Real estate sales in the Victoria Real Estate Board (VREB) area hit a new record for August (Black Press Media File)

Real estate sales in the Victoria Real Estate Board (VREB) area hit a new record for August (Black Press Media File)

Real estate sales across southern Vancouver Island hit new record in August

Average detached house price in Greater Victoria above $1 million

Despite ongoing concerns about COVID-19, the local real estate market experienced an all-time high in August.

According to figures from the Victoria Real Estate Board, 979 properties sold in VREB’s region, up 48.1 per cent compared to August 2019. According to Leo Spalteholz, a local realtor who runs househuntvictoria.ca, an analysis site, this figure represents an “all time record for the month.”

Single, detached homes led the way with 509 sold (up 45 per cent from August 2019), followed by condominiums with 262 units sold (up 29.1 per cent from August 2019).

For Spalteholz, these August figures mean that “market activity in Greater Victoria has recovered substantially from the impact” of COVID-19 with single family homes in a strong sellers market with sales high. But he balances this assessment with a caveat. COVID-19 has simply shifted sales from the spring into the summer with long-term uncertainty persisting.

RELATED: Greater Victoria real estate sales numbers tell two stories for July

Uncertainty also echos through the comments of Sandi-Jo Ayers, VREB’s president. August may have been a very active month in terms of sales, but hardly a harbinger of things. “(Once) again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation,” she said. “It is a challenging time to define what is happening in the market given so many factors that don’t exist in a normal year.”

While the pace of the summer market has surprised realtors, they are also “grappling with the evolving socio-economic effects” of the pandemic and how they might influence the fall real estate market.

One central factor is the state of interest rates. Already low, many experts predict they will remain low, even drop, as countries around the world look to stimulate their economies.

Another factor concerns ongoing levels of income support. Spalteholz does not foresee a hard drop in incomes among Canadians.

RELATED: Canadian Real Estate Association says July marked a record high for home sales

Finally, the phase-out of mortgage deferrals may also force some current homeowners to list their properties. While Spalteholz does not foresee a ‘wave of foreclosures in the fall,” most owners in trouble would be better off trying to list their properties on the open market first. “With prices stable or up since pre-pandemic so far, that may be a quick way to get out from an unmanageable debt,” he added.

Inventory, in other words, might be on the rise. As Spalteholz wrote in June, “(who) knew that it would take a global pandemic and an 18 effective unemployment in Victoria to bring average (detached) house prices to a million dollars?”

This surge has somewhat slowed with the average for a detached single-family home in VREB’s area has just a shade below $1 million – $998,291 to be exact – down 2.3 per cent compared to July, but up 15.8 per cent compared to August 2019. This said, the average price for a single family home in Greater Victoria (that is not counting the other areas that are part of VREB) remains above $1 million.

Oak Bay remains the most expensive area with a benchmark price for a single home at $1.213 million, followed by Metchosin ($984,100) and North Saanich ($983,400), which tops all communities on the Saanich Peninsula with Central Saanich ($816,100) ahead of Sidney ($698,500).


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

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

wolfgang.depner@peninsulanewsreview.com

Real estate

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

Just Posted

(Black Press Media file photo)
Break and enter suspect caught in the act by Saanich police, charged for seven other similar crimes

40-year-old accused of breaking into bank, restaurant, six liquor stores since October 2020

Central Saanich installed a temporary portable along Lochside Trail near Michell’s Farm Market and remains in discussion with the Capital Regional District about finding what Mayor Ryan Windsor called a ‘permanent solution’ to ensuring washroom access at the popular location. (Wolf Depner/News Staff)
Central Saanich in talks with CRD about ‘permanent’ washroom facility near Lochside Trail

The municipality installed a temporary portable washroom near Michell’s Farm Market last week

(Black Press Media file photo)
Bylaw officers called to Saanich park for COVID-19 protocol violations on pickleball court

Raquet sport players reminded to avoid doubles play amid pandemic

The Sooke School District raised more than $18,000 for the Goldstream and Sooke food banks from the funds of 10,000 Tonight in December 2020. The funds go two- to 2.5-times further due to the buying power of the food banks. (Black Press Media file photo)
SD62 high school students raise more than $18,000 for food banks

Edward Milne in Sooke rakes in $11,000 alone

A video captured by Twitter user Teddy Jenner of a fire in Beacon Hill Park the night of Jan. 21, 2021. (Twitter/@OfftheCrosseBar)
Fire rips through tents, wooden structures in Beacon Hill Park

Emergency crews say there was no injuries in the blaze

Toronto Public Health nurse Lalaine Agarin sets up for mass vaccination clinic in Toronto, Jan. 17, 2021. B.C. is set to to begin its large-scale immunization program for the general public starting in April. THE CANADIAN PRESS/Frank Gunn
B.C.’s COVID-19 mass vaccinations expected to start in April

Clinics to immunize four million people by September

The Vancouver-based SAR team successfully rescued two lost snowshoers off of the west side of Tim Jones Peak in the early morning of Monday, Jan. 19. (North Shore Rescue photo)
B.C.’s busiest SAR team raises alarm after 2021 begins with fatality, multiple rescues

‘People beyond ski resort areas of Seymour, Grouse, and Cypress go without cell reception,’ SAR warns

Police are searching for an alleged sex offender, Nicole Edwards, who they say has not returned to her Vancouver halfway house. (Police handout)
Police hunt for woman charged in ‘horrific’ assault who failed to return to Surrey halfway house

Call 911 immediately if you see alleged sex offender Nicole Edwards, police say

A screenshot from a local Instagram account video. The account appeared to be frequented by Mission students, and showed violent videos of students assaulting and bullying other students.
Parents, former students describe ‘culture of bullying’ in Mission school district

Nearly two dozen voices come forward speaking of abuse haunting the hallways in Mission, B.C.

Joe Biden, then the U.S. vice-president, and Prime Minister Justin Trudeau take their seats at the start of the First Ministers and National Indigenous Leaders meeting in Ottawa, Friday, Dec. 9, 2016. THE CANADIAN PRESS/Adrian Wyld
Trudeau, Biden to talk today as death of Keystone XL reverberates in Canada

President Joe Biden opposed the Keystone XL expansion as vice-president under Barack Obama

Prince Edward Island’s provincial flag flies on a flag pole in Ottawa, Friday July 3, 2020. A lozenge plant in Prince Edward Island has laid off 30 workers, citing an “almost non-existent” cold and cough season amid COVID-19 restrictions. THE CANADIAN PRESS/Adrian Wyld
‘Almost non-existent’ cold and cough season: P.E.I. lozenge plant lays off 30 workers

The apparent drop in winter colds across the country seems to have weakened demand for medicine and natural remedies

Robert Riley Saunders. (File)
Disgraced Kelowna social worker faces another class-action lawsuit

Zackary Alphonse claims he was not informed of resources available to him upon leaving government care

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Jan. 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Most Read