August 3, 2021.

Victoria Real Estate Market Stats for July 2021 in Victoria, BC

Victoria housing inventory continues to decline over the 2021 Summer months 

Real Estate Market Update For Victoria |Housing Inventory Continues to Decline over the Summer

A total of 835 properties sold in the Victoria Real Estate Board region this July, 14.7 percent fewer than the 979 properties sold in July 2020 and 11.4 percent fewer than the previous month of June. 

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Condominium sales were up 18.8 per cent from July 2020 with 284 units sold. 16 per cent fewer condominiums sold in July 2021 than in the previous month of June. 

Sales of single family homes were down 29.2 percent from July 2020 with 396 sold. 10 percent fewer single family homes sold in July 2021 than in the previous month of June. 

“The real estate story right now continues to be in inventory,” said Victoria Real Estate Board President David Langlois.The market is driven by inventory; and fewer home listings lead to fewer home sales. In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.” 

There were 1,270 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2021, 52.1 percent fewer properties than the 2,653 available at the end of July 2020 and 7.6 per cent fewer than the 1,375 active listings for sale at the end of June 2021. 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2020 was $909,900. The benchmark value for the same home in July 2021 increased by 18.9 per cent to $1,082,000, a 1.7 percent increase from the previous month of June. 

The MLS® HPI benchmark value for a condominium in the Victoria Core in July 2020 was $494,900, while the benchmark value for the same condominium in July 2021 was $535,100, an 8.1 percent increase. 

“As a sort of housing gridlock continues to develop, the pressure to create more of all different types of homes in our community should not be lessened,” added Langlois. “It is important for the long term health of our housing market that a strong focus continues on developing new homes to meet our growing demand. The current market is increasingly challenging for buyers and sellers. It’s important to access the expertise and knowledge of your local REALTOR® to ensure your interests are protected.”

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