Friday November 12, 2021 | WEST SHORE, BC
by Mary P Brooke, Editor | Island Social Trends
The demand for more spacious homes during COVID and to take advantage of rock-bottom interest rates as inflationary increases to interest rates loom, has pushed housing prices even higher in October 2021. Prices have been moving upward all year.
As a result, inventory is also scraping bottom.
“Over the previous 10 years, the average number of properties for sale in the month of October was 3,210 — we are one third of that this year. We continue to see record breaking low levels of homes for sale and with continuing competition for homes, we see pricing pressure persist,” said VREB President David Langlois in the Victoria Real Estate Board’s November 1 news release containing the October 2021 real estate sales profile.
The average price in the west shore communities of Langford, Colwood, Sooke and View Royal are under the Greater Victoria regional average of $1,327,228. But not by much.
Here are the actual sales price averages for the month of October 2021, for four west shore communities (Victoria Real Estate Board stats):
OCTOBER 2021 REAL ESTATE STATS
Single Family Homes (includes houses with ‘mortgage helper’ suites and rental units; includes half-duplexes and a full duplex if title is freehold)
- Langford – $1,137,007 (52 sales)
- Colwood – $1,105,993 (11 sales)
- Sooke – $965,336 (25 sales)
- View Royal – $1,032,750 (4 sales)
- Greater Victoria – $1,327,228 (330 sales)
- Langford – $544,582 (39 sales)
- Colwood – $490,000 (2 sales)
- Sooke – $364,167 (3 sales)
- View Royal – $590,500 (2 sales)
- Greater Victoria – $7,361,617 (249 sales)
Row/Townhouses (includes full duplex if title is freehold/strata)
- Langford – $702,695 (21 sales)
- Colwood – $761,268 (8 sales)
- Sooke – $784,900 (2 sales)
- View Royal – $851,857 (11 sales)
- Greater Victoria – $855,894 (90 sales)
More housing coming to Royal Bay in Colwood (November 14, 2021)
Attainable home ownership program for renters in Langford (October 18, 2021)
Jagmeet Singh: political will to produce housing for everyone (August 18, 2021)
Another 58 affordable housing units underway in Langford (July 21, 2021)