In 2020, 8,497 properties were sold in the Victoria Real Estate Board region – a 17.1 per cent jump from 2019. (Unsplash)

In 2020, 8,497 properties were sold in the Victoria Real Estate Board region – a 17.1 per cent jump from 2019. (Unsplash)

High demand, low supply drove up Greater Victoria home prices in 2020

8,497 properties sold in the Victoria Real Estate Board region

Growing demand for home ownership and a record low inventory combined in 2020 for what the Victoria Real Estate Board (VREB) is calling an “unexpected year.”

In 2020, 8,497 properties were sold in the region – a 17.1 per cent jump from 2019.

Year over year, December 2020 saw property sales soar, increasing by 57 per cent compared to December 2019, with 631 properties sold in the region. Condo sales were up 61.2 per cent.

“This has been an unexpected year on many levels,” said VREB president Sandi-Jo Ayers in a statement. “The onset of the COVID-19 pandemic in March and April quickly swept away any illusions that our normal seasonal market patterns would persist. Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations.”

READ ALSO: Home values surge across Greater Victoria

That demand, coupled with low interest rates and a new swath of homebuyers, was met with a record low number of available properties. The result, according to VREB, was prices pushed upwards. Even historically lower-priced markets on the West Shore and in Highlands were under pressure.

Compared to the number of active listings at the end of December 2019, there were 1,279 active listings at the end of December 2020 – a 34.5 per cent decrease and the lowest inventory of active listings at month-end for 25 years.

Home values have grown too. According to the Multiple Listing Service, the benchmark cost for a single family home in the Victoria core was $857,000. In 2020, the benchmark cost was $915,000, representing a 6.8 per cent increase.

VREB encompasses 11 real estate boards from Sooke to Sidney, north to Cobble Hill and the Gulf Islands.

READ ALSO: Seven south Island properties make list of B.C.’s top valued residences


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

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

Greater VictoriaReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Willow, a kitten belonging to a Victoria family, was rescued by firefighters on Thursday after she got stuck in a basement drain pipe. (City of Victoria/Twitter)
Victoria kitten stuck in basement drain pipe rescued by firefighters

Willow the cat on the mend, owner feeling ‘enormous gratitude’

(Black Press Media file photo)
Blue-green algae bloom confirmed in Elk Lake, water-based activities not recommended

Blue-green algae can be lethal to dogs, cause health issues for humans

Victoria police arrested a man Jan. 15 after he rammed his minivan into an occupied police vehicle. (Black Press Media file photo)
Victoria man arrested for ramming minivan into occupied police vehicle

Man caught after fleeing, crashing into cement retaining wall

Mayor Rob Martin and Costa Canna president Phil Floucault cut the ribbon on Colwood’s first cannabis retail store. (Jane Skrypnek/News Staff)
Cowichan Tribes’ Costa Canna cannabis store opens in Colwood

Cowichan Tribes has one-year deal to grow, sell cannabis

Cindy Foggit plays the lead role of Eliza in Passion and Performance’s film production Eliza: An Adaption of a Christmas Carol. (Courtesy of Rachel Paish)
Victoria adult dance studio releases modern adaption of A Christmas Carol

Instead of usual stage performance, dance studio turns to film

Keith the curious kitten is seen on Nov. 4, 2020 at the Chilliwack SPCA. Friday, Jan. 22, 2021 is Answer Your Cat’s Questions Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Jan. 17 to 23

Answer Your Cat’s Questions Day, Pie Day and International Sweatpants Day are all coming up this week

(Phil McLachlan - Capital News)
‘Targeted’ shooting in Coquitlam leaves woman in hospital

The woman suffered non-life threatening injuries in what police believe to be a targeted shooting Saturday morning

JaHyung Lee, “Canada’s oldest senior” at 110 years old, received his first dose of the COVID-19 vaccine on Thursday, Jan. 14, 2021. He lives at Amenida Seniors Community in Newton. (Submitted photo: Amenida Seniors Community)
A unique-looking deer has been visiting a Nanoose Bay property with its mother. (Frieda Van der Ree photo)
A deer with 3 ears? Unique animal routinely visits B.C. property

Experts say interesting look may be result of an injury rather than an odd birth defect

Terry David Mulligan. (Submitted photo)
Podcast: Interview with longtime actor/broadcaster and B.C. resident Terry David Mulligan

Podcast: Talk includes TDM’s RCMP career, radio, TV, wine, Janis Joplin and much more

Seasonal influenza vaccine is administered starting each fall in B.C. and around the world. (Langley Advance Times)
After 30,000 tests, influenza virtually nowhere to be found in B.C.

COVID-19 precautions have eliminated seasonal infection

Lilly and Poppy, two cats owned by Kalmar Cat Hotel ownder Donna Goodenough, both have cerebellAr hypoplasia, a genetic neurological condition that affects their ability to control their muscles and bones. Photo by Alistair Taylor – Campbell River Mirror
VIDEO: Wobbly Cats a riot of flailing legs and paws but bundles of love and joy to their owner

Woman urges others to not fear adopting cats with disabilities

Chief public health officer Dr. Theresa Tam provides an update on the COVID-19 pandemic in Ottawa on Friday, Jan. 8, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Canada’s top doctor says to avoid non-essential travel as B.C. explores legal options

Premier John Horgan says he is seeking legal advice on whether it can limit interprovincial travel

Martin Luther King Jr. addresses the crowd during the march on Washington, D.C., in August of 1963. Courtesy photo
Government reinforces importance of anti-racism act on Black Shirt Day

B.C. Ministers say education “a powerful tool” in the fight for equity and equality

Most Read