Real estate sales up 60 per cent last month in Greater Victoria

Sales across Victoria Real Estate Board area remain strong in October

Real estate

A surge of out-of-town buyers contributed to another significant increase in local real estate sales in October.

According to new figures, 990 properties changed owners in the area covered by the Victoria Real Estate Board (VREB). This figure means October sales rose 60 per cent from the same period last year.

While sale figures for October were nearly identical for September when 989 properties sold, the additional sale puts October over the top as the best-selling month of the year, according to Leo Spalteholz, a real estate agent and analyst at househuntvictoria.ca.

“Sales normally decline in October, but this year they stayed high, ” he said. “In fact, October with 990 sales is the most sales we’ve had all year, which I hardly need to point out is highly unusual.”

Looking at specific categories of housing, sales of single-family homes (474) in Greater Victoria rose 70 per cent compared to last year, while condominium sales rose 71 per cent with townhouse sales up 67 per cent.

Spalteholz said the figures for October reflect pent up demand from locals in the spring. “But a big contributing factor is a resurgence in out-of-town buyers, that have all poured into single-family detached homes,” he said. Accordingly, the inventory of single-family homes remains “incredibly low” with prices “spiralling upwards.”

RELATED: Greater Victoria real estate sales remain hot through September

Spalteholz earlier pegged the number of out-of-town buyers at 25 per cent, “still shy of the recent peak in 2016” when buyers from the Lower Mainland surged into Greater Victoria.

“[But] it’s a big jump from the first half of the year and a stark reversal of a multi-year trend of declining buyer interest.”

Spalteholz also points to the interest in luxury properties. Through 2020, 130 houses over $2 million sold — that is more than the total number of sales in that category (123) from 2017 through 2019.

This said, Spalteholz warns of reading too much into the figures. So far, the region has experienced all the “positive impacts of the COVID recession drive the market with more out-of-town buyers and rock bottom rate,” he said.

“We shouldn’t extrapolate this market out too far because the negative parts of the impact are still coming and are longer acting.”

They include job losses among first-time buyers, business failures, increasing COVID-19 case counts rising mortgage delinquency rates in the near future. “Overall, the market is in a strong position to absorb a slowdown though,” he said.


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

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

Just Posted

B.C. Centre for Disease Control data showing new cases by local health area for the week of May 2-8. (BCCDC image)
Vancouver Island COVID-19 local case counts the lowest they’ve been all year

On some areas of Island, more than 60 per cent of adults have received a vaccine dose

Ladysmith RCMP safely escorted the black bear to the woods near Ladysmith Cemetary. (Town of Ladysmith/Facebook photo)
Bow-legged bear returns to Ladysmith, has an appointment with the vet

Conservation officers transported the bear to a wildlife veterinarian in Nanaimo for examination

A nurse gets a swab ready to perform a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. THE CANADIAN PRESS/Paul Chiasson
Island’s daily COVID-19 case count drops below 10 for just the second time in 2021

Province reports 8 new COVID-19 cases on Vancouver Island Wednesday

RCMP outside the Nanaimo Ice Centre investigating a report of a suspicious person. The incident resulted in hold-and-secures at two nearby schools, but those emergency procedures have now been lifted. (Chris Bush/News Bulletin)
UPDATE: Police response a result of man walking around Nanaimo marsh with airsoft rifle

Two schools had gone into hold-and-secure procedures Thursday morning, May 13

Pixabay
Island Health announces two doctors, new clinic space for Port McNeill

Island Health has leased space to use as an immediate clinic location to avert health crisis

Prince Rupert was one of the first B.C. communities targeted for mass vaccination after a steep rise in infections. Grey area marks community-wide vaccine distribution. (B.C. Centre for Disease Control)
B.C. tracks big drop in COVID-19 infections after vaccination

Prince Rupert, Indigenous communities show improvement

The bodies of Carlo and Erick Fryer were discovered by a local couple walking on a remote forest road in Naramata on May 10. (Submitted)
Kamloops brothers identified as pair found dead near Penticton

The bodies of Carlo and Erick Fryer were discovered by a local couple walking

Municipal governments around B.C. have emergency authority to conduct meetings online, use mail voting and spend reserve funds on operation expenses. (Penticton Western News)
Online council meetings, mail-in voting option to be extended in B.C.

Proposed law makes municipal COVID-19 exceptions permanent

A nurse prepares a dose of the COVID-19 vaccine in Kelowna on Tuesday, March 16. (Phil McLachlan/Black Press)
British Columbians aged 20+ can book for vaccine Saturday, those 18+ on Sunday

‘We are also actively working to to incorporate the ages 12 to 17 into our immunization program’

The AstraZeneca-Oxford University vaccine. (AP/Eranga Jayawardena)
2nd person in B.C. diagnosed with rare blood clotting after AstraZeneca vaccine

The man, in his 40s, is currently receiving care at a hospital in the Fraser Health region

Canada’s demo Hornet soars over the Strait of Georgia near Comox. The F-18 demo team is returning to the Valley for their annual spring training. Photo by Sgt. Robert Bottrill/DND
F-18 flight demo team returning to Vancouver Island for spring training

The team will be in the Comox Valley area from May 16 to 24

Saanich police and a coroner investigated a fatal crash in the 5200-block of West Saanich Road on Feb. 4, 2021. (Devon Bidal/News Staff)
Police determine speed, impairment not factors in fatal Greater Victoria crash

Driver who died veered across centre line into oncoming traffic for unknown reason, police say

Island Health’s new Wellness and Recovery Centre at 5878 York Rd. is now planned to be open in the fall. (File photo)
Controversial Cowichan Wellness and Recovery Centre will now open in the fall

Three community dialogues scheduled for May and an advisory committee coming

Brian Peach rescues ducklings from a storm drain in Smithers May 12. (Lauren L’Orsa video screen shot)
VIDEO: Smithers neighbours rescue ducklings from storm drain

Momma and babies made it safely back to the creek that runs behind Turner Way

Most Read