September 2021:
The Greater Victoria housing market is strong and should continue this way with few changes into the fall. However, there is a significant lack of listings in all categories which continues to put upward pressure on prices and is making it very hard for buyers to get into the market. One reason for the low inventory is that there are a large number of sellers that do not want to list their home without feeling confident that there is another home to purchase locally. This, combined with an in flux of buyers from other parts of BC and Canada, is helping to keep listing inventory low. The low inventory is the story. I have never seen anything like this in my 30 years as a realtor. The rental market is also in a similar position. There is a housing shortage that needs to be addressed.
Below are the statistics for the month of August 2021.
Listing Inventory:
There were 1,120 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2021, 56.7 % fewer properties than the 2,584 available at the end of August 2020 and 11.8 % fewer than the 1,270 active listings for sale at the end of July 2021. This low inventory is in all categories and all areas of the lower island. To help illustrate how low this number is, let’s go back about 10 years. The market was in the slowdown due to the financial crisis of 2008, and the listing inventory climbed to a peak of about 5200 listings in July 2012, and sales were about 500 a month on average. About 1 in 10 listings were selling, and there was a lot of choice for the buyers. Today, with only 1120 listings on the market and sales over 800 per month, you can see how this will continue to be an issue into the fall.
Sales:
A total of 831 properties sold in the Victoria Real Estate Board region this August, 15.1 % fewer than the 979 properties sold in August 2020 and 0.5 % fewer than the previous month of July. Condominium sales were up 31.7 % from August 2020 with 345 units sold. 21.5 % more condominiums sold in August 2021 than in the previous month of July. Sales of single family homes were down 29.9 % from August 2020 with 357 sold. 9.8 % fewer single family homes sold in August 2021 than in the previous month of July. These sales numbers are only lower due to the lack of listing inventory. Single family home sales have decreased while condo sales have increased. This is largely due to the lower inventory of single family homes compared to condos and the affordability issue of houses in our region.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2020 was $889,800. The benchmark value for the same home in August 2021 increased by 22.4 % to $1,089,400, a 0.7 % increase from the previous month of July. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2020 was $483,400, while the benchmark value for the same condominium in August 2021 was $540,600, an 11.8 % increase. These price increases are the result of the low listing inventory combined with the constant stream of buyers arriving from other parts of Canada and the world. Victoria is on the map and word is out on what a great city we have.
View Full Statistics Package
https://www.vreb.org/pdf/VREBNewsReleaseFull.pdf
Victoria Historical Statistics
