Real Estate Activity in Victoria, BC
When the year started, nobody could have envisioned that a virus outbreak would shut down the global economy and lead to widespread devastation. Canada and its many industries were not immune from the coronavirus pandemic, forcing all three levels of government to impose unprecedented and extraordinary measures to shield the public from a financial collapse. The city of Victoria faced the same effects as other places across the country.In the first half of March 2020, real estate activity in Victoria was typical: new listings, multiple offers, and a steady increase in sales. Then, as Victoria Real Estate Board (VREB) President Sandi-Jo Ayers told a local newspaper, “the world changed.” Like other Canadian housing markets, Victoria endured a severe rough patch in the immediate aftermath of the COVID-19 pandemic. In weeks after Ottawa announced the country would be shutting down, many local real estate experts were uncertain about the spring and summer in Victoria.But that level of unpr…
