Victoria Real Estate Market Update – May 2020


May  2020:  

 The Victoria Spring market is in full swing amongst the COVID 19 Pandemic. April experienced a pause, but the past few weeks have seen an increase in activity. Next months numbers will give a better picture on how the market will react to this ongoing situation. April numbers for sales and listings dropped significantly from the previous month and 2019 numbers, but prices held their ground. We are in uncharted territory, and time will tell how the market will react. In the meantime, I hope you and your loved ones are doing well and staying safe under the current COVID-19 world we are all living in. 

 Below are the numbers for April, 2020.  

 Listing Inventory:  

 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 % fewer properties than the total available at the end of April 2019 but a 2.4 % increase from the 2,252 active listings for sale at the end of March 2020. This lower inventory does mean that well priced properties in desirable locations will remain in high demand.  


 A total of 287 properties sold in the Victoria Real Estate Board region this April, 58.8 % fewer than the 696 properties sold in April 2019 and 52.8 % fewer than the previous month of March 2020. Sales of condominiums were down 64 % from April 2019 with 73 units sold. Sales of single family homes were down 55.8 % from April 2019 with 163 sold. These lower numbers were expected, as the market hit pause for most of April. However, this was an unprecedented slow down, so the coming weeks will definitely help gauge where the market is going to go into the late spring and summer. There is a lot of pent up demand for homes, so depending on the length of the stay at home order currently underway in BC, we may see a rise in sales if the rules are relaxed in the coming weeks. 

Average Prices: 

 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 %t to $882,700, 0.6 % 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 % to $530,700, 0.2 %t less than the March value of $531,900. These sales prices for April show that the Pandemic has not effected pricing yet in our region. However, with fewer homes selling, this could change in the coming months. May’s numbers will give a better picture of the future pricing in our region. Demand is high for living in Greater Victoria, so we may not be as impacted as other areas across Canada or the world.  

In the meantime, let’s hope COVID 19 gets under control quickly, so things can get back to normal 

 If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: 

I had some extra time on my hands in April, so I ventured into my hobby room, and wrote and recorded a new song.

My wife, Kim, wrote the words, sang backup vocals and created a video for it.

Here is the link. Hope you enjoy: 


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