Greater Victoria real estate sales continued on an upward trajectory in November. (Black Press Media file photo)

Greater Victoria home sales surge even as prices soar and volume drops

The average price of a Greater Victoria home in November was $1.1 million

  • Dec. 7, 2020 12:00 a.m.

The Greater Victoria real estate market continued on an uwpward trajectory through November, with sale numbers just shy of the 1989 record.

A total of 795 properties were sold across the region, up 37.8 per cent from the 577 sold in November of last year, according to the Victoria Real Estate Board (VREB). Of those, 262 condominiums were sold, up 62.7 per cent, and 375 single family homes were sold, up 21.8 per cent. In November 1989, 892 properties were sold.

While sales soared, volumes actually dropped. There were only 1,813 active listings on the Victoria Real Estate Board Multiple Listing Service at the end of the month, a 24.4 per cent drop from November 2019 and 14.6 per cent drop from October of this year.

Limited supply has also meant rising prices. The average cost of a single family home in November was $1.1 million, compared to $938,170 in 2019. This was the fifth month in a row that single families homes landed above the million dollar mark.

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Townhomes and manufactured homes were also up year over year with a 17.5 per cent and 4.8 per cent increase, respectively. The average townhome cost $667,142 last month and the average manufactured home cost $248,162. The only type of property to decrease in price from November 2019 was condominiums, which dropped a minor 2.2 per cent to an average of $469,483 this November.

“I expect the question on most people’s minds is – how long does this last, and is this sustainable,” said VREB president Sandi-Jo Ayers.

While Greater Victoria may see a levelling of activity over the winter – as is normal – Ayers said it is more likely that the region will continue to experience a “demand-heavy environment.”


 

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