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Ria Mavrikos

Licensed REALTOR® with Pemberton Holmes + Mavrikos Collective

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

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Market Updates

Victoria, BC Real Estate Market: October 2021

Welcome back to my market updates post! I will continue to update this VictoriaBritish Columbia, real estate market page at the beginning of each month. 

 

All data, housing prices, and statistics in this post are from the Victoria Real Estate Board Region. Alright, let’s get to it!

 

The Market Overall 

In total, 745 properties sold in the Victoria Real Estate Board region during October, which is 24.7% fewer than the 990 properties sold in October 2020 and 2.1% less than September.

 

While at first, this may seem like the market is slowing down, it is due to low inventory levels since there are fewer home listings for buyers to choose from and, as a result, fewer monthly sales compared to last month.

 

Therefore, an increase in supply should be a top priority for municipalities. However, an increase in supply does not happen quickly since it takes time to secure land, rezoning applications, development permits, and construct higher-density buildings.  

 

Condo sales were down 18.1% from the previous October (2020) and 18.6% fewer condos sold in October 2021 compared to September 2021.

 

Sales of single-family homes were down 30.4% from October 2020, with 339 houses sold.

 

As interest rates remain low, homebuyers have more buying power. They can purchase higher-priced homes at an equivalent monthly mortgage payment since interest rates are low, fuelling high demand for residential real estate.

 

We also have a historically low number of active listings on the market. At the end of October 2021, we had 1,036 active listings on the market. According to statistics provided by our Victoria Real Estate Board President David Langlois, the 10-year average number of properties for sale in the month of October was 3,210.

 

As a result, low-interest rates, in addition to increasingly low supply, are influencing the real estate prices and housing market in Victoria to trend upwards, especially for single-family homes and townhomes.

 

Single-family homes and townhomes continue to be high in demand with a new resurgence of the condo market. With very low inventory in all property types, we are still seeing delayed offer dates and multiple offers. Over the past couple of months, the most noticeable difference has been the demand for condo properties again from both end-users and investors.

 

Below are the statistics released at months end from the Victoria Real Estate Board (VREB)

 

October 2021

Net unconditional sales: 745 

New listings: 866

Active listings: 1,036

 

October 2020

Net unconditional sales: 990

New listings: 1,162

Active listings: 2,122

 

Median Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

  • October 2021 median selling price: $1,211,000
  • October 2020 median selling price: $890,000
  • 36.1% increase in median selling price compared to October 2020 

 

Condo Apartment

  • October 2021 median selling price: $545,895
  • October 2020 median selling price: $429,900
  • 27% increase in median selling price compared to October 2020 

 

Row/Townhome

  • October 2021 median selling price: $797,895 
  • October 2020 median selling price: $590,038
  • 35.2% increase in median selling price compared to October 2020 

 

Average Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

  • October 2021 average selling price: $1,327,228 
  • October 2020 average selling price: $1,037,389
  • 27.9% increase in average selling price compared to October 2020 

 

Condo Apartment

  • October 2021 average selling price: $620,859
  • October 2020 average selling price: $496,701
  • 25% increase in average selling price compared to October 2020

 

Row/Townhome

  • October 2021 average selling price: $855,894
  • October 2020 average selling price: $635,110
  • 34.8% increase in average selling price compared to October 2020 

 

Sales to Active Listings Ratio 

The total residential sales over the total active residential listings ratio is a measurement of supply and demand and are expressed as a percentage at months-end. The ratio can provide buyers, sellers, and their agents an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market.

 

When the percentage of sales to active listings is in the 15-20% range, there is little pressure on prices either way, and it is typically considered a balanced market. 

 

However, when the sales to active listings percentage falls below 10%, there is downward pressure on prices, which is considered a buyers’ market. 

 

Alternatively, when the sales to active listings percentage increase above 25%, there is upward pressure on prices, which is considered a sellers’ market.

 

For October 2021, the sales to active listings ratio was 98%, an 8% increase from the 90% sales to active listings ratio in September 2021, indicating that it is still an excellent sellers’ market.

 

Overall, the previous months have shown a decrease in residential sales activity primarily due to fewer available real estate listings on the market. However, house prices are trending upwards because of the low supply and strong demand for homes in Victoria’s real estate market.

 

A second factor is that there is a low supply of new homes coming to market in Victoria because of the high prices of construction materials, municipal zoning regulations, and high cost to acquire land to build. The Victoria bc real estate market is very dynamic and there are important factors that can influence market conditions.

 

If you have a question about the real estate market, I would love to help you! Feel free to reach out on my contact page or email ria@mavrikoscollective.com

  1. Bridge Dale says:

    This July update for Victoria’s real estate market was helpful for me because I invested in a property in that real estate market. Without the details shared here, I wouldn’t have been able to do it.

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