Record low inventory prevents Victoria real estate market from cooling‐off
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.
Inventory levels remain at record lows and Buyers will continue to face escalating prices and difficult market conditions without a strong government focus on increasing supply. It was nice, however, to see more listings come to the market in February.
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. Source: VREB