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VREB - Historical Sales Data 1978 - 2012
07-07-2013, 10:14 AM, (This post was last modified: 07-07-2013, 10:19 AM by Skook.)
#1
VREB - Historical Sales Data 1978 - 2012
The VREB (Victoria Real Estate Board) covers a wide area of the south island and this ‘Greater Victoria’ area currently includes:
  • Victoria, Victoria West, Oak Bay, Esquimalt, View Royal, Saanich (East, West, Central, North), Sidney, Highlands, Colwood, Langford, Metchosin, Sooke. It also keeps stats on Shawnigan Lake/Malahat, Gulf Islands, and UpIsland/Mainland (no idea as of yet what this last area covers).
It is important to note that I do not know if all these areas are included in the annual historical data prior to 1990. In 1990 the following areas are definitely included in the annual summary stats: Victoria/Victoria West, Oak Bay, Esquimalt, View Royal, Saanich (East, West, Central, North), Sidney, Colwood, Langford, Metchosin, Sooke. In 1991, the Gulf Islands appear. In 2006, VREB historical data page begins posting the monthly summaries in additional to the annual reports and these summaries do include data for the Gulf Islands, UpIsland/Mainland and waterfront data.

Note: The VREB uses the designation ‘Single Family Dwelling’ and I have assumed this to mean ‘Single Detached Home’; however, I could be wrong and that this historical data includes all ‘residential’ types. On its historical stats webpage beginning in 1995, the VREB begins offering annual summaries by residential ‘type’ (Single Family Dwelling, Condominium, Townhouse and Manufactured Homes). If anyone can offer any insight into this, it would be greatly welcomed.

******************************

Okay, with all the qualifying above aside, let’s look at the data reaching back to 1978 and frankly given the totals I think it might be safe to assume the table data refers to single detached homes.

Now look at the total sales for 2012 and then move over to the first column and what jumps out at you? Yep, that 2012 total is lower than the total sales reached in 1983 - 20 years ago. Of course, what makes this apparent 20-year low so significant is that the Greater Victoria area has grown significantly since 1978. My conclusion is that home sales in the VREB area are totally abysmal. Is this the right interpretation? By the way, what happened in 1989? Was this still the afterglow from Expo 89?

[Image: attachment.php?aid=264]

The following VREB charts offer the historical breakdown for the average selling price of Single Family Homes (since 1967), Townhomes (since 1987) and Condominiums (since 1988). Notice how these averages prices begin to rise after that magic date of 2001 (WestJet sets up a direct route to Vancouver Island from Alberta to Comox that year).

I have a Landcor Data Corp report from 2006 which looks at the influence of Alberta buyers on sales prices and volumes in BC and will add the info to the forum in the future. The report indicates that for Calgarians the three top areas to buy were: East Kootney, Vernon and Kelowna (traditionally popular areas a decent driving distance away). However, for Edmonton buyers, the three top areas were: Kelowna, Capital (Victoria) and East Kootney.

[Image: attachment.php?aid=265]


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