Greater Victoria condo prices saw the third-highest increases in Canada over the first months of 2022.
The region was only behind Vancouver and Toronto, which had the top two new condo selling price jumps during the first quarter of this year compared to late 2021.
Prices for apartment-style condominiums were up 1.8 per cent across nine Canadian urban areas in the first quarter. Greater Victoria’s increase stands at 1.3 per cent over the fourth quarter of 2021. Vancouver pushed the national average up after posting a 4.2 per cent increase, while Toronto’s 1.4 per cent jump just outpaced B.C.’s capital.
Quebec City, up half a per cent, was the only other area to see a rise in the first quarter.
People have flocked to larger living spaces over two pandemic years, causing single-family home prices to increase at a faster rate than condos, according to Statistics Canada. That teamed with record-low home supply has made condos the more-affordable option for buyers in five Canadian metro areas, including Greater Victoria.
The price of newly built condos nationally saw a 7.3 per cent year-over-year increase, with Toronto (up 8.9 per cent) and Vancouver (up 8.3 per cent) driving Canada’s overall cost acceleration. Greater Victoria condos sold for 2.4 per cent more in recent months than they did in the first quarter of 2021.
Rentals.ca reported Vancouver’s average rental cost was almost 30 per cent higher last month than it was in March 2021. That record year-over-year increase has attracted investors to the city’s housing market, which StatsCan said reduced the supply of available units and contributed to upward price pressures for condominiums.
The number of condos under construction has declined for three straight quarters, with Canada Mortgage and Housing Corporation figures showing the amount of those apartment-style builds was down 4.7 per cent to start this year compared to the end of 2021. That low supply is being met by high housing demand, StatsCan said, noting the high number of people who moved to B.C. from other provinces in the last year.
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