The Victoria Real Estate Board (VREB) recorded 563 sold properties sold, an increase of 33.7 per cent compared to February 2019 and 37 per cent increase compared to January 2020. (Black Press Media File)

Greater Victoria sees early bloom of spring real estate market

Sales in Greater Victoria exceed provincial rise, but uncertainties linger over market

Greater Victoria helped to lead a resurgence in real estate sales in February.

According to new figures from the British Columbia Real Estate Association (BCREA), sales in February 2020 rose by 26.3 per cent compared to February 2019, as 5,741 homes changed owners. The average sales price also rose 12 per cent to $758,863 in February 2020 with the total value of sales rising 41.4 per cent to $4.4 billion.

Looking at specific regions, the Victoria Real Estate Board (VREB) recorded 563 sold properties sold, an increase of 33.7 per cent compared to February 2019 and 37 per cent increase compared to January 2020. Sales of condominiums were up 35.7 per cent from February 2019 with 175 units sold, while sales of single family homes increased 23.7 per cent from January 2020 with 271 sold.

Sandi-Jo Ayers, president of the said February saw what she called “the bloom of an early spring market” with sales “up substantially” from last year. With the increase, sales figures are within less than five per cent of VREB’s long-term average for the month, she added.

RELATED: Real estate sales in Greater Victoria show signs of recovery

With higher sales, local prices have also risen. The so-called Home Price Index (HPI) benchmark value for a single family home in Greater Victoria rose by 4.3 per cent to $767,000 in February 2020.

Looking across the region, Langford recorded the highest number of single-family homes sold (41) in February 2020 for a total value of $31.7 million. Saanich (East) recorded the second-highest number of single-family homes sold (40) for a total of $40.5 million, followed by Victoria with 32 single-family homes sold for a total value of $32 million. Victoria, not surprisingly, led all Greater Victoria in condo sales with 76 for a total value of $38.3 million.

Oak Bay remains the most expensive terrain in Greater Victoria, according to VREB, with an HPI of $1.21 million for a single-family home, while the Malahat region is the most affordable region of Greater Victoria with an HPI of $568,900 for a single-family home.

Looking at the two largest municipalities, the HPI for a single family home in Victoria is $838,700 and $885,700 in Saanich (East) and $759,300 in Saanich (West). HPIs on the Westshore range from $675,700 in Langford to $703,200 in Colwood, from $848,600 in the Highlands to $967,700 in Metchosin.

On the Saanich Peninsula, North Saanich records the HPI with $941,000, followed by Central Saanich with $762,800 and Sidney with $663,500.

Looking across the province, Greater Victoria led the way with an increase of 44.5 per cent, according to BCREA, followed by the Fraser Valley with 36 per cent. Areas with declining sales include the northern regions of British Columbia.

So what accounts for the increase in sales? Brendon Ogmundson, BCREA’s chief economist, points to lower mortgage rates and relaxed mortgage qualifying rules. But if these factors “may provide a boost to home sales heading into the spring,” he also warns of “significant economic uncertainty lingering over the outlook.”


Like us on Facebook and follow @wolfgang_depner

wolfgang.depner@peninsulanewsreview.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The Royal Canadian Legion kicked off its annual poppy drive in Sooke with legion president Richard Steele (left), Mayor Maja Tait, T’Sou-ke Nation Chief Gordie Planes and poppy fund chair Al Stuart in attendance. (Kevin Laird/News Staff)
Sooke Legion credits restaurant, volunteers for keeping doors open through pandemic

‘We’re not making a lot of money, but we’re not losing a lot either,’ says legion president

Victoria City Council approved two new affordable housing developments during its Oct. 22 council meeting. (Courtesy of Victoria City Council)
Victoria approves 72 new affordable housing units

Council approved new developments at 736 Princess Ave. and 330 Michigan St.

Victoria police are asking for people's help identifying the suspect of a sexual assault that occurred early Oct. 29. (Black Press Media file photo)
VicPD searching for suspect in sexual assault incident

A woman was sexually assaulted at the 800-block of Cormorant Street just before 4 a.m. Oct. 29

Artists, activists and supporters stand at the ‘More Justice, More Peace’ mural in Victoria’s Bastion Square after the letter ‘S’ was painted over in black. (Nina Grossman/News Staff)
ACAB removed from Victoria’s More Justice, More Peace mural

New message points to VicPD, City of Victoria for silencing BIPOC voices

Sooke’s Paul Larouche gold snipes along Sooke River, a process in which he uses a mask and snorkel to find pieces of gold. (Aaron Guillen/News Staff)
Hitting the jackpot: Sooke man finds niche audience by gold-panning on YouTube

Paul Larouche, 29, with over 215,000 subscribers, opens up about his journey

Burnaby RCMP responded to a dine-and-dash suspect who fell through a ceiling in March 2020. (RCMP handout)
VIDEO: Suspected dine-and-dasher falls through ceiling of Burnaby restaurant

A woman believed to be dashing on her restaurant bill fell through the kitchen ceiling

President Donald Trump speaks at a campaign rally in Allentown, Pa. on Oct. 26. (AP Photo/Alex Brandon)
POLL: How closely are you following the U.S. presidential election?

It may feel like it’s been going on forever but the U.S.… Continue reading

A deer was spotted in October 2020 in Prince Rupert, B.C., with a bright pink yoga ball stuck in its antlers. (Kayla Vickers/Chronicles Of Hammy The Deer Official Page)
Hammy 2.0? Prince Rupert deer spotted with bright pink yoga ball stuck in antlers

The BC Conservation Officer Service is aware of the deer roaming around the city

RCMP. (Phil McLachlan - Black Press Media)
Kelowna Mountie hit with 2nd lawsuit in 2 months for alleged assault

Const. Julius Prommer is accused of breaking a woman’s knee during while responding to a noise complaint

Hirdeypal Batth, 24, has been charged with sexual assault and forcible confinement in relation to an incident in August 2020. (VPD handout)
Man, 24, charged with sex assault after allegedly posing as Uber driver in Vancouver

Investigators believe there could be more victims outside of the Vancouver area

Pilot Kevin Maher participated in a flyover of a ceremony at the Cobble Hill cenotaph on Oct. 22 in a 1940 North American (Noorduyn) Harvard aircraft. (Robert Barron/Citizen)
Cobble Hill remembers lost military members with ceremony, flyover

Annual event commemorates those who died in non-combat roles

Adam Ireton holds his son Weston, along with Kristen and Beckett as they celebrate Weston's last day of treatment for lukemia. (Kristen Ireton photo)
799 days: ‘Super’ Weston defeats cancer

‘Weston is disease-free now, so we will be going into a period of checkups and things until he’s 18’

B.C. Premier John Horgan and Washington Gov. Jay Inslee arrive for annual Cascadia conference in Vancouver, Oct. 10, 2018. They have agreed to coordinate the permanent switch to daylight saving time. (B.C. government)
B.C. still awaiting U.S. approval to eliminate daylight saving time

Clocks going back one hour Nov. 1 in Washington too

Prime Minister Justin Trudeau shakes hands with US Vice-President Joe Biden on Parliament Hill in Ottawa on Friday, December 9, 2016. THE CANADIAN PRESS/ Patrick Doyle
A Biden presidency could mean good news for Canadian environment policy: observers

Experts and observers say even a U.S. outside the Paris agreement may ultimately end up in the same place

Most Read