December Market Update

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.