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ASPECTS OF RESIDENTIAL REAL ESTATE

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Between 2017 and 2019 there were a total of 20,100 sales of residential properties through the Victoria Real Estate Board’s MLS® for a total dollar value of $13.875 billion and for
an average annual rate of $4.625 billion. The average sale prices for the various types of housing over this three year period across the region were as follows: single family dwellings (SFDs) $880,411, townhouses $580,472 and condos $445,261. By way of comparison, twenty years ago, the average sale price of SFDs was around the $250,000 mark, townhouses were about $200,000 and condos were about $150,000.

Sales of SFDs still constitute the major property type in the region. However, the proportion of sales of SFDs has declined from nearly 70% twenty years ago to about 53% over the past three years. While the core communities still have the largest number of sales of SFDs at 5,143, Westshore is rapidly closing the gap with 4,004. At the same time, sales of condos and townhouses grew from about 30% twenty years ago to about 47% in recent years.

An interesting aspect of the sales figures in the Core Communities is the number of condo and townhouse sales. Taken together, these types of housing constitute 55% of the sales in the Core Communities. Another observation worth noting is that the Core Communities contain the most expensive housing in the region, irrespective of type, followed by the Peninsula. By contrast, Westshore has the most affordable housing in the region. On average, SFDs are about $300,000 less expensive in Westshore than either the Core communities or the Peninsula. Condos are nearly $100,000 less expensive and townhouses about $150,000 less expensive. Housing is expensive in the Greater Victoria region. However, there are areas where it remains reasonably affordable.