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

A seller on UsedVictoria.com has listed signed, first editions of the first three Game of Thrones books. (UsedVictoria.com)
Winter is coming: 1st edition, signed Game of Thrones books for sale in Greater Victoria

Three signed Game of Thrones books listed on Used Victoria for $6,000

(Pxhere)
Mill Bay nurse suspended after using Tensor bandage to trap long-term care patient in room

Susan Malloch voluntarily agreed to a three-day suspension of her certificate of registration

Saanich police are investigating property damage at Swan Lake Christmas Hill Nature Sanctuary. (Saanich Police/Twitter)
Police seek info after fence torn down, dumped over embankment in Saanich

Christmas Hill restoration site fence destroyed sometime between Jan. 16 and 18

Maj.-Gen. Dany Fortin, vice-president of logistics and operations at the Public Health Agency of Canada, speaks at a news conference on the COVID-19 pandemic in Ottawa, on Friday, Jan. 15, 2021. THE CANADIAN PRESS/Justin Tang
B.C. records 500 new COVID-19 cases Wednesday, 14 deaths

Outbreak at Surrey Pretrial jail, two more in health care

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website victoriacrimestoppers.ca for more information.
Greater Victoria Crime Stoppers wanted list for the week of Jan. 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Gov. Gen. Julie Payette takes the royal salute from the Guard of Honour as she makes her way deliver the the throne speech, Wednesday, September 23, 2020 in Ottawa. THE CANADIAN PRESS/Fred Chartrand
Gov. Gen. Julie Payette resigns after searing report into workplace culture: reports

Payette, who is the Queen’s representative in Canada, has been the governor general since 2017

Grounded WestJet Boeing 737 Max aircraft are shown at the airline’s facilities in Calgary, Alta., Tuesday, May 7, 2019. WestJet will operate the first commercial Boeing 737 Max flight in Canada today since the aircraft was grounded in 2019 following two deadly crashes. THE CANADIAN PRESS/Jeff McIntosh
Passengers unfazed as WestJet returns Boeing 737 Max to service on Vancouver flight

After a lengthy review process, Transport Canada cleared the plane to return to Canadian airspace

The top part of the fossil burrow, seen from the side, with feathery lines from the disturbance of the soil – thought to be caused by the worm pulling prey into the burrow. (Paleoenvironntal Sediment Laboratory/National Taiwan University)
PHOTOS: SFU researchers find evidence of ‘giant’ predatory worms on ocean floor

Fossils found the prove the existence of an ancient Taiwanese worm as long as two metres

RCMP officers provide policing for 63 B.C. municipalities under a provincial formula based on population. (Black Press file photo)
B.C. communities warned of upcoming RCMP unionization costs

Starting salaries for city police officers are 30% higher

Abbotsford’s Skully White (left), who donated his kidney in December, has started a campaign to find other recipients and donors. The first candidate is retired police officer Gavin Quon. White owns and operates a hotdog stand, Lullys Food Experience, out of the Abbotsford Canadian Tire parking lot. (Facebook photo)
After donating his kidney, Abbotsford hotdog king starts donor campaign

Skully White donated his kidney to customer Tim Hiscock in December

Toronto-based director Michelle Latimer was recently scrutinized after years of claiming she was of Algonquin and Metis descent. (CANADIAN PRESS/Chris Young)
Haida activist calls for hefty fines, jail time against those who claim to be Indigenous

Filmmaker Tamara Bell proposing the Indigenous Identity Act – to dissuade ‘Indigenous identity theft’

Most Read