$5 billion changed hands in Greater Victoria's real-estate market in 2019 as activity surpassed 2018's total sales but dipped slightly below that year's final valuation of purchases. Citified.ca
Victoria real-estate transactions totalled $5 billion in 2019; fourth busiest year on record
CITIFIED.CA STAFF
Published January 2, 2020
Nearly $5 billion in real-estate transactions took place in Greater Victoria last year marking a busy period for home and commercial property sales, according to figures released by the Victoria Real-Estate Board.
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7,255 residential and commercial properties available through the Multiple Listings Service sold in 2019 for a total value of $4,925,950,600, the fourth highest year ever in terms of valuation and the fourth busiest by transaction volume.
By comparison, 2018 saw 7,150 transactions with a total value of $4,992,863,965, nearly $70 million in sales over 2019. The highest year by both purchases and money exchanged was 2016 with 10,622 valued at $6,133,802,148, respectively. 2017 was the runner-up with 8,944 purchases and just over $5.7 billion exchanged.
2019 started off slow with sales lagging 2018 between January and April, but May showed gains with 848 sales over May 2018’s 755, and that trend continued straight through December as activity surpassed 2018’s total by 1.5% (105 properties).
In terms of valuation, the latest BC Assessment data for 2020 yielded a negative trend for the urban core of Victoria while the Westshore and the Saanich peninsula areas saw overall prices rise or remain flat.
The benchmark price of a single-family-dwelling in the Capital was $855,400 as of November and $517,000 for a condominium suite. The benchmark price in the same period last year was $865,800 for a single-family-dwelling and $501,300 for a condominium. C
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