View our press release and summary here

Victoria Real Estate Market continues 2014’s upward trend
February 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real
estate activity in the Victoria area for January 2015.
351 properties sold in the Victoria region this January, an increase of 2.6% when compared to
the 342 properties sold in the same month last year.
“We don’t expect to see big numbers in January. It’s a slower month traditionally for real estate,”
Victoria Real Estate Board President Guy Crozier says. “Even this slight increase after the
11.67% year over year increase in sales we saw in 2014 shows the continued stability of our
market. There’s also a good balance of inventory available for sale, which will likely appeal to
buyers as the spring season hits. Last month while we saw 10 single family homes sold for over
a million dollars, there were also 95 homes sold for under $500,000.”
At the end of January there were 3,283 active listings for sale on the Multiple Listing Service®, a
slight decrease from the 3,489 in January 2014. This continues a trend that started in mid-2013
where there are fewer listings in the market than there were in the same month of the year
previous.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in
the Victoria Core this time last year was $548,500. The benchmark value for the same home
this month has increased by 2.39% to $561,600.
“With the change in mortgage rates surprising some, and the continuing low oil prices and
Canadian dollar, the spring real estate market should be an interesting one to watch,” Crozier
adds.
Victoria Real Estate Board President Guy Crozier is available for comment. More information on
the January 2014 report and the Multiple Listing Service® Home Price Index is available from
the Victoria Real Estate Board, www.vreb.org.
About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the
development of standards and innovative programs to enhance the professionalism of
REALTORS®. The Victoria Real Estate Board represents approximately 1,200 local
REALTORS®.
Contact:
Denise Hogue, communications manager - denise@vreb.org, 250 920-4652
January 2015
Statistics Package for Media
Previous
PeriodsofComparison
of Unit Sales,
Prices
and Median Prices January 2
ious Periods
Comparison
Unit Sales, Average
PricesAverage
and Median
Prices
February 01, 2015
Sales by Property Type
Single Family Greater Victoria
This Month
Last Month
2015 - January
2014 - December
This Month Last Year
2014 - January
Units
LM%
LY%
Average$
LM%
LY%
Median$
LM%
LY%
Units
Average$
Median$
Units
Average$
Median$
162
-10.5%
-4.1%
$564,118
-2.6%
-3.5%
$510,000
-2.9%
-6.3%
181
$579,093
$525,000
169
$584,645
$544,000
Single Family Other Areas
26
23.8%
8.3%
$508,385
-8.8%
-17.0%
$440,000
10.0%
1.9%
21
$557,395
$400,000
24
$612,231
$432,000
188
-6.9%
-2.6%
$556,410
-3.5%
-5.4%
$488,475
-6.2%
-8.7%
202
$576,837
$521,000
193
$588,076
$534,912
Condos
90
-4.3%
-2.2%
$356,520
-8.0%
8.7%
$264,950
-10.5%
-1.7%
94
$387,676
$296,000
92
$328,130
$269,500
Townhouses
38
-7.3%
26.7%
$402,404
-9.9%
-15.0%
$365,000
-11.0%
-24.5%
41
$446,768
$410,000
30
$473,607
$483,500
9
0.0%
0.0%
$110,222
-11.0%
-12.3%
$100,000
-16.7%
-18.9%
9
$123,778
$120,000
9
$125,694
$123,250
Total Residential
325
-6.1%
0.3%
346
324
Total Sales
351
-9.8%
2.6%
389
342
3,283
2.3%
-5.9%
3,210
3,489
Single Family Total All Areas
Manufactured Homes
Active Listings
Legend
Units: net number of listings sold
LM%: percentage change since Last Month
LY%: percentage change since This Month Last Year
Average$: average selling price
Median$: median selling price
Active Listings: total listings on the market at midnight on the last day of the month
Previous Periods Comparison of MLS® HPI Benchmark Prices and MLS® HPI Index Values
PreviousPeriodsComparisonofMLS®HPIBenchmarkPricesandMLS®HPIIndexValues
CommonlyQuotedBenchmarkHome
SingleFamilyBenchmarkHome:GreaterVictoria
SingleFamilyBenchmarkHome:Core
SingleFamilyBenchmarkHome:Westshore
SingleFamilyBenchmarkHome:Peninsula
CondoBenchmarkHome:GreaterVictoria
TownhouseBenchmarkHome:GreaterVictoria
Legend
Victoria Real Estate Board
January2015
Benchmark
Price
$486,000
$561,600
$405,000
$522,500
$287,600
$401,200
December January2014 January2015 December January2014 LM%
2014
Benchmark IndexValue 2014Index IndexValue
Benchmark
Price
Value
$477,400
$470,100
140.1
137.6
135.5
1.8%
$560,900
$548,500
145.8
145.6
142.4
0.1%
$402,600
$403,500
132.2
131.4
131.7
0.6%
$526,700
$499,400
135.8
136.9
129.8
Ͳ0.8%
$287,200
$401,400
CurrentMonth:
LastMonth:
LastYear:
LM%:
LY%:
$276,700
$398,000
142.3
138.5
142.1
138.6
136.9
137.4
0.1%
0.0%
LY%
3.4%
2.4%
0.4%
4.6%
3.9%
0.8%
January2015
December2014
January2014
Percentagechangebetweencurrentmonthandlastmonth
Percentagechangebetweencurrentmonthandsamemonthlastyear
January 2015 statistics
Total new MLS® listings and total MLS® sales for entire district
Sales to Active Listings Ratio
24%
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%
Jan 2015
Dec 2014
Nov 2014
Oct 2014
Sep 2014
Aug 2014
Jul 2014
Jun 2014
May 2014
Apr 2014
Mar 2014
Feb 2014
Jan 2014
Dec 2013
Nov 2013
Oct 2013
Sep 2013
Aug 2013
Jul 2013
Jun 2013
May 2013
Apr 2013
Mar 2013
Feb 2013
Jan 2013
Balanced Market
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
January 2015 statistics
MLS® HPI benchmark and value - Single Family Homes
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.
Victoria Real Estate Board
January 2015 statistics