There were 792 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 Oct 1, 2021, down -57.4% from the inventory level of 1,859 a year ago.
After four exceptional quarters, running from July 2020 to June 2021, it is perhaps not surprising that the real estate market in Victoria took a pause in the 3rd Qtr of 2021. Also, sales typically slow over the summer months. On the supply side, the number of listings was down dramatically from last year.
The immediate effects of the Covid-19 pandemic on the housing market in Canada had many surprises. Sales and prices climbed to record levels, even in the face of a major economic downturn. Moreover, there was a significant increase in the sale of Single Family Dwellings (SFDs) in many areas of the country.
With the easing of Covid-19 related restrictions on restaurants, it is timely to look at the vibrant restaurant scene in Victoria. Following is a list of the current 20 top-rated restaurants in Victoria based on reviews posted on Trip Advisor. These range from those offering casual fare to those featuring a true epicurean experience. Check out the web sites for details.
There were 1,012 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, 2021, down -49.0% from 2,067 a year ago.
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
In March 2020, the full effects of the Covid-19 pandemic became evident. Lockdowns and various restrictions were implemented to minimize the adverse health effects of the virus. It was widely anticipated that the global economy would enter into a major recession with an associated negative impact on the real estate market, namely a “bust.”
After the initial shock of the impact of the Covid-19 virus on the economy in early spring, the real estate market in Victoria rebounded quickly in the summer and the momentum carried through the remainder of 2020 and into 2021.
The real estate market was one of the few bright spots in the Canadian economy for 2020. The real estate market was soft in 2018 with year-over-year sales down nearly -5% and the average sale price of a residential property down -4.1%. The decline in housing prices, lower mortgage rates, continued population and economic growth, led many prospective buyers to return to the real estate market in the latter part of 2019 and early 2020. Some areas of the country experienced positive gains in prices and sales. After the initial shock of the Covid-19 pandemic and associated restrictions and lock-downs in March and April, the real estate market found its footing and went on a record-setting pace for the remainder of 2020.
Dr. Bonnie Henry, the Provincial Health Officer for BC, has encouraged people to get out and enjoy the outdoors. There are a number of places in the Greater Victoria area where one can escape the hustle and bustle of urban life and reconnect with nature.