The latest House Price Survey by Royal LePage showed that the average price of single-family units and condominiums combined in the Greater Victoria area is close to breaking the half-million-dollar mark, spiking upward to $489,100 in Q1 2016, from $465,324 last year.
These property types have proven to be the most attractive in Victoria. Last month alone, 569 single-family homes and 276 condo units have been sold.
Bidding wars spurred by scarce supply and historically low interest rates are driving the growth in these segments, according to the report. However, a separate analysis by the Canada Mortgage and Housing Corp. said that it’s still too early to tell if foreign investment—which has been cited by various quarters as chiefly responsible for the bloated Vancouver and Toronto markets—is playing a role in Victoria.
“Despite a range of statistics suggested by various studies on the size of foreign ownership, available factual information remains scarce,” the CMHC noted in its study, as quoted by the Times Colonist
Another growth area in Victoria for Q1 2016 was the two-storey property sector, which went up by 13 per cent to $680,594. Meanwhile, the value of bungalows in the city declined by 1.7 per cent, down to $485,852.
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Exhibiting a staggering growth rate of over 5 per cent in the first quarter of 2016, Victoria is gradually establishing itself as a forced to be reckoned with in Canadian real estate, according to a recent report.