PRESIDENT DIRECTORS PRESIDENT ELECT David Langlois Jackie … · VICTORIA REAL ESTATE BOARD 3035...

VICTORIA REAL ESTATE BOARD 3035 Nanaimo Street Victoria, BC V8T 4W2

T 250.385.7766 F 250.385.8773 www.vreb.org www.openhousesvictoria.ca

July 2, 2020

Victoria real estate market impacted by many different factors in June A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May 2020. Sales of condominiums were down 3.2 per cent from June 2019 with 209 units sold. Sales of single family homes were up 16.8 per cent from June 2019 with 460 sold.

“This June we saw competing factors from all different sides of the real estate equation,” says Victoria Real Estate Board President Sandi-Jo Ayers. “If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC’s Restart Plan. Because of the pandemic, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market.”

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3 percent fewer properties than the total available at the end of June 2019 but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.

“Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC,” adds Ayers. “This may have pushed some demand forward - although there are alternate suppliers of mortgage insurance. Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers. This may be in part due to the recent strata insurance issues which caused concern for owners and sellers. The government promised this month to begin to address the insurance issue, so there may be some relief on the horizon. These are not normal days for local real estate, nor is this month a signal of a return to normal, regardless of the numbers. That said, buyers and sellers are successfully navigating our market with the help of local REALTORS®, who know how to implement health and safety protocols and understand the complexities of our current market. As always, I recommend you consult your Realtor to understand what is happening in the moment.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4 per cent to $896,200, 1.2 per cent more than May’s value of $885,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 per cent to $525,600, 1.6 per cent less than the May value of $534,300.

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,374 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

PRESIDENT Sandi-Jo Ayers PRESIDENT ELECT David Langlois TREASURER Karen Dinnie-Smyth PAST PRESIDENT Cheryl Woolley

DIRECTORS Sheila Aujla Robert Cole Jackie Ngai Graden Sol Patrick Novotny EXECUTIVE OFFICER David Corey

01-Jul-2020June 2020Previous Periods Comparison of Unit Sales, Average Prices and Median Prices

Sales by Property Type

Single Family Greater Victoria Single Family Other Areas Single Family Total All Areas Condo Apartment Row/Townhouse Manufactured Home Total Residential Total Sales

Active Listings

Units Median$Average$LY%LM% LY%LM% LY%LM% Units Median$Average$ Units Median$Average$2020 - June

399

209100

11780

460

808

61

2,698

214

1086113

436

254

457

40

2,544

348

2167915

704

394

740

46

3,040

$1,014,746

$480,097$593,408$418,500

$980,737$758,283

$865,750

$425,000$564,900$210,000

$839,000$750,000

$875,938

$453,060$572,711$203,877

$856,679$753,645

$837,500

$390,000$555,000$199,900

$812,500$622,000

$867,312

$464,188$601,730$198,927

$846,787$691,506

$785,750

$420,000$545,450$202,400

$755,000$539,750

86.4%

93.5%63.9%

-15.4%78.9%

81.1%

76.8%

52.5%

6.1%

14.7%

-3.2%26.6%

-26.7%10.8%

16.8%

9.2%

32.6%

-11.3%

15.8%

6.0%3.6%

105.3%

14.5%0.6%

17.0%

3.4%-1.4%

110.4%

15.8%9.7%

3.4%

9.0%1.8%5.1%

3.3%20.6%

10.2%

1.2%3.6%3.8%

11.1%39.0%

2020 - May 2019 - June

LegendUnits: net number of listings soldLM%: percentage change since Last MonthLY%: percentage change since This Month Last YearAverage$: average selling priceMedian$: median selling priceActive Listings: total listings on the market at midnight on the last day of the month

This Month Last Month This Month Last Year

1Victoria Real Estate Board Multiple Listing Service ®

June 2020Statistics Package for Media

Victoria Real Estate Board June 2020 Statistics

Previous Periods Comparison of Unit Sales, Average Prices and Median Prices

Previous Periods Comparison of MLS® HPI Benchmark Prices and MLS® HPI Index Values


Wednesday, July 01, 2020

Sales to Active Listings Ratio

This chart tracks the ratio of total residential sales over total active residential listings at month-end for each of the last 25 months.The active listing count and the sales count can be viewed as indicators of housing supply and demand respectively. Observing the ratio between them can thus help indicate a "buyers' market", where there is downward pressure on prices, and a "sellers' market", where there is upward pressure on prices.

- below 10%, there is downward pressure on prices (buyers' market) - above 25%, there is upward pressure on prices (sellers' market) - in the 15-20% range, there is little pressure on prices either way (balanced market)


Total new MLS® listings and total MLS® sales for entire district

The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on market trends. The MLS® HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area.

Through the analysis of over ten years of Victoria Real Estate Board MLS® sales data, the MLS® HPI defined benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.

MLS® HPI benchmark and value - Single Family Homes


12MonthsAgo

%Differencefrom12MonthsAgo(June2019toJune2020)

SelectTimeframe:

1.AreaGroupVREBAreaSummary

3.Area/PropertyTypeSelectionAll

2.PropertyTypeSingleFamily-All(SF-All)

Note:AreaswithinsufficientsalesarenotincludedintheHPI.

Source:VictoriaRealEstateBoard

VictoriaREB–

SF-All

Core–SF-All

Westshore–SF-All

Peninsula–SF-All

GulfIslands–SF-All

Malahat&Area–

SF-All

-1.1%

4.6%

4.0%

8.0%

3.9%4.1%


MLS® HPI benchmark and value - Condominium / Apartments


12MonthsAgo

%Differencefrom12MonthsAgo(June2019toJune2020)

SelectTimeframe:



2.PropertyTypeCondoApartment(Con)



VictoriaREB–Con

Core–Con

Westshore–Con

Peninsula–Con

1.3%1.3%

2.6%

1.9%



June2020 1MonthAgo 3MonthsAgo 6MonthsAgo 12MonthsAgo 3YearsAgo 5YearsAgo January2005

VictoriaREB–SF-All

Victoria–SF-All

VictoriaWest–SF-All

OakBay–SF-All

Esquimalt–SF-All

ViewRoyal–SF-All

SaanichEast–SF-All

SaanichWest–SF-All

Sooke–SF-All

Langford–SF-All

Metchosin–SF-All

Colwood–SF-All

Highlands–SF-All

NorthSaanich–SF-All

Sidney–SF-All

CentralSaanich–SF-All

MLMalahat&Area–SF-All

GIGulfIslands–SF-All

$989,200

$986,300 $981,300

$971,200

$959,900

$956,600

$949,000

$946,400 $929,800

$921,700

$909,000 $901,500 $895,500

$883,500

$880,600

$879,400 $874,200$872,700

$871,900

$865,100

$859,200$852,600

$848,700 $841,300

$841,200

$833,300

$829,500 $824,300

$811,400

$808,300

$803,200

$802,900

$791,300

$790,900

$789,300

$785,100

$783,300

$781,900

$780,500

$777,400

$773,400

$773,200

$768,300

$768,200

$765,500

$760,300

$755,900

$754,300

$753,000

$749,700$741,500

$729,800 $721,600 $713,900

$712,000

$711,900

$706,500

$705,800

$705,200 $700,900

$697,800

$697,300

$694,300

$691,100

$685,600 $684,200

$683,200

$680,800

$680,000

$674,700

$671,700

$668,900

$664,900

$662,800 $661,100

$660,200

$657,400

$657,300

$650,200

$649,300

$632,700

$631,400

$627,800

$622,800

$622,500

$616,600

$606,700

$601,500 $594,700

$589,400

$581,000

$578,400

$578,000

$575,600

$573,500$570,400

$563,400$560,000

$552,000

$549,900

$544,800

$539,000

$536,000

$530,500

$529,900

$528,800

$528,400

$522,000 $512,100

$508,900

$500,900

$487,300

$481,700

$463,500

$460,300

$455,400

$449,100

$444,200

$442,200

$437,700

$436,700

$406,600

$394,500

$370,800

$360,300

$357,100

$357,000

$354,900

$349,200

$332,600

$329,800

$321,400

$308,000

$292,400

$291,500

$284,200

$282,400

$265,000

$1,232,500 $1,231,400$1,229,800 $1,214,900$1,188,400$1,159,700

BenchmarkPricebyTimeframeandPropertyType

ValueorpercentchangeValuePercentchange

HPIorBenchmarkPriceHPIBenchmarkPrice

1.AreaGroupVREBDistrictSummary






VictoriaREB–SF-All

Victoria–SF-All

VictoriaWest–SF-All

OakBay–SF-All

Esquimalt–SF-All

ViewRoyal–SF-All

SaanichEast–SF-All

SaanichWest–SF-All

Sooke–SF-All

Langford–SF-All

Metchosin–SF-All

Colwood–SF-All

Highlands–SF-All

NorthSaanich–SF-All

Sidney–SF-All

CentralSaanich–SF-All

MLMalahat&Area–SF-All

GIGulfIslands–SF-All

256.8 253.9 251.2 240.4

239.9

238.5

237.4

235.7

234.5 234.0

233.3

232.9 230.5

230.4

229.9

228.9

228.7

228.5 227.0

226.9

226.7 226.1

226.0

224.4

224.3

223.7

223.3 223.1

222.9

222.8

222.3

221.6

221.5

221.4

221.2

220.8

220.1

219.9

219.2

219.0

218.6

218.1

218.0

217.2

217.1

216.6

216.6 215.5

215.3

215.2

214.0

213.0

212.6

212.4212.0

211.8

211.7

211.3

211.1

210.9

210.8

210.7

210.6

210.1

210.0

208.4

208.1

207.7

207.5

207.5

207.4

205.4

205.0

204.7

203.4

203.1

203.0

202.4

202.0

202.0

201.2

199.9

199.4

199.4

199.3

199.2

198.8

197.6

196.3

196.3

195.3

194.8

194.2

192.2

190.8

190.2

187.8

186.9 183.9

183.5

183.0

181.8

181.3

179.1

177.4

175.7

174.9

156.7

156.3

155.6

154.3

153.6

152.4

151.3

148.6

148.1

147.0

144.8

144.0

143.2

142.3

141.8

136.7

134.9

133.9

123.6 100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

HPIbyTimeframeandPropertyType









VictoriaREB–Con

Victoria–Con

VictoriaWest–Con

OakBay–Con

Esquimalt–Con

ViewRoyal–Con

SaanichEast–Con

SaanichWest–Con

Langford–Con

Colwood–Con

Sidney–Con

CentralSaanich–Con

$837,700$825,900$814,700 $790,000$788,600 $716,800

$635,900 $624,200$615,400 $610,300$608,100

$527,300

$525,700

$522,400$521,600

$519,800$519,600

$513,400

$512,800 $508,800

$506,400

$506,100

$501,800

$496,800

$493,900$493,500

$488,000

$487,600

$487,200$486,600

$486,300$484,100

$479,300

$478,100

$477,700

$474,400$473,400 $465,600

$456,500 $454,500 $451,100$446,900 $446,700

$442,100

$433,300

$433,100$433,000$430,600

$428,900

$426,400

$424,700$423,200$423,100$420,500

$417,300

$413,900

$412,900

$412,900

$412,500

$412,500$412,100

$411,500

$403,700

$393,200$388,700$385,200

$372,700

$368,700

$367,100

$363,600

$354,300

$353,000

$338,800

$323,800

$320,500

$319,300

$310,400

$304,800

$295,600

$285,000

$260,600

$260,500

$257,400

$254,300

$253,000

$245,600

$210,400

$205,300

$203,900

$202,500

$191,500

$176,600

$171,400

$169,700

$161,300

$155,700










VictoriaREB–Con

Victoria–Con

VictoriaWest–Con

OakBay–Con

Esquimalt–Con

ViewRoyal–Con

SaanichEast–Con

SaanichWest–Con

Langford–Con

Colwood–Con

Sidney–Con

CentralSaanich–Con

269.1 267.9 265.9

265.9

264.4

263.4

263.3

263.3

262.4262.3260.7

257.9257.7

254.9254.8

253.9252.8

252.7252.6

252.5

251.5

251.3

251.2

250.6

249.6

249.5

248.8

248.3

248.2

247.9

247.8

247.4

247.3

246.7

244.0

243.8

243.2 241.2

241.0

240.9

240.6

240.5

240.3

240.3

237.5

236.8

236.3

236.1

235.9

233.8 233.6

233.5

233.4

233.2

232.9

232.8

231.1230.6

228.6

227.6

226.8

219.7

215.4

212.5

211.6

210.1

206.7

205.8

203.2

201.6

199.9

189.4

163.3

161.5

155.2

153.9

153.6

151.2

150.2

149.5

148.8

146.0

139.1

126.2

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0










VictoriaREB–Twn

Victoria–Twn

VictoriaWest–Twn

Esquimalt–Twn

ViewRoyal–Twn

SaanichEast–Twn

SaanichWest–Twn

Sooke–Twn

Langford–Twn

Colwood–Twn

Sidney–Twn

CentralSaanich–Twn

MLMalahat&Area–Twn

GIGulfIslands–Twn

$704,600 $703,000 $694,000$689,800 $689,500

$681,600 $680,200 $675,700$673,200$672,000

$652,500 $646,900

$641,700

$639,800

$639,100

$637,200 $634,700

$631,400

$630,500

$628,000

$626,000

$625,000

$624,700$623,200 $621,700

$616,300

$600,600$597,400

$595,300

$593,300

$593,100$590,100 $587,000

$585,400

$584,800

$581,400

$576,200

$575,700

$574,700

$573,900

$573,400

$573,100

$572,900

$572,200

$571,600

$564,600

$564,400

$563,600$560,300 $558,600

$538,600

$538,600

$537,000$535,300

$534,700

$534,600

$534,000

$533,500

$532,900 $526,900

$525,900

$523,700$516,000

$512,800$512,500 $510,900

$509,200 $508,100

$502,700

$501,900

$500,300

$493,500$492,200

$489,900

$481,400$481,100 $475,000

$473,500

$472,400

$471,100

$466,000

$463,000

$463,000

$444,100

$438,000

$431,700

$425,100

$419,700

$410,000

$409,900

$393,200

$384,700

$383,700

$368,900

$362,700

$340,300

$338,100

$334,600

$325,200

$322,600

$287,700

$278,300

$269,500

$266,600

$266,100

$261,800

$256,100

$250,100

$247,600

$245,700

$241,900

$234,700






2.PropertyTypeTownhouse(Twn)




VictoriaREB–Twn

Victoria–Twn

VictoriaWest–Twn

Esquimalt–Twn

ViewRoyal–Twn

SaanichEast–Twn

SaanichWest–Twn

Sooke–Twn

Langford–Twn

Colwood–Twn

Sidney–Twn

CentralSaanich–Twn

MLMalahat&Area–Twn

GIGulfIslands–Twn

275.3 274.7 272.9271.9271.4

252.1 250.3 249.8249.2 248.6

244.1244.1 240.1238.7 238.0

232.7

228.8

226.8

222.9

222.0

221.7

221.5

221.3

221.1

221.0

220.6

220.3

220.2

219.6

219.2

218.4

218.3

218.1

217.9

217.8

217.6 217.3

215.3

215.1

215.0

213.9

213.8 213.7

213.3

213.1

213.1

212.8

212.0

211.8

210.9210.1

210.0

208.7

200.1

198.3

198.0

197.3

194.5 194.1

193.5

192.7

192.7192.6 192.0

191.8

191.7

191.4

191.0

190.8

188.9

188.7

188.5188.0

188.0

188.0187.9

186.8

185.5

184.2

182.0 180.8

170.0

168.7

168.6

167.3

166.9

163.9

152.5

147.5

147.3

146.0

145.9

142.4

137.6

136.3

130.0

127.0

122.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0









VictoriaREB–SF-All Core–SF-All Westshore–SF-All Peninsula–SF-All

SelectDateRange:Allvalues

Jan2005

Jan2006

Jan2007

Jan2008

Jan2009

Jan2010

Jan2011

Jan2012

Jan2013

Jan2014

Jan2015

Jan2016

Jan2017

Jan2018

Jan2019

Jan2020

Jan2021

Ben

chmarkPrice($)

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400,000

500,000

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700,000

800,000

900,000

BenchmarkPricePerformanceoverTime


3.Area/PropertyTypeSelectionMultiplevalues



Addinglabels

HoldCtrl(Cmd)andselectpointsonthecharttoshowmultipledate/valuelabels



VictoriaREB–Con Core–Con Westshore–Con Peninsula–Con


Jan2005

Jan2006

Jan2007

Jan2008

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chmarkPrice($)

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Addinglabels




VictoriaREB–Twn Core–Twn Westshore–Twn Peninsula–Twn


Jan2005

Jan2006

Jan2007

Jan2008

Jan2009

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Jan2012

Jan2013

Jan2014

Jan2015

Jan2016

Jan2017

Jan2018

Jan2019

Jan2020

Jan2021

Ben

chmarkPrice($)

250,000

300,000

350,000

400,000

450,000

500,000

550,000

600,000

650,000






Addinglabels




VictoriaREB–SF-All VictoriaREB–Twn VictoriaREB–Con


Jan2005

Jan2006

Jan2007

Jan2008

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Jan2012

Jan2013

Jan2014

Jan2015

Jan2016

Jan2017

Jan2018

Jan2019

Jan2020

Jan2021

Ben

chmarkPrice($)

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800,000




2.PropertyTypeMultiplevalues


Addinglabels


Monthly Sales SummaryWednesday, July 1, 2020

Units Total Volume

June 2020

Region

District

ResidentialSingle Familyl

Greater Victoria

Victoria 34 $34,266,000

Victoria West 2 $1,753,000

Oak Bay 38 $58,405,504

Esquimalt 9 $8,075,400

View Royal 12 $9,117,900

Saanich East 72 $74,952,337

Saanich West 21 $16,451,400

Central Saanich 23 $19,292,000

North Saanich 24 $25,492,886

Sidney 6 $4,258,500

Highlands 2 $2,240,000

Colwood 24 $18,191,645

Langford 67 $52,589,252

Metchosin 10 $10,084,800

Sooke 35 $22,608,135

Waterfront (all districts) 20 $47,104,800

Total Greater Victoria 399 $404,883,559

Other Areas

Shawnigan Lake / Malahat 6 $4,021,500

Gulf Islands 24 $18,525,800

UpIsland / Mainland 17 $11,721,949


Total Other Areas 61 $46,255,249

Total Single Family 460 $451,138,808

Condo Apartmentl

Greater Victoria

Victoria 64 $31,046,376

Victoria West 17 $10,739,300

Oak Bay 3 $1,824,000

Esquimalt 14 $5,538,600

View Royal 1 $415,000





Sidney 12 $5,157,800

Colwood 6 $2,855,900

Langford 31 $12,160,100

Sooke 1 $755,000



Total Condo Apartment 209 $100,340,370



Units Total Volume

June 2020

Region

District

Row/Townhousel

Greater Victoria

Victoria 7 $4,902,000

Esquimalt 2 $1,196,000

View Royal 4 $2,717,000




North Saanich 1 $715,000

Sidney 5 $3,513,000

Colwood 7 $3,846,850

Langford 26 $13,913,595

Sooke 9 $3,552,695



Other Areas

Gulf Islands 1 $366,900

UpIsland / Mainland -1 ($439,900)

Waterfront (all districts) 2 $590,000

Total Other Areas 2 $517,000

Total Row/Townhouse 100 $59,340,825

Manufactured Homel

Greater Victoria

View Royal 1 $210,000


Central Saanich 1 $281,000

Sidney 1 $400,000

Colwood 1 $490,000

Langford 1 $141,000

Sooke 1 $122,000


Other Areas

Shawnigan Lake / Malahat 1 $100,000

UpIsland / Mainland 3 $559,500

Total Other Areas 4 $659,500

Total Manufactured Home 11 $4,603,500

Total Residential 780 $615,423,503



Units Total Volume

June 2020

Region

District

Grand Totals 808 $631,792,569

13 $7,701,066Other Commercial Propertiesl

Other Property

Lots & Acreage (Incl Wtrfrnt)l

Greater Victoria

Oak Bay 1 $1,680,000


Langford 1 $263,500

Sooke 2 $409,900


Other Areas

Shawnigan Lake / Malahat 3 $1,236,000

Gulf Islands 5 $3,356,100

UpIsland / Mainland 1 $435,000

Total Other Areas 9 $5,027,100

Total Lots & Acreage (Incl Wtrfrnt) 15 $8,668,000


Active Listings, New Listings and Sales June 2020Wednesday, July 01, 2020

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

3,800

4,000

Jun

2018

Jul 2

018

Aug

2018

Sep

2018

Oct

201

8

Nov

201

8

Dec

201

8

Jan

2019

Feb

2019

Mar

201

9

Apr 2

019

May

201

9

Jun

2019

Jul 2

019

Aug

2019

Sep

2019

Oct

201

9

Nov

201

9

Dec

201

9

Jan

2020

Feb

2020

Mar

202

0

Apr 2

020

May

202

0

Jun

2020

Total Active MLS® Listings

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Jun

2018

Jul 2

018

Aug

2018

Sep

2018

Oct

201

8

Nov

201

8

Dec

201

8

Jan

2019

Feb

2019

Mar

201

9

Apr 2

019

May

201

9

Jun

2019

Jul 2

019

Aug

2019

Sep

2019

Oct

201

9

Nov

201

9

Dec

201

9

Jan

2020

Feb

2020

Mar

202

0

Apr 2

020

May

202

0

Jun

2020

Total New MLS® Listings and Total MLS® Sales

Listings Sales

Victoria Real Estate Board Multiple Listing Service ®

Sales to Active Listings Ratio June 2020Wednesday, July 01, 2020

10%

20%

30%

40%

50%

60%

70%

80%

90%

Jun

2018

Jul 2

018

Aug

2018

Sep

2018

Oct

201

8

Nov

201

8

Dec

201

8

Jan

2019

Feb

2019

Mar

201

9

Apr 2

019

May

201

9

Jun

2019

Jul 2

019

Aug

2019

Sep

2019

Oct

201

9

Nov

201

9

Dec

201

9

Jan

2020

Feb

2020

Mar

202

0

Apr 2

020

May

202

0

Jun

2020

Victoria Real Estate Board Multiple Listing Service ®

The Sales to Active Listings Ratio

This chart tracks the ratio of total residential sales over total active residential listings at month-end for each of the last 25 months.

The active listing count and the sales count can be viewed as indicators of housing supply and demand respectively. Observing the ratio between them can thus help indicate a "buyers' market", where there is sustained downward pressure on prices, and a "sellers' market", where there is sustained upward pressure on prices.

Based on a regression analysis performed by the Economics Department of the BC Real Estate Association in each market area of the province, the Sales to Active Listings Ratio for Victoria can be interpreted as follows:

- below 14%, there is downward pressure on prices (buyers' market)- above 20%, there is upward pressure on prices (sellers' market)- in the 14-20% range, there is little pressure on prices either way (balanced market)

Monthly Comparative Activity By Property Type July 1, 2020

June 2020

Current Month

This Year % ChangeLast Year

Year To Date


Single Family - Residential

Units Listed 520

Units Sold 371

Sell/List Ratio 71

Sales Dollars $344,045,408

Average Price / Unit $927,346

Price Ratio 99

Days To Sell 37

Active Listings at Month End 734

%

%

514

343

67

$282,573,089

$823,828

98

39

1034

%

%

1

8

22

13

-7

-29

%

%

%

%

%

%

2299

1368

60

$1,193,680,430

$872,573

98

39

%

%

3050

1631

53

$1,345,147,061

$824,738

98

39

%

%

-25

-16

-11

6

-1

%

%

%

%

%

Single Family - Residential Waterfront

Units Listed 55

Units Sold 33

Sell/List Ratio 60


Average Price / Unit $1,789,267

Price Ratio 95

Days To Sell 59


%

%

56

17

30

$27,383,000

$1,610,765

97

56

203

%

%

-2

94

116

11

5

-24

%

%

%

%

%

%

226

93

41

$155,685,563

$1,674,038

94

91

%

%

259

77

30

$104,731,961

$1,360,155

94

101

%

%

-13

21

49

23

-9

%

%

%

%

%

Single Family - Residential Acreage

Units Listed 70

Units Sold 39

Sell/List Ratio 56



Price Ratio 95

Days To Sell 41


%

%

62

19

31

$15,795,000

$831,316

95

55

190

%

%

13

105

146

20

-24

-28

%

%

%

%

%

%

255

128

50

$133,377,449

$1,042,011

96

68

%

%

301

126

42

$113,569,084

$901,342

97

69

%

%

-15

2

17

16

-1

%

%

%

%

%

Condo Apartment

Units Listed 434

Units Sold 209

Sell/List Ratio 48



Price Ratio 98

Days To Sell 45


%

%

304

216

71

$100,264,574

$464,188

98

35

643

%

%

43

-3

0

3

27

19

%

%

%

%

%

%

1907

861

45

$413,873,980

$480,690

98

39

%

%

1893

1099

58

$512,055,352

$465,928

98

37

%

%

1

-22

-19

3

4

%

%

%

%

%



June 2020

Current Month


Year To Date


Row/Townhouse

Units Listed 180

Units Sold 100

Sell/List Ratio 56



Price Ratio 99

Days To Sell 48


%

%

135

79

59

$47,536,699

$601,730

98

41

258

%

%

33

27

25

-1

17

-3

%

%

%

%

%

%

687

399

58

$236,809,054

$593,506

99

48

%

%

764

408

53

$249,766,211

$612,172

98

37

%

%

-10

-2

-5

-3

27

%

%

%

%

%

Half Duplex (Up and Down)

Units Listed 0

Units Sold 0

Sell/List Ratio

Sales Dollars $0

Average Price / Unit

Price Ratio

Days To Sell


%

%

0

0

$0

0

%

%

%

%

%

%

%

%

3

2

67

$691,000

$345,500

95

172

%

%

0

0

$0

%

%

%

%

%

%

%

Half Duplex (Side by Side)

Units Listed 17

Units Sold 10

Sell/List Ratio 59



Price Ratio 100

Days To Sell 58


%

%

15

6

40

$3,762,500

$627,083

97

94

23

%

%

13

67

51

-9

-38

-30

%

%

%

%

%

%

60

33

55

$21,347,900

$646,906

99

39

%

%

68

40

59

$26,324,840

$658,121

98

54

%

%

-12

-18

-19

-2

-28

%

%

%

%

%

Half Duplex (Front and Back)

Units Listed 2

Units Sold 3

Sell/List Ratio 150



Price Ratio 99

Days To Sell 19


%

%

4

2

50

$1,370,000

$685,000

99

30

5

%

%

-50

50

52

1

-38

-60

%

%

%

%

%

%

8

7

88

$4,605,400

$657,914

99

32

%

%

19

12

63

$8,361,500

$696,792

99

36

%

%

-58

-42

-45

-6

-11

%

%

%

%

%



June 2020

Current Month


Year To Date


Recreational

Units Listed 5

Units Sold 2

Sell/List Ratio 40

Sales Dollars $144,000


Price Ratio 92

Days To Sell 655


%

%

5

4

80

$463,500

$115,875

92

94

25

%

%

0

-50

-69

-38

600

-40

%

%

%

%

%

%

16

5

31

$420,000

$84,000

91

412

%

%

26

7

27

$773,500

$110,500

94

59

%

%

-38

-29

-46

-24

598

%

%

%

%

%

Manufactured Home

Units Listed 18

Units Sold 11

Sell/List Ratio 61



Price Ratio 93

Days To Sell 55


%

%

17

15

88

$2,983,900

$198,927

94

63

46

%

%

6

-27

54

110

-14

-22

%

%

%

%

%

%

99

66

67

$15,285,125

$231,593

95

60

%

%

119

81

68

$15,691,788

$193,726

95

54

%

%

-17

-19

-3

20

12

%

%

%

%

%

Residential Lot

Units Listed 21

Units Sold 5

Sell/List Ratio 24



Price Ratio 97

Days To Sell 86


%

%

37

18

49

$5,064,200

$281,344

94

148

198

%

%

-43

-72

-77

-18

-42

-34

%

%

%

%

%

%

148

53

36

$24,436,674

$461,069

99

136

%

%

219

67

31

$20,140,720

$300,608

94

150

%

%

-32

-21

21

53

-10

%

%

%

%

%

Residential Lot - Waterfront

Units Listed 10

Units Sold 1

Sell/List Ratio 10



Price Ratio 99

Days To Sell 45


%

%

3

1

33

$315,000

$315,000

103

19

25

%

%

233

0

433

433

137

68

%

%

%

%

%

%

40

6

15

$4,113,125

$685,521

93

266

%

%

27

6

22

$4,663,500

$777,250

95

163

%

%

48

0

-12

-12

63

%

%

%

%

%



June 2020

Current Month


Year To Date


Residential Acreage

Units Listed 25

Units Sold 6

Sell/List Ratio 24



Price Ratio 95

Days To Sell 302


%

%

20

6

30

$1,775,000

$295,833

93

108

93

%

%

25

0

19

19

179

-16

%

%

%

%

%

%

88

34

39

$19,656,000

$578,118

93

146

%

%

93

27

29

$12,183,000

$451,222

93

158

%

%

-5

26

61

28

-8

%

%

%

%

%

Residential Acreage - Waterfront

Units Listed 2

Units Sold 3

Sell/List Ratio 150



Price Ratio 91

Days To Sell 176


%

%

2

4

200

$13,810,000

$3,452,500

96

286

27

%

%

0

-25

-73

-64

-38

7

%

%

%

%

%

%

22

10

45

$9,689,182

$968,918

89

126

%

%

23

8

35

$16,525,000

$2,065,625

96

298

%

%

-4

25

-41

-53

-58

%

%

%

%

%

Revenue - Duplex/Triplex

Units Listed 6

Units Sold 2

Sell/List Ratio 33



Price Ratio 95

Days To Sell 48


%

%

4

3

75

$2,286,900

$762,300

97

47

12

%

%

50

-33

-42

-13

2

-42

%

%

%

%

%

%

29

17

59

$16,190,950

$952,409

97

42

%

%

22

8

36

$7,696,800

$962,100

97

34

%

%

32

113

110

-1

26

%

%

%

%

%

Revenue - Multi Unit

Units Listed 8

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

1

1

100

$2,000,000

$2,000,000

100

51

6

%

%

700

-100

-100

167

%

%

%

%

%

%

20

1

5

$1,750,000

$1,750,000

88

30

%

%

9

4

44

$6,488,000

$1,622,000

97

70

%

%

122

-75

-73

8

-57

%

%

%

%

%



June 2020

Current Month


Year To Date


Revenue - Apartment Block

Units Listed 3

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

1

0

0

$0

3

%

%

200

100

%

%

%

%

%

%

9

3

33

$8,498,900

$2,832,967

93

128

%

%

8

2

25

$8,430,000

$4,215,000

93

79

%

%

13

50

1

-33

62

%

%

%

%

%

Revenue - Commercial

Units Listed 10

Units Sold 1

Sell/List Ratio 10



Price Ratio 95

Days To Sell 73


%

%

10

2

20

$1,105,000

$552,500

100

82

36

%

%

0

-50

-62

-23

-10

25

%

%

%

%

%

%

40

9

23

$7,440,900

$826,767

96

90

%

%

47

16

34

$9,285,120

$580,320

94

111

%

%

-15

-44

-20

42

-19

%

%

%

%

%

Revenue - Industrial

Units Listed 0

Units Sold 0

Sell/List Ratio

Sales Dollars $0


Price Ratio

Days To Sell


%

%

1

0

0

$0

1

%

%

-100

0

%

%

%

%

%

%

1

0

0

$0

%

%

2

1

50

$249,000

$249,000

100

21

%

%

-50

-100

-100

%

%

%

%

%

Business with Land & Building

Units Listed 4

Units Sold 8

Sell/List Ratio 200



Price Ratio 93

Days To Sell 106


%

%

7

0

0

$0

34

%

%

-43

-12

%

%

%

%

%

%

40

17

43

$27,563,992

$1,621,411

91

144

%

%

33

9

27

$6,770,059

$752,229

106

139

%

%

21

89

307

116

4

%

%

%

%

%



June 2020

Current Month


Year To Date


Business Only

Units Listed 4

Units Sold 2

Sell/List Ratio 50



Price Ratio 30

Days To Sell 138


%

%

13

3

23

$200,000

$66,667

68

167

74

%

%

-69

-33

-68

-51

-18

-35

%

%

%

%

%

%

58

12

21

$995,500

$82,958

77

118

%

%

79

18

23

$1,556,600

$86,478

72

104

%

%

-27

-33

-36

-4

13

%

%

%

%

%

Motel/Hotel

Units Listed 0

Units Sold 0

Sell/List Ratio

Sales Dollars $0


Price Ratio

Days To Sell


%

%

0

0

$0

1

%

%

200

%

%

%

%

%

%

2

0

0

$0

%

%

1

0

0

$0

%

%

100 %

%

%

%

%

Lease - Office

Units Listed 16

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

2

0

0

$0

32

%

%

700

50

%

%

%

%

%

%

43

2

5

$40

$20

402

%

%

29

9

31

$175

$19

170

%

%

48

-78

-77

3

137

%

%

%

%

%

Lease - Retail

Units Listed 6

Units Sold 1

Sell/List Ratio 17

Sales Dollars $31

Average Price / Unit $31

Price Ratio

Days To Sell 37


%

%

1

0

0

$0

25

%

%

500

0

%

%

%

%

%

%

28

6

21

$1,740

$290

112

233

%

%

26

6

23

$116

$19

2

110

%

%

8

0

1397

1397

111

%

%

%

%

%



June 2020

Current Month


Year To Date


Lease - Warehouse

Units Listed 0

Units Sold 0

Sell/List Ratio

Sales Dollars $0


Price Ratio

Days To Sell


%

%

0

0

$0

1

%

%

0

%

%

%

%

%

%

1

0

0

$0

%

%

1

0

0

$0

%

%

0 %

%

%

%

%

Lease - Industrial

Units Listed 1

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

0

0

$0

0

%

%

%

%

%

%

%

%

1

0

0

$0

%

%

1

1

100

$9

$9

45

%

%

0

-100

-100

%

%

%

%

%

Lease - Other

Units Listed 10

Units Sold 1

Sell/List Ratio 10

Sales Dollars $15

Average Price / Unit $15

Price Ratio

Days To Sell 88


%

%

6

1

17

$23

$23

91

29

%

%

67

0

-35

-35

-3

83

%

%

%

%

%

%

51

2

4

$30

$15

61

%

%

28

9

32

$187

$21

150

%

%

82

-78

-84

-28

-59

%

%

%

%

%

Commercial Land

Units Listed 3

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

1

0

0

$0

16

%

%

200

56

%

%

%

%

%

%

23

0

0

$0

%

%

17

2

12

$1,520,000

$760,000

84

250

%

%

35

-100

-100

%

%

%

%

%



June 2020

Current Month


Year To Date


Units Listed 1430

Units Sold 808

Sell/List Ratio 57



Price Ratio 98

Days To Sell 47


%

%

Grand Totals

1221

740

61

$508,688,385

$687,417

98

46

3040

%

%

17

9

24

14

4

-11

%

%

%

%

%

%

6204

3134

51

$2,296,112,934

$732,646

98

49

%

%

7164

3674

51

$2,471,929,583

$672,817

98

47

%

%

-13

-15

-7

9

5

%

%

%

%

%


PRESIDENT DIRECTORS PRESIDENT ELECT David Langlois Jackie … · VICTORIA REAL ESTATE BOARD 3035...

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Transcript of PRESIDENT DIRECTORS PRESIDENT ELECT David Langlois Jackie … · VICTORIA REAL ESTATE BOARD 3035...