Victoria Real Estate Stats


March 2014 real estate activity in Victoria 

April 1, 2014 
The Victoria Real Estate Board today released its monthly report on real 
estate activity in the Victoria area for March 2014. 
575 properties sold in the month of March 2014, compared to 483 in March 2013 – an 
increase of nearly 20% year over year. However, the average sales for the month of 
March over the past five years is 607 properties per month, so though 2014 is stronger 
than the year previous, sales have not yet returned to the longer term average. 
Victoria Real Estate Board President Tim Ayres says, “This time last year sales weren’t 
outstanding – the market was sluggish. Tightened mortgage amortization rules resulted 
in slower sales as buyers adjusted to the new requirements. Property values were 
stable, but inventory didn’t move quickly. This year we see more sales than last March.” 
The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report 
on property values. 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 
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. 
Current MLS® HPI composite (inclusive of all single family homes, condos and 
townhomes sales) for the Victoria Real Estate Board area is 139.3 – compared to 139.1 
this time last year. While these overall numbers indicate little change in the last 12 
months, some areas have changed more than others. Local REALTORS® can interpret 
what this means to specific neighbourhoods in the region. 
President Tim Ayres explains what this means to the local market, “The stable property 
values year over year, along with the strong inventory of properties we see for sale 
shows that we have returned to balanced market conditions. There is no extreme 
upward or downward pressure on housing prices right now. This stability in value 
combined with the new lower interest rates we see from some lenders may move a lot 
more buyers into the Victoria and area housing market.”