Market Update - March 2021

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Spring has come early for Real Estate in Victoria as the upward swing of sales continues on after the fast January start. In February a total of 863 properties sold which is 53.3% more than the 563 properties that sold this same month a year ago, and 33.6% more than last month. Looking year-over-year, condominium sales were up 65.7% with 290 units sold, and single family homes up 43.9% with 390 homes sold.

The pressure remains on single family homes with significant competition for desirable homes, and this continues to drive the prices upwards. At the end of February there were 1318 active listings. That is just three fewer than the previous month, but 38% fewer than February 2020. The significant and on-going low inventory concern is likely to be a continued discussion point throughout 2021. Efforts including the foreign buyer tax and adjusted mortgage qualification rules have not succeeded to suppress the demand and instead has just altered the profiles of Buyers.

In the Victoria Core the benchmark value for a single family home increased by 9% from $870,300 to $948,200, while condominiums remained practically the same with a slight decrease in value from $525,600 to $525,400 (0.38%).

Is it a good time to buy? Is it a good time to sell? Everyone’s situation is unique, and goals differ. Give us a call so we can explore the answers to these questions together.