Welcome to April 2021!
Here’s what happened in the month of March in the Victoria real estate market.
The fast pace of Victoria real estate market surges on
Victoria Real Estate Board President David Langlois:
“Limited supply with overwhelming demand has been the story for the first quarter of 2021.”
“Numbers from last month are close to the market trends we saw in 2016, but with an even greater imbalance in inventory due to a surge in consumer demand for homes in the Victoria area.”
”The underlying issue is a deficit in supply. We need to continue to push for both increased supply and sensible government policies around housing.”
Now, some highlights from the monthly VREB report:
- 1,173 properties sold in the month of March (92 % more than in March 2020)
- Sales of condominiums were up 111 % from March 2020 with 377 units sold.
- Sales of single family homes increased 88 % from March 2020 with 574 sold.
There were 1,310 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2021.
- The benchmark value for a single family home in the Victoria Core in March 2020 was $879,600.
- The benchmark value for the same home in March 2021 increased by 10 % to $968,700
- A condo in March 2020 was valued at $531,800. In March 2021 it was valued at $529,100, a 0.5 % decrease.
Click here to read the full story from VREB.
Watch Ole Schmidt’s video here where he analyzes the market.
Here is the article in the Times Colonist that Ole referenced: Monthly Real Estate Sales in Greater Victoria to $1 billion for the first time.
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