MONTHLY MARKET UPDATE — MARCH 2021
A
Monthly Sales Comparison
total of 863 properties sold in the VREB market region in February of this year. This marks a 53% increase from the 563 sales reported in the same period in 2020. Single family detached homes have experienced a 44% increase in sales from this time last year, and similarly, the condominium market has increased nearly 68% from last year.
Greater Victoria - (2018-2021)
1100
1000
863
Number of Sales
900
As is apparent from the Monthly Sales Comparison chart (opposite), the 2021 market is off to quite a start. We are currently experiencing significant pressure on single family detached housing across the Greater Victoria Area. New listings are seeing heavy demand and are quickly getting offers almost as soon as they hit the market.
800
700
600
500
400
300
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2018
431
545
688
774
755
708
651
594
533
598
462
375
2019
329
421
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
808
979
979
989
990
795
631
2021
646
863
Absorption Rate
Greater Victoria Area - (2018-2021)
Months of Inventory
7 6
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
5.6 5.2 4.1
3.9
4.3 4.0 4.0
3.1
3
3.9
4.1
3.8 3.5
2.7
4.0
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2
2.4 1.9
2.2
1.8
2.0 1.6
December
November
October
2021
September
2020
August
July
2019
June
2018
May
April
March
February
January
1
4.2
Lack of inventory in particular has exacerbated demand in the most sought-after market segments. Inventory is the number everyone will be watching in 2021. Despite numerous attempts by governments to slow down the housing market, demand remains. The foreign buyer tax, the speculation tax, more demanding mortgage qualification rules have had little to no effect on buyer’s appetites. With only 1,318 active listings at the end of February, the benchmark price for a single family home climbed to $851,200 from $768,000 in February 2020. Townhouses climbed from $587,600 in February 2020 to $634,600 last month. Finally condominium benchmarks have remained largely unchanged over the year at $514,700.
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 MICHELESTEAM@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
Demand for property is strong across all price ranges. Property under the $3M price range had less then 2 months of inventory. While the absorption rate for the highest luxury property over $3M was 4.5 months, this is nonetheless a Seller’s Market in that highest of price ranges as well.
Greater Victoria Area (Core, Westshore & Peninsula) Absorption Rates by Price Range February 2021
5
4.50
5 4
Months of Inventory
Single family detached absorption rates remain consistently low across all of the Greater Victoria Area. Absorption rates remained below two months of inventory in all our municipalities. On the peninsula we recorded 1.25 months of inventory in Central Saanich, 0.51 months of inventory in Sidney, and 1.82 months of inventory in North Saanich.
4 3 3
1.87
2 2 1
1.11 0.60
0.84
1.02
1 0
February had 166 single family home sales over the $1M mark. 67 sold above the $1.5M mark. 29 sold over $2M and there were 8 sales over $3M.
Under $600K
$600K to $800K $800K to $1M
$1M to $1.5M
$1.5 to $2M
$2M to $3M
Over $3M
Absorption Rates - Single Family Detached February 2021
2.00
1.82 1.80
1.71
1.69
1.60
Months of Inventory
The highest priced sale for February was a Willis Point view property home selling for just over it’s asking price of $7.999 million. The lowest priced non-strata, freehold, non-manufactured, non-development, home in the Victoria Area (not including Sooke) was a Langford home, approximately 885sq/ft, for $586,000.
1.44
1.50 1.37
1.40
1.25 1.13 1.15
1.20
0.80
0.60
1.03
1.00
1.00
0.71
0.66
0.70
0.51
0.40
0.20
0.00
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 MICHELESTEAM@HOLMESREALTY.COM | WWW.HOLMESREALTY.COM When you buy or sell a home with Holmes Realty, a portion of the commission goes in support of local charities. Over $250,000 raised!
Absorption Rate Greater Victoria Area - (2018-2021)
Months of Inventory
7
5.7
6
5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
5.6 5.2 4.1
3.9
4.3 4.0 4.0
3.1
3
3.9
4.1
3.8 3.5
2.7
4.0
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2.4
2 1.9
2.2
1.8
2.0 1.6
December
November
October
2021
September
2020
August
2019
July
June
2018
May
April
March
February
January
1
4.2
Monthly Sales Comparison Greater Victoria - (2018-2021) 1100
1000
Number of Sales
900
800
700
600
500
400
300
200
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2018
431
545
688
774
755
708
651
594
533
598
462
375
2019
329
421
640
696
848
740
706
661
616
619
577
402
2020
411
563
608
287
457
808
979
979
989
990
795
631
2021
646
863
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3500
3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Absorption Rates - Single Family Detached February 2021
2.00
1.82 1.80
1.71
1.69
Months of Inventory
1.60
1.50 1.37
1.40
1.25 1.13 1.15
1.20
1.00
0.80
0.60
0.40
0.20
0.00
1.03
1.00
0.71
0.66 0.51
0.70
Absorption Rates - Condominiums February 2021
6.00
5.00
Months of Inventory
5.00
4.80
4.00
3.18
2.92
3.00
2.50
2.48 2.00
1.00
0.00
3.00
2.02
1.00
1.03 0.74
Absorption Rates - Townhouses February 2021
3.50
3.00
Months of Inventory
3.00
2.50
2.14 2.00
1.50
1.88 1.50
1.69
1.64
1.56
1.00
1.00
0.64 0.50
0.00
0.29 0.00
1.80
Absorption Rates - Manufactured Homes February 2021
3.50
3.00
Months of Inventory
3.00
2.63 2.50
2.00
1.71 1.50
1.00
0.38
0.50
0.00
0.00
Absorption Rates - Saanich Peninsula February 2021 3
2.92
3.00
2.50
2
1.82
1.64
1.71
1.25 1
1.00 0.51
n/a
0
SINGLE FAMILY
n/a
CONDOS
North Saanich
n/a
TOWNHOMES
Sidney
MANUFACTURED
Central Saanich