Real Estate Tips, Tools, & Strategies To Help You Succeed

Ria Mavrikos

Licensed REALTOR® with Pemberton Holmes + Mavrikos Collective

A little bit about me

Always professional but I don't take myself too seriously. I enjoy the process of helping my clients find their dream home, investment property or anything in between!

Licensed REALTOR® in Victoria, BC with Pemberton Holmes + Mavrikos Collective

Browse by Category

Let's Connect!

Market Updates

Victoria, BC Real Estate Market: May 2021

Welcome back to my market updates post! I will continue to update this Victoria, BC, Real Estate Market page at the beginning of each month. I will leave the previous three months in this post so that you’re able to see the monthly changes in the Victoria real estate market.

 

If you’re interested, you can scroll down and compare market statistics from the previous months. All data and statistics in this post are from the Victoria Real Estate Board. Alright, let’s get to it!

 

The Market Overall

The real estate market in Victoria continues to be very active, with strong consumer demand for the short supply of active listings on the market. A total of 1,049 properties sold in the Victoria Real Estate Board region this May, which is 129.5% more than the 457 properties sold in May 2020, but 6% fewer than April 2021.

 

Since the start of the pandemic, buyers have spent more time in their homes and are more aware of their home’s deficiencies in layout, size, and property type, which has played a role in increasing buyer demand.

 

As interest rates remain historically low, we continue to see the price of homes sell for the asking price and above. Money is affordable to borrow, so buyers are willing and able to spend more on a property, which is, in addition to historically low supply and high demand, fueling the increase in sales prices.

 

On June 1st, 2021, the new stress test for insured and uninsured mortgages (when homebuyers have less than 20% as a downpayment to over 20% downpayment) increased from 4.79% to 5.25%. The goal of the stress test is to make sure that homebuyers can afford their mortgage long-term should interest rates rise in the future.

 

If interest rates go up, that is when we may start to see some sort of price adjustment. Higher interest rates will make it harder for buyers to purchase higher-priced properties. As a result, a smaller buyer pool will reduce competition, and less competition for properties will ultimately lower the sale prices.

 

Below are the statistics released at month’s end from the Victoria Real Estate Board (VREB) – let’s take a look!

 

May 2021

Net unconditional sales: 1,049
New listings: 1,333
Active listings: 1,450

 

May 2020

Net unconditional sales: 457
New listings: 1,095
Active listings: 2,544

 

Median Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • The number of sales of single-family homes in May 2021: 516
  • May 2021 median selling price: $1,011,000
  • May 2020 median selling price: $837,500
  • 20.7% increase in median selling price compared to May 2020

 

Condo Apartment

  • The number of sales of condos in May 2021: 325
  • May 2021 median selling price: $478,000
  • May 2020 median selling price: $390,000
  • 22.6% increase in median selling price compared to May 2020

 

Row/Townhome

  • The number of sales of townhomes in May 2021: 125
  • May 2021 median selling price: $730,000
  • May 2020 median selling price: $555,000
  • 31.5% increase in median selling price compared to May 2020

 

Average Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • May 2021 average selling price: $1,173,701
  • May 2020 average selling price: $875,938
  • 34.0% increase in average selling price compared to May 2020

 

Condo Apartment

  • May 2021 average selling price: $536,068
  • May 2020 average selling price: $453,060
  • 18.3% increase in average selling price compared to May 2020

 

Row/Townhome

  • May 2021 average selling price: $752,313
  • May 2020 average selling price: $572,711
  • 31.4% increase in average selling price compared to May 2020

 

Sales to Active Listings Ratio

The total residential sales over the total active residential listings ratio measure supply and demand and are expressed as a percentage at months-end. The ratio can provide buyers, sellers, and realtors an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market. The sale to active listings ratio is a percentage of listings sold versus the number of active listings.

 

  • Below 10%, there is downward pressure on prices (buyers’ market). There is a surplus of listings on the market or more homes available than prospective buyers in this market.
  • Above 25%, there is upward pressure on prices (sellers’ market). There is a shortage of listings on the market and more potential buyers in a sellers’ market than properties available.
  • In the 15%-20% range, there is little pressure on prices (balanced market). In a balanced market, there is a similar amount of listings as potential buyers on the market.

 

In May 2021, the sales to active listings ratio was approximately 90%, indicating a very strong sellers’ market. When compared to the previous month of April 2021, the sales to active listings percentage decreased by roughly 5% from the April 2021 percentage of 95%.

 

 

Victoria, BC Real Estate Market: April 2021

The Market Overall

Last month in April 2021, a total of 1,116 properties were sold in the Victoria Real Estate Board region. In particular, low interest rates, high consumer demand, and increasingly low supply continue to fuel the Victoria real estate market. A promising sign is that in April 2021, we saw 1,516 new listings hit the market compared to the 667 new listings in April 2020.

 

However, last year’s statistics may not be the best comparables of market activity because it was the beginning of the pandemic.

 

A positive sign for condo owners who may be thinking of selling is that condominium sales have increased and are starting to pick up again compared to recent months. Single-family homes and townhouses continue to attract multiple offers and sell well above the list price due to lack of supply and high demand.

 

I thought that our Victoria Real Estate Board President David Langlois made a really good point when he emphasized how consumer demand is elastic (meaning that it can change quickly – think of how easily a rubber band can expand and contract).

 

In contrast, supply isn’t elastic, and it can take years for development permits to be approved, new homes to be built, and residential developments to materialize. Because of this, it can be difficult to time the market and it is an underlying factor to extreme sellers or buyers markets.

 

Below are the statistics released at month’s end from the Victoria Real Estate Board (VREB) – let’s take a look!

 

April 2021

Net unconditional sales: 1,116
New listings: 1,516
Active listings: 1,454

 

April 2020

Net unconditional sales: 287
New listings: 667
Active listings: 2,305

 

Median Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • The number of sales of single-family homes in April 2021: 543 properties
  • April 2021 median selling price: $1,008,000
  • April 2020 median selling price: $795,000
  • 26.8% increase in median selling price compared to April 2020

 

Condo Apartment

  • The number of sales of condos in April 2021: 331 properties
  • April 2021 median selling price: $489,000
  • April 2020 median selling price: $410,000
  • 19.3% increase in median selling price compared to April 2020

 

Row/Townhome

  • The number of sales of townhomes in April 2021: 135 properties
  • April 2021 median selling price: $690,000
  • April 2020 median selling price: $578,500
  • 19.3% increase in median selling price compared to April 2020

 

Average Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • April 2021 average selling price: $1,144,729
  • April 2020 average selling price: $880,851
  • 30.0% increase in average selling price compared to April 2020

 

Condo Apartment

  • April 2021 average selling price: $534,021
  • April 2020 average selling price: $421,512
  • 26.7% increase in average selling price compared to April 2020

 

Row/Townhome

  • April 2021 average selling price: $712,261
  • April 2020 average selling price: $599,066
  • 18.9% increase in average selling price compared to April 2020

 

Sales to Active Listings Ratio

The total residential sales over total active residential listings ratio measure supply and demand and are expressed as a percentage at months-end. The ratio can provide buyers, sellers, and realtors an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market. The sale to active listings ratio is a percentage of listings sold versus the number of active listings.

 

  • Below 10%, there is downward pressure on prices (buyers’ market). There is a surplus of listings on the market or more homes available than prospective buyers in this market.
  • Above 25%, there is upward pressure on prices (sellers’ market). There is a shortage of listings on the market and more potential buyers in a sellers’ market than properties available.
  • In the 15%-20% range, there is little pressure on prices (balanced market). In a balanced market, there is a similar amount of listings as potential buyers on the market.

 

In April 2021, the sales to active listings ratio was approximately 97%, indicating an extremely strong sellers’ market. Compared to the previous month of March 2021, the sales to active listings percentage decreased by roughly 18% to 97%.

 

 

Victoria, BC Real Estate Market: March 2021

The Market Overall

A total of 1,173 properties were sold in March 2021, which is 92.9% more than the 608 properties sold in March 2020. It’s hard to believe that it has already been a year since the world shut down because of the pandemic.

 

Instead, it can be a good comparison to look at the average of properties sold in the last ten years, which is 715 properties sold. By comparing the 1,173 properties sold in March 2021 to this historical average of the last ten years, I think highlighting just how active the real estate market was in March 2021.

 

As has been the case, and continues to be the case – we need more housing supply. The demand for properties continues to increase and, together with historically low supply and interest rates, creates record-breaking sale prices.

 

In total, 35.9% more properties were sold in March 2021 compared to the previous month of February 2021. A surprising statistic is that condos were up 111.8% compared to March 2020, with 377 units sold in March 2021.

 

Single-family home sales were up 88.2% compared to March 2020, with 574 units sold.

 

Below are the statistics released at month’s end from the Victoria Real Estate Board (VREB) – let’s take a look!

 

March 2021

Net unconditional sales: 1,173
New listings: 1,419
Active listings: 1,310

 

March 2020

Net unconditional sales: 608
New listings: 1,084
Active listings: 2,252

 

Median Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • The number of listings sold in March 2021: 552 units
  • March 2021 median selling price: $1,025,000
  • March 2020 median selling price: $845,000
  • 21.3% increase in median selling price compared to March 2020

 

Condo Apartment

  • The number of listings sold in March 2021: 377 units
  • March 2021 median selling price: $486,250
  • March 2020 median selling price: $438,700
  • 10.8% increase in median selling price compared to March 2020

 

Row/Townhome

  • The number of listings sold in February 2021: 140 units
  • March 2021 median selling price: $649,950
  • March 2020 median selling price: $580,500
  • 12.0% increase in median selling price compared to March 2020

 

Average Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • March 2021 average selling price: $1,181,265
  • March 2020 average selling price: $986,602
  • 19.7% increase in average selling price compared to March 2020

 

Condo Apartment

  • March 2021 average selling price: $554,137
  • March 2020 average selling price: $498,990
  • 11.1% increase in average selling price compared to March 2020

 

Row/Townhome

  • March 2021 average selling price: $684,257
  • March 2020 average selling price: $594,820
  • 15% increase in average selling price compared to March 2020

 

Sales to Active Listings Ratio

The total residential sales over total active residential listings ratio measure supply and demand and are expressed as a percentage at months-end. The ratio can provide buyers, sellers, and realtors an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market. The sale to active listings ratio is a percentage of listings sold versus the number of active listings.

 

  • Below 10%, there is downward pressure on prices (buyers’ market). There is a surplus of listings on the market or more homes available than prospective buyers in this market.
  • Above 25%, there is upward pressure on prices (sellers’ market). There is a shortage of listings on the market and more potential buyers in a sellers’ market than properties available.
  • In the 15%-20% range, there is little pressure on prices (balanced market). In a balanced market, there is a similar amount of listings as potential buyers on the market.

 

In March 2021, the sales to active listings ratio was approximately 115% indicating an extremely strong sellers’ market. Compared to the previous month of February 2021, the sales to active listings percentage increased by roughly 30%.

 

 

Victoria, BC Real Estate Market: February 2021

February 2021

Net unconditional sales: 863
New listings: 1,015
Active listings: 1,318

 

February 2020

Net unconditional sales: 563
New listings: 1,027
Active listings: 2,127

 

Median Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • The number of listings sold in February 2021: 373
  • February 2021 median selling price: $978,000
  • February 2020 median selling price: $799,500
  • 22.3% increase in median selling price compared to February 2020

 

Condo Apartment

  • The number of listings sold in February 2021: 290
  • February 2021 median selling price: $454,900
  • February 2020 median selling price: $440,000
  • 3.4% increase in median selling price compared to February 2020

 

Row/Townhome

  • The number of listings sold in February 2021: 102
  • February 2021 median selling price: $630,000
  • February 2020 median selling price: $550,900
  • 14.4% increase in median selling price compared to February 2020

 

Average Sale Prices for Single Family Homes, Condos, and Townhomes!

Single Family Homes Greater Victoria

  • February 2021 average selling price: $1,160,541
  • February 2020 average selling price: $899,443
  • 29.0% increase in average selling price compared to February 2020

 

Condo Apartment

  • February 2021 average selling price: $542,564
  • February 2020 average selling price: $496,077
  • 9.4% increase in average selling price compared to February 2020

 

Row/Townhome

  • February 2021 average selling price: $682,071
  • February 2020 average selling price: $587,288
  • 16.1% increase in average selling price compared to February 2020

 

Sales to Active Listings Ratio

The total residential sales over total active residential listings ratio measure supply and demand and are expressed as a percentage at months-end. The ratio can provide buyers, sellers, and realtors an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market. The sale to active listings ratio is a percentage of listings sold versus the number of active listings.

 

  • Below 10%, there is downward pressure on prices (buyers’ market). There is a surplus of listings on the market or more homes available than prospective buyers in this market.
  • Above 25%, there is upward pressure on prices (sellers’ market). There is a shortage of listings on the market and more potential buyers in a sellers’ market than properties available.
  • In the 15%-20% range, there is little pressure on prices (balanced market). In a balanced market, there is a similar amount of listings as potential buyers on the market.

 

In February 2021, the sales to active listings ratio was approximately 85% indicating an extremely strong sellers’ market. Compared to January 2020, the sales to active listings percentage increased by roughly 22%.

 

** All data and statistics are from the Victoria Real Estate Board. You can find further information here: https://www.vreb.org/current-statistics

June 3, 2021

Leave a Reply

Your email address will not be published. Required fields are marked *

Seller's Checklist 

Buyer's Checklist 

Property Comparison

Instantly Get all 3 Free templates when you sign up!

ABOUT US

Farm-to-table jianbing kickstarter, mixtape taxidermy actually scenester. Asymmetrical tattooed locavore meggings YOLO organic pabst forage.

More About Us

market updates


sellers

buyers

Browse by Category

neighbourhoods

I'd love to hear from you! 

Questions? Let's Connect. 

Please fill out the form below or if you'd prefer you can send an email to ria@mavrikoscollective.com

Thank You!

I appreciate you taking the time to reach out. I'll be in touch shortly! 

Design by TONIC  |  © Ria Mavrikos
back to top

*Disclaimer: The topics of discussion, content and resources on this website are general information that may not be the right solution or advice for you specifically. Not intended to solicit buyers or sellers currently under contract with a brokerage.  

| Privacy Policy 

*Stock images from Social Squares