The premier of B.C. announced a four-phase reopening of B.C. on Tuesday following a surreal period of self isolation as we all worked to control the pandemic. Understandably, the COVID19 virus has had an impact on Greater Victoria’s real estate sales this April. While some sellers chose to postpone listing their homes, buyers opted to stay home, heeding the government advice, and limiting viewings unless moving was critical.

We have made some changes to the way we do business, in light of the current Covid-19 pandemic.

We hope that you and your families are staying healthy physically and mentally in one of the most trying periods of our collective lives. The Coronavirus is proving to be the ultimate leveller. Last week the B.C. Provincial Government declared that realtors were an essential service.

A total of 640 properties sold in the Victoria Real Estate Board region this March, 7 per cent fewer than the 688 properties sold in March 2018 but a 52 per cent increase from February 2019. Sales of condominiums were down 7.1 per cent from March 2018 with 196 units sold but were up from February 2019 by 51.9 per cent. Sales of single family homes were down 4.5 per cent from March 2018 with 322 sold.

There were 2,131 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2019, an increase of 3.6 per cent compared to the month of January and a 37.9 per cent increase from the 1,545 active listings for sale at the end of February 2018. 

A total of 329 properties sold in the Victoria Real Estate Board region this January, 23.7 per cent fewer than the 431 properties sold in January 2018 and a 12.3 per cent decrease from December 2018. Sales of condominiums were down 5.9 per cent from January 2018 with 111 units sold but were up from December 2018 by 7.8 per cent. Sales of single family homes were down 29.3 per cent from January 2018 with 152 sold.

“The market in 2019 will continue to be quieter than in previous years, as buyers and sellers adjust to new market conditions and government policies,” says Victoria Real Estate Board President Kyle Kerr. “Inventory is still quite low when you look at a longer range, which will continue to put pressure on pricing. Our overall economy is predicted to slow slightly, and that will likely mean a slower increase in interest rates but also slower growth.

A total of 498 properties sold in the Victoria Real Estate Board region this November, 25.8 per cent fewer than the 671 properties sold in November of last year and a 16.7 per cent decrease from October 2018. Sales of condominiums were down 30.9 per cent from last year in November with 152 units sold. Sales of single family homes were down 20.8 per cent from 2017 with 267 sold this November.

Victoria’s high-tech industry is a large contributor to the demand for housing. According to the head of the Victoria Innovation, Advanced Technology and Entrepreneurship Council, since 2014 this sector has grown 30% and according to Dan Gunn, chief executive of VIATEC, “Growing 30% sounds like a lot, but honestly I think the sector’s potential was higher than that,” he said. “We under performed for one specific reason – we haven’t been able to find enough skilled and experienced talent.”

“We continue to see the housing market shift into a more balanced state, though the trajectory is not smooth,” says Victoria Real Estate Board President Kyle Kerr. “This month had slower sales compared to last year and a slightly lower level of inventory coming into the market, but it also had an increase in sales from last month, which may surprise some people.”

According to Canada Mortgage and Housing, Greater Victoria home builders ramped up production as temperatures rose this summer.  Builders started 580 housing units in the region in August, a huge jump from the 183 started during the same month last year.