August 2020 Market Update

We had quite a month, Victoria! The Real Estate market remained pretty crazy with a continued multiple offer trend in some segments! Take a look at the July update. Sales in July were up nearly 40% compared to the same month last year with Single Family Homes up 61% and Condos up “only” 11.2%. The benchmark price for single family homes increased by 5.7% to $910,400 and condos by 1.7% to $529,900.

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July 2020 Market Update

Our Real Estate market was quite a rollercoaster ride and full of fireworks, with multiple offers last month! Considering the ongoing pandemic, sales and inventory levels in Victoria have been impacted. In June there were a total of 808 sales and 2698 active listings for a sales-to-active-listings ratio of nearly 30%. As we suspected last month, June did turn out to be a very busy month, and we moved well into a sellers market.

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Market Update - June 2020

Real Estate under the COVID-19 pandemic continues to evolve.  As expected, the volume of sales was down year-over-year, however the HPI increased to $885,400 for a single-family home in Victoria's core area, indicative of the overall trend in the market.  This was an increase both year-over-year and month-over-month home values.

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May 2020 Market Update

As expected, sales are down in real estate for the month of April as they are in most sectors. The effects of COVID-19 continue to be felt across society, and real estate is no different.

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Market Update April 2020 - Real Estate in Strange Times

The world has continued to turn at the same, steady, consistent pace, but life seems to have ground to a halt for many. Real Estate is no exception. As you would expect sales are down. The year over year numbers indicate a 5% drop in sales volume. March started strong with the kick-off of our traditional Spring Market, but fizzled towards the end as people started to take COVID-19 seriously and adopted social isolation. All indicators are, in BC at least, that our efforts are paying off. The curve does appear to be flattening here.  Fingers crossed we continue to isolate and don't slip back over the long weekend into bad habits.

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Market Update March 2020

This week the Bank of Canada lowered their overnight rate by .50% to 1.25%. This was, in my opinion, a kneejerk reaction to the potential Covid 19 outbreak that has the potential to super charge our spring real estate market, which has been sitting in a sellers market already for the last 6 months. Coupled with the softening of the stress test effective April 6th we are likely to see prices of entry and mid level housing to rise, perhaps not at the levels seen through the last aggressive market cycle, but stronger growth than I had anticipated before this rate cut.

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Bank of Canada Lowers Overnight Rate Target to 1 ¼ Percent - March 4, 2020

The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent.

While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding.

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Market Update February 2020

Low inventory levels and brisk sales continue to tell the tale of a strong housing market in the region, and we are seeing some indicators of upward pressure on housing prices in the entry level to mid level price ranges.

In January there were a total of 411 sales and 1958 active listings. or a sales to active listings ratio of a hair under 21%. If you've been reading for a while you know that means we're in a seller's market and a seller's market tends to apply upward pressure on prices.

We've talked before about the cycles of real estate in the region and we're heading into the busy spring market. The hot commodities seem to be the condos, townhouses, and single families under 900,000 but as they say, a rising tide floats all ships.

In recent weeks we've started to see some downward pressure on the fixed rate mortgage rates. This seems to be the only factor helping affordability as the measures taken by both the provincial and federal government have done little to improve affordability. Increased inventory will improve affordability. This is basic supply and demand. Hopefully the regulators will see this and make policies to help increase density and inventory levels instead of keeping people out of the market with tools like the stress test.

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A Year In Review

The trend in 2019 of year over year sales growth continued in December with a 7.2% increase in sales volume from December 2018.  Condo sales were up 17.5% and single family home sales grew 13.8%.  The sales to active listings ratio for December was 20.6%, right on the threshold of a balanced and seller’s market and strong for what is traditionally the slowest month of the year. Sales of 402 units with 1952 active listings.

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August 2020 Market Update

We had quite a month, Victoria! The Real Estate market remained pretty crazy with a continued multiple offer trend in some segments! Take a look at the July update. Sales in July were up nearly 40% compared to the same month last year with Single Family Homes up 61% and Condos up “only” 11.2%. The benchmark price for single family homes increased by 5.7% to $910,400 and condos by 1.7% to $529,900.

Read More →

August 2020 Market Update

We had quite a month, Victoria! The Real Estate market remained pretty crazy with a continued multiple offer trend in some segments! Take a look at the July update. Sales in July were up nearly 40% compared to the same month last year with Single Family Homes up 61% and Condos up “only” 11.2%. The benchmark price for single family homes increased by 5.7% to $910,400 and condos by 1.7% to $529,900.

Read More →

August 2020 Market Update

We had quite a month, Victoria! The Real Estate market remained pretty crazy with a continued multiple offer trend in some segments! Take a look at the July update. Sales in July were up nearly 40% compared to the same month last year with Single Family Homes up 61% and Condos up “only” 11.2%. The benchmark price for single family homes increased by 5.7% to $910,400 and condos by 1.7% to $529,900.

Read More →