New figures from the Victoria Real Estate Board show decreases in real estate prices for many but not all parts of the region. (File photo)

Greater Victoria sees real estate prices soften in August

West Shore communities buck trend

New figures from the Victoria Real Estate Board (VREB) show decreases in real estate prices for many but not all parts of the region.

Sales declined 6.4 per cent from July as 661 properties changed hands in August. But sales rose 11.3 per cent in August compared to August 2018. This “uptick in sales” as described by VREB’s president Cheryl Woolley has coincided with stable, even softening price points as the home price index for a single-family home in the core communities was $847,300 in August, down marginally from July, but down almost 4.6 per cent from August 2018.

Condominiums in the core communities, meanwhile, rose in price year-to-year by 2.9 per cent to $518,100 in August while dropping from July.

RELATED: Cost of Vancouver Island mansion could buy four luxury homes in Saskatoon

“August could be considered a status quo month for real estate in Greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace,” said Woolley.

The price softening appears across most of the region, especially in the core communities. Consider the east side of Saanich, where the cost of a single-family home has dropped by more than $40,000 to $860,000 within 12 months. Comparable price drops have also taken place in Victoria and Victoria West. Prices have also dropped in Oak Bay, with the proviso that its real estate is still the most expensive in the region. If the average single-family home sold for $1.3 million a year ago, it currently sells for about $1.19 million.

Many West Shore communities, meanwhile, bucked this regional trend. Single-family homes in Langford, Colwood, and Sooke are also fetching higher prices than they did a year ago, according to the figures.

Of the three Saanich Peninsula communities, prices remained stable in North Saanich, fell slightly in Central Saanich, and rose in Sidney.


Like us on Facebook and follow us on Twitter

wolfgang.depner@peninsulanewsreview.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Saanich wins award for climate plan cut from 2020 budget

‘It’s truly an exceptional plan,’ says councillor disappointed with lack of funding

Oak Bay Grade 8 students end time at Monterey with drive-through goodbye

School holds socially-distanced completion ceremony

CRD warns of toxic algae bloom at Thetis Lake Regional Park

Visitors advised to avoid swimming in lake, keep pets out of water

Saanich police, pound respond to possible cougar sighting

Cougar possibly seen in area of 4500-block of Chatterton Way

VIDEO: Musqueam Chief captures captivating footage of bald eagle catching meal

‘This is why we have chosen to live here since time immemorial,’ Chief Wayne Sparrow’s nephew says

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Okanagan school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

PHOTOS: B.C.’s top doc picks up personalized Fluevog shoes, tours mural exhibition

Murals of Gratitude exhibit includes at least one portrait of Henry alongside paintings of health-care workers

In troubled times: Independence Day in a land of confusion

Buffeted by invisible forces and just plain worn out, the United States of America celebrates its 244th birthday

Stop enforcing sex work laws during COVID-19, advocates say

There are provisions in Canada’s prostitution laws that make workers immune from prosecution, but not from arrest

Liberal party finished 2019 having spent $43 million, raised $42 million

All political parties had until midnight June 30 to submit their financial reports for last year

B.C. teacher loses licence after sexual relationships with two recently-graduated students

The teacher won’t be allowed to apply for a teaching certificate until 2035

Most Read