Greater Victoria real estate prices rising
It seems like new homes are being built all over the west coast, but demand has still exceeded supply.
“(That) continues to put pressure on prices,” said Sandi-Jo Ayers, former president of the Victoria Real Estate Board.
What was once considered an affordable municipality in the capital region is now inaccessible for many.
Benchmark prices haven’t hit the $ 1 million mark yet, but they’re getting closer.
According to the Victoria Real Estate Board, the benchmark retail price of a single-family home on the West Shore was $ 912,700 in November. That’s up from $ 709,300 a year ago, but it’s still cheaper than in the core of the region.
The benchmark retail price in Victoria was $ 1,040,700. That’s an increase from last year’s benchmark price of $ 903,700.
“I’ve lived out here for 21 years and have never seen the activity that we’ve seen in the past 2 years,” said Ayers.
The west bank has grown and changed over the years. It has become more appealing to those who choose to leave the core for the lifestyle options on offer.
Fortunately, we are able to have someone by the sea in Colwood within 10 minutes of someone’s door, said Rob Martin, Colwood Mayor.
Colwood’s population is booming. Martin says his city is slated to become the fourth largest jurisdiction in the capital region after Saanich, Victoria and Langford next year.
To accommodate these new residents, cities on the west coast are increasingly looking for row houses rather than single-family homes.
“With the Townhouse product we can provide people (options) who cannot afford a single family home but still want ownership of the community,” said Martin.
The Mayors of Colwood and Langford say densification is key to getting people into the housing market if prices continue to rise.
Langford is now focused on building up in its downtown core to provide cheaper options for home ownership.
In Sooke, too, the demand is high and the supply is low.
Marlene Arden is a real estate agent at Remax Camosun in Sooke. She says many mainland and provincial buyers come to Sooke. This drives up prices and has a negative effect on the locals’ desire to buy.
“It’s $ 814,000 for our benchmark,” said Arden. “Our Sooke residents are actually being driven out of the Sooke market.”
Arden says Vancouver Island has been discovered and people want to live here, but when housing supply is low, prices will keep rising until equilibrium is achieved.