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.

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

Just Posted

The District of Saanich is accepting nominations for the 2021 Environmental Awards until June 1 at 4 p.m. (Devon Bidal/News Staff)
Nominations now open for Saanich’s 21st annual Environmental Awards

Awards recognize individuals and organizations making Saanich more sustainable

Rotary Club of Victoria-Harbourside president Angus Macpherson visited the Wear2Start Society boutique in Victoria to present a cheque to the society’s vice-president Alessandra Ringstad (left) and president Angela Mangiacasale. (Courtesy of Wear2Start)
Rotary club donates over $11,000 to Greater Victoria non-profit for women

Wear2Start Society provides clothing for women in need

Adrienne Rogers (LPN) and Tracy McConnell (RN) on the Victoria Hospice Unit. (Photo courtesy of Victoria Hospice)
Victoria Hospice bereavement counsellors dealing with a tsunami of grief

Last year, Victoria Hospice provided end-of-life care to more than 1,000 people

Paddles sit stacked and ready at a rowing regatta on Elk Lake in 2018. (Black Press Media file photo)
Greater Victoria junior girls rowing team nabs first in national Row to Tokyo challenge

Young Victoria City Rowing Club members row more than 2,250 km

Habitat Acquisition Trust has received provincial funding to help restore Garry oak ecosystems on southern Vancouver Island. (Photo by Jeremy da Silva)
Funding boosts restoration efforts for Vancouver Island’s Garry oak ecosystems

Habitat Acquisition Trust will take on several Garry oak ecosystem restoration projects

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Pieces of nephrite jade are shown at a mine site in northwestern B.C. in July 2019. THE CANADIAN PRESS/HO-Tahltan Central Government MANDATORY CREDIT
Indigenous nation opposes jade mining in northwestern B.C.

B.C.’s Mines Act requires operators to prepare a plan to protect cultural heritage resources

The body of Brenda Ware, 35, was found along Highway 93 in Kootenay National Park on Thursday, May 6, 2021. (RCMP handout)
RCMP ask for tips after woman’s body found in Kootenay National Park

Brenda Ware was found along Highway 93 in the park, 54 kilometres north of the town of Radium

People pass the red hearts on the COVID-19 Memorial Wall mourning those who have died, opposite the Houses of Parliament on the Embankment in London, Wednesday, April 7, 2021. On May 3, the British government announced that only one person had died of COVID-19 in the previous 24 hours. THE CANADIAN PRESS/AP-Kirsty Wigglesworth
For a view of a COVID-19 future, Canadians should look across the pond

Britain, like Canada, is one of the only countries in the world to delay second doses for several months

Edmonton Oilers’ Connor McDavid (97) celebrates his 100th point this season with Leon Draisaitl (29) against the Vancouver Canucks during second period NHL action in Edmonton on Saturday, May 8, 2021.THE CANADIAN PRESS/Jason Franson
Edmonton superstar McDavid hits 100-point mark as Oilers edge Canucks 4-3

NHL scoring leader needs just 53 games to reach century mark

Nuns of Mother Teresa’s Missionaries of Charity, carry some of her relics during a vigil of prayer in preparation for the canonization of Mother Teresa in the St. John in Latheran Basilica at the Vatican, Friday, Sept. 2, 2016. In which city did she do much of her charitable work? (AP Photo/Gregorio Borgia)
QUIZ: How much do you know about these motherhood issues?

In honour of Mother’s Day, take this 10-question quiz

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

Most Read