Have you been thinking about selling your home? Or even getting started in real estate investing? While a pandemic sounds like a scary time to do this, the reality is that the current real estate market in Victoria, BC is on fire.
You might be surprised to hear that when it comes to real estate in Victoria, BC, the market in 2020 ended as a sellers’ market and it wasn’t even close.
By the end of 2020, the Victoria Real Estate Board reports that prices were pressured upwards by more than 60%. For context, anything over 25% indicates a sellers’ market. One likely factor is that the active listings on the Victoria MLS at the end of December 2020 were the lowest amount ever listed at month-end in at least 25 years.
“Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations,” said Sandi-Jo Ayers, president of the Victoria Real Estate Board. “The combination of the ongoing pandemic, historically low-interest rates and a shift in consumer priorities towards properties that cater to a more home-based work/life/retirement balance resulted in record-setting sales for the last several months of 2020... What remains consistent is that in this complex market, your realtor can help to navigate one of the biggest purchases most will make in their lifetime.”
8,497 properties were still sold in total in Victoria in 2020. This represents a 17.1% increase from 2019 and more than 1,000 more properties than the 10-year average.
Let’s look at the properties sold in December 2020 a little further. The benchmark price of a Victoria, BC house in December 2020 rose by 6.8% from December 2019 and $12k more than the benchmark price in November 2020.
For those of you wanting to know about the condos for sale in Victoria, BC, the benchmark price decreased in December 2020: 0.9% less than December 2019, and approximately $1,000 less than in November 2020.
These numbers suggest that the pandemic shouldn’t stop people from listing their homes for sale in Victoria, BC if they have the desire to sell. If putting your property on the Victoria MLS is a long time coming, the momentum of the market is still in your favour to do so.
And the moment to call me is now.
You might be surprised to hear that when it comes to real estate in Victoria, BC, the market in 2020 ended as a sellers’ market and it wasn’t even close.
By the end of 2020, the Victoria Real Estate Board reports that prices were pressured upwards by more than 60%. For context, anything over 25% indicates a sellers’ market. One likely factor is that the active listings on the Victoria MLS at the end of December 2020 were the lowest amount ever listed at month-end in at least 25 years.
“Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations,” said Sandi-Jo Ayers, president of the Victoria Real Estate Board. “The combination of the ongoing pandemic, historically low-interest rates and a shift in consumer priorities towards properties that cater to a more home-based work/life/retirement balance resulted in record-setting sales for the last several months of 2020... What remains consistent is that in this complex market, your realtor can help to navigate one of the biggest purchases most will make in their lifetime.”
8,497 properties were still sold in total in Victoria in 2020. This represents a 17.1% increase from 2019 and more than 1,000 more properties than the 10-year average.
Let’s look at the properties sold in December 2020 a little further. The benchmark price of a Victoria, BC house in December 2020 rose by 6.8% from December 2019 and $12k more than the benchmark price in November 2020.
For those of you wanting to know about the condos for sale in Victoria, BC, the benchmark price decreased in December 2020: 0.9% less than December 2019, and approximately $1,000 less than in November 2020.
These numbers suggest that the pandemic shouldn’t stop people from listing their homes for sale in Victoria, BC if they have the desire to sell. If putting your property on the Victoria MLS is a long time coming, the momentum of the market is still in your favour to do so.
And the moment to call me is now.
