything was shut down – so we cannot compare year over year numbers – but if we look at longer term trends, the average number of sales from the month of March in the past ten years before 2020 was 715 properties. Numbers from last month are close to the market trends we saw in 2016, but with an even greater imbalance in inventory due to a surge in consumer demand for homes in the Victoria area."

There were 1,310 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2021, 41.8 per cent fewer properties than the total available at the end of March 2020 and 0.6 per cent properties fewer than the 1,318 active listings for sale at the end of February 2021.

"The underlying issue is a deficit in supply," explained Langlois. "Supply needs to be addressed by all levels of government and particularly by local governments which control land use policies and development processes. Equally important, governments need to ensure that measures they make to moderate the housing market do not exacerbate the problem by attempting to suppress demand by adding costs or qualification barriers. These sorts of measures raise the overall cost of housing and add even more challenges for first time buyers. We need to continue to push for both increased supply and sensible government policies around housing."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2020 was $879,600. The benchmark value for the same home in March 2021 increased by 10.1 per cent to $968,700 a 2.2 per cent increase from the previous month of February. The MLS® HPI benchmark value for a condominium in the Victoria Core in March 2020 was $531,800, while the benchmark value for the same condominium in March 2021 remained close to last year's value at $529,100 a 0.5 per cent decrease.

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Victoria Real Estate Market demand surges against limited supply

March 1, 2021  A total of 863 properties sold in the Victoria Real Estate Board region this February, 53.3 per cent more than the 563 properties sold in February 2020 and 33.6 per cent more than the previous month of January. Sales of condominiums were up 65.7 per cent from February 2020 with 290 units sold. Sales of single family homes were up 43.9 per cent 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 per cent 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 home ownership. 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. If you are concerned about housing prices and availability of housing in general in our community, please support development in your municipality. Be vocal with your local council or neighbourhood association – these stakeholders hold the power in these negotiations - and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area."

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 per cent to $948,200, a 1.7 per cent 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 per cent decrease.

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Victoria real estate market sees strong start to 2021

February 1, 2021  A total of 646 properties sold in the Victoria Real Estate Board region this January, 57.2 per cent more than the 411 properties sold in January 2020 and 2.4 per cent more than the previous month of December. Sales of condominiums were up 83.1 per cent from January 2020 with 216 units sold. Sales of single family homes were up 48.5 per cent from January 2020 with 297 sold.

"Our bustling market continues to be fueled by strong consumer demand to own a home in Greater Victoria, driven in part by low interest rates and by the overall desirability of our larger community," said Victoria Real Estate Board President David Langlois. "This continuing demand, coupled with our record low inventory, has resulted in competition for desirable properties. The competition for sparse inventory has pushed both pricing and activity up and has created the very fast-paced market that we've been experiencing for the past several months."

There were 1,321 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2021, 32.5 per cent fewer properties than the total available at the end of January 2020 but a 3.3 per cent increase from the 1,279 active listings for sale at the end of December 2020.

"The luxury home market continues to significantly outpace previous years," adds Langlois. "For example, in January 2020, four homes over two million dollars sold. This January, twenty-five sold. We also see a continued strengthening in the condominium market across all price points. Right now, navigating both the buying and selling process is challenging. With many moving pieces and in such a fast-paced market it's important to leverage the experience and expertise of your trusted local REALTOR®."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2020 was $860,700. The benchmark value for the same home in January 2021 increased by 8.3 per cent to $932,000, a 1.8 per cent increase from the previous month of December. The MLS® HPI benchmark value for a condominium in the Victoria Core in January 2020 was $523,400, while the benchmark for the same condominium in January 2021 remained close to last year's value at $518,800, a 0.9 per cent decrease.

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The 2020 Victoria real estate market year in review

January 4, 2021  A total of 631 properties sold in the Victoria Real Estate Board region this December, 57 per cent more than the 402 properties sold in December 2019 and a 20.6 per cent decrease from November 2020. Sales of condominiums were up 61.2 per cent from December 2019 with 195 units sold. Sales of single family homes increased 58.6 per cent from December 2019 with 314 sold.

A grand total of 8,497 properties sold over the course of 2020, 17.1 percent more than the 7,255 that sold in 2019. 2020 sales came in close to one thousand sales over the ten-year average of 7,329 properties.

"This has been an unexpected year on many levels," says 2020 Victoria Real Estate Board President Sandi-Jo Ayers. "The onset of the COVID-19 pandemic in March and April quickly swept away any illusions that our normal seasonal market patterns would persist. Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations. The combination of the ongoing pandemic, historically low interest rates and a shift in consumer priorities towards properties that cater to a more home-based work / life / retirement balance resulted in record setting sales for the last several months of 2020."

There were 1,279 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2020, a decrease of 29.5 per cent compared to the previous month of November and a 34.5 per cent decrease from the 1,952 active listings for sale at the end of December 2019. This represents the lowest inventory of active listings at month-end in at least the last 25 years.

"The other side of our local story was the inventory," adds Ayers. "We ended the year on a record low of properties available in Greater Victoria. This means that the huge demand we see for homes in our area is not being met by supply and prices are being pushed upwards as buyers vie for homes. Even historically lower-priced markets like the Highlands and the Westshore are seeing pressure as buyers adjust what suits their needs and focus on home ownership. What remains consistent is that in this complex market, your REALTOR® can help to navigate one of the biggest purchases most will make in their lifetime."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2019 was $857,200. The benchmark value for the same home in December 2020 increased by 6.8 per cent to $915,100, slightly more than November's value of $903,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2019 was $520,100, while the benchmark value for the same condominium in December 2020 decreased by 0.9 per cent to $515,600, slightly less than the November value of $516,600.

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Victoria real estate market continues to experience strong demand, low supply

December 1, 2020  A total of 795 properties sold in the Victoria Real Estate Board region this November, 37.8 per cent more than the 577 properties sold in November 2019 but 19.7 per cent fewer than the previous month of October 2020. Sales of condominiums were up 62.7 per cent from November 2019 with 262 units sold. Sales of single family homes were up 21.8 per cent from November 2019 with 375 sold.

"Once again, we've tracked an unexpectedly busy month for the Victoria area real estate market," said Victoria Real Estate Board President Sandi-Jo Ayers. "With near 800 total sales last month, we came close to the record for sales in a November - which was 892 sales in 1989."

There were 1,813 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2020, 24.4 per cent fewer properties than the total available at the end of November 2019 and a 14.6 per cent decrease from the 2,122 active listings for sale at the end of October 2020.

"I expect the question on most people's minds is - how long does this last, and is this sustainable," adds Ayers. "The fact is, the market has out performed anyone's expectations in the midst of this pandemic. There is a chance we will see a slow leveling of activity over the winter - which is what we would expect seasonally. However, because of our consistently low inventory, pressure on pricing and multiple offer situations will likely continue as we remain in a demand-heavy environment."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2019 was $857,600. The benchmark value for the same home in November 2020 increased by 5.3 per cent to $903,100, a 2.7 per cent increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2019 was $517,400, while the benchmark for the same condominium in November 2020 remained close to last year's value at $516,600, a 0.2 per cent fluctuation.

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Victoria Real Estate Market continues to outperform in unpredictable times

November 2, 2020 A total of 990 properties sold in the Victoria Real Estate Board region this October, 59.9 per cent more than the 619 properties sold in October 2019 and 0.1 per cent more than the previous month of September 2020. Sales of condominiums were up 70.8 per cent from October 2019 with 304 units sold. Sales of single family homes were up 53.1 per cent from October 2019 with 487 sold.

"Once again, another month concluded with numbers that surprised many of us," said Victoria Real Estate Board President Sandi-Jo Ayers. "Sales for October broke the record for the month and inventory continues to be snapped up quickly. Due to this high demand, low supply environment, we are seeing many multiple offer situations. Condos and single family homes both continue to be popular choices for buyers."

There were 2,122 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2020, 19.7 per cent fewer properties than the total available at the end of October 2019 and an 11.2 per cent decrease from the 2,389 active listings for sale at the end of September 2020.

"We have mentioned previously the pent-up demand - how sales that were depressed over the spring because of the pandemic occurred later during the summer. These delayed sales resulted in higher than average numbers for our summer and early fall market," adds Ayers. "We may also be seeing some brought-forward demand - where people are making their future moves now. In part this may be to take advantage of lower mortgage interest rates. It may also be because of our current public health situation. Some people may be anticipating a slow down in general activity over the winter months due to the course of the pandemic and so are accelerating their plans. This may mean continued heightened sales activity through the fall and early winter, which is contrary to our normal market trend. In a normal year, we would see a tapering off of activity leading to the winter season, but thus far we have seen sustained sales and demand through October. Check in with a local REALTOR® to ascertain the to-the-minute market environment if you are considering buying or selling a property."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2019 was $859,900. The benchmark value for the same home in October 2020 increased by 2.3 per cent to $879,600, virtually the same value as listed in September. MLS® HPI benchmark value for a condominium in the Victoria Core in October 2019 was $512,500, while the benchmark for the same condominium in October 2020 remained close to last year’s value at $512,300, 0.3 per cent more than the September value of $510,600.

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Consumer interest in homeownership in Victoria unwavering over course of pandemic

October 1, 2020  A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month of August 2020. Sales of condominiums were up 26.7 per cent from September 2019 with 280 units sold. Sales of single family homes were 91.9 per cent from September 2019 with 539 sold.

"Another month has passed where we have seen surprisingly high sales numbers - which included quite a few higher end properties," says Victoria Real Estate Board President Sandi-Jo Ayers. "I don't think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent up demand from dampened sales in April and May would result in this level of market activity. There's no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market."

There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.

"We had some much-needed new inventory enter the market over the course of September," adds Ayers. "But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2019 was $849,100. The benchmark value for the same home in September 2020 increased by 3.5 per cent to $879,200, 1.1 per cent less than August's value of $889,200. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2019 was $512,500, while the benchmark value for the same condominium in September 2020 decreased by 0.4 per cent to $510,600, 0.6 per cent less than the August value of $513.900.

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Victoria real estate market experiences an active summer

September 1, 2020  A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold. Sales of single family homes were up 45 per cent from August 2019 with 509 sold.

"Once again we saw a very active month in terms of property transactions," says Victoria Real Estate Board President Sandi-Jo Ayers. "And once again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation. It is a challenging time to define what is happening in the market given so many factors that don't exist in a normal year. We have been surprised by the pace of the summer market and are grappling with the evolving socio-economic effects of the pandemic and how these underlying factors will influence our fall real estate market."

There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9 per cent fewer properties than the total available at the end of August 2019 and a 2.6 per cent decrease from the 2,653 active listings for sale at the end of July 2020.

"What I do know is that our business has changed a lot in recent months," adds Ayers. "REALTORS® have adapted to health and safety requirements and much more technology is being leveraged to facilitate all aspects of the housing transaction. We can also see that though demand is up, there are fewer listings on the market, which increases demand on desirable properties even more. This is why we saw a lot of competition and multiple offers over the summer. Will this continue into fall? That will depend on how much new inventory comes into the market and how our community continues to manage the impact of COVID-19. This is an evolving and nuanced market. As always, it is a good time to connect with your Realtor if you're considering selling or buying. 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 August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 per cent to $889,200, 2.3 per cent less than July's value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 per cent to $513,900, 3.2 per cent less than the July value of $530,800.

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Victoria real estate market continues to adapt in the changing times

August 4, 2020  A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 per cent more than the 706 properties sold in July 2019 and 21.2 per cent more than the previous month of June 2020. Sales of condominiums were up 11.2 per cent from July 2019 with 239 units sold. Sales of single family homes were up 61.1 per cent from July 2019 with 559 sold.

"If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month are on the higher end of our market for a typical July," says Victoria Real Estate Board President Sandi-Jo Ayers. "But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall."

There were 2,653 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2020, 10 percent fewer properties than the total available at the end of July 2019 and a 1.7 per cent decrease from the 2,698 active listings for sale at the end of June 2020.

"A big factor in our market right now is that we continue to see this very long term, very low supply of inventory which puts pressure on our market and prices," adds Ayers. "Though we had a good number of new listings come to market this month, many of those listings were snapped up by buyers. Our average active listings for July over the past ten years is 3,767 but our current local inventory is more than a thousand properties less than that. Right now we have a lot of demand for single family homes – without the numbers to meet demand - prospective buyers are often entering into multiple offer, competitive situations or are unable to find appropriate properties. It's a challenging market to navigate, but your REALTOR® is standing by to help should you wish to discuss a strategy to buy or sell a home in our current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2019 was $861,100. The benchmark value for the same home in July 2020 increased by 5.7 per cent to $910,400, 1.6 per cent more than June's value of $896,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2019 was $520,900, while the benchmark value for the same condominium in July 2020 increased by 1.7 per cent to $529,900, 0.8 per cent more than the June value of $525,600.

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Victoria real estate market impacted by many different factors in June

July 2, 2020 A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May 2020. Sales of condominiums were down 3.2 per cent from June 2019 with 209 units sold. Sales of single family homes were up 16.8 per cent from June 2019 with 460 sold.

"This June we saw competing factors from all different sides of the real estate equation," says Victoria Real Estate Board President Sandi-Jo Ayers. "If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC's Restart Plan. Because of the pandemic, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market."

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3 percent fewer properties than the total available at the end of June 2019 but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.

"Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC," adds Ayers. "This may have pushed some demand forward - although there are alternate suppliers of mortgage insurance. Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers. This may be in part due to the recent strata insurance issues which caused concern for owners and sellers. The government promised this month to begin to address the insurance issue, so there may be some relief on the horizon. These are not normal days for local real estate, nor is this month a signal of a return to normal, regardless of the numbers. That said, buyers and sellers are successfully navigating our market with the help of local REALTORS®, who know how to implement health and safety protocols and understand the complexities of our current market. As always, I recommend you consult your Realtor to understand what is happening in the moment."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4 per cent to $896,200, 1.2 per cent more than May's value of $885,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 per cent to $525,600, 1.6 per cent less than the May value of $534,300.

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Breaking News: There are big changes to qualifying for CMHC insured mortgage financing (less than a 20% down payment/equity purchase) coming July 1st, 2020!


-Reducing the debt servicing ratios from 39/44 GDS/TDS to 35/42 GDS/TDS (Gross Debt Service/Total Debt Service). In English, this means that you’ll qualify for approximately 12% less than you do today.

*For example, assume you make a 70K and currently qualify for a 350K mortgage, you’ll now only qualify for 308K.*

-Increasing the minimum beacon score from 600 to 680.
-Eliminating the ability to borrow your down payment.


For more information see the article below or contact me anytime:
778-679-1028
mikaila@mikailarhodes.com


https://spinmortgage.com/cmhc-breaking-news-july-2020/

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Victoria real estate activity picks up as restrictions ease

June 1, 2020 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 home."

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.

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Victoria Spring market far from the usual as real estate continues to react to pandemic

May 1, 2020  A total of 287 properties sold in the Victoria Real Estate Board region this April, 58.8 per cent fewer than the 696 properties sold in April 2019 and 52.8 per cent fewer than the previous month of March 2020. Sales of condominiums were down 64 per cent from April 2019 with 73 units sold. Sales of single family homes were down 55.8 per cent from April 2019 with 163 sold.

"We continue to see the impact of the COVID-19 pandemic on the local real estate market," says Victoria Real Estate Board President Sandi-Jo Ayers. "Sales numbers are much lower than what we expected to see this spring and new listings are slow to come to market as owners wait to see what our community's trajectory is over the course of this pandemic. As a result, the available inventory of properties for sale remains lower than in April last year. Like so many other industries, much of the real estate market is watching, waiting and adapting."

There were 2,305 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2020, 16.2 percent fewer properties than the total available at the end of April 2019 but a 2.4 per cent increase from the 2,252 active listings for sale at the end of March 2020.

"Real estate services and REALTORS® were declared an essential service by our province in March in order to protect consumers who need to make real estate transactions during this time," adds Ayers. "This responsibility has opened opportunities for our profession to adapt our way of doing business to ensure our community's health is protected. Technology has allowed us to move much of our work online. Now you can participate in an open house from the comfort of your couch and manage your contracts and negotiations securely online. Of course, the vast majority of transactions still require an in-person showing at some point and so local Realtors are ensuring they are adhering to the advice of the Provincial Health Officer. We know that we are in complex times, but also that some people need to buy and sell. Our message has been and will be moving forward - 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 April 2019 was $843,500. The benchmark value for the same home in April 2020 increased by 4.6 per cent to $882,700, 0.6 per cent more than March's value of $877,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2019 was $512,700 while the benchmark value for the same condominium in April 2020 increased by 3.5 per cent to $530,700, 0.2 per cent less than the March value of $531,900.

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Spring Market Update as we enter Unprecedented Times

Dear clients, friends, family and colleagues,


I hope you and your loved ones are all staying safe and healthy during these unprecedented times! In most parts of Canada, Real Estate has been deemed an essential service to help those people that were already in the middle of a purchase or home sale. I am adjusting my business practises to responsibly and professionally assist my clients, as we adapt to the Government and Health Authorities directives and social distancing measures. As an essential service, it is our duty to serve the public, operating with the same public health agency protocols to maximize safety for our clients and ourselves. 

The health and safety of everyone, my friends and family, your friends and family, and our community is the most important thing right now and we are all responsible for playing a part in this! I know it has been a challenging time for most people right now as we are all adjusting to this time of social distancing in different ways, and our new realities for an unknown period of time. Please let me know how I can assist you at any time, whether it's real estate related or not! I am 100% available to all my clients whether it's by phone or email, and I always love to hear from you!

We’re going to get through this, and when we do, we will all have a new found appreciation for every interaction, coffees and brunch with our friends, date nights with our loved ones, camping in nature, travelling the world, all those things we never thought we would have to give up. Savour this time to slow down and reflect on everything we are grateful for, gratitude will help us through this. Remember that you are doing your best and whatever you do each day is enough!

Thank you to all of those front line workers helping our community each day, the health care workers, grocery store clerks, neighbours looking out for each other, everyone is playing an important role and it does not go unnoticed. 

Sending you all warm wishes for health and safety, and I look forward to seeing all of you when the world recovers :)

Happy Easter!

Mikaila


For the Full Newsletter See the link below:


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Victoria real estate spring market will be impacted by COVID-19

April 1, 2020  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.

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Victoria real estate market shakes off winter doldrums

March 2, 2020  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.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.