MONTHLY MARKET UPDATE — MARCH 2021
A
Monthly Sales Comparison
total of 863 properties sold in the VREB market region in February of this year. This marks a 53% increase from the 563 sales reported in the same period in 2020. Single family detached homes have experienced a 44% increase in sales from this time last year, and similarly, the condominium market has increased nearly 68% from last year.
Greater Victoria - (2018-2021)
1100
1000
863
Number of Sales
900
As is apparent from the Monthly Sales Comparison chart (opposite), the 2021 market is off to quite a start. We are currently experiencing significant pressure on single family detached housing across the Greater Victoria Area. New listings are seeing heavy demand and are quickly getting offers almost as soon as they hit the market.
800
700
600
500
400
300
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2018
431
545
688
774
755
708
651
594
533
598
462
375
2019
329
421
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
808
979
979
989
990
795
631
2021
646
863
Absorption Rate
Greater Victoria Area - (2018-2021)
Months of Inventory
7 6
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
5.6 5.2 4.1
3.9
4.3 4.0 4.0
3.1
3
3.9
4.1
3.8 3.5
2.7
4.0
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2
2.4 1.9
2.2
1.8
2.0 1.6
December
November
October
2021
September
2020
August
July
2019
June
2018
May
April
March
February
January
1
4.2
Lack of inventory in particular has exacerbated demand in the most sought-after market segments. Inventory is the number everyone will be watching in 2021. Despite numerous attempts by governments to slow down the housing market, demand remains. The foreign buyer tax, the speculation tax, more demanding mortgage qualification rules have had little to no effect on buyer’s appetites. With only 1,318 active listings at the end of February, the benchmark price for a single family home climbed to $851,200 from $768,000 in February 2020. Townhouses climbed from $587,600 in February 2020 to $634,600 last month. Finally condominium benchmarks have remained largely unchanged over the year at $514,700.
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