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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
January 4, 2022
The 2021 Victoria real estate market year in review
A total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than
the 631 properties sold in December 2020 and a 32.9 per cent decrease from November 2021. Sales of
condominiums were down 22.1 per cent from December 2020 with 152 units sold. Sales of single family homes
decreased 34.1 per cent from December 2020 with 207 sold.
A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in
2020. 2021 sales came in close to 2016’s record breaking sales year where 10,622 properties were sold.
“The theme of this year has been very consistent,” says 2021 Victoria Real Estate Board President David
Langlois. “Each month a high demand for homes paired with record low inventory has put strong pressure on
pricing and attainability and has made the local and global housing market a top news item and political talking
point. We see stories from many countries highlighting the increasing desirability of home ownership in the
wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on
record – but with such strong demand that most transactions see multiple offers.”
There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of
December 2021, a decrease of 26.5 per cent compared to the previous month of November and a 49 per cent
decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest
inventory of active listings at month-end in at least the last 25 years.
“We have spoken throughout the year about the need for new housing supply at all levels to help moderate
prices and improve attainability,” adds President Langlois. “Some of our municipalities have begun to look at
ways to make it easier for new homes to be brought to market and we applaud and encourage any movement
in this area – it has been far too difficult and expensive to build homes in our region. The situation we are now
in is because of the deficit of supply that has compounded over the past decades of hesitation around growth.
However, governments at the federal and provincial level have instead chosen to focus elsewhere and invest
their time re-inventing the process of how homes are sold in Canada by creating new rules which include the
introduction of a ‘cooling-off’ period. These measures will do nothing to improve our market, nor will they
increase consumer protection. The process of how a home is sold is not the issue - homes will sell for what
consumers will pay for them – using any sales process. The issue is how homes are brought to the marketplace
and our huge lack of supply. Governments should expend their resources to address supply issues that
continue to drive up competition for homes and result in ever increasing prices.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in
December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1
per cent to $1,144,900, up from November’s value of $1,122,600. The MLS® HPI benchmark value for a
condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the
PRESIDENT
Karen Dinnie-Smyth
PRESIDENT ELECT
Graden Sol
TREASURER
Jackie Ngai
PAST PRESIDENT
David Langlois
DIRECTORS
Sheila Aujla
Bev Berger
Fergus Kyne
Laurie Lidstone
Dirk VanderWal
EXECUTIVE OFFICER
David Corey
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
same condominium in December 2021 increased by 17.1 per cent to $570,600, up from the November
value of $560,700.
About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the
development of standards and innovative programs to enhance the professionalism of REALTORS®. The
Victoria Real Estate Board represents 1,524 local Realtors. If you are thinking about buying or selling a home,
connect with your local Realtor for detailed information on the Victoria and area housing market.
Sales by Property Type
Single Family Greater Victoria
Single Family Other Areas
Single Family Total All Areas
Condo Apartment
Row/Townhouse
Manufactured Home
Total Residential
Total Sales
Active Listings
Units Median$
Average$
LY%
LM% LY%
LM% LY%
LM% Units Median$
Average$ Units Median$
Average$
December 2021
198
152
49
7
415
207
438
9
652
262
236
76
12
600
276
653
14
887
296
195
57
9
575
314
631
18
1,279
$1,324,154
$663,079
$822,876
$284,771
$1,330,847
$1,478,111
$1,225,000
$566,898
$770,000
$268,250
$1,215,000
$1,075,000
$1,344,918
$648,867
$807,289
$275,858
$1,330,251
$1,055,764
$1,245,000
$585,000
$800,536
$273,450
$1,235,000
$842,450
$992,202
$485,312
$681,616
$253,378
$970,597
$615,313
$901,000
$435,000
$625,000
$227,500
$899,000
$537,448
-24.4%
-35.6%
-35.5%
-41.7%
-30.8%
-25.0%
-32.9%
-35.7%
-26.5%
-33.1%
-22.1%
-14.0%
-22.2%
-27.8%
-34.1%
-30.6%
-50.0%
-49.0%
-1.5%
2.2%
1.9%
3.2%
0.0%
40.0%
33.5%
36.6%
20.7%
12.4%
37.1%
140.2%
-1.6%
-3.1%
-3.8%
-1.9%
-1.6%
27.6%
36.0%
30.3%
23.2%
17.9%
35.2%
100.0%
November 2021 December 2020
Legend
Units: net number of listings sold
LM%: percentage change since Last Month
LY%: percentage change since This Month Last Year
Average$: average selling price
Median$: median selling price
Total Residential: includes sales of residential property types
Total Sales: includes sales of all property types
Active Listings: total listings of all types on the market at midnight on the last day of the month
This Month Last Month
Produced: 01-Jan-2022
December 2021
Previous Periods Comparison
This Month Last Year
Page 1 of 1
Victoria Real Estate Board Multiple Listing Service ®
December 2021
Statistics Package for Media
Victoria Real Estate Board December 2021 Statistics
Previous Periods Comparison of Unit Sales, Average Prices and Median Prices
Previous Periods Comparison of MLS® HPI Benchmark Prices and MLS® HPI Index Values
6DOHVWR$FWLYH/LVWLQJV5DWLR
The ratio of counts of total residential sales over total active residential listings for the last 25 months
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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 December 2021 Statistics
Total new MLS® listings and total MLS® sales for entire district
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 fifteen 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 December 2021 Statistics
MLS® HPI benchmark and value - Condominium / Apartments
Victoria Real Estate Board December 2021 Statistics
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
December	2021 1	Month	Ago 3	Months	Ago 6	Months	Ago 12	Months	Ago 3	Years	Ago 5	Years	Ago January	2005
Victoria	REB	–	SF-All
Victoria	–	SF-All
Victoria	West	–	SF-All
Oak	Bay	–	SF-All
Esquimalt	–	SF-All
View	Royal	–	SF-All
Saanich	East	–	SF-All
Saanich	West	–	SF-All
Sooke	–	SF-All
Langford	–	SF-All
Metchosin	–	SF-All
Colwood	–	SF-All
Highlands	–	SF-All
North	Saanich	–	SF-All
Sidney	–	SF-All
Central	Saanich	–	SF-All
ML	Malahat		Area	–
SF-All
GI	Gulf	Islands	–	SF-All
$999,700
$998,900
$980,500
$976,500
$973,000
$967,000
$965,700
$960,600
$959,300
$952,000
$949,500
$946,600
$939,100
$937,300
$935,200
$930,700
$925,100
$924,500
$916,600
$912,400
$907,100
$904,600
$902,600
$891,200
$888,800
$885,100
$882,700
$876,000
$875,000
$874,800
$874,700
$855,600 $852,200
$844,700
$838,800
$838,600
$836,300
$833,800
$832,200
$826,100
$825,600
$814,400
$809,000
$790,500
$790,200
$774,900
$772,600
$763,400
$760,600
$758,200
$756,100
$755,000
$754,100
$752,800
$748,500
$735,300
$725,300
$716,300
$706,900
$692,600
$682,200
$681,900
$669,300
$666,900
$666,500
$665,300
$657,400
$654,800
$652,700
$640,800
$640,500
$637,500
$628,400
$573,500
$567,500
$563,100
$561,200
$552,000
$542,500
$536,400
$525,800
$521,400
$496,500
$493,000
$487,900
$455,400
$449,900
$426,700
$394,500
$377,600
$370,800
$358,000
$357,400
$349,200
$332,600
$329,100
$316,500
$308,000
$292,400
$284,200
$282,300
$271,500
$265,000
$1,585,800 $1,575,300 $1,513,500 $1,498,600
$1,352,500
$1,349,400
$1,348,600
$1,342,500
$1,339,000
$1,311,000
$1,310,400
$1,287,800
$1,272,500
$1,263,700
$1,257,900
$1,245,500 $1,233,200
$1,209,900
$1,157,900 $1,138,600 $1,121,600
$1,096,700
$1,090,800
$1,082,200
$1,081,000
$1,073,600
$1,066,800
$1,054,900
$1,052,900
$1,050,500
$1,040,700
$1,038,400
$1,034,500
$1,033,800
$1,032,500
$1,022,300
$1,013,900
$1,012,800
$1,010,100
$1,006,400
$1,001,200
Benchmark	Price	by	Timeframe	and	Property	Type
Value	or	percent	change
Value
Percent	change
HPI	or	Benchmark	Price
HPI
Benchmark	Price
1.	Area	Group
VREB	District	Summary
3.	Area/Property	Type	Selection
All
2.	Property	Type
–	Single	Family-All	(SF-All)
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
December	2021 1	Month	Ago 3	Months	Ago 6	Months	Ago 12	Months	Ago 3	Years	Ago 5	Years	Ago January	2005
Victoria	REB	–	SF-All
Victoria	–	SF-All
Victoria	West	–	SF-All
Oak	Bay	–	SF-All
Esquimalt	–	SF-All
View	Royal	–	SF-All
Saanich	East	–	SF-All
Saanich	West	–	SF-All
Sooke	–	SF-All
Langford	–	SF-All
Metchosin	–	SF-All
Colwood	–	SF-All
Highlands	–	SF-All
North	Saanich	–	SF-All
Sidney	–	SF-All
Central	Saanich	–	SF-All
ML	Malahat		Area	–
SF-All
GI	Gulf	Islands	–	SF-All
345.0 339.8 325.3
321.2
318.3
316.5
315.5
312.7
311.9
308.7
307.3
306.9
305.2
303.1
303.1
301.9
300.8
300.4
300.3
299.2
298.3
298.0
297.6
296.7
295.5
294.8
293.5
290.7
290.0
288.9
288.9
288.6
287.3
287.0
286.7
286.6
286.2
285.4
284.5
284.3
284.0
283.2
282.8
282.8
281.6
281.6
279.0
278.8
277.2
276.9
276.4
274.3
274.2
274.0
273.7
273.7
273.5
272.3
271.8
271.6
271.5
270.8
269.6
268.7
267.2
265.8
264.9
260.4
259.0
258.1
251.3
245.8
245.1
245.1
245.0
243.7
241.7
238.7
236.5
236.4
236.1
235.5
234.5
232.9
231.5
229.5
229.4
228.9
227.9
224.5
222.8
221.9
221.8
219.5
219.2
215.8
211.2
211.0
208.5
207.7
207.0
205.0
202.4
200.3
199.7
198.7
198.3
194.7
193.7
192.6
192.2
192.1
192.0
186.9
186.6
182.9
182.9
181.2
171.4
169.3
168.8
168.7
166.5
161.0
159.4
139.1 100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
HPI	by	Timeframe	and	Property	Type
Value	or	percent	change
Value
Percent	change
HPI	or	Benchmark	Price
HPI
Benchmark	Price
1.	Area	Group
VREB	District	Summary
3.	Area/Property	Type	Selection
All
2.	Property	Type
–	Single	Family-All	(SF-All)
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
December	2021 1	Month	Ago 3	Months	Ago 6	Months	Ago 12	Months	Ago 3	Years	Ago 5	Years	Ago January	2005
Victoria	REB	–	Con
Victoria	–	Con
Victoria	West	–	Con
Oak	Bay	–	Con
Esquimalt	–	Con
View	Royal	–	Con
Saanich	East	–	Con
Saanich	West	–	Con
Sooke	–	Con
Langford	–	Con
Colwood	–	Con
North	Saanich	–	Con
Sidney	–	Con
Central	Saanich	–	Con
$742,100
$742,100 $739,900 $706,800
$704,400
$690,000
$683,100
$683,100
$677,600
$673,500
$663,700
$654,500 $631,600 $630,600
$606,400
$593,100
$563,600
$563,500
$558,600
$557,800
$556,300
$555,400
$554,600
$554,300
$549,000
$544,800
$542,700
$538,300
$535,600
$528,300
$526,500
$525,400
$524,300
$523,800
$512,600
$510,200
$509,600
$509,300
$505,200
$505,000
$504,900
$503,800
$503,700
$502,900 $491,700 $491,300
$490,800 $485,600
$485,300
$481,900
$480,800
$479,700
$472,700
$472,200
$471,800 $470,800
$470,700
$465,000
$459,800
$458,400
$455,200
$455,000
$446,800
$443,100
$432,100
$431,200
$427,400
$423,500
$415,400
$412,800 $410,400 $409,600
$409,500
$409,300
$407,400
$401,800
$387,500
$387,100
$382,100 $378,600 $378,300
$358,900
$354,300
$354,000
$348,300
$346,600
$345,900 $330,300
$330,000
$327,200
$308,000
$307,500
$304,600
$303,000
$295,000
$282,200
$276,900
$266,900
$245,200
$238,700
$209,400
$205,900
$201,600
$200,600
$190,600
$188,800
$160,600
$159,100
$155,000
$147,900
$129,900
$122,100
Benchmark	Price	by	Timeframe	and	Property	Type
Value	or	percent	change
Value
Percent	change
HPI	or	Benchmark	Price
HPI
Benchmark	Price
1.	Area	Group
VREB	District	Summary
3.	Area/Property	Type	Selection
All
2.	Property	Type
–	Condo	Apartment	(Con)
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
December	2021 1	Month	Ago 3	Months	Ago 6	Months	Ago 12	Months	Ago 3	Years	Ago 5	Years	Ago January	2005
Victoria	REB	–	Con
Victoria	–	Con
Victoria	West	–	Con
Oak	Bay	–	Con
Esquimalt	–	Con
View	Royal	–	Con
Saanich	East	–	Con
Saanich	West	–	Con
Sooke	–	Con
Langford	–	Con
Colwood	–	Con
North	Saanich	–	Con
Sidney	–	Con
Central	Saanich	–	Con
345.0
341.5 340.6
328.9 325.1
322.2
318.3
317.7
317.5
315.8 315.2
313.2
312.9 310.0 309.8
305.6 302.4
302.2
300.1
300.1
298.5
297.9
295.1
294.2
292.2
290.8
287.5
286.3
286.2
286.0
285.2
282.4
279.5
278.9
278.0
278.0 277.2
277.0
275.9
275.6 274.8
274.2
273.3
268.6
266.6
266.2
264.8
264.6
264.6
264.2
262.0
260.1
259.3
257.4
254.6
254.2
254.1
253.7
252.3
251.7
250.7
249.4
249.2
247.5 247.0
246.7
245.1 244.9
244.7
242.8
241.3
239.7
239.6
234.4
233.7
231.1
229.3
222.2
221.6
220.9
219.0
209.4
207.1
204.9
200.3
198.8
193.3
190.8
190.7
188.7
188.3
187.5
183.7
171.9
171.5
164.5
158.9
147.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
HPI	by	Timeframe	and	Property	Type
Value	or	percent	change
Value
Percent	change
HPI	or	Benchmark	Price
HPI
Benchmark	Price
1.	Area	Group
VREB	District	Summary
3.	Area/Property	Type	Selection
All
2.	Property	Type
–	Condo	Apartment	(Con)
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
December	2021 1	Month	Ago 3	Months	Ago 6	Months	Ago 12	Months	Ago 3	Years	Ago 5	Years	Ago January	2005
Victoria	REB	–	Twn
Victoria	–	Twn
Victoria	West	–	Twn
Esquimalt	–	Twn
View	Royal	–	Twn
Saanich	East	–	Twn
Saanich	West	–	Twn
Sooke	–	Twn
Langford	–	Twn
Colwood	–	Twn
Sidney	–	Twn
Central	Saanich	–	Twn
ML	Malahat		Area	–	Twn
GI	Gulf	Islands	–	Twn $938,000 $922,300
$892,400 $874,400
$868,800
$859,500
$850,700
$834,300
$830,600
$828,300
$827,900
$821,800
$818,100
$814,600
$813,800
$810,600 $800,900
$799,500
$792,500
$788,900
$773,600
$770,500
$764,400
$764,200
$763,300
$753,300
$750,400
$750,200
$737,200
$735,700
$732,800
$729,800
$728,300
$725,600
$725,400
$718,800
$717,100
$711,700
$709,400
$707,100
$706,000
$691,900
$690,600
$690,500
$679,400
$673,800
$668,300
$667,700
$664,400
$662,500
$661,000
$656,400
$653,000
$649,700
$640,500
$638,400
$635,100
$629,700 $621,000
$610,500
$607,600
$599,300
$598,600
$595,000
$585,500
$583,400
$576,700
$576,200 $566,000
$564,400
$562,800
$559,200
$547,100
$543,000
$534,500
$529,500
$526,000
$524,400
$520,300
$517,500
$515,200
$493,600
$493,000
$488,400
$478,000
$471,500
$460,500
$448,500
$445,900
$439,400
$425,100
$422,700
$411,500
$409,600
$405,300
$403,400
$366,700
$363,300
$316,600
$303,000
$277,200
$269,500
$267,700
$266,100
$262,100
$260,600
$245,700
$241,900
$235,600
$229,000
$219,300
$204,100
Benchmark	Price	by	Timeframe	and	Property	Type
Value	or	percent	change
Value
Percent	change
HPI	or	Benchmark	Price
HPI
Benchmark	Price
1.	Area	Group
VREB	District	Summary
3.	Area/Property	Type	Selection
All
2.	Property	Type
–	Townhouse	(Twn)
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
December	2021 1	Month	Ago 3	Months	Ago 6	Months	Ago 12	Months	Ago 3	Years	Ago 5	Years	Ago January	2005
Victoria	REB	–	Twn
Victoria	–	Twn
Victoria	West	–	Twn
Esquimalt	–	Twn
View	Royal	–	Twn
Saanich	East	–	Twn
Saanich	West	–	Twn
Sooke	–	Twn
Langford	–	Twn
Colwood	–	Twn
Sidney	–	Twn
Central	Saanich	–	Twn
ML	Malahat		Area	–	Twn
GI	Gulf	Islands	–	Twn
391.7 377.5 361.2
352.5
352.2
346.6
342.4 338.2
335.4 330.7
326.5
323.0
321.6
316.0
314.8
311.4
302.9
302.0
301.0
297.0
294.1
293.9
287.3
287.1
285.1
284.6
281.9
281.2
280.2
278.5
276.5
276.2
275.7
274.1
274.0
273.7
273.1
272.9
271.2
271.0
269.6
268.7
267.5
267.3
265.3
265.0
264.3
263.9
263.6
261.5
259.8
258.4
257.1
256.2
255.1
254.4
252.2
251.8
244.4
235.7
235.6
234.9
234.1
231.2
230.5
229.7
228.0
226.5
222.6
221.1
217.3
217.2
215.1
214.4
213.4
211.1
210.2
208.7
208.3
207.3
200.7
194.7
188.1
186.7
186.5
185.5
184.8
176.4
175.0
172.8
172.1
172.0
172.0
170.1
160.1
156.3
154.2
151.6 100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
HPI	by	Timeframe	and	Property	Type
Value	or	percent	change
Value
Percent	change
HPI	or	Benchmark	Price
HPI
Benchmark	Price
1.	Area	Group
VREB	District	Summary
3.	Area/Property	Type	Selection
All
2.	Property	Type
–	Townhouse	(Twn)
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
Victoria	REB	–	SF-All Core	–	SF-All Westshore	–	SF-All Peninsula	–	SF-All
Select	Date	Range:
All	values Jan	2006
Jan	2008
Jan	2010
Jan	2012
Jan	2014
Jan	2016
Jan	2018
Jan	2020
Jan	2022
Benchmark	Price	($)
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
1,100,000
Benchmark	Price	Performance	over	Time
1.	Area	Group
VREB	Area	Summary
3.	Area/Property	Type	Selection
Multiple	values
2.	Property	Type
–	Single	Family-All	(SF-All)
HPI	or	Benchmark	Price
HPI
Benchmark	Price
Adding	labels
Hold	Ctrl	(Cmd)	and	select	points	on	the	chart	to	show	multiple	date/value	labels
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
Victoria	REB	–	Con Core	–	Con Westshore	–	Con Peninsula	–	Con
Select	Date	Range:
All	values
Jan	2006
Jan	2008
Jan	2010
Jan	2012
Jan	2014
Jan	2016
Jan	2018
Jan	2020
Jan	2022
Benchmark	Price	($)
200,000
300,000
400,000
500,000
Benchmark	Price	Performance	over	Time
1.	Area	Group
VREB	Area	Summary
3.	Area/Property	Type	Selection
All
2.	Property	Type
–	Condo	Apartment	(Con)
HPI	or	Benchmark	Price
HPI
Benchmark	Price
Adding	labels
Hold	Ctrl	(Cmd)	and	select	points	on	the	chart	to	show	multiple	date/value	labels
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
Victoria	REB	–	Twn Core	–	Twn Westshore	–	Twn Peninsula	–	Twn
Select	Date	Range:
All	values Jan	2006
Jan	2008
Jan	2010
Jan	2012
Jan	2014
Jan	2016
Jan	2018
Jan	2020
Jan	2022
Benchmark	Price	($)
300,000
400,000
500,000
600,000
700,000
800,000
Benchmark	Price	Performance	over	Time
1.	Area	Group
VREB	Area	Summary
3.	Area/Property	Type	Selection
Multiple	values
2.	Property	Type
–	Townhouse	(Twn)
HPI	or	Benchmark	Price
HPI
Benchmark	Price
Adding	labels
Hold	Ctrl	(Cmd)	and	select	points	on	the	chart	to	show	multiple	date/value	labels
Note:	Areas	with	insufficient	sales	are	not	included	in	the	HPI.
Source:	Victoria	Real	Estate	Board
Victoria	REB	–	SF-All Victoria	REB	–	Twn Victoria	REB	–	Con
Select	Date	Range:
All	values Jan	2006
Jan	2008
Jan	2010
Jan	2012
Jan	2014
Jan	2016
Jan	2018
Jan	2020
Jan	2022
Benchmark	Price	($)
200,000
400,000
600,000
800,000
1,000,000
Benchmark	Price	Performance	over	Time
1.	Area	Group
VREB	Area	Summary
3.	Area/Property	Type	Selection
Multiple	values
2.	Property	Type
Multiple	values
HPI	or	Benchmark	Price
HPI
Benchmark	Price
Adding	labels
Hold	Ctrl	(Cmd)	and	select	points	on	the	chart	to	show	multiple	date/value	labels
Monthly Sales Summary (Mark I)
Residential Waterfront Properties Integrated Into Their Own Districts
Units Total Volume
December 2021
District
Produced: 01-Jan-2022
Residential
Single Family Detached
l
Greater Victoria
Victoria / Victoria West 25 $33,934,681
Oak Bay 12 $23,679,986
Esquimalt 4 $4,816,000
View Royal 4 $4,936,000
Saanich East 27 $42,571,005
Saanich West 17 $20,083,611
Central Saanich 10 $15,802,000
North Saanich 16 $27,039,300
Sidney 4 $4,291,000
Highlands 1 $1,380,000
Colwood 11 $12,399,833
Langford 22 $27,809,987
Metchosin 2 $3,257,000
Sooke 22 $22,709,124
Gulf Islands 21 $17,472,900
Total Greater Victoria 198 $262,182,427
Other Areas
Malahat  Area 9 $13,303,000
Total Other Areas 9 $13,303,000
Total Single Family Detached 207 $275,485,427
Condo Apartment
l
Greater Victoria
Victoria / Victoria West 67 $42,559,387
Oak Bay 3 $2,381,800
Esquimalt 13 $9,390,200
View Royal 6 $3,831,645
Saanich East 18 $11,596,700
Saanich West 7 $4,299,000
Central Saanich 2 $1,205,000
Sidney 12 $8,590,700
Colwood 2 $1,464,900
Langford 21 $15,068,715
Sooke 1 $400,000
Total Greater Victoria 152 $100,788,047
Total Condo Apartment 152 $100,788,047
Page 1 of 3
Victoria Real Estate Board Multiple Listing Service ®
Monthly Sales Summary (Mark I)
Residential Waterfront Properties Integrated Into Their Own Districts
Units Total Volume
December 2021
District
Produced: 01-Jan-2022
Row/Townhouse
l
Greater Victoria
Victoria / Victoria West 5 $4,905,900
View Royal 3 $2,273,650
Saanich East 9 $8,557,001
Saanich West 1 $770,000
Central Saanich 2 $1,367,000
Sidney 2 $2,460,000
Colwood 1 $881,895
Langford 19 $15,130,870
Sooke 6 $3,814,600
Gulf Islands 1 $160,000
Total Greater Victoria 49 $40,320,916
Total Row/Townhouse 49 $40,320,916
Manufactured Home
l
Greater Victoria
View Royal 2 $276,900
Central Saanich 2 $600,000
Sidney 1 $500,000
Sooke 2 $616,500
Total Greater Victoria 7 $1,993,400
Total Manufactured Home 7 $1,993,400
Total Residential 415 $418,587,790
Page 2 of 3
Victoria Real Estate Board Multiple Listing Service ®
Monthly Sales Summary (Mark I)
Residential Waterfront Properties Integrated Into Their Own Districts
Units Total Volume
December 2021
District
Produced: 01-Jan-2022
$446,668,752
438
Grand Totals
Other Property
Lots  Acreage
l
Greater Victoria
Saanich East 1 $1,425,000
Saanich West 1 $2,010,000
North Saanich 1 $2,157,000
Langford 2 $494,000
Sooke 3 $2,715,000
Total Greater Victoria 8 $8,801,000
Other Areas
Malahat  Area 2 $1,230,000
Total Other Areas 2 $1,230,000
Total Lots  Acreage 10 $10,031,000
1 $2,750,000
Commercial Land
l
12 $15,299,962
Other Commercial Properties
l
Page 3 of 3
Victoria Real Estate Board Multiple Listing Service ®
Monthly Sales Summary (Mark II)
Waterfront Properties Segregated Into a 'Waterfront' District
Units Total Volume
December 2021
District
Produced: 01-Jan-2022
Residential
Single Family Detached
l
Greater Victoria
Victoria 20 $27,783,681
Victoria West 3 $2,876,000
Oak Bay 11 $20,554,986
Esquimalt 4 $4,816,000
View Royal 4 $4,936,000
Saanich East 26 $37,346,005
Saanich West 17 $20,083,611
Central Saanich 10 $15,802,000
North Saanich 15 $25,029,300
Sidney 4 $4,291,000
Highlands 1 $1,380,000
Colwood 11 $12,399,833
Langford 22 $27,809,987
Metchosin 2 $3,257,000
Sooke 21 $21,209,124
Gulf Islands 15 $15,440,900
Waterfront (all districts) 12 $17,167,000
Total Greater Victoria 198 $262,182,427
Other Areas
Malahat  Area 9 $13,303,000
Total Other Areas 9 $13,303,000
Total Single Family Detached 207 $275,485,427
Condo Apartment
l
Greater Victoria
Victoria 60 $35,394,487
Victoria West 4 $4,359,900
Oak Bay 3 $2,381,800
Esquimalt 13 $9,390,200
View Royal 5 $3,256,645
Saanich East 18 $11,596,700
Saanich West 7 $4,299,000
Central Saanich 2 $1,205,000
Sidney 9 $5,171,700
Colwood 2 $1,464,900
Langford 21 $15,068,715
Sooke 1 $400,000
Waterfront (all districts) 7 $6,799,000
Total Greater Victoria 152 $100,788,047
Total Condo Apartment 152 $100,788,047
Page 1 of 3
Victoria Real Estate Board Multiple Listing Service ®
Monthly Sales Summary (Mark II)
Waterfront Properties Segregated Into a 'Waterfront' District
Units Total Volume
December 2021
District
Produced: 01-Jan-2022
Row/Townhouse
l
Greater Victoria
Victoria 5 $4,905,900
View Royal 3 $2,273,650
Saanich East 8 $7,307,001
Saanich West 1 $770,000
Central Saanich 2 $1,367,000
Sidney 2 $2,460,000
Colwood 1 $881,895
Langford 19 $15,130,870
Sooke 6 $3,814,600
Gulf Islands 1 $160,000
Waterfront (all districts) 1 $1,250,000
Total Greater Victoria 49 $40,320,916
Total Row/Townhouse 49 $40,320,916
Manufactured Home
l
Greater Victoria
View Royal 2 $276,900
Central Saanich 2 $600,000
Sidney 1 $500,000
Sooke 2 $616,500
Total Greater Victoria 7 $1,993,400
Total Manufactured Home 7 $1,993,400
Total Residential 415 $418,587,790
Page 2 of 3
Victoria Real Estate Board Multiple Listing Service ®
Monthly Sales Summary (Mark II)
Waterfront Properties Segregated Into a 'Waterfront' District
Units Total Volume
December 2021
District
Produced: 01-Jan-2022
$446,668,752
438
Grand Totals
Other Property
Lots  Acreage
l
Greater Victoria
Saanich East 1 $1,425,000
Saanich West 1 $2,010,000
North Saanich 1 $2,157,000
Langford 2 $494,000
Sooke 3 $2,715,000
Total Greater Victoria 8 $8,801,000
Other Areas
Malahat  Area 2 $1,230,000
Total Other Areas 2 $1,230,000
Total Lots  Acreage 10 $10,031,000
1 $2,750,000
Commercial Land
l
12 $15,299,962
Other Commercial Properties
l
Page 3 of 3
Victoria Real Estate Board Multiple Listing Service ®
Sales to Active Listings Ratio
The ratio of counts of total residential sales over total active residential listings for the last 25 months
December 2021
Produced: 01-Jan-2022
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
110%
120%
Dec
2019
Jan
2020
Feb
2020
Mar
2020
Apr
2020
May
2020
Jun
2020
Jul
2020
Aug
2020
Sep
2020
Oct
2020
Nov
2020
Dec
2020
Jan
2021
Feb
2021
Mar
2021
Apr
2021
May
2021
Jun
2021
Jul
2021
Aug
2021
Sep
2021
Oct
2021
Nov
2021
Dec
2021
The 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 sustained downward pressure on prices, and a sellers' market, where there is
sustained upward pressure on prices.
Based on a regression analysis performed by the Economics Department of the BC Real Estate
Association in each market area of the province, the Sales to Active Listings Ratio for Victoria can be
interpreted as follows:
- below 14%, there is downward pressure on prices (buyers' market)
- above 20%, there is upward pressure on prices (sellers' market)
- in the 14-20% range, there is little pressure on prices either way (balanced market)
Victoria Real Estate Board Multiple Listing Service ® Page 1 of 1
Monthly Comparative Activity By Property Type
Includes All MLS® Property Types
December 2021
Current Month
This Year % Change
Last Year
Year To Date
This Year % Change
Last Year
Produced: 01-Jan-2022
Single Family - Residential
Units Listed 129
Units Sold 168
Sell/List Ratio 130
Sales Dollars $214,742,903
Average Price / Unit $1,278,232
Price Ratio 104
Days To Sell 22
Active Listings at Month End 121
%
%
192
257
134
$247,076,844
$961,388
100
32
250
%
%
-33
-35
-13
33
-32
-52
%
%
%
%
%
%
4393
3708
84
$4,294,168,818
$1,158,082
103
19
%
%
4794
3573
75
$3,349,923,234
$937,566
99
35
%
%
-8
4
28
24
-45
%
%
%
%
%
Single Family - Residential Waterfront
Units Listed 8
Units Sold 8
Sell/List Ratio 100
Sales Dollars $16,935,000
Average Price / Unit $2,116,875
Price Ratio 97
Days To Sell 31
Active Listings at Month End 35
%
%
5
17
340
$32,665,000
$1,921,471
94
129
44
%
%
60
-53
-48
10
-76
-20
%
%
%
%
%
%
343
246
72
$497,589,846
$2,022,723
99
48
%
%
400
279
70
$501,502,742
$1,797,501
95
103
%
%
-14
-12
-1
13
-54
%
%
%
%
%
Single Family - Residential Acreage
Units Listed 13
Units Sold 19
Sell/List Ratio 146
Sales Dollars $34,938,000
Average Price / Unit $1,838,842
Price Ratio 99
Days To Sell 54
Active Listings at Month End 30
%
%
12
16
133
$8,851,900
$553,244
92
59
62
%
%
8
19
295
232
-7
-52
%
%
%
%
%
%
459
369
80
$574,526,452
$1,556,982
100
41
%
%
506
346
68
$384,805,804
$1,112,156
97
61
%
%
-9
7
49
40
-34
%
%
%
%
%
Condo Apartment
Units Listed 134
Units Sold 152
Sell/List Ratio 113
Sales Dollars $100,788,047
Average Price / Unit $663,079
Price Ratio 102
Days To Sell 18
Active Listings at Month End 141
%
%
139
195
140
$94,635,812
$485,312
99
49
383
%
%
-4
-22
7
37
-64
-63
%
%
%
%
%
%
4003
3449
86
$1,939,213,390
$562,254
100
26
%
%
3996
2403
60
$1,164,094,944
$484,434
98
41
%
%
0
44
67
16
-38
%
%
%
%
%
Page 1 of 8
Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type
Includes All MLS® Property Types
December 2021
Current Month
This Year % Change
Last Year
Year To Date
This Year % Change
Last Year
Produced: 01-Jan-2022
Row/Townhouse
Units Listed 49
Units Sold 49
Sell/List Ratio 100
Sales Dollars $40,320,916
Average Price / Unit $822,876
Price Ratio 104
Days To Sell 16
Active Listings at Month End 39
%
%
37
57
154
$38,852,095
$681,616
99
40
76
%
%
32
-14
4
21
-61
-49
%
%
%
%
%
%
1288
1134
88
$834,636,850
$736,011
102
22
%
%
1376
1049
76
$643,585,518
$613,523
99
42
%
%
-6
8
30
20
-46
%
%
%
%
%
Half Duplex (Up and Down)
Units Listed 0
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 2
%
%
2
0
$0
2
%
%
-100
0
%
%
%
%
%
%
25
17
68
$17,734,200
$1,043,188
101
23
%
%
10
7
70
$6,281,500
$897,357
99
68
%
%
150
143
182
16
-67
%
%
%
%
%
Half Duplex (Side by Side)
Units Listed 8
Units Sold 5
Sell/List Ratio 63
Sales Dollars $4,320,524
Average Price / Unit $864,105
Price Ratio 104
Days To Sell 12
Active Listings at Month End 8
%
%
12
18
150
$12,310,800
$683,933
101
43
23
%
%
-33
-72
-65
26
-71
-65
%
%
%
%
%
%
272
241
89
$193,679,255
$803,648
103
21
%
%
210
154
73
$103,809,144
$674,085
100
34
%
%
30
56
87
19
-37
%
%
%
%
%
Half Duplex (Front and Back)
Units Listed 1
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 1
%
%
2
1
50
$415,000
$415,000
98
155
4
%
%
-50
-100
-100
-75
%
%
%
%
%
%
40
31
78
$25,604,050
$825,937
104
18
%
%
28
22
79
$14,702,300
$668,286
99
35
%
%
43
41
74
24
-49
%
%
%
%
%
Page 2 of 8
Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type
Includes All MLS® Property Types
December 2021
Current Month
This Year % Change
Last Year
Year To Date
This Year % Change
Last Year
Produced: 01-Jan-2022
Recreational
Units Listed 3
Units Sold 4
Sell/List Ratio 133
Sales Dollars $232,000
Average Price / Unit $58,000
Price Ratio 100
Days To Sell 10
Active Listings at Month End 6
%
%
2
3
150
$217,900
$72,633
93
47
9
%
%
50
33
6
-20
-80
-33
%
%
%
%
%
%
36
36
100
$6,764,000
$187,889
101
172
%
%
34
20
59
$3,730,800
$186,540
91
169
%
%
6
80
81
1
2
%
%
%
%
%
Manufactured Home
Units Listed 7
Units Sold 7
Sell/List Ratio 100
Sales Dollars $1,993,400
Average Price / Unit $284,771
Price Ratio 100
Days To Sell 74
Active Listings at Month End 26
%
%
8
9
113
$2,280,400
$253,378
97
52
24
%
%
-13
-22
-13
12
41
8
%
%
%
%
%
%
253
180
71
$61,725,556
$342,920
99
37
%
%
190
158
83
$39,010,897
$246,904
96
56
%
%
33
14
58
39
-35
%
%
%
%
%
Residential Lots
Units Listed 13
Units Sold 3
Sell/List Ratio 23
Sales Dollars $1,919,000
Average Price / Unit $639,667
Price Ratio 96
Days To Sell 26
Active Listings at Month End 32
%
%
9
25
278
$11,425,000
$457,000
95
136
80
%
%
44
-88
-83
40
-81
-60
%
%
%
%
%
%
279
225
81
$120,743,329
$536,637
98
75
%
%
312
175
56
$84,725,512
$484,146
97
115
%
%
-11
29
43
11
-35
%
%
%
%
%
Residential Lots - Waterfront
Units Listed 1
Units Sold 1
Sell/List Ratio 100
Sales Dollars $2,157,000
Average Price / Unit $2,157,000
Price Ratio 98
Days To Sell 25
Active Listings at Month End 4
%
%
1
4
400
$1,994,900
$498,725
95
109
16
%
%
0
-75
8
333
-77
-75
%
%
%
%
%
%
37
34
92
$23,962,700
$704,785
97
151
%
%
67
28
42
$20,875,425
$745,551
95
135
%
%
-45
21
15
-5
12
%
%
%
%
%
Page 3 of 8
Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type
Includes All MLS® Property Types
December 2021
Current Month
This Year % Change
Last Year
Year To Date
This Year % Change
Last Year
Produced: 01-Jan-2022
Residential Acreage
Units Listed 5
Units Sold 5
Sell/List Ratio 100
Sales Dollars $5,020,000
Average Price / Unit $1,004,000
Price Ratio 99
Days To Sell 68
Active Listings at Month End 20
%
%
5
9
180
$4,093,000
$454,778
98
205
40
%
%
0
-44
23
121
-67
-50
%
%
%
%
%
%
118
97
82
$67,585,760
$696,760
99
93
%
%
143
88
62
$53,324,050
$605,955
93
161
%
%
-17
10
27
15
-42
%
%
%
%
%
Residential Acreage - Waterfront
Units Listed 1
Units Sold 1
Sell/List Ratio 100
Sales Dollars $935,000
Average Price / Unit $935,000
Price Ratio 95
Days To Sell 160
Active Listings at Month End 4
%
%
1
6
600
$3,750,000
$625,000
96
88
19
%
%
0
-83
-75
50
83
-79
%
%
%
%
%
%
30
35
117
$38,769,900
$1,107,711
94
163
%
%
42
29
69
$21,247,682
$732,679
92
157
%
%
-29
21
82
51
3
%
%
%
%
%
Revenue - Duplex/Triplex
Units Listed 3
Units Sold 3
Sell/List Ratio 100
Sales Dollars $4,317,000
Average Price / Unit $1,439,000
Price Ratio 104
Days To Sell 30
Active Listings at Month End 1
%
%
1
2
200
$3,230,000
$1,615,000
97
50
5
%
%
200
50
34
-11
-41
-80
%
%
%
%
%
%
95
61
64
$73,187,296
$1,199,792
102
20
%
%
54
37
69
$38,929,758
$1,052,156
97
47
%
%
76
65
88
14
-57
%
%
%
%
%
Revenue - Multi Units
Units Listed 0
Units Sold 4
Sell/List Ratio
Sales Dollars $10,150,000
Average Price / Unit $2,537,500
Price Ratio 96
Days To Sell 62
Active Listings at Month End 11
%
%
5
1
20
$2,950,000
$2,950,000
82
118
20
%
%
-100
300
244
-14
-48
-45
%
%
%
%
%
%
71
42
59
$104,696,388
$2,492,771
96
71
%
%
49
12
24
$20,250,000
$1,687,500
91
74
%
%
45
250
417
48
-4
%
%
%
%
%
Page 4 of 8
Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type
Includes All MLS® Property Types
December 2021
Current Month
This Year % Change
Last Year
Year To Date
This Year % Change
Last Year
Produced: 01-Jan-2022
Revenue - Apartment Block
Units Listed 0
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 0
%
%
0
0
$0
0
%
%
%
%
%
%
%
%
0
0
$0
%
%
9
3
33
$8,498,900
$2,832,967
93
128
%
%
-100
-100
-100
%
%
%
%
%
Revenue - Commercial
Units Listed 0
Units Sold 1
Sell/List Ratio
Sales Dollars $249,900
Average Price / Unit $249,900
Price Ratio 100
Days To Sell 92
Active Listings at Month End 20
%
%
3
4
133
$4,145,800
$1,036,450
94
148
42
%
%
-100
-75
-94
-76
-38
-52
%
%
%
%
%
%
96
45
47
$46,003,196
$1,022,293
96
102
%
%
95
25
26
$24,010,250
$960,410
96
89
%
%
1
80
92
6
14
%
%
%
%
%
Revenue - Industrial
Units Listed 5
Units Sold 3
Sell/List Ratio 60
Sales Dollars $4,900,000
Average Price / Unit $1,633,333
Price Ratio 108
Days To Sell 43
Active Listings at Month End 12
%
%
2
1
50
$620,000
$620,000
98
39
8
%
%
150
200
690
163
11
50
%
%
%
%
%
%
38
18
47
$26,341,868
$1,463,437
100
71
%
%
12
9
75
$6,540,200
$726,689
98
90
%
%
217
100
303
101
-21
%
%
%
%
%
Business with Land  Building
Units Listed 0
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 3
%
%
1
1
100
$625,000
$625,000
104
50
5
%
%
-100
-100
-100
-40
%
%
%
%
%
%
7
2
29
$3,403,186
$1,701,593
85
142
%
%
45
21
47
$34,303,992
$1,633,523
92
152
%
%
-84
-90
-90
4
-7
%
%
%
%
%
Page 5 of 8
Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type
Includes All MLS® Property Types
December 2021
Current Month
This Year % Change
Last Year
Year To Date
This Year % Change
Last Year
Produced: 01-Jan-2022
Business Only
Units Listed 4
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 38
%
%
5
1
20
$70,000
$70,000
71
91
29
%
%
-20
-100
-100
31
%
%
%
%
%
%
97
14
14
$3,256,500
$232,607
92
167
%
%
100
21
21
$1,555,000
$74,048
75
116
%
%
-3
-33
109
214
43
%
%
%
%
%
Motel/Hotel
Units Listed 0
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 0
%
%
0
0
$0
0
%
%
%
%
%
%
%
%
0
0
$0
%
%
2
0
0
$0
%
%
-100 %
%
%
%
%
Lease - Office
Units Listed 2
Units Sold 2
Sell/List Ratio 100
Sales Dollars $42
Average Price / Unit $21
Price Ratio 100
Days To Sell 64
Active Listings at Month End 44
%
%
5
1
20
$17
$17
101
74
80
%
%
-60
100
144
22
-14
-45
%
%
%
%
%
%
96
23
24
$2,181
$95
97
130
%
%
113
11
10
$178
$16
125
156
%
%
-15
109
1126
486
-17
%
%
%
%
%
Lease - Retail
Units Listed 7
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 30
%
%
3
2
67
$187,682
$93,841
5325
199
37
%
%
133
-100
-100
-19
%
%
%
%
%
%
74
27
36
$353,857
$13,106
86
129
%
%
68
19
28
$578,655
$30,456
10684
179
%
%
9
42
-39
-57
-28
%
%
%
%
%
Page 6 of 8
Victoria Real Estate Board Multiple Listing Service ®

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December 2021 Victoria Real Estate Board Statistics Package

  • 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 January 4, 2022 The 2021 Victoria real estate market year in review A total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December 2020 and a 32.9 per cent decrease from November 2021. Sales of condominiums were down 22.1 per cent from December 2020 with 152 units sold. Sales of single family homes decreased 34.1 per cent from December 2020 with 207 sold. A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in 2020. 2021 sales came in close to 2016’s record breaking sales year where 10,622 properties were sold. “The theme of this year has been very consistent,” says 2021 Victoria Real Estate Board President David Langlois. “Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point. We see stories from many countries highlighting the increasing desirability of home ownership in the wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on record – but with such strong demand that most transactions see multiple offers.” There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2021, a decrease of 26.5 per cent compared to the previous month of November and a 49 per cent decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest inventory of active listings at month-end in at least the last 25 years. “We have spoken throughout the year about the need for new housing supply at all levels to help moderate prices and improve attainability,” adds President Langlois. “Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area – it has been far too difficult and expensive to build homes in our region. The situation we are now in is because of the deficit of supply that has compounded over the past decades of hesitation around growth. However, governments at the federal and provincial level have instead chosen to focus elsewhere and invest their time re-inventing the process of how homes are sold in Canada by creating new rules which include the introduction of a ‘cooling-off’ period. These measures will do nothing to improve our market, nor will they increase consumer protection. The process of how a home is sold is not the issue - homes will sell for what consumers will pay for them – using any sales process. The issue is how homes are brought to the marketplace and our huge lack of supply. Governments should expend their resources to address supply issues that continue to drive up competition for homes and result in ever increasing prices.” The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1 per cent to $1,144,900, up from November’s value of $1,122,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the PRESIDENT Karen Dinnie-Smyth PRESIDENT ELECT Graden Sol TREASURER Jackie Ngai PAST PRESIDENT David Langlois DIRECTORS Sheila Aujla Bev Berger Fergus Kyne Laurie Lidstone Dirk VanderWal EXECUTIVE OFFICER David Corey
  • 2. 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 same condominium in December 2021 increased by 17.1 per cent to $570,600, up from the November value of $560,700. About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,524 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
  • 3. Sales by Property Type Single Family Greater Victoria Single Family Other Areas Single Family Total All Areas Condo Apartment Row/Townhouse Manufactured Home Total Residential Total Sales Active Listings Units Median$ Average$ LY% LM% LY% LM% LY% LM% Units Median$ Average$ Units Median$ Average$ December 2021 198 152 49 7 415 207 438 9 652 262 236 76 12 600 276 653 14 887 296 195 57 9 575 314 631 18 1,279 $1,324,154 $663,079 $822,876 $284,771 $1,330,847 $1,478,111 $1,225,000 $566,898 $770,000 $268,250 $1,215,000 $1,075,000 $1,344,918 $648,867 $807,289 $275,858 $1,330,251 $1,055,764 $1,245,000 $585,000 $800,536 $273,450 $1,235,000 $842,450 $992,202 $485,312 $681,616 $253,378 $970,597 $615,313 $901,000 $435,000 $625,000 $227,500 $899,000 $537,448 -24.4% -35.6% -35.5% -41.7% -30.8% -25.0% -32.9% -35.7% -26.5% -33.1% -22.1% -14.0% -22.2% -27.8% -34.1% -30.6% -50.0% -49.0% -1.5% 2.2% 1.9% 3.2% 0.0% 40.0% 33.5% 36.6% 20.7% 12.4% 37.1% 140.2% -1.6% -3.1% -3.8% -1.9% -1.6% 27.6% 36.0% 30.3% 23.2% 17.9% 35.2% 100.0% November 2021 December 2020 Legend Units: net number of listings sold LM%: percentage change since Last Month LY%: percentage change since This Month Last Year Average$: average selling price Median$: median selling price Total Residential: includes sales of residential property types Total Sales: includes sales of all property types Active Listings: total listings of all types on the market at midnight on the last day of the month This Month Last Month Produced: 01-Jan-2022 December 2021 Previous Periods Comparison This Month Last Year Page 1 of 1 Victoria Real Estate Board Multiple Listing Service ® December 2021 Statistics Package for Media Victoria Real Estate Board December 2021 Statistics Previous Periods Comparison of Unit Sales, Average Prices and Median Prices Previous Periods Comparison of MLS® HPI Benchmark Prices and MLS® HPI Index Values
  • 4. 6DOHVWR$FWLYH/LVWLQJV5DWLR The ratio of counts of total residential sales over total active residential listings for the last 25 months 'HFHPEHU Produced: 01-Jan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
  • 6. 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 December 2021 Statistics Total new MLS® listings and total MLS® sales for entire district
  • 7. 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 fifteen 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 December 2021 Statistics
  • 8. MLS® HPI benchmark and value - Condominium / Apartments Victoria Real Estate Board December 2021 Statistics
  • 9. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board December 2021 1 Month Ago 3 Months Ago 6 Months Ago 12 Months Ago 3 Years Ago 5 Years Ago January 2005 Victoria REB – SF-All Victoria – SF-All Victoria West – SF-All Oak Bay – SF-All Esquimalt – SF-All View Royal – SF-All Saanich East – SF-All Saanich West – SF-All Sooke – SF-All Langford – SF-All Metchosin – SF-All Colwood – SF-All Highlands – SF-All North Saanich – SF-All Sidney – SF-All Central Saanich – SF-All ML Malahat Area – SF-All GI Gulf Islands – SF-All $999,700 $998,900 $980,500 $976,500 $973,000 $967,000 $965,700 $960,600 $959,300 $952,000 $949,500 $946,600 $939,100 $937,300 $935,200 $930,700 $925,100 $924,500 $916,600 $912,400 $907,100 $904,600 $902,600 $891,200 $888,800 $885,100 $882,700 $876,000 $875,000 $874,800 $874,700 $855,600 $852,200 $844,700 $838,800 $838,600 $836,300 $833,800 $832,200 $826,100 $825,600 $814,400 $809,000 $790,500 $790,200 $774,900 $772,600 $763,400 $760,600 $758,200 $756,100 $755,000 $754,100 $752,800 $748,500 $735,300 $725,300 $716,300 $706,900 $692,600 $682,200 $681,900 $669,300 $666,900 $666,500 $665,300 $657,400 $654,800 $652,700 $640,800 $640,500 $637,500 $628,400 $573,500 $567,500 $563,100 $561,200 $552,000 $542,500 $536,400 $525,800 $521,400 $496,500 $493,000 $487,900 $455,400 $449,900 $426,700 $394,500 $377,600 $370,800 $358,000 $357,400 $349,200 $332,600 $329,100 $316,500 $308,000 $292,400 $284,200 $282,300 $271,500 $265,000 $1,585,800 $1,575,300 $1,513,500 $1,498,600 $1,352,500 $1,349,400 $1,348,600 $1,342,500 $1,339,000 $1,311,000 $1,310,400 $1,287,800 $1,272,500 $1,263,700 $1,257,900 $1,245,500 $1,233,200 $1,209,900 $1,157,900 $1,138,600 $1,121,600 $1,096,700 $1,090,800 $1,082,200 $1,081,000 $1,073,600 $1,066,800 $1,054,900 $1,052,900 $1,050,500 $1,040,700 $1,038,400 $1,034,500 $1,033,800 $1,032,500 $1,022,300 $1,013,900 $1,012,800 $1,010,100 $1,006,400 $1,001,200 Benchmark Price by Timeframe and Property Type Value or percent change Value Percent change HPI or Benchmark Price HPI Benchmark Price 1. Area Group VREB District Summary 3. Area/Property Type Selection All 2. Property Type – Single Family-All (SF-All)
  • 10. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board December 2021 1 Month Ago 3 Months Ago 6 Months Ago 12 Months Ago 3 Years Ago 5 Years Ago January 2005 Victoria REB – SF-All Victoria – SF-All Victoria West – SF-All Oak Bay – SF-All Esquimalt – SF-All View Royal – SF-All Saanich East – SF-All Saanich West – SF-All Sooke – SF-All Langford – SF-All Metchosin – SF-All Colwood – SF-All Highlands – SF-All North Saanich – SF-All Sidney – SF-All Central Saanich – SF-All ML Malahat Area – SF-All GI Gulf Islands – SF-All 345.0 339.8 325.3 321.2 318.3 316.5 315.5 312.7 311.9 308.7 307.3 306.9 305.2 303.1 303.1 301.9 300.8 300.4 300.3 299.2 298.3 298.0 297.6 296.7 295.5 294.8 293.5 290.7 290.0 288.9 288.9 288.6 287.3 287.0 286.7 286.6 286.2 285.4 284.5 284.3 284.0 283.2 282.8 282.8 281.6 281.6 279.0 278.8 277.2 276.9 276.4 274.3 274.2 274.0 273.7 273.7 273.5 272.3 271.8 271.6 271.5 270.8 269.6 268.7 267.2 265.8 264.9 260.4 259.0 258.1 251.3 245.8 245.1 245.1 245.0 243.7 241.7 238.7 236.5 236.4 236.1 235.5 234.5 232.9 231.5 229.5 229.4 228.9 227.9 224.5 222.8 221.9 221.8 219.5 219.2 215.8 211.2 211.0 208.5 207.7 207.0 205.0 202.4 200.3 199.7 198.7 198.3 194.7 193.7 192.6 192.2 192.1 192.0 186.9 186.6 182.9 182.9 181.2 171.4 169.3 168.8 168.7 166.5 161.0 159.4 139.1 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 HPI by Timeframe and Property Type Value or percent change Value Percent change HPI or Benchmark Price HPI Benchmark Price 1. Area Group VREB District Summary 3. Area/Property Type Selection All 2. Property Type – Single Family-All (SF-All)
  • 11. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board December 2021 1 Month Ago 3 Months Ago 6 Months Ago 12 Months Ago 3 Years Ago 5 Years Ago January 2005 Victoria REB – Con Victoria – Con Victoria West – Con Oak Bay – Con Esquimalt – Con View Royal – Con Saanich East – Con Saanich West – Con Sooke – Con Langford – Con Colwood – Con North Saanich – Con Sidney – Con Central Saanich – Con $742,100 $742,100 $739,900 $706,800 $704,400 $690,000 $683,100 $683,100 $677,600 $673,500 $663,700 $654,500 $631,600 $630,600 $606,400 $593,100 $563,600 $563,500 $558,600 $557,800 $556,300 $555,400 $554,600 $554,300 $549,000 $544,800 $542,700 $538,300 $535,600 $528,300 $526,500 $525,400 $524,300 $523,800 $512,600 $510,200 $509,600 $509,300 $505,200 $505,000 $504,900 $503,800 $503,700 $502,900 $491,700 $491,300 $490,800 $485,600 $485,300 $481,900 $480,800 $479,700 $472,700 $472,200 $471,800 $470,800 $470,700 $465,000 $459,800 $458,400 $455,200 $455,000 $446,800 $443,100 $432,100 $431,200 $427,400 $423,500 $415,400 $412,800 $410,400 $409,600 $409,500 $409,300 $407,400 $401,800 $387,500 $387,100 $382,100 $378,600 $378,300 $358,900 $354,300 $354,000 $348,300 $346,600 $345,900 $330,300 $330,000 $327,200 $308,000 $307,500 $304,600 $303,000 $295,000 $282,200 $276,900 $266,900 $245,200 $238,700 $209,400 $205,900 $201,600 $200,600 $190,600 $188,800 $160,600 $159,100 $155,000 $147,900 $129,900 $122,100 Benchmark Price by Timeframe and Property Type Value or percent change Value Percent change HPI or Benchmark Price HPI Benchmark Price 1. Area Group VREB District Summary 3. Area/Property Type Selection All 2. Property Type – Condo Apartment (Con)
  • 12. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board December 2021 1 Month Ago 3 Months Ago 6 Months Ago 12 Months Ago 3 Years Ago 5 Years Ago January 2005 Victoria REB – Con Victoria – Con Victoria West – Con Oak Bay – Con Esquimalt – Con View Royal – Con Saanich East – Con Saanich West – Con Sooke – Con Langford – Con Colwood – Con North Saanich – Con Sidney – Con Central Saanich – Con 345.0 341.5 340.6 328.9 325.1 322.2 318.3 317.7 317.5 315.8 315.2 313.2 312.9 310.0 309.8 305.6 302.4 302.2 300.1 300.1 298.5 297.9 295.1 294.2 292.2 290.8 287.5 286.3 286.2 286.0 285.2 282.4 279.5 278.9 278.0 278.0 277.2 277.0 275.9 275.6 274.8 274.2 273.3 268.6 266.6 266.2 264.8 264.6 264.6 264.2 262.0 260.1 259.3 257.4 254.6 254.2 254.1 253.7 252.3 251.7 250.7 249.4 249.2 247.5 247.0 246.7 245.1 244.9 244.7 242.8 241.3 239.7 239.6 234.4 233.7 231.1 229.3 222.2 221.6 220.9 219.0 209.4 207.1 204.9 200.3 198.8 193.3 190.8 190.7 188.7 188.3 187.5 183.7 171.9 171.5 164.5 158.9 147.8 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 HPI by Timeframe and Property Type Value or percent change Value Percent change HPI or Benchmark Price HPI Benchmark Price 1. Area Group VREB District Summary 3. Area/Property Type Selection All 2. Property Type – Condo Apartment (Con)
  • 13. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board December 2021 1 Month Ago 3 Months Ago 6 Months Ago 12 Months Ago 3 Years Ago 5 Years Ago January 2005 Victoria REB – Twn Victoria – Twn Victoria West – Twn Esquimalt – Twn View Royal – Twn Saanich East – Twn Saanich West – Twn Sooke – Twn Langford – Twn Colwood – Twn Sidney – Twn Central Saanich – Twn ML Malahat Area – Twn GI Gulf Islands – Twn $938,000 $922,300 $892,400 $874,400 $868,800 $859,500 $850,700 $834,300 $830,600 $828,300 $827,900 $821,800 $818,100 $814,600 $813,800 $810,600 $800,900 $799,500 $792,500 $788,900 $773,600 $770,500 $764,400 $764,200 $763,300 $753,300 $750,400 $750,200 $737,200 $735,700 $732,800 $729,800 $728,300 $725,600 $725,400 $718,800 $717,100 $711,700 $709,400 $707,100 $706,000 $691,900 $690,600 $690,500 $679,400 $673,800 $668,300 $667,700 $664,400 $662,500 $661,000 $656,400 $653,000 $649,700 $640,500 $638,400 $635,100 $629,700 $621,000 $610,500 $607,600 $599,300 $598,600 $595,000 $585,500 $583,400 $576,700 $576,200 $566,000 $564,400 $562,800 $559,200 $547,100 $543,000 $534,500 $529,500 $526,000 $524,400 $520,300 $517,500 $515,200 $493,600 $493,000 $488,400 $478,000 $471,500 $460,500 $448,500 $445,900 $439,400 $425,100 $422,700 $411,500 $409,600 $405,300 $403,400 $366,700 $363,300 $316,600 $303,000 $277,200 $269,500 $267,700 $266,100 $262,100 $260,600 $245,700 $241,900 $235,600 $229,000 $219,300 $204,100 Benchmark Price by Timeframe and Property Type Value or percent change Value Percent change HPI or Benchmark Price HPI Benchmark Price 1. Area Group VREB District Summary 3. Area/Property Type Selection All 2. Property Type – Townhouse (Twn)
  • 14. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board December 2021 1 Month Ago 3 Months Ago 6 Months Ago 12 Months Ago 3 Years Ago 5 Years Ago January 2005 Victoria REB – Twn Victoria – Twn Victoria West – Twn Esquimalt – Twn View Royal – Twn Saanich East – Twn Saanich West – Twn Sooke – Twn Langford – Twn Colwood – Twn Sidney – Twn Central Saanich – Twn ML Malahat Area – Twn GI Gulf Islands – Twn 391.7 377.5 361.2 352.5 352.2 346.6 342.4 338.2 335.4 330.7 326.5 323.0 321.6 316.0 314.8 311.4 302.9 302.0 301.0 297.0 294.1 293.9 287.3 287.1 285.1 284.6 281.9 281.2 280.2 278.5 276.5 276.2 275.7 274.1 274.0 273.7 273.1 272.9 271.2 271.0 269.6 268.7 267.5 267.3 265.3 265.0 264.3 263.9 263.6 261.5 259.8 258.4 257.1 256.2 255.1 254.4 252.2 251.8 244.4 235.7 235.6 234.9 234.1 231.2 230.5 229.7 228.0 226.5 222.6 221.1 217.3 217.2 215.1 214.4 213.4 211.1 210.2 208.7 208.3 207.3 200.7 194.7 188.1 186.7 186.5 185.5 184.8 176.4 175.0 172.8 172.1 172.0 172.0 170.1 160.1 156.3 154.2 151.6 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 HPI by Timeframe and Property Type Value or percent change Value Percent change HPI or Benchmark Price HPI Benchmark Price 1. Area Group VREB District Summary 3. Area/Property Type Selection All 2. Property Type – Townhouse (Twn)
  • 15. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board Victoria REB – SF-All Core – SF-All Westshore – SF-All Peninsula – SF-All Select Date Range: All values Jan 2006 Jan 2008 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Benchmark Price ($) 300,000 400,000 500,000 600,000 700,000 800,000 900,000 1,000,000 1,100,000 Benchmark Price Performance over Time 1. Area Group VREB Area Summary 3. Area/Property Type Selection Multiple values 2. Property Type – Single Family-All (SF-All) HPI or Benchmark Price HPI Benchmark Price Adding labels Hold Ctrl (Cmd) and select points on the chart to show multiple date/value labels
  • 16. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board Victoria REB – Con Core – Con Westshore – Con Peninsula – Con Select Date Range: All values Jan 2006 Jan 2008 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Benchmark Price ($) 200,000 300,000 400,000 500,000 Benchmark Price Performance over Time 1. Area Group VREB Area Summary 3. Area/Property Type Selection All 2. Property Type – Condo Apartment (Con) HPI or Benchmark Price HPI Benchmark Price Adding labels Hold Ctrl (Cmd) and select points on the chart to show multiple date/value labels
  • 17. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board Victoria REB – Twn Core – Twn Westshore – Twn Peninsula – Twn Select Date Range: All values Jan 2006 Jan 2008 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Benchmark Price ($) 300,000 400,000 500,000 600,000 700,000 800,000 Benchmark Price Performance over Time 1. Area Group VREB Area Summary 3. Area/Property Type Selection Multiple values 2. Property Type – Townhouse (Twn) HPI or Benchmark Price HPI Benchmark Price Adding labels Hold Ctrl (Cmd) and select points on the chart to show multiple date/value labels
  • 18. Note: Areas with insufficient sales are not included in the HPI. Source: Victoria Real Estate Board Victoria REB – SF-All Victoria REB – Twn Victoria REB – Con Select Date Range: All values Jan 2006 Jan 2008 Jan 2010 Jan 2012 Jan 2014 Jan 2016 Jan 2018 Jan 2020 Jan 2022 Benchmark Price ($) 200,000 400,000 600,000 800,000 1,000,000 Benchmark Price Performance over Time 1. Area Group VREB Area Summary 3. Area/Property Type Selection Multiple values 2. Property Type Multiple values HPI or Benchmark Price HPI Benchmark Price Adding labels Hold Ctrl (Cmd) and select points on the chart to show multiple date/value labels
  • 19. Monthly Sales Summary (Mark I) Residential Waterfront Properties Integrated Into Their Own Districts Units Total Volume December 2021 District Produced: 01-Jan-2022 Residential Single Family Detached l Greater Victoria Victoria / Victoria West 25 $33,934,681 Oak Bay 12 $23,679,986 Esquimalt 4 $4,816,000 View Royal 4 $4,936,000 Saanich East 27 $42,571,005 Saanich West 17 $20,083,611 Central Saanich 10 $15,802,000 North Saanich 16 $27,039,300 Sidney 4 $4,291,000 Highlands 1 $1,380,000 Colwood 11 $12,399,833 Langford 22 $27,809,987 Metchosin 2 $3,257,000 Sooke 22 $22,709,124 Gulf Islands 21 $17,472,900 Total Greater Victoria 198 $262,182,427 Other Areas Malahat Area 9 $13,303,000 Total Other Areas 9 $13,303,000 Total Single Family Detached 207 $275,485,427 Condo Apartment l Greater Victoria Victoria / Victoria West 67 $42,559,387 Oak Bay 3 $2,381,800 Esquimalt 13 $9,390,200 View Royal 6 $3,831,645 Saanich East 18 $11,596,700 Saanich West 7 $4,299,000 Central Saanich 2 $1,205,000 Sidney 12 $8,590,700 Colwood 2 $1,464,900 Langford 21 $15,068,715 Sooke 1 $400,000 Total Greater Victoria 152 $100,788,047 Total Condo Apartment 152 $100,788,047 Page 1 of 3 Victoria Real Estate Board Multiple Listing Service ®
  • 20. Monthly Sales Summary (Mark I) Residential Waterfront Properties Integrated Into Their Own Districts Units Total Volume December 2021 District Produced: 01-Jan-2022 Row/Townhouse l Greater Victoria Victoria / Victoria West 5 $4,905,900 View Royal 3 $2,273,650 Saanich East 9 $8,557,001 Saanich West 1 $770,000 Central Saanich 2 $1,367,000 Sidney 2 $2,460,000 Colwood 1 $881,895 Langford 19 $15,130,870 Sooke 6 $3,814,600 Gulf Islands 1 $160,000 Total Greater Victoria 49 $40,320,916 Total Row/Townhouse 49 $40,320,916 Manufactured Home l Greater Victoria View Royal 2 $276,900 Central Saanich 2 $600,000 Sidney 1 $500,000 Sooke 2 $616,500 Total Greater Victoria 7 $1,993,400 Total Manufactured Home 7 $1,993,400 Total Residential 415 $418,587,790 Page 2 of 3 Victoria Real Estate Board Multiple Listing Service ®
  • 21. Monthly Sales Summary (Mark I) Residential Waterfront Properties Integrated Into Their Own Districts Units Total Volume December 2021 District Produced: 01-Jan-2022 $446,668,752 438 Grand Totals Other Property Lots Acreage l Greater Victoria Saanich East 1 $1,425,000 Saanich West 1 $2,010,000 North Saanich 1 $2,157,000 Langford 2 $494,000 Sooke 3 $2,715,000 Total Greater Victoria 8 $8,801,000 Other Areas Malahat Area 2 $1,230,000 Total Other Areas 2 $1,230,000 Total Lots Acreage 10 $10,031,000 1 $2,750,000 Commercial Land l 12 $15,299,962 Other Commercial Properties l Page 3 of 3 Victoria Real Estate Board Multiple Listing Service ®
  • 22. Monthly Sales Summary (Mark II) Waterfront Properties Segregated Into a 'Waterfront' District Units Total Volume December 2021 District Produced: 01-Jan-2022 Residential Single Family Detached l Greater Victoria Victoria 20 $27,783,681 Victoria West 3 $2,876,000 Oak Bay 11 $20,554,986 Esquimalt 4 $4,816,000 View Royal 4 $4,936,000 Saanich East 26 $37,346,005 Saanich West 17 $20,083,611 Central Saanich 10 $15,802,000 North Saanich 15 $25,029,300 Sidney 4 $4,291,000 Highlands 1 $1,380,000 Colwood 11 $12,399,833 Langford 22 $27,809,987 Metchosin 2 $3,257,000 Sooke 21 $21,209,124 Gulf Islands 15 $15,440,900 Waterfront (all districts) 12 $17,167,000 Total Greater Victoria 198 $262,182,427 Other Areas Malahat Area 9 $13,303,000 Total Other Areas 9 $13,303,000 Total Single Family Detached 207 $275,485,427 Condo Apartment l Greater Victoria Victoria 60 $35,394,487 Victoria West 4 $4,359,900 Oak Bay 3 $2,381,800 Esquimalt 13 $9,390,200 View Royal 5 $3,256,645 Saanich East 18 $11,596,700 Saanich West 7 $4,299,000 Central Saanich 2 $1,205,000 Sidney 9 $5,171,700 Colwood 2 $1,464,900 Langford 21 $15,068,715 Sooke 1 $400,000 Waterfront (all districts) 7 $6,799,000 Total Greater Victoria 152 $100,788,047 Total Condo Apartment 152 $100,788,047 Page 1 of 3 Victoria Real Estate Board Multiple Listing Service ®
  • 23. Monthly Sales Summary (Mark II) Waterfront Properties Segregated Into a 'Waterfront' District Units Total Volume December 2021 District Produced: 01-Jan-2022 Row/Townhouse l Greater Victoria Victoria 5 $4,905,900 View Royal 3 $2,273,650 Saanich East 8 $7,307,001 Saanich West 1 $770,000 Central Saanich 2 $1,367,000 Sidney 2 $2,460,000 Colwood 1 $881,895 Langford 19 $15,130,870 Sooke 6 $3,814,600 Gulf Islands 1 $160,000 Waterfront (all districts) 1 $1,250,000 Total Greater Victoria 49 $40,320,916 Total Row/Townhouse 49 $40,320,916 Manufactured Home l Greater Victoria View Royal 2 $276,900 Central Saanich 2 $600,000 Sidney 1 $500,000 Sooke 2 $616,500 Total Greater Victoria 7 $1,993,400 Total Manufactured Home 7 $1,993,400 Total Residential 415 $418,587,790 Page 2 of 3 Victoria Real Estate Board Multiple Listing Service ®
  • 24. Monthly Sales Summary (Mark II) Waterfront Properties Segregated Into a 'Waterfront' District Units Total Volume December 2021 District Produced: 01-Jan-2022 $446,668,752 438 Grand Totals Other Property Lots Acreage l Greater Victoria Saanich East 1 $1,425,000 Saanich West 1 $2,010,000 North Saanich 1 $2,157,000 Langford 2 $494,000 Sooke 3 $2,715,000 Total Greater Victoria 8 $8,801,000 Other Areas Malahat Area 2 $1,230,000 Total Other Areas 2 $1,230,000 Total Lots Acreage 10 $10,031,000 1 $2,750,000 Commercial Land l 12 $15,299,962 Other Commercial Properties l Page 3 of 3 Victoria Real Estate Board Multiple Listing Service ®
  • 25. Sales to Active Listings Ratio The ratio of counts of total residential sales over total active residential listings for the last 25 months December 2021 Produced: 01-Jan-2022 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 120% Dec 2019 Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020 Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Jun 2021 Jul 2021 Aug 2021 Sep 2021 Oct 2021 Nov 2021 Dec 2021 The 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 sustained downward pressure on prices, and a sellers' market, where there is sustained upward pressure on prices. Based on a regression analysis performed by the Economics Department of the BC Real Estate Association in each market area of the province, the Sales to Active Listings Ratio for Victoria can be interpreted as follows: - below 14%, there is downward pressure on prices (buyers' market) - above 20%, there is upward pressure on prices (sellers' market) - in the 14-20% range, there is little pressure on prices either way (balanced market) Victoria Real Estate Board Multiple Listing Service ® Page 1 of 1
  • 26. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Single Family - Residential Units Listed 129 Units Sold 168 Sell/List Ratio 130 Sales Dollars $214,742,903 Average Price / Unit $1,278,232 Price Ratio 104 Days To Sell 22 Active Listings at Month End 121 % % 192 257 134 $247,076,844 $961,388 100 32 250 % % -33 -35 -13 33 -32 -52 % % % % % % 4393 3708 84 $4,294,168,818 $1,158,082 103 19 % % 4794 3573 75 $3,349,923,234 $937,566 99 35 % % -8 4 28 24 -45 % % % % % Single Family - Residential Waterfront Units Listed 8 Units Sold 8 Sell/List Ratio 100 Sales Dollars $16,935,000 Average Price / Unit $2,116,875 Price Ratio 97 Days To Sell 31 Active Listings at Month End 35 % % 5 17 340 $32,665,000 $1,921,471 94 129 44 % % 60 -53 -48 10 -76 -20 % % % % % % 343 246 72 $497,589,846 $2,022,723 99 48 % % 400 279 70 $501,502,742 $1,797,501 95 103 % % -14 -12 -1 13 -54 % % % % % Single Family - Residential Acreage Units Listed 13 Units Sold 19 Sell/List Ratio 146 Sales Dollars $34,938,000 Average Price / Unit $1,838,842 Price Ratio 99 Days To Sell 54 Active Listings at Month End 30 % % 12 16 133 $8,851,900 $553,244 92 59 62 % % 8 19 295 232 -7 -52 % % % % % % 459 369 80 $574,526,452 $1,556,982 100 41 % % 506 346 68 $384,805,804 $1,112,156 97 61 % % -9 7 49 40 -34 % % % % % Condo Apartment Units Listed 134 Units Sold 152 Sell/List Ratio 113 Sales Dollars $100,788,047 Average Price / Unit $663,079 Price Ratio 102 Days To Sell 18 Active Listings at Month End 141 % % 139 195 140 $94,635,812 $485,312 99 49 383 % % -4 -22 7 37 -64 -63 % % % % % % 4003 3449 86 $1,939,213,390 $562,254 100 26 % % 3996 2403 60 $1,164,094,944 $484,434 98 41 % % 0 44 67 16 -38 % % % % % Page 1 of 8 Victoria Real Estate Board Multiple Listing Service ®
  • 27. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Row/Townhouse Units Listed 49 Units Sold 49 Sell/List Ratio 100 Sales Dollars $40,320,916 Average Price / Unit $822,876 Price Ratio 104 Days To Sell 16 Active Listings at Month End 39 % % 37 57 154 $38,852,095 $681,616 99 40 76 % % 32 -14 4 21 -61 -49 % % % % % % 1288 1134 88 $834,636,850 $736,011 102 22 % % 1376 1049 76 $643,585,518 $613,523 99 42 % % -6 8 30 20 -46 % % % % % Half Duplex (Up and Down) Units Listed 0 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 2 % % 2 0 $0 2 % % -100 0 % % % % % % 25 17 68 $17,734,200 $1,043,188 101 23 % % 10 7 70 $6,281,500 $897,357 99 68 % % 150 143 182 16 -67 % % % % % Half Duplex (Side by Side) Units Listed 8 Units Sold 5 Sell/List Ratio 63 Sales Dollars $4,320,524 Average Price / Unit $864,105 Price Ratio 104 Days To Sell 12 Active Listings at Month End 8 % % 12 18 150 $12,310,800 $683,933 101 43 23 % % -33 -72 -65 26 -71 -65 % % % % % % 272 241 89 $193,679,255 $803,648 103 21 % % 210 154 73 $103,809,144 $674,085 100 34 % % 30 56 87 19 -37 % % % % % Half Duplex (Front and Back) Units Listed 1 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 1 % % 2 1 50 $415,000 $415,000 98 155 4 % % -50 -100 -100 -75 % % % % % % 40 31 78 $25,604,050 $825,937 104 18 % % 28 22 79 $14,702,300 $668,286 99 35 % % 43 41 74 24 -49 % % % % % Page 2 of 8 Victoria Real Estate Board Multiple Listing Service ®
  • 28. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Recreational Units Listed 3 Units Sold 4 Sell/List Ratio 133 Sales Dollars $232,000 Average Price / Unit $58,000 Price Ratio 100 Days To Sell 10 Active Listings at Month End 6 % % 2 3 150 $217,900 $72,633 93 47 9 % % 50 33 6 -20 -80 -33 % % % % % % 36 36 100 $6,764,000 $187,889 101 172 % % 34 20 59 $3,730,800 $186,540 91 169 % % 6 80 81 1 2 % % % % % Manufactured Home Units Listed 7 Units Sold 7 Sell/List Ratio 100 Sales Dollars $1,993,400 Average Price / Unit $284,771 Price Ratio 100 Days To Sell 74 Active Listings at Month End 26 % % 8 9 113 $2,280,400 $253,378 97 52 24 % % -13 -22 -13 12 41 8 % % % % % % 253 180 71 $61,725,556 $342,920 99 37 % % 190 158 83 $39,010,897 $246,904 96 56 % % 33 14 58 39 -35 % % % % % Residential Lots Units Listed 13 Units Sold 3 Sell/List Ratio 23 Sales Dollars $1,919,000 Average Price / Unit $639,667 Price Ratio 96 Days To Sell 26 Active Listings at Month End 32 % % 9 25 278 $11,425,000 $457,000 95 136 80 % % 44 -88 -83 40 -81 -60 % % % % % % 279 225 81 $120,743,329 $536,637 98 75 % % 312 175 56 $84,725,512 $484,146 97 115 % % -11 29 43 11 -35 % % % % % Residential Lots - Waterfront Units Listed 1 Units Sold 1 Sell/List Ratio 100 Sales Dollars $2,157,000 Average Price / Unit $2,157,000 Price Ratio 98 Days To Sell 25 Active Listings at Month End 4 % % 1 4 400 $1,994,900 $498,725 95 109 16 % % 0 -75 8 333 -77 -75 % % % % % % 37 34 92 $23,962,700 $704,785 97 151 % % 67 28 42 $20,875,425 $745,551 95 135 % % -45 21 15 -5 12 % % % % % Page 3 of 8 Victoria Real Estate Board Multiple Listing Service ®
  • 29. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Residential Acreage Units Listed 5 Units Sold 5 Sell/List Ratio 100 Sales Dollars $5,020,000 Average Price / Unit $1,004,000 Price Ratio 99 Days To Sell 68 Active Listings at Month End 20 % % 5 9 180 $4,093,000 $454,778 98 205 40 % % 0 -44 23 121 -67 -50 % % % % % % 118 97 82 $67,585,760 $696,760 99 93 % % 143 88 62 $53,324,050 $605,955 93 161 % % -17 10 27 15 -42 % % % % % Residential Acreage - Waterfront Units Listed 1 Units Sold 1 Sell/List Ratio 100 Sales Dollars $935,000 Average Price / Unit $935,000 Price Ratio 95 Days To Sell 160 Active Listings at Month End 4 % % 1 6 600 $3,750,000 $625,000 96 88 19 % % 0 -83 -75 50 83 -79 % % % % % % 30 35 117 $38,769,900 $1,107,711 94 163 % % 42 29 69 $21,247,682 $732,679 92 157 % % -29 21 82 51 3 % % % % % Revenue - Duplex/Triplex Units Listed 3 Units Sold 3 Sell/List Ratio 100 Sales Dollars $4,317,000 Average Price / Unit $1,439,000 Price Ratio 104 Days To Sell 30 Active Listings at Month End 1 % % 1 2 200 $3,230,000 $1,615,000 97 50 5 % % 200 50 34 -11 -41 -80 % % % % % % 95 61 64 $73,187,296 $1,199,792 102 20 % % 54 37 69 $38,929,758 $1,052,156 97 47 % % 76 65 88 14 -57 % % % % % Revenue - Multi Units Units Listed 0 Units Sold 4 Sell/List Ratio Sales Dollars $10,150,000 Average Price / Unit $2,537,500 Price Ratio 96 Days To Sell 62 Active Listings at Month End 11 % % 5 1 20 $2,950,000 $2,950,000 82 118 20 % % -100 300 244 -14 -48 -45 % % % % % % 71 42 59 $104,696,388 $2,492,771 96 71 % % 49 12 24 $20,250,000 $1,687,500 91 74 % % 45 250 417 48 -4 % % % % % Page 4 of 8 Victoria Real Estate Board Multiple Listing Service ®
  • 30. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Revenue - Apartment Block Units Listed 0 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 0 % % 0 0 $0 0 % % % % % % % % 0 0 $0 % % 9 3 33 $8,498,900 $2,832,967 93 128 % % -100 -100 -100 % % % % % Revenue - Commercial Units Listed 0 Units Sold 1 Sell/List Ratio Sales Dollars $249,900 Average Price / Unit $249,900 Price Ratio 100 Days To Sell 92 Active Listings at Month End 20 % % 3 4 133 $4,145,800 $1,036,450 94 148 42 % % -100 -75 -94 -76 -38 -52 % % % % % % 96 45 47 $46,003,196 $1,022,293 96 102 % % 95 25 26 $24,010,250 $960,410 96 89 % % 1 80 92 6 14 % % % % % Revenue - Industrial Units Listed 5 Units Sold 3 Sell/List Ratio 60 Sales Dollars $4,900,000 Average Price / Unit $1,633,333 Price Ratio 108 Days To Sell 43 Active Listings at Month End 12 % % 2 1 50 $620,000 $620,000 98 39 8 % % 150 200 690 163 11 50 % % % % % % 38 18 47 $26,341,868 $1,463,437 100 71 % % 12 9 75 $6,540,200 $726,689 98 90 % % 217 100 303 101 -21 % % % % % Business with Land Building Units Listed 0 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 3 % % 1 1 100 $625,000 $625,000 104 50 5 % % -100 -100 -100 -40 % % % % % % 7 2 29 $3,403,186 $1,701,593 85 142 % % 45 21 47 $34,303,992 $1,633,523 92 152 % % -84 -90 -90 4 -7 % % % % % Page 5 of 8 Victoria Real Estate Board Multiple Listing Service ®
  • 31. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Business Only Units Listed 4 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 38 % % 5 1 20 $70,000 $70,000 71 91 29 % % -20 -100 -100 31 % % % % % % 97 14 14 $3,256,500 $232,607 92 167 % % 100 21 21 $1,555,000 $74,048 75 116 % % -3 -33 109 214 43 % % % % % Motel/Hotel Units Listed 0 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 0 % % 0 0 $0 0 % % % % % % % % 0 0 $0 % % 2 0 0 $0 % % -100 % % % % % Lease - Office Units Listed 2 Units Sold 2 Sell/List Ratio 100 Sales Dollars $42 Average Price / Unit $21 Price Ratio 100 Days To Sell 64 Active Listings at Month End 44 % % 5 1 20 $17 $17 101 74 80 % % -60 100 144 22 -14 -45 % % % % % % 96 23 24 $2,181 $95 97 130 % % 113 11 10 $178 $16 125 156 % % -15 109 1126 486 -17 % % % % % Lease - Retail Units Listed 7 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 30 % % 3 2 67 $187,682 $93,841 5325 199 37 % % 133 -100 -100 -19 % % % % % % 74 27 36 $353,857 $13,106 86 129 % % 68 19 28 $578,655 $30,456 10684 179 % % 9 42 -39 -57 -28 % % % % % Page 6 of 8 Victoria Real Estate Board Multiple Listing Service ®
  • 32. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Lease - Warehouse Units Listed 0 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 0 % % 0 0 $0 0 % % % % % % % % 0 0 $0 % % 1 0 0 $0 % % -100 % % % % % Lease - Industrial Units Listed 0 Units Sold 2 Sell/List Ratio Sales Dollars $20 Average Price / Unit $10 Price Ratio 91 Days To Sell 72 Active Listings at Month End 3 % % 1 1 100 $13 $13 100 17 5 % % -100 100 54 -23 324 -40 % % % % % % 17 5 29 $69 $14 97 56 % % 7 4 57 $54 $13 96 160 % % 143 25 27 2 -65 % % % % % Lease - Other Units Listed 1 Units Sold 0 Sell/List Ratio Sales Dollars $0 Average Price / Unit Price Ratio Days To Sell Active Listings at Month End 4 % % 2 0 $0 4 % % -50 0 % % % % % % 10 3 30 $2,890,623 $963,541 4899361 75 % % 55 2 4 $30 $15 61 % % -82 50 9635310 6423507 23 % % % % % Commercial Land Units Listed 5 Units Sold 1 Sell/List Ratio 20 Sales Dollars $2,750,000 Average Price / Unit $2,750,000 Price Ratio 100 Days To Sell 997 Active Listings at Month End 17 % % 1 0 $0 12 % % 400 42 % % % % % % 29 10 34 $19,962,500 $1,996,250 95 301 % % 34 2 6 $6,225,000 $3,112,500 100 432 % % -15 400 221 -36 -30 % % % % % Page 7 of 8 Victoria Real Estate Board Multiple Listing Service ®
  • 33. Monthly Comparative Activity By Property Type Includes All MLS® Property Types December 2021 Current Month This Year % Change Last Year Year To Date This Year % Change Last Year Produced: 01-Jan-2022 Units Listed 399 Units Sold 438 Sell/List Ratio 110 Sales Dollars $446,668,752 Average Price / Unit $1,019,792 Price Ratio 103 Days To Sell 26 Active Listings at Month End 652 % % Grand Totals 456 631 138 $470,397,163 $745,479 99 52 1279 % % -13 -31 -5 37 -49 -49 % % % % % % 12206 10052 82 $8,976,801,770 $893,036 102 29 % % 12752 8497 67 $6,532,511,568 $768,802 98 47 % % -4 18 37 16 -38 % % % % % Page 8 of 8 Victoria Real Estate Board Multiple Listing Service ®