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THE VICTORIA MARKET & MARKET INVENTORY Category: Victoria BC

The real estate market in Victoria started out strong in the 1st Qtr of 2020. Demand (i.e., the number of sales) was up dramatically, although it should be recalled that sales in the 1st Qtr of 2019 were the lowest recorded in the past decade. The inventory (i.e., the number of homes on the market) tightened. Sale prices continued to climb in the 1st Qtr. In summary, the market edged into seller’s market territory. However, the impact of the COVID-9 virus
outbreak on the economy became clear towards the middle of March 2020. There remains a lot of uncertainty going forward. Many people have plans to either buy or sell real estate this year. Realtors have been given guidelines to minimize the risk to both buyers and sellers.

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THE VICTORIA MARKET Category: Victoria BC

Despite an increase in sales, prices in the Victoria real estate market have remained flat over the past several quarters. The upward pressure on prices eased in the 3rd Qtr of 2018 and after a modest decrease, prices have levelled off. On the supply side, the number of listings was up from the same period last year. On the demand side, there was an increase in the number of sales.

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REAL ESTATE IN BC - SOME INSIGHTS Category: Victoria BC

The real estate market in Canada has been in a slump during the past couple of years. BC has been particularly hard hit. Despite this, BC still has the most expensive real estate in the country.

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THE MARKET INVENTORY Category: Victoria BC

There were 1,910 properties (including lots and acreage) active on the VREB’s MLS® database for the Greater Victoria area (i.e., excluding the Malahat, Up-Island and the Gulf Islands) on July 1, 2018, up +50.3% from 1,271 a year ago. As an additional point of reference, the inventory was 2,796 on July 1, 2015.

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