February 2022 Market Update Greater Victoria

February 2022 Market Update Greater Victoria

Here are the recently released Home Price Benchmark figures for homes and condos
from the Victoria Real Estate Board for February 2022.

Record low inventory prevents Victoria real estate market from cooling-off

March 1, 2022  A total of 718 properties sold in the Victoria Real Estate Board region this February, 16.8 per cent fewer than the 863 properties sold in February 2021 but a 51.5 per cent increase from January 2021. Sales of condominiums were down 7.9 per cent from February 2021 with 267 units sold. Sales of single family homes decreased 20.8 per cent from February 2021 with 309 sold.

There were 849 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2022, an increase of 14.1 per cent compared to the previous month of January but a 35.6 per cent decrease from the 1,318 active listings for sale at the end of February 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2021 was $948,500. The benchmark value for the same home in February 2022 increased by 26.1 per cent to $1,196,300, up from January’s value of $1,161,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2021 was $494,200, while the benchmark value for the same condominium in February 2022 increased by 22.1 per cent to $603,600, up from the January value of $587,300.

Download the Complete Statistical Package Full Market Update from this link:

https://mailchi.mp/937fd6baf040/greater-victoria-feb2022-market-update

Please contact either Rosemary or Gary if you would like to discuss the current market, would like a Comparative Market Analysis of your home, or would like to discuss selling or buying a property in the Greater Victoria area.

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