The Victoria Real Estate Board report summarizes real estate market statistics for September 2019. It found that total home sales increased 15.6% from September 2018 but decreased 6.8% from August 2019. Condo sales significantly increased 48.3% year-over-year while single family home sales slightly decreased 1.1%. Home prices varied by property type, with condo prices increasing 1.6% year-over-year while single family home prices in the core region decreased 3.6%. Inventory remained low overall, creating challenges for some buyers. The report concludes more buyers are opting for condos and townhomes given price points are often lower than single family homes.

1. VICTORIA REAL ESTATE BOARD
3035 Nanaimo Street
Victoria, BC
V8T 4W2
T 250.385.7766
F 250.385.8773
www.vreb.org
www.openhousesvictoria.ca
Oct 1, 2019
Victoria Real Estate Market shows increased interest in condos and townhomes
A total of 616 properties sold in the Victoria Real Estate Board region this September, 15.6 per cent
more than the 533 properties sold in September 2018 but a 6.8 per cent decrease from August 2019.
Sales of condominiums were up 48.3 per cent from September 2018 with 221 units sold. Sales of
single family homes decreased 1.1 per cent from September 2018 with 282 sold.
“September's statistics clearly demonstrate that Victoria continues to have a stable real estate sector
and is a desirable place to live," says Victoria Real Estate Board President Cheryl Woolley. “While
sales are up compared to the same month last year, our inventory remains low, which may create
challenges for people trying to get into the market in certain categories.”
There were 2,823 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at
the end of September 2019, a decrease of 0.5 per cent compared to the month of August but a 6.7 per
cent increase from the 2,646 active listings for sale at the end of September 2018.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the
Victoria Core in September 2018 was $878,500. The benchmark value for the same home in
September 2019 decreased by 3.6 per cent to $846,500, slightly less than August’s value of $847,300.
The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2018 was
$503,600, while the benchmark value for the same condominium in September 2019 increased by 1.6
per cent to $511,600, lower than August's value of $518,100.
“We saw increased activity in the condo and townhouse market with an almost 50 per cent year-over-
year sales increase in condos,” adds President Woolley. “It may be too early to call this a trend
towards condo purchases, but this is a number to watch through the fall to see if buyers continue
opting for condos and townhomes as more new developments are added to the market in highly
desirable locations, with price points often lower than a single family home.”
About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key
player in the development of standards and innovative programs to enhance the professionalism of
Realtors. The Victoria Real Estate Board represents 1,383 local Realtors. If you are thinking about
buying or selling a home, connect with your local Realtor for detailed information on the Victoria and
area housing market.
Contact: Denise Hogue, Communications Manager - denise@vreb.org, 250-920-4652
PRESIDENT
Cheryl Woolley
PRESIDENT ELECT &
TREASURER
Sandi-Jo Ayers
PAST PRESIDENT
Kyle Kerr
DIRECTORS
Jackie Adkins
Sheila Aujla
Karen Dinnie-Smyth
David Langlois
Andrew Plank
Graden Sol
EXECUTIVE OFFICER
David Corey

2. 01-Oct-2019
September 2019Previous Periods Comparison of Unit Sales, Average Prices and Median Prices
Sales by Property Type
Single Family Greater Victoria
Single Family Other Areas
Single Family Total All Areas
Condo Apartment
Row/Townhouse
Manufactured Home
Total Residential
Total Sales
Active Listings
Units Median$Average$LY%LM% LY%LM% LY%LM% Units Median$Average$ Units Median$Average$
2019 - September
249
221
76
11
590
282
616
33
2,823
308
203
59
16
629
351
661
43
2,838
233
149
60
11
505
285
533
52
2,646
$905,964
$446,740
$588,287
$184,832
$887,663
$749,576
$820,000
$412,000
$546,975
$145,000
$799,900
$615,000
$870,829
$491,451
$616,637
$220,469
$861,784
$796,995
$789,900
$420,000
$569,900
$232,000
$779,000
$712,000
$920,825
$484,162
$586,629
$172,927
$881,593
$705,804
$789,950
$409,000
$560,000
$164,000
$765,500
$577,500
-19.2%
8.9%
28.8%
-31.3%
-6.2%
-19.7%
-6.8%
-23.3%
-0.5%
6.9%
48.3%
26.7%
0.0%
16.8%
-1.1%
15.6%
-36.5%
6.7%
4.0%
-9.1%
-4.6%
-16.2%
3.0%
-5.9%
-1.6%
-7.7%
0.3%
6.9%
0.7%
6.2%
3.8%
-1.9%
-4.0%
-37.5%
2.7%
-13.6%
3.8%
0.7%
-2.3%
-11.6%
4.5%
6.5%
2019 - August 2018 - September
Legend
Units: net number of listings sold
LM%: percentage change since Last Month
LY%: percentage change since This Month Last Year
Average$: average selling price
Median$: median selling price
Active Listings: total listings on the market at midnight on the last day of the month
This Month Last Month This Month Last Year
1Victoria Real Estate Board Multiple Listing Service ®
September 2019
Statistics Package for Media
Victoria Real Estate Board September 2019 Statistics
Previous Periods Comparison of Unit Sales, Average Prices and Median Prices
Previous Periods Comparison of MLS® HPI Benchmark Prices and MLS® HPI Index Values

3. Tuesday, October 01, 2019
Sales to Active Listings Ratio
This chart tracks the ratio of total residential sales over total active residential listings at month-end for each of
the last 25 months.
The active listing count and the sales count can be viewed as indicators of housing supply and demand
respectively. Observing the ratio between them can thus help indicate a "buyers' market", where there is
downward pressure on prices, and a "sellers' market", where there is upward pressure on prices.
- below 10%, there is downward pressure on prices (buyers' market)
- above 25%, there is upward pressure on prices (sellers' market)
- in the 15-20% range, there is little pressure on prices either way (balanced market)
Victoria Real Estate Board September 2019 Statistics
Total new MLS® listings and total MLS® sales for entire district

4. The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on market
trends. The MLS® HPI uses the concept of a benchmark home, a notional home with common
attributes of typical homes in a defined area.
Through the analysis of over ten years of Victoria Real Estate Board MLS® sales data, the MLS®
HPI defined benchmark homes for Victoria in each category (single family homes, townhouses,
condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of
property and neighbourhood was assigned an index value of 100.
MLS® HPI benchmark and value - Single Family Homes
Victoria Real Estate Board September 2019 Statistics
12 Months Ago
% Difference of HPI from 12 Months Ago (September 2018 to September 2019)
Select Timeframe:
1. Area Group
VREB Area Summary
3. Area/Property Type Selection
All
2. Property Type
Single Family-All (SF-All)
Note: Areas with insufficient data do not generate statistics and are not included in the dashboard.
Source: Victoria Real Estate Board
Victoria REB –
SF-All
Core – SF-All
Westshore – SF-All
Peninsula – SF-All
Gulf Islands – SF-All
Malahat & Area –
SF-All
-0.89%
-3.64%
-2.84%
3.99%
1.37%
4.31%

5. MLS® HPI benchmark and value - Condominium / Apartments
Victoria Real Estate Board September 2019 Statistics
12 Months Ago
% Difference of HPI from 12 Months Ago (September 2018 to September 2019)
Select Timeframe:
1. Area Group
VREB Area Summary
3. Area/Property Type Selection
All
2. Property Type
Condo Apartment (Con)
Note: Areas with insufficient data do not generate statistics and are not included in the dashboard.
Source: Victoria Real Estate Board
Victoria REB – Con
Core – Con
Westshore – Con
Peninsula – Con
-1.50%
1.25%
1.60%
1.02%