HOMEFINDER PENINSULA: Two distinct markets on the Peninsula

Local house prices being pushed ever skyward due to higher demand

Demand for homes in Sidney and the Saanich Peninsula is pushing up average prices.

A case of simple supply and demand on the Saanich Peninsula is proving to be the cause of a rise in the local real estate market.

A rise in home prices, that is.

Jack Barker, a real estate agent with Re/Max Camosun/Peninsula says there are two distinct markets on the Peninsula — North Saanich and Sidney areas. He said there could be three markets if one takes Brentwood Bay (Central Saanich) into account, but adds it’s similar to Sidney, price-wise.

“We are seeing increasing prices in Sidney,” Barker explains. “We just don’t have the product to meet the demand.”

As a result, he said prices have increased in recent months. In Sidney, he said the average price is now $519,000, based on pending and sold units  over the last six months.

In North Saanich, unit values are significantly higher, reaching an average of $891,000 in the same time period.

“It’s the first time I’ve seen such a diverse market,” Barker added, noting that Sidney is quickly becoming a niche market, due to its location, amenities and steadily rising prices.

Much of the demand in these two markets, Barker said, is from Baby Boomers — and from younger people who have made their money in the resource industry.

“The buyers we are seeing are a bit mixed,” he said. “There is a bit of a younger market here right now. We are seeing people age 20 to 26 years old who have been working in Kitimat, Alberta and Saskatchewan, coming back and buying homes.”

The larger group of buyers are still the Boomers and retirees, Barker said, looking at specific places like Sidney’s so-called Golden Zone (the area around Ocean Avenue, Henry Street and Fifth Street). That area, said Barker is close to the waterfront and the downtown core and can be reached on foot.

This demand, however, is having some serious ramifications on a very different population of retirees.

Barker said there are seniors looking to downsize their homes who are finding it hard to afford these prices. He said he’s seen some clients consider Mill Bay or Parksville as more affordable locations and still on Vancouver Island.

“I have clients who have been reconsidering their retirement plans as it’s become too expensive for them to buy here.”

Barker added there are new housing developments in the works on the Peninsula, but they are months or years away. Meanwhile, the demand keeps going up.

“After all, we are in a great place to live. I have every confidence in our marketplace in Sidney.”

He said the region still obviously attracts a lot of seniors. Diversification of services — such as increasing French Immersion programs in local schools — could go a long way to attracting more families. That’s going to be a hard sell no matter how you slice it, he said, with the West Shore already well established for younger families.

However, sales on the Peninsula have been steady this year, Barker said. He reviewed recent sales for this interview and said there have been 48 in the Sidney area so far this year, 35 of which were town homes.

In North Saanich, he said there have been 63 sales, some of which were “fairly significant.”

Barker advises people looking to buy on the Peninsula to do good research on the local neighbourhoods and take time to watch for good prices popping up on the market.

When well-priced homes appear, he said, they are snapped up almost immediately.





Just Posted

Tsunami warning had Peninsula crews on standby

The tsunami warning that got some Greater Victoria residents scrambling for high… Continue reading

Sirens don’t sing in tsunami warning for Esquimalt

Officials pleased with process, say sirens would have been activated had threat escalated.

Elizabeth May reaches out to Sidney through town hall

Marijuana cultivation in Central Saanich crops up during meeting

BC Boat Show sails back to Sidney

Port Sidney Marina hosting event May 3 to 6

VicPD nab distracted driver with expired licence

On the phone while in motion, man had overdue fines from driving while impaired

Tsunami warnings 101: Canada

Here are some things to know about tsunami alerts in Canada and how they work

Butchart Gardens is hiring now and paying more

Wages start at $15, job fair Feb. 20

How high is safe from a tsunami? Four metres above sea level

Be disaster ready with food, water and clothing for seven days

Cash still needed for Stelly’s Cross Path

MLA Olsen wants more specifics first

Victoria Film Festival set for triumphant return to the big screen

Two decades on, diverse film lineups keep movie-goers coming to the box office

Andrew Scheer on trade, Trump and Trudeau

Canada’s Conservative leader begins three-day visit to B.C.

Victoria’s most wanted for the week of Jan. 23

Crime Stoppers will pay a reward of up to $2,000 for information that leads to arrests or the seizure of property or drug

Victims restrained, sex toys and cash stolen from B.C. adult store

Armed suspects sought in adult store robbery

Most Read