It was one of the busiest February on record for Victoria’s real estate market with 836 unconditional and completed sales. That shatters the previous all-time record which was 780 sales in 1992. Runner-up was 772 sales in 2016. Record High Prices & Purchasing Activity Victoria ignored it’s winter hibernation this year. Real estate buyers were out in droves all winter, and continue to prop up the market to new heights. Demand is exceptionally strong, which is further confirmed by year over year price growth remains well above historic averages. The average price for a single family detached home remains flat at $1.22M – which is remarkably higher than the $912,000 average price in February of 2020 (pre covid). The single family home market breezed past the 1 million mark in June of 2020, and hasn’t slowed down since. Prices continue to sustain themselves because there are fewer than 400 single family homes available across...

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...