For the 5th month in a row, Victoria’s residential real estate has continue breaking records. November closed just shy of 800 sales. We came close to an all time sales record from 1989. Record low interest rates, tenants making the move to home ownership, and an increase in out-of-town buyers. I think the market has way more punch in it than the stats show. There is a supply constraint that is preventing further sales.  As of today there are only 404 active single family listings in the south island region, and 259 of those are over a million dollars. There were 1,813 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2020, 24.4 per cent fewer properties than the total available at the end of November 2019 and a 14.6 per cent decrease from the 2,122 active listings for sale at the end...

It’s been another strong record month for Victoria Real Estate. Sales normally decline in October, but this year they stayed high, in fact October had 990 sales  - it’s the the most sales in any given month we’ve had all year! Highly unusual.. perhaps October is the new May or June. Victoria’s been on a record streak since June. Every month for the past 4 months, we’ve seen an unprecedented uptick in velocity and prices. More homes are selling for higher prices than ever before. But I gotta ask myself, how long can this keep going on!? Daily sales are beginning to trend down as we inch closer into the holiday season.. but I think this is simply because inventory so low (about 20% less than last year). those initial spring buyers may still be out there looking, because they keep loosing out in multiple offer situations. I’m certain that sales are...