The Victoria Real Estate Board says home sales took a hit in mid-March after the COVID-19 pandemic was declared. (Black Press Media file photo)

COVID-19: Greater Victoria home sales drop after pandemic declared

March home sales down 5% from 2019

Victoria’s real estate market is already starting to feel the impacts of the COVID-19 pandemic, according to the Victoria Real Estate Board (VREB).

The first few weeks of March 2020 started with multiple offers, new listings and sales, said VREB president Sandi-Jo Ayers. “And then the world changed.”

“Since the COVID-19 pandemic was declared, we have tracked a predictable downturn of sales in our market,” Ayers said. “Moving forward, it is hard to predict what our spring market will look like, but it will likely be very different than recent years as our entire community slows down to stay healthy.”

READ MORE COVID-19 COVERAGE HERE

According to VREB, 608 properties sold in the region this March – five per cent fewer than the 640 sold in March 2019 but still eight per cent more than February 2020. Condominium sales were down 9.2 per cent from 2019, with 178 units sold. And 305 single family homes were sold in March, a 5.3 per cent decrease from the year prior.

Despite the pandemic, the average value for a single family home in Victoria was up five per cent over the March 2019 value at $877,700. The benchmark value is also up for condominiums, with a 4.8 per cent jump to $531,900.

Ayers said the real estate industry is working with the government to make sure transactions underway before the pandemic are protected and homeowners can complete sales and purchases.

“This is a time to ensure our clients are safeguarded as well as to ensure that our community stays healthy,” she said. “Many Realtors are leveraging new technologies including video home tours and virtual showings.”

The VREB represents 1,387 Realtors in Greater Victoria from Sooke to Sidney, as well as up-Island to Cobble Hill and the Gulf Islands.

READ ALSO: ‘Nothing concrete’: Tenants, landlords lack details after B.C. unveils COVID-19 rental aid



nina.grossman@blackpress.ca

Follow us on Instagram
Like us on Facebook and follow us on Twitter.

Coronavirus

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

Just Posted

Lamborghini driver slapped with nearly $1,000 in fines while speeding in Central Saanich

Vehicle impounded by Central Saanich police, 11 points issued

West Shore RCMP arrives just in time thanks to tip

Officers remind of resources after mental health call Monday morning

Proposed Sidney cannabis store wins favour with public, businesses

Of 348 received submissions, 311 favour cannabis store proposed for 2400-block of Beacon Avenue

Man arrested after speeding to Victoria court date for driving offence

West Shore RCMP remind drivers to be mindful of construction zones

UPDATED: Driver faces charges after crash at Blanshard and Saanich

Lanes closed Monday afternoon, one person taken to hospital

Weekend sees 267 cases, 3 deaths in B.C.; Dr. Henry says events leading to COVID spread

There are currently 1,302 active cases in B.C., while 3,372 people are under public health monitoring

Lightning strike: Tampa Bay blanks Dallas 2-0 to win Stanley Cup

Hedman wins Conn Smythe Trophy as playoff MVP

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Shawnigan Lake’s Kubica gets 25 to life for murder in California

Former Shawnigan Lake man convicted of killing woman in 1990

Police seek help in naming Cowichan farm stand theft suspect

Video captured man prying cash box out of stand on Norcross Road

Pedestrian dies in motor vehicle incident along the highway near Nanaimo Airport

Police investigating scene where 37-year-old woman from Nanaimo died

She warned her son about toxic drugs, then he was dead

Donna Bridgman’s son died at the age of 38 in Vancouver

Duration of Tour de Rock stop in Chemainus much shorter than usual

Four alumni riders don’t get to come for breakfast in COVID year

Most Read