Victoria Real Estate remains strong into 2021
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2019 was $857,600. The benchmark value for the same home in December 2020 increased by 5.3 per cent to $903,100, a 2.7 per cent increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in December 2019 was $517,400, while the benchmark for the same condominium in December 2020 remained close to last year’s value at $516,600, a 0.2 per cent fluctuation.
There were 1,813 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2020, 24.4 per cent fewer properties than the total available at the end of December 2019 and a 14.6 per cent decrease from the 2,122 active listings for sale at the end of November, 2020.
Of course the question on most people’s minds is – how long does this last, and is this sustainable. The fact is, the market has out performed anyone’s expectations in the midst of this pandemic. There is a chance we will see a slow leveling of activity over the winter – which is what we would expect seasonally. However, because of our consistently low inventory, pressure on pricing and multiple offer situations will likely continue as we remain in a demand-heavy environment.
What we do know is that Victoria and area is the number one retirement destination in Canada. Victoria was recently named the #2 Best Small City in the WORLD by “Conde Nast Traveller” (world renowned travel guide). Our geography limits where the city can expand with the Pacific Ocean bordering on 3 sides. Baby boomers are retiring and Millennials are wanting to get out of the BIG cities. Victoria has so much to offer and we see no let up in the demand to live here. If Victoria is in your plans, NOW is the time to secure the property of your dreams and Frank and Wendy are the experienced professionals to help you all along the way.
About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,380 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market. For a list of live stream open houses, visit openhousesvictoria.ca.
ADDITIONAL STATS: https://www.vreb.org/current-statistics#gsc.tab=0
Notes for Interpreting the Victoria Real Estate Board’s Statistics:
The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact Frank & Wendy Berke.