MONTHLY MARKET UPDATE — NOVEMBER 2021 EDITION
O
ctober 2021 closed out with a total of
Monthly Sales Comparison
745 MLS property sales in the Greater
Greater Victoria - (2018-2021)
1400
Victoria Area. This is a 25% drop in sales from October of 2020. Sales from the pre-
1200
proximately 2%. This drop in sales is chiefly the product of a supply issue. Over the previous ten years, the average number of homes for sale in the Greater Victoria Area was 3,210. This past October
Number of Sales
vious month however are only down by ap1000
745
800
600
saw only 1,036 active listings. This contin-
400
uous, unprecedented lack of inventory remains the primary issue why most buyers
200
and sellers are hesitating
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
1173
1116
1049
942
835
831
761
745
Demand for property in the 800K to
Absorption Rate
Months of Inventory
tinue to experience multiple offers and
6
over asking price sales on listings po-
5.7 5.3
5.1
4.7
5
4.7
4.6
4
4.2
4.3
3.4
sitioned in this extremely sought-after
5.6
4.3
4.1
4.0 4.0
3.9
3.9
3.5
2.7
4.1
4.2
4.3 4.1
4.2
The benchmark price for a single family home climbed from $1,013,900 in
4.0
3.6
3.7
2.8
September to $1,021,400 in October. The benchmark price of a home in Oc-
1.5 1.9
4.0
3.8
2.5
2
tober of 2020 was $805,100.
2.4 1.4
1.3
1.3
1.3
1.3
1.4
2.2
2.0
1.3
1.8
1.6
December
November
October
2021
September
2020
August
July
2019
June
2018
May
April
March
February
January
1
price range.
5.2
3.1
3
1.5M range is higher than ever. We con-
Greater Victoria Area - (2018-2021)
7
Town-
houses climbed from $725,600 to $741,400 last month. The benchmark for a townhnouse this time one year
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@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!
ago was $599,000. Finally, condo-
Saanich Peninsula Absorption Rates by Price Range
minium benchmarks have jumped
October 2021
3
from $542,700 in September to $548,000 in October. The benchago was $476,900. All across Canada, absorption rates continue to remain incredibly low from a lack of inventory. With absorption rates below 2 months of inventory in all municipalities but one, we remain deeply entrenched
Months of Inventory
mark for a Condominium one year
1.94
2
1.00 0.91
1
0.67 0.42
in the strongest seller’s market in the history of our region. On the Peninsula, the absorption rate was
NO SALES
NO
Under $600K
$600K to $800K
PAST 3 LISTINGS 0.00 0.00 MONTHS
0
1.44 months of inventory in North Saanich, 0.46 months of inventory
range on the Peninsula, . The highest priced sale during October 2021 was an Uplands water-
4.50
4.50
4.00
Months of Inventory
of inventory in the over $3M price
Over $3M
5.00
The luxury end of the market also
$1M to $3M, and under two months
$2M to $3M
October 2021
ventory in Central Saanich.
under one month of inventory from
$1M to $1.5M $1.5 to $2M
Absorption Rates - Single Family Detached
in Sidney, and 1.38 months of in-
remained strong last month. With
$800K to $1M
3.50
3.00
2.50
1.83
2.00
1.45
1.50
front for $8,700,000. The lowest
1.00
priced non-strata, non-manufac-
0.50
tured, freehold, property in Victo-
0.00
1.62
1.38 1.44 1.00
0.89 0.55
0.86 0.59
0.42
0.94
0.46
ria West for $660,000.
2481 BEACON AVENUE SIDNEY BC V8L1X9 | 1-877-656-0911 REACHUS@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 4.3
4.1
4.0 4.0
3.9
3.1
3
4.0 4.1
3.8 3.5
2.7
4.3 4.1
4.2 4.0
3.6
3.7
2.8
2.5
2.4
2
1.5 1.9
1.4
1.3
1.3
1.3
1.3
1.4
2.2
2.0
1.3
1.8
1.6
December
November
October
2021
September
2020
August
2019
July
June
2018
May
April
March
February
January
1
3.9
4.2
Monthly Sales Comparison Greater Victoria - (2018-2021) 1400
Number of Sales
1200
1000
800
600
400
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
1173
1116
1049
942
835
831
761
745
Active Listings / Number of Sales Greater Victoria - (last 24 months) 3000
2500
2000
1500
1000
500
0
Active Listings
Number of Sales
Absorption Rates - Single Family Detached October 2021
5.00
4.50
4.50
Months of Inventory
4.00
3.50
3.00
2.50
1.83
2.00
1.45
1.50
1.00
1.00
0.89 0.55
0.50
0.00
1.62
1.38 1.44 0.86 0.59
0.42
0.46
0.94
Absorption Rates - Condominiums October 2021
2.00
1.83 1.80
1.58
Months of Inventory
1.60
1.40
1.20
1.00
0.95
0.94 0.77
0.80
0.60
0.58 0.43
0.40
0.20
0.00
0.48
0.46 0.27
0.23
Absorption Rates - Townhouses October 2021
2.50
2.31
Months of Inventory
2.00
1.64 1.50
1.50
1.02 1.00
0.87 0.75
0.69
0.64
0.50
0.30
0.00
0.00
0.24 0.00
Absorption Rates - Manufactured Homes October 2021
3.50
Months of Inventory
3.00
3.00
2.50
2.00
1.50
1.50
1.25 1.00
0.50
0.00
0.82
1.13
Absorption Rates - Saanich Peninsula October 2021 2
1.44 1.38
1.50
1
0.77 0.82
0.46
0.64
0.27 0.24 n/a
0
SINGLE FAMILY
n/a
CONDOS
North Saanich
n/a
TOWNHOMES
Sidney
MANUFACTURED
Central Saanich
Absorption Rates - Saanich Peninsula October 2021 2
1.44 1.38
1
0.77 0.46
0.64 0.27
0
0.24
n/a
n/a
SINGLE FAMILY CONDOS
TOWNHOMES
North Saanich
Sidney
Central Saanich