Pent up demand, market recovery, and persisting uncertainty. These are just some of the phrases that can sum up the past couple months of the Victoria Real Estate Market. Junes strong numbers following May’s start of the recovery certainly point to lots of pent up demand, but that leads to the question of how much pent up demand is there and what other factors are affecting the market right now. "Pent up" demand essentially meaning that the spring market has arrived late and we currently in a delayed market and that we sold in May and June what we didn’t in March and April. 

Looking at the sales numbers, the Victoria area had a total of 808 sales in June, 76.8% higher than May 2020, and 9.6% higher than June 2019. Single-family dwellings led this

Canadian Housing Starts (June) - July 9, 2020

Canadian housing starts increased by 8% m/m to 211,681 units in June at a seasonally adjusted annual rate (SAAR). The gain in June put starts back at pre-pandemic levels. The trend in national housing starts fell to an average of 199,700 units SAAR over the past six months. Housing starts were up in five of 10 provinces with Ontario driving the increase.  

In BC, growth in housing starts was flat in June, following a 29% increase in the previous month. Historically speaking, starts in the province are still robust but have been trending downwards since the fall of 2019. Housing starts have shown resilience during the pandemic and in the near future will depend on demand as unemployment levels

Development Site on Happy Valley Road

Development Site on Happy Valley Road near Latoria, a level, and serviced 0.84-acre site ready for your ideas and not in the ALR.

Multifamily residential? Purpose-Built Rental? Small Single Family Lots? Residential/Commercial Mix?

Land sale only, please do not disturb occupants.  

Find Out More About 3559 Happy Valley Road

Request a Tour

A Charming Family Home in an Ideal Area 

Welcome to 2977 Trestle Place in Village Homes at Kettle Creek, an adorable neighbourhood in an ideal location. 

This charming two-level single-family dwelling offers the main level living on a manageable sized lot with no strata fees. 

The main floor features engineered hardwood floors, an open concept living, and a dining room, and a large spacious kitchen complete with quartz countertops, stainless steel appliances, gas range, and a large island perfect for entertaining. 

The glass door leads out to an easy-care fully fenced sun-drenched back yard with a large deck and play area for the kids. 

Also on the main floor is a two-piece bathroom and single car garage.  All of the bedrooms are

Custom build in the highly sought after Willis Point area

Welcome home to 831 Melody Place a 2016 custom build in the highly sought after Willis Point area of Victoria BC. 

A Westcoast contemporary masterpiece with stunning ocean views on a quiet dead-end street. Set back from the road to creating ample parking on the large 1.63 acres of land. As you enter the home you are greeted with an open spacious floorplan; on your left, a natural wood open tread staircase is tastefully placed through the windows to create a dramatic bright focal point.  

In front of you, the views are endless through the valley, forest, and ocean beyond. Large cozy family room with a real wood-burning fireplace, a spacious dining room, and bright open kitchen are

COVID-19 Reopening Dashboard - July 2, 2020

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the BC economy as the province gradually reopens. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency.

To monitor the province’s progress toward a “new normal,” we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard will be updated each month.

BCREA's COVID-19 Reopening Dashboard is available here.

For more information, please contact:

Kellie Fong
Economist
778.357.0831
kfong@bcrea.bc.ca 

BCREA is the professional association

Highlands masterpiece set on a flat expansive bright 4.62-acre property

Highlands masterpiece set on a flat expansive bright 4.62-acre property.  

Set back from the road for ultimate privacy this meticulous build, completed in 2018, offers a grand main house, separate two-car garage, and a huge shop with an unfinished two-bedroom suite above.  

As you enter the main house you are greeted with soaring 20-foot ceilings in a beautiful, spacious (over 2600 square foot) open floor plan.  

The family and living room are complete with high end engineered hardwood floors, a beautiful gas fireplace, and a catwalk above as a visual architectural enrichment.  

The kitchen is an absolute delight with granite heated countertops, induction

Executive Lakefront Family Home

Welcome to 1221 Goldstream Ave, an executive lakefront property situated on a quiet no through road on Langford Lake.

The 3 Storey 3600 Sq.Ft Waterfront Dream Home boasts 5 bed + Den, 4 Bath, and a ton of special features.

From the moment you enter the home, you'll be impressed with the abundance of space, open layout, and clean sightlines to the huge south facing decks and backyard.

The bright chef's kitchen could use some updating but has a ton of counter space and storage with island bar and breakfast nook.

The large living room and dining room on either side with a huge patio connecting them all boast beautiful south views of the lake and professionally landscaped lakefront yard W/ boat

Canadian Retail Sales (April) - June 19, 2020

Seasonally-adjusted Canadian retail sales fell by a staggering 26% in April to $35 billion. The largest drop since the data became available in 1991. About one-third of retailers were closed in April, while in the clothing subsector it was 70%. Sales were down in all subsectors for the first time since 1993, led by auto dealers (-44%), gas stations (-32%), and food and beverage stores (-13%). 

Sales were down in all provinces for the second consecutive month in April, leading the decline were Ontario (-33%) and Quebec (-28%). In BC, seasonally-adjusted retail sales were down by 21% at $5.6 billion, while Vancouver sales were down by 24%. All subsectors were hit hard with the largest monthly

Canadian Inflation (May) -June 17, 2020

Canadian inflation, as measured by the Consumer Price Index (CPI) fell by 0.4 percent in May year-over-year. This was the second consecutive month of decline in the CPI since the summer of 2009. Transportation prices were the main drag on inflation due to lower gas prices compared to the same time last year. Rents also declined for the second consecutive month, as physical distancing measures and high unemployment dampened demand, while the conversion of short-term rentals to long-term rentals increased supply. Mortgage interest costs also declined as banks lowered rates in tandem with falling bond yields and a lower Bank of Canada policy rate. In contrast, food prices continued to increase in