Friday, January 4, 2019 ~ WEST SHORE.
by Mary P Brooke ~ West Shore Voice News
The Greater Victoria housing market was adjusted and adapted by market forces and government policy in 2018, overall causing a softening of market housing prices.
In the west shore — particularly the fast-growing areas of Langford, Colwood and Sooke — there was strength in the December housing market, with prices ending up the year higher than in November. That indicates a continued strong market in the region for 2019, even though housing prices softened overall and balanced out a bit from mid-year to year-end.
Sale Price Averages (single family homes) in the Victoria Real Estate Board (VREB) statistics for December 2018: Langford saw an average ale price of $759,729 (compared to $686,964 in November), Colwood saw $798,740 (compared to $734,075 in November), and Sooke maintained strength as well with $539,750 (compared to $524,841 in November). Overall in Greater Victoria in December 2018, the raw average sale price of all properties at $901,387 was not a shy result for the year.
The HPI blended average (i.e. a figure that adjusts for what VREB determines as impactful market variables such as transportation, schools and recreation) for Greater Victoria at $858,600 (down from $865,200 in November 2018) was significantly lower than the $901,387 raw sales average.
The upward trend of market pricing compared to a declining trend in the data-adjusted HPI indicates strong property value increases in 2018 in the Greater Victoria area (which bears out in the BC Assessment figures that were released January 2). But it also indicates that market pricing of single family home prices are likely to continue softening in 2019.
However, all of this can be seen as an adjustment without worry of a crash. Detailed real estate analysis by university professors (including in reports to the Union of BC Municipalities) and in the opinion of various economists and Realtors shows that values will likely never crash in Greater Victoria, due to the climate/lifestyle desirability of the south island region).
A more in-depth real estate analysis — including condo pricing trends, inventory trends, and socioeconomic perspectives on home-buying inclinations as well as how affordable housing is becoming a mainstay in the housing market — was released to our subscribers on January 2. To receive the full report, write to subscriptions@westshorevoicenews.com for a free copy, and a gift-subscription offer of 25% off (valid to January 8, 2019).