April 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of March 2016.
 
A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year.
 
Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015.
 
"I think the strong uptick in the market has surprised many of us! The business cycles of real estate are affected by economic drivers and it's clear that this cycle has all possible drivers running at top speed. Many different factors may be contributing to this activity," notes Mike Nugent, 2016 President of the Board. "Pent up demand from the slower years of 2008 to 2013, lower than historic mortgage rates, strong interest from out of town buyers, a buoyant economy that's attracting job seekers and the lifestyle and beauty that Victoria and area offers all contribute to the activity we've seen this year."
  
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.
 
"Though we represent a relatively small geographic area, there is variation in price and inventory in different neighbourhoods," adds Nugent. "Areas near the downtown core continue to see high demand for houses and condos, as do most areas in the Peninsula. The West Shore has also strengthened considerably but pricing remains lower than in the core because there has been more inventory to meet demand. Further out of town there has been less demand, but overall all areas have now strengthened in sales. More than ever I encourage buyers and sellers to connect with a local REALTOR® to develop a strategic approach in this fast moving market."
 
 
Find the Statistics Package as released to media here. 
The full Stats Packages available here
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September 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity for August 2015. A total of 741 properties sold in the Victoria Real Estate Board region this August, an increase of 21.7% compared to the 609 properties sold in the same month last year.

 

"Consumer confidence in our area continues to be one of the main drivers of the spring and summer market surge," Victoria Real Estate Board President Guy Crozier says. "In terms of single family home sales, this month we saw the highest number sold in the month of August since 2007. A total of 379 single family homes sold in August 2015, compared to 399 in August 2007."

 

There were 3,688 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August, 14.6% fewer than the 4,316 active listings in August 2014.

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in August was $556,600. The benchmark value for the same home in August 2015 has increased by 8.37% to $603,200.

 

"The Canadian Mortgage and Housing Corporation announced new rules for buyers who have less than a 20 per cent deposit," notes President Crozier. "Starting at the end of September, buyers who apply for mortgage loan insurance from CMHC will be able to include 100 per cent of the projected income from secondary suites. A change like this may buoy the market through the fall and winter, and we may see increased pressure on areas that permit suites. We'll watch over the upcoming months and track any trickledown activity."

 

More information on the August 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.

 

About VREB - 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 over 1,200 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.

 

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 The complete statistics package can be found here and will be posted this afternoon on VREB.org. 

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July 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for June 2015. A total of 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year.

 

"The Victoria real estate market has had another big month - and we continue to see consistent year over year sales growth," Victoria Real Estate Board President Guy Crozier says. "What's going on? Positive market conditions such as the low interest rate along with the diverse mix of properties and price points available have likely helped support this increase in interest in local real estate. The activity in the market may also in part be due to pent up demand from the past six or seven years. The market cooled off around 2008, and with the US markets improving and our local economy showing strength, consumer confidence is improving. Those that may have been hesitant to move over the last few years are making a change now."

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800.

 

There were 4,003 active listings for sale on the Multiple Listing Service® at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.

 

"We saw 48 single family homes sell for over one million dollars this month, and we saw 74 single family homes sell for under $400,000," adds President Crozier. "There's also a lot of selection in our condo market, with new development in the Victoria Core and in the West Shore helping to meet demand, and maintain solid pricing. For detailed information on the Victoria and area housing market, connect with your local REALTOR®."

More information on the June 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.

 

About VREB - 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 over 1,200 local REALTORS®. 

 

View our press release and summary here.

 

View our complete statistical package here.

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June 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for May 2015. A total of 905 properties sold in the Victoria Real Estate Board region this May, a 26.8% increase compared to the 714 properties sold in the same month last year.

 

"May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties," Victoria Real Estate Board President Guy Crozier says. "Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price."

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. The benchmark value for the same home this month has increased by 3.98% to $593,200.

 

There were 4,043 active listings for sale on the Multiple Listing Service® at the end of May, 13.5% fewer than the 4,672 active listings in May 2014.

 

"We’ve not seen this many sales in May since 2007 when we saw 963 properties sell in the month," adds President Crozier. "Despite the demand, prices remain competitive and there is great variety in what is available. For detailed information on the Victoria and area housing market, connect with your local REALTOR®."

More information on the May 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.

 

About VREB - 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 over 1,200 local REALTORS®. 

 

View our press release and summary here.

View our complete statistical package here.

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May 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for April 2015. A total of 840 properties sold in the Victoria region this April, a 26.5% increase compared to the 664 properties sold in the same month last year.

 

"We've seen modest sales increases in the area for the past two years, which we've attributed to a growing consumer confidence in the market," Victoria Real Estate Board President Guy Crozier says. "The past three months have been exceptional, and I think have surprised most people watching the market; I certainly haven't seen forecasts even close to the numbers we see today. It's possible that consumers who were hesitant to make a move or purchase their first house during the recent economic downturn may have waited to see conditions like we see now - the favourable interest rates, good selection of prices and properties, and increased confidence in the local economy."

 

There were 3,945 active listings for sale on the Multiple Listing Service® at the end of April, 10.4% fewer than the 4,404 active listings in April 2014.

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $562,000. The benchmark value for the same home this month has increased by 3.5% to $581,700.

 

"The last time we saw this many transactions in an April was in 2007 when we saw 898 sales," President Crozier adds. "The market is good, but prices aren't crazy - despite the activity levels, values in our local market are still recovering from the peaks we saw in 2008 and 2010. Depending on the area, single family property values are as much as nine percent below the 2010 values. It is a great time to buy or sell property in our area."  

 

                                                                                           

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 The complete statistics package can be found here
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Another Busy Month for the Victoria Real Estate Market

April 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7% increase compared to the 575 properties sold in the same month last year.

"We saw 393 single family homes in the region sell in the month of March. The last time we saw numbers this high in March was in 2010 when 414 single family homes sold," Victoria Real Estate Board President Guy Crozier says. "And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year."

There were 3,769 active listings for sale on the Multiple Listing Service® at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64% to $569,700.

"Why the increase in activity? We expect the market to be busy in the spring - real estate has a seasonal trend. Interesting this year was that the momentum we saw in the market over the course of 2014 has continued to increase," President Crozier adds. "Consumer confidence in local real estate appears to be high, and it’s likely that buyers are taking advantage of low interest rates."

Victoria Real Estate Board President Guy Crozier is available for comment. More information on the March 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, vreb.org.

About VREB - 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 approximately 1,200 local REALTORS®. 


View our press release and summary here.


View our complete statistical package here.

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March 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real
estate activity in the Victoria area for February 2015.


542 properties sold in the Victoria region this February, a 31.6% increase compared to the 412
properties sold in the same month last year and a 54.4% increase compared to the 351
properties sold last month in January.


“The trees bloomed early in Victoria, and so did local real estate. February was a busy month
with numbers closer to what we would expect to see in the spring season.” Victoria Real Estate
Board President Guy Crozier says. “285 single family homes sold over the course of the month.
We’ve not seen that many single family homes sell in a February since 2008 when we tracked
295 transactions. Though buyers are already in spring purchase mode, the amount of available
inventory may not be quite up to the pace. We continue to track the trend of higher year-overyear
sales, and lower year-over-year active listings that we started to see in mid-2013.”


There were 3,480 active listings for sale on the Multiple Listing Service® at the end of February,
7.7% fewer than the 3,770 active listings in February 2014.


The Multiple Listing Service® Home Price Index benchmark value for a single family home in
the Victoria Core this time last year was $549,700. The benchmark value for the same home
this month has increased by 1.33% to $557,000.

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February 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real

estate activity in the Victoria area for January 2015.


351 properties sold in the Victoria region this January, an increase of 2.6% when compared to
the 342 properties sold in the same month last year.


“We don’t expect to see big numbers in January. It’s a slower month traditionally for real estate,”
Victoria Real Estate Board President Guy Crozier says. “Even this slight increase after the
11.67% year over year increase in sales we saw in 2014 shows the continued stability of our
market. There’s also a good balance of inventory available for sale, which will likely appeal to
buyers as the spring season hits. Last month while we saw 10 single family homes sold for over
a million dollars, there were also 95 homes sold for under $500,000.”


At the end of January there were 3,283 active listings for sale on the Multiple Listing Service®, a
slight decrease from the 3,489 in January 2014. This continues a trend that started in mid-2013
where there are fewer listings in the market than there were in the same month of the year
previous.


The Multiple Listing Service® Home Price Index benchmark value for a single family home in
the Victoria Core this time last year was $548,500. The benchmark value for the same home
this month has increased by 2.39% to $561,600.


“With the change in mortgage rates surprising some, and the continuing low oil prices and
Canadian dollar, the spring real estate market should be an interesting one to watch,” Crozier
adds.

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