Leaders in Victoria Real Estate
Thank you to all for your consistent hard work, dedication, and professionalism to your clients and to our profession. You all should be proud and we recognize your achievement and congratulate you!
Victoria Real Estate Board Market Report for November 2022
December 1, 2022. A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.
“November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021. With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options.”
Victoria Real Estate Board President Karen Dinnie-Smyth.
There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021.
“Premier Eby’s rapid introduction of changes to the Strata Property Act which remove rental restrictions and age restrictions other than 55 and older from strata developments is raising questions within strata communities. It remains to be seen what effect this may have on the strata market. It is an open question whether these changes will bring any additional rental stock to the market – with BC’s complex Residential Tenancy Act not all homeowners of vacant strata homes have a desire to become landlords and current interest rates are less attractive to investors who may want to purchase strata rental properties. It is also possible that these measures will contribute further to eroding housing affordability as older stratas with rental restrictions were generally valued lower than their rentable counterparts.”
Victoria Real Estate Board President Karen Dinnie-Smyth.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2021 was $1,249,400. The benchmark value for the same home in November 2022 increased by 4.6 per cent to $1,307,100 but was down 2.6 per cent from October’s value of $1,341,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2021 was $536,200, while the benchmark value for the same condominium in November 2022 increased by 9.6 per cent to $587,800, down by 2.5 per cent from the October value of $602,700.
About the Victoria Real Estate Board – 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 1,589 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.
View the VREB press release and summary here.
View the VREB complete statistical package here.
For More Information
Victoria Real Estate Board
Denise Hogue, Communications Manager
March 1, 2022. A total of 718 properties sold in the Victoria Real Estate Board region this February, 16.8 per cent fewer than the 863 properties sold in February 2021 but a 51.5 per cent increase from January 2021. Sales of condominiums were down 7.9 per cent from February 2021 with 267 units sold. Sales of single family homes decreased 20.8 per cent from February 2021 with 309 sold.
“It was heartening this month to see some more listings come to market in February. However, inventory levels remain at record lows and without a strong government focus on increasing supply, buyers will continue to face escalating prices and difficult market conditions.”
Victoria Real Estate Board President Karen Dinnie-Smyth.
There were 849 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2022, an increase of 14.1 per cent compared to the previous month of January but a 35.6 per cent decrease from the 1,318 active listings for sale at the end of February 2021.
“We have asked the government for strong solutions to create supply to bring our market back into balance,” adds President Dinnie-Smyth. “We need incentives for gentle densification and the removal of municipal barriers to development. What government has chosen to focus on instead is their announcement of a cooling-off period for residential sales this spring. They announced this measure with no industry consultation into how this may impact our housing market. The Victoria Real Estate Board and the British Columbia Real Estate Association have strongly recommended against a cooling-off period. Industry research shows that a cooling-off period will add volatility in both slow and pressurized market conditions. It provides no protection for home sellers and creates more risk and uncertainty for them when selling a home. Experienced and well-funded buyers will have an advantage over first-time buyers because a cooling-off period reduces negotiations to price alone. We have recommended alternative ideas for consumer protection – including the suggestion that a pre-sale offer period be introduced, which transcends market conditions and would better protect buyers and sellers while also mitigating the impact of pre-emptive offers. We hope our suggestions are taken seriously, they are a result of thorough research and consultation of hundreds of our local practitioners. Instead of discussing the British Columbia Real Estate Association’s recommendations yesterday, Finance Minister Selina Robinson chose to inform the public that REALTORS® have a vested interest in home prices. For Minister Robinson to suggest that Realtors are keeping prices high is a convenient excuse and a weak attempt to divert attention away from the real issue – supply. Realtors would prefer a balanced market with reasonable prices and plenty of housing supply to meet demand. Our Realtors’ only vested interest is in their clients and the more balanced our market is, the better we are able to serve the needs of buyers and sellers.”
Victoria Real Estate Board President Karen Dinnie-Smyth.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2021 was $948,500. The benchmark value for the same home in February 2022 increased by 26.1 per cent to $1,196,300, up from January’s value of $1,161,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2021 was $494,200, while the benchmark value for the same condominium in February 2022 increased by 22.1 per cent to $603,600, up from the January value of $587,300.
About the Victoria Real Estate Board – 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 1,522 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.
For More Information
Victoria Real Estate Board
Denise Hogue, Communications Manager
We’re very excited to announce that the DFH head office is moving! We’ve been on Shelbourne Street in the heart of Saanich East in Victoria, BC since 1985, and our new home will be more centrally located in a beautifully remodeled space near Uptown in the APEX Building beginning January 1st, 2021.
The new DFH Headquarters will be our new administrative hub as well as home to a significant number of our Real Estate Professionals who will enjoy working in a great environment which offers the latest in technologies, expanded classroom & training space, large private offices, outdoor deck, fitness facilities, bike storage, squash court and more. Our REALTORS® often work evenings, weekends and holidays to provide great service to their clients and DFH now offers a base that can assist in maintaining a better work/life balance.
DFH is looking forward to welcoming our REALTORS® and their clients to Suite 202-3795 Carey Road and kicking off our 60th year of serving families on Southern Vancouver Island.
From our new head office we will continue to support our offices in Sidney, Westshore and Cowichan Bay.
This very central new location and beautiful new office space will allow us to continue to serve the real estate market with professionalism, integrity and expertise in Greater Victoria and southern Vancouver Island as we have since 1961.
DFH Real Estate | Be sold on expertise!
DFH Real Estate hits the ground running in 2020 with the launch of our New Website! Crafted by Victoria Real Estate Marketing team, our real estate portal is designed to improve the visibility of our REALTORS®’ listings and help them find home buyers through the site’s built in search engine optimization efficiencies.
As part of DFH’s dedication to the ongoing training of our professional Real Estate agents, we have designed a marketing services program for our Brokerage and our agents that includes one on one Marketing Assessment Sessions aimed at increasing our REALTORS®’ understanding of their marketing effort’s digital footprint in the face of their competition. Our 2020 program also includes Marketing Seminars that will further contribute to building our agent’s marketing capabilities.
Our new Website features the photography of Dan Takahshi, a creative Victoria BC resident. At DFH Real Estate we appreciate Dan’s photographic art form including nature and landscape photography, his work with the Dance Art Program for Ballet Victoria and of course, his excellent Real Estate photography. Visit Dan Takahashi’s Website.
