Victoria BC Housing Market Update, May 2021
Update: The Victoria housing market continued to show its strength through the month of May. A near record-setting pace for sales contrasts an ongoing record-low for inventory levels. A total of 1,049 properties sold in the Victoria Real Estate Board region this May. 129.5% more than the 457 properties sold in May of 2020. However, it was also 6% fewer than the previous month of April. Sales of condominiums were up 200.9% from May 2020 with 325 units sold. 1.8% fewer condominiums sold in May 2021 than in the previous month of April. Sales of single family homes were up 111.4% from May 2020 with 537 sold. 4.8% fewer single family homes sold in May 2021 than in the previous month of April.
“Victoria is an amazing place to live and we will continue to see demand for property here,” said Victoria Real Estate Board President David Langlois. “In the future we need to support the creation of a housing market that responds to demand and population growth. Adding inventory to the Greater Victoria market should be the focus of every municipal council across the region.”
“Unwavering demand reinforces need to support supply of homes”
There were 1,450 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2021, 43 per cent fewer properties than the total available at the end of May 2020 and just 4 properties fewer than the 1,454 active listings for sale at the end of April 2021.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in Victoria was $855,900 in May 2020. The benchmark value for the same home this May increased by 17% to $1,036,100. This represents a 3.9% increase from the previous month. The MLS® HPI benchmark value for a condominium in Victoria proper for May 2020 was $500,000. The benchmark value for the same condominium in May 2021 was $526,000, a 5.2% increase.
“Recently the City of Victoria moved to fast-track non-profit developments, which is an exciting step in the right direction,” added Langlois. “But continued attention must be paid on housing of all types. By supporting an increase in urban density, we can: ensure attainable housing, address missing middle family housing, increase tax revenues for community amenities, and protect green space by slowing sprawl. If you are concerned about attainable housing and the future of homes in Greater Victoria, consider supporting the next housing development proposal in your neighborhood.”
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