Victoria Real Estate Market | May 2021

Welcome to June 2021!

Here’s what happened in the month of May in the Victoria real estate market.


Unwavering demand reinforces need to support supply of homes


Quotes from Victoria Real Estate Board President David Langlois:

  • Victoria is an amazing place to live and we will continue to see demand for property here
  • … we need to support the creation of a housing market that can respond to demand and population growth…
  • … adding inventory to the Greater Victoria market should be the focus of every municipal council across the region

Now, some highlights from the monthly VREB report:

  • A total of 1,049 properties sold in May (130% more than in May 2020)
  • Sales of condominiums were up 201 % from May 2020 with 325 units sold.
  • Sales of single family homes increased 111 % from May 2020 with 537 sold.

There were 1450 active listings for sale on the Victoria Real Estate Board MLS at the end of May 2021.


Benchmarks:

  • The benchmark value for a single family home in the Victoria Core in May 2020 was $855,900
  • The benchmark value for the same home in May 2021 increased by 17 % to $1,036,100
  • A condo in May 2020 was valued at $500,000. In May 2021 it was valued at $526,000, an increase of 5.2%

Click here to read the full story from VREB.


Watch Ole Schmidt’s video here.


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