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

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

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.

READ ALSO: Greater Victoria real estate sales remain hot through September

READ ALSO: Cost to rent a Victoria two bedroom up 15 per cent from 2019

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.”


 

Do you have a story tip? Email: vnc.editorial@blackpress.ca.

Follow us on Twitter and Instagram, and like us on Facebook.

affordable housingGreater VictoriaHousing MarketReal estate

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

Just Posted

Keygan Power with brother Quintin and mom Allison while camping the weekend before Keygan’s brain hemorrhage on Aug. 2, 2020. (Photo Allison Power)
Saanich teen ‘locked inside,’ regaining speech after severe brain hemorrhage

16-year-old suffers traumatic loss of function, still plays a mean game of chess

Island Health chief medical officer Dr. Richard Stanwick receives a first dose of Pfizer vaccine, Dec. 22, 2020. (B.C. government)
COVID-19: Vancouver Island in a January spike while B.C. cases decrease

Island’s top doc Dr. Stanwick breaks down the Island’s rising numbers

North Saanich is giving local businesses a break by waving renewal fees for 2021. (Black Press Media file photo)
North Saanich waives business renewal fees for 2021

The municipality raised $48,000 from businesses licences in 2020

The Sooke school district has filled all spots for their French immersion and nature kinderagarten programs in 2021-2022 school year. Regular kindergarten registration is still open and available. (Black Press Media file photo)
Sooke school district gets surplus of nature, French immersion kindergarten applications

Not enough room for almost half of nature kindergarten applicants

Dr. Penny Ballem, a former deputy health minister, discusses her role in leading B.C.’s COVID-19 vaccination program, at the B.C. legislature, Jan. 22, 2021. (B.C. government)
B.C. holds steady with 407 new COVID-19 cases Tuesday

14 deaths, no new outbreaks in the health care system

The North Cowichan/Duncan RCMP have arrested a prolific offender who is now facing more than 40 charges. (Black Press file photo)
‘Priority offender’ arrested in Cowichan Valley faces more than 40 charges

Tyler Elrix, 37, had a history of evading police; was ordered not to be in Vancouver Island

B.C. Premier John Horgan listens during a postelection news conference in Vancouver on Sunday, Oct. 25, 2020. THE CANADIAN PRESS/Darryl Dyck
30% of B.C. recovery benefit applications held up in manual review

The province says 150 staff have been reassigned to help with manually reviewing applications

Adam Dergazarian, bottom center, pays his respect for Kobe Bryant and his daughter, Gianna, in front of a mural painted by artist Louie Sloe Palsino, Tuesday, Jan. 26, 2021, in Los Angeles. (AP Photo/Jae C. Hong)
Kobe Bryant’s presence remains strong a year after his death

Tuesday marks the grim anniversary of the crash that took their lives

Surrey RCMP are investigating after a pedestrian was struck and killed at 183 Street and Highway 10 Friday night. (File photo)
Modelling of predicted transmission growth from the B117 COVID-19 variant in British Columbia. (Simon Fraser University)
COVID-19 variant predicted to cause ‘unmanageable’ case spike in B.C: report

SFU researchers predict a doubling of COVID-19 cases every two weeks if the variant spreads

The Brucejack mine is 65 km north of Stewart in northwestern B.C. (Pretivm Photo)
B.C. mine executives see bright gleam in post-COVID future

Low carbon drives demand for copper, steelmaking coal

In this Dec. 18, 2020 photo, pipes to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb.  THE CANADIAN PRESS/AP-Chris Machian /Omaha World-Herald via AP
Canadians divided over Keystone pipeline, despite U.S. president’s permit pullback

Two-thirds of Canadians think Biden’s decision was a “bad thing” for Alberta

Cowichan Tribes chief Squtxulenhuw (William Seymour) confirmed the first death in the First Nations community from COVID-19. (File photo)
Cowichan Tribes confirms first death from COVID-19

Shelter-in-place order has been extended to Feb. 5

Most Read