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Low inventory and strong demand continue in Victoria real estate market

July 2, 2021.- A total of 942 properties sold in the Victoria Real Estate Board region this June, 16.6 per cent more than the 808 properties sold in June 2020, but 10.2 per cent fewer than the previous month of May. Condominium sales were up 61.7 per cent from June 2020 with 338 units sold. 4 per cent more condominiums sold in June 2021 than in the previous month of May. Sales of single family homes were down 4.3 per cent from June 2020 with 440 sold. 18.1 per cent fewer single family homes sold in June 2021 than in the previous month of May.

“We are at a point now where we can look at yearly comparisons with a new lens. In recent months we have been unable to glean anything by comparing year over year numbers because of the sudden and unexpected impact of the pandemic on the 2020 market. But June last year was when the market started its reacceleration. Buyers came back into the market in droves even though listings were restrained compared to long term averages.”

David Langlois, President Victoria Real Estate Board

There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2021, 49 per cent fewer properties than the 2,698 available at the end of June 2020 and 5.2 per cent fewer than the 1,450 active listings for sale at the end of May 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2020 was $896,700. The benchmark value for the same home in June 2021 increased by 18.6 per cent to $1,063,500, a 2.6 per cent increase from the previous month of May. The MLS® HPI benchmark value for a condominium in the Victoria Core in June 2020 was $490,400, while the benchmark value for the same condominium in June 2021 was $531,100, an 8.3 per cent increase.

“We see now even more sales activity than the return to the market we saw last year. And our inventory is much more restricted, with more than thirteen hundred fewer listings for sale than the year previous. We can see the strong impact this shrinking supply has had on year over year prices. There are many factors we need to watch while this summer’s market unfolds, including the change in borrowing rules that may impact first time buyers, declining levels of inventory and demand from outside of the province as tourism and travel reopens. Speak with your REALTOR® if you’d like fresh insight into our current market.”

David Langlois, President Victoria Real Estate Board

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 1,429 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

Phone: 250-920-4652

DFH Real Estate has been closely monitoring the information provided to the public about the COVID-19 virus and pandemic and wanted to update our clients & customers about how we are continuing to keep our community safe.

We are making every effort to ensure these operational changes do not impact the quality of service that our team is providing.

We have established protocols that will keep buyers and sellers as safe as possible by minimizing contact during the showing processes – your DFH Professional can discuss this with you.

Effective immediately, the REALTORS®, Property Managers and staff at our brokerage are taking the following steps to ensure social distancing is adhered to:

1. All access to DFH offices should be by appointment only and our offices will be closed to the general public until further notice – deposits for purchase contracts should be delivered to your REALTOR® or electronically through your bank if possible.
2. Rent Payments will still be accepted but please contact us to set up electronic payments if not currently in place. If not paying electronically, please call your Property Manager to arrange delivery to them during business hours so we can issue a receipt. DO NOT deposit cash in the after-hours mailbox on the outside of our entrance.
3. All REALTORS® and staff meetings in large groups are suspended until further notice. Meetings between agents & clients will be limited. Essential meetings will be held outside the office wherever possible to limit contact with staff.
4. Staffing will be limited, on a daily basis, to ensure essential services and continuously ensuring smooth transactions.
5. Our REALTORS® and Property Managers, as always, are ready to safely help you with your real estate needs so please do not hesitate to reach out to us at any time.
6. For our Tenants, Property Managers remain available to assist with any emergency maintenance issues outside of business hours. 

We are living in unprecedented times, but DFH is committed to doing our part to “Flatten the Curve” and realize the absolute importance of this task. We hope that all fellow Victorians and British Columbians will join in, as we are in this all together.

From all of us at DFH please stay healthy, and remember to be there for our community.