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The Victoria Market

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The real estate market in Victoria has been strong since the 3rd Qtr of 2020. With the onset of the pandemic in early 2020, sales plunged in the months of April and May, only to rebound sharply in the month of June. Since then, the Victoria real estate market has been on a record-setting pace. High demand coupled with a tight supply has placed extraordinary upward pressure on prices. However, there are signs that the frenzied pace that marked the past three Qtrs may be easing. (It should also be noted that the analysis in the following paragraphs, particularly the comparisons of sales figures between the 2nd Qtr of 2021 and the 2nd Qtr of 2020, should be viewed with a certain amount of circumspection given the unique situation in the beginning of the pandemic). The number of new listings was 3,758 in the 2nd Qtr of 2021, up +28.7% from 2,921 a year ago. Sales of residential properties (i.e., all types of housing, excluding lots/acreage and commercial) through the Victoria Real Estate Board’s MLS® totalled 2,945 in the 2nd Qtr of 2021, up +97.3% from 1,493 in the 2nd Qtr of 2020. The sales-to-new-listings ratio was .78 in the 2nd Qtr of 2021, up from .50 a year ago. Homes that sold in the 2nd Qtr of 2021 were on the market for an average of 19 days, more than half the 40 days last year. Both average and median sale prices were up from a year ago. The average sale price of a residential property in Greater Victoria and other areas was $887,991 in the 2nd Qtr of 2021, up +19.3% from $744,432 in the 2nd Qtr of 2020. The median sale price was $789,000, up +16.9% from $675,000 last year. The statistics for Victoria roughly compare with year-to-date average residential sale prices and percentage changes of $1,175,470 (+13.9%) in Metro Vancouver, $998,484 (+30.6%) in the Fraser Valley, $1,073,409 (+22.2%) in Greater Toronto and $508,718 (+14.7%) in Calgary.