The 2021 Victoria real estate market year in review
Quotes from Victoria Real Estate Board President David Langlois:
- The theme of this year has been very consistent
- Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point
- We leave this year with the lowest number of properties for sale that we have had on record – but with such strong demand that most transactions see multiple offers
Now, some highlights from the monthly VREB report:
- A total of 438 properties sold in December (30% less than in December 2020)
- Sales of condominiums were down 22 % from December 2020 with 152 units sold.
- Sales of single family homes decreased 34 % from December 2020 with 207 sold.
- A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in 2020.
- 2021 sales came in close to 2016’s record breaking sales year where 10,622 properties were sold.
There were 652 active listings for sale on the Victoria Real Estate Board MLS at the end of December 2021.
- The benchmark value for a single family home in the Victoria Core in December 2020 was $915,300
- The benchmark value for the same home in December 2021 increased by 25 % to $1,144,900
- A condo in December 2020 was valued at $487,100. In December 2021 it was valued at $570,600, an increase of 17 %
CLICK HERE to read the full story from VREB.
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