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Real estate continues to set pace for economy

5/5/2021

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A lack of housing supply and an eruption in demand has Greater Victoria's real estate market continuing to set the pace for the economy. The benchmark price for a single family home in the region's four core municipalities was $996,500 for April. That's up 2.9% from March and 12.6% higher from April 2020's benchmark price of $884,600.

"We've seen an imbalance in our market for a quite a few months," Victoria Real Estate Board President David Langlois said in a news release. "Our market is based on supply and demand and there is a disconnect right now with record low supply and high demand. Unfortunately, our housing supply is not as elastic as market demand is."

Langlois says markets such as Greater Victoria can "erupt quickly," and outpace the time it takes to build new homes.

"These realities make it hard to bring our market into balance. Efforts by government to dampen demand by making home ownership more expensive through taxes and borrowing limitations do not bring balance. Municipal governments adding costs and time delays to new developments do not bring balance. A commitment to developing our communities over the long term may."​
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  • Membership
    • Why Join?
    • Job Board
    • Member to Member Offers
    • Benefits, Discounts & Savings >
      • Chamber Store
    • Chamber Local
    • 1863 Impact Award
    • Questions & Answers
    • Join Now
    • Member Login
  • Member Directory
  • Events
    • Signature Events >
      • Annual Auction
      • Business Awards
      • Business Hall of Fame
      • Business Leaders Series
    • Event Calendar >
      • Chamber Events
      • Community Events
    • Event Photos 2023
    • Sponsorship
  • News & Advocacy
    • Weekly BizNews >
      • BizNews Articles
    • Advocacy / Wins for Business >
      • Advocacy Wins
      • Business Property Taxes
      • Advocacy Priorities
    • Chamber Chats
    • In the News >
      • Published Op-Eds
      • Media Releases
    • Non-market housing
    • Find and keep workers
    • Business Matters Magazine
    • COVID-19
  • The Chamber 1863
    • 1863-Indigenous
    • 1863-Early Chamber
    • 1863-History Events
    • 1863-Booms and Busts
    • 1863-Members & Communities
    • 1863-Women, people and organizations
    • 1863-Committees
    • 1863-Chairs and Chair Businesses
  • About Us
    • Emerge >
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    • Staff Directory
    • Board & Governance >
      • Governors
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      • Committees
    • Chamber History
    • Partners & Sponsors
    • About Victoria >
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