Brad Forrest
103-814 Goldstream Ave V9B 0A6 Victoria, BC, Canada

Your continued support is very appreciated Thank you! This market remains on

March Market Report VREB Released to media yesterday: The fast pace of Victoria real estate market surges on... A total of 1,173 properties sold in the Victoria Real Estate Board region this March, 92.9 per cent more than the 608 properties sold in March 2020 and 35.9 per cent more than the previous month of February. Sales of condominiums were up 111.8 per cent from March 2020 with 377 units sold. Sales of single family homes were up 88.2 per cent from March 2020 with 574 sold. "Limited supply with overwhelming demand has been the story for the first quarter of 2021, said Victoria Real Estate Board President David Langlois. This time last year was the beginning of the pandemic and most everything was shut down so we cannot compare year over year numbers but if we look at longer term trends, the average number of sales from the month of March in the past ten years before 2020 was 715 properties. Numbers from last month are close to the market trends we saw in 2016, but with an even greater imbalance in inventory due to a surge in consumer demand for homes in the Victoria area. There were 1,310 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of March 2021, 41.8 per cent fewer properties than the total available at the end of March 2020 and 0.6 per cent properties fewer than the 1,318 active listings for sale at the end of February 2021. "The underlying issue is a deficit in supply, explained Langlois. Supply needs to be addressed by all levels of government and particularly by local governments which control land use policies and development processes. Equally important, governments need to ensure that measures they make to moderate the housing market do not exacerbate the problem by attempting to suppress demand by adding costs or qualification barriers. These sorts of measures raise the overall cost of housing and add even more challenges for first time buyers. We need to continue to push for both increased supply and sensible government policies around housing. The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in March 2020 was $879,600. The benchmark value for the same home in March 2021 increased by 10.1 per cent to $968,700 a 2.2 per cent increase from the previous month of February. The MLS HPI benchmark value for a condominium in the Victoria Core in March 2020 was $531,800, while the benchmark value for the same condominium in March 2021 remained close to last year’s value at $529,100 a 0.5 per cent decrease.

Have a read below for up an up to date snapshot of the Victoria Real Estate Market!

Nice looking duplexes in a very fast growing, terrific community!

Pumped to get my clients into this fantastic Sooke property & if you can believe it, for UNDER list price! Congrats to my wonderful clients, I really love this home for your family! A large thank you to Tania Delmonico of RE/MAX for a seamless deal. Have an incredible weekend friends!

Now on MLS for 549,900 this well maintained 3br/3bath Langford home will be taking offers on Monday! Enjoy your day my friends

Pumped for my buyers to be able to call this fantastic Broadmead property their new home. You will make some incredible family memories here! I appreciate you counting on me again, thank you!

Yes,,, it is expensive to live in this fantastic city. However, I call Victoria the Hawaii of Canada for a reason. Our city is now ranked #5 in the WORLD of small cities to live in, despite the bike lanes

A great property, offered at a fantastic price! Perfect opportunity to crack into the Victoria Real Estate Market. See the attached media file for floorplans and 3D walk thru! Have a great Sunday friends!

Hello friends, below notice the steady climb of inventory and the slight softening of sales. It will be interesting to watch if low interest rates will fend off the likely impact of supply and demand. We will either continue rolling as 2020 has made now sense or there is a correction coming. Enjoy your day!

My monthly newsletter is super informative sharing everything you need to know about the local Real Estate market. If you are not receiving them & wish to be, you can sign up on my website below. Have an incredible day!

A massive Congrats to my Sellers for putting a SOLD sign on their property tonight I appreciate you calling on me! & thank you Lew Poulin for introducing your clients to such a great home! Mill Bay is pretty awesome

Receiving a note from a happy client like this one, makes it ALL worth it. Thank You

Working with 1st time buyers is probably my favorite thing to do in this business! I attempt to make it fun but informative & serious but not stressful! Thank you & CONGRATS to my new friends! Love your new pad ;)