Real Estate Team

VREB Sales Report - February 2013

SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET 
VICTORIA, BC–The Victoria Real Estate Board reports a total of 394 sales were processed through the 
Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest 
activity was in single-family homes and condominiums. 
Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it’s 
more important to look at monthly trends and compare monthly buying behaviour year-over-year. “The 
trend lines for November, December and January are the same for the last three years. 
“We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast 
of a modest 2-4% sales increase in 2013,” Mann says. 
“The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are 
experiencing definite increases in their activity over the last two months and have a positive outlook. 
Many buyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern 
regarding the value of their homes,” Mann says. “However, if a house is priced properly, within the 
market value range, it will likely sell more quickly.”
The median price of a single family home is $505,500 compared to $530,250 in February 2012, a 
decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, 
and a less than one percent decrease over last month. “In other words, no change,” Mann adds.
There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median 
price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 
2013. Townhouses saw increased sales in the past month with a median price of $337,500, which is 
down by 11.65% year-over-year and 10.82% since January 2013. Current active listings at the end of 
February were 4,072. 
Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012 
Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012 
Single Family Dwellings sold over $1 million: 11 (3 over $2 million) 
While the use of average price information can be useful in establishing trends when applied over a 
period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price 
does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific 
information on property values in their area should contact a REALTOR®. 

SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC


The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in single-family homes and condominiums. Compared to February 2012, sales were down by 18.26%.

Shelley Mann, President of the Board, says it’s more important to look at monthly trends and compare monthly buying behaviour year-over-year. “The trend lines for November, December and January are the same for the last three years. “We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 2-4% sales increase in 2013,” Mann says. “The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern regarding the value of their homes,” Mann says. “However, if a house is priced properly, within the market value range, it will likely sell more quickly.”

The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month. “In other words, no change,” Mann adds.

There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 2013.

Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% year-over-year and 10.82% since January 2013.

Current active listings at the end of February were 4,072. 

Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012 

Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012 

Single Family Dwellings sold over $1 million: 11 (3 over $2 million) 

**While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®. **
NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.