FAIR REALTY | Victoria BC
# of sales total
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
# of sales monthly
833 properties sold in the Victoria Real Estate Board region this March
29% fewer than the 1,173 properties sold in March 2021 but a 16 per cent increase from February 2022
There were 1,063 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2022
An increase of 25.2 per cent compared to the previous month of February but an 18.9 per cent decrease from the 1,310 active listings for sale at the end of March 2021.
HPI (single family home)
The MLS® Home Price Index benchmark value for a single family home in the Victoria Core in March 2021 was $968,500. The benchmark value for the same home in March 2022 increased by 27.4 per cent to $1,233,700, up from February’s value of $1,196,300
“With the housing supply issues facing the country having only gotten worse to start 2022, take any decline in sales early in the year with a grain of salt because the demand hasn’t gone away, there just won’t be much to buy until a little later in this spring” said Cliff Stevenson, Chair of CREA
cross Canada home sales: National home sales up 0.2%month over month basis in December
average home price
National average sale price 17,7% year over year gain in December.
newly listed properties fell 3.2% from November to December across Canada.
"Home sales slowed down noticeably in March 2022, yet it’s still the second strongest month for sales volume, ever.
With the Bank of Canada aggressively hiking interest rates, this slowdown may last a while as Canada continues to face record low supply levels."
local and national
Two proposed Nanaimo developments
If approved, the two major mixed-use developments could add up to 4,700 new homes to the city.
Nanaimo is holding public hearings this month on two major mixed-use developments — one in the south and one in the north — that could see construction of up to 4,700 new homes in the city.
The mid-Island city’s population is currently around 100,000 — growing 10 per cent since 2016, according to the latest census numbers — and it’s projected to reach 140,000 by 2046, according to City Hall.
It would include substantial industrial lands, a neighbourhood centre, a mix of multi-family residential units and commercial-retail space. Two new residential neighbourhoods would be developed, and about 299 acres would be allocated for parks, open spaces and trails.
Why use a REALTOR®.?
To be a REALTOR®, an agent must be a member of The Canadian Real Estate Association (CREA). This means agents are duty bound to do their absolute best and follow a code. The code is the accepted standard of conduct for all real estate practitioners who are REALTORS®. It’s our guarantee of professional conduct and quality service. Read more at CREA.ca