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

Just Posted

Health Canada suspends Island pot producer’s licence following unannounced visit

Evergreen Medicinal Supply is working on “corrective action”

Victoria student out $600 for lack of e-bike insurance blames confusing rules

B.C. regulation says e-bike motors must turn off if rider stops pedalling, or bike must be insured

Flat tire, kindness of strangers, surprisingly inflate hope

Sooke mom and her daughters knocked on door of Bob and Norma Saunders seeking help

Oak Bay grants 60 days of protection for century-old mansion

J.W. Morris House slated for removal by Abstract Developments

Saanich police ask for public’s help locating missing high risk youth

The 12-year-old was last seen before school on Monday morning

Sealand was much more than killer whales, says ex-employee

Former Sealasd trainer revisits Sealand of the Pacific in talk

Crime Stoppers most wanted for Greater Victoria for the week of September 17

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

POLL: Should the province step in to upgrade the road to Bamfield?

The death of two University of Victoria students on a bus bound… Continue reading

35 of 87 dogs in 2018 Williams Lake seizure were euthanized due to behavioural issues, BCSPCA confirm

The dogs did not respond to the behaviour modification and remained terrified of humans

B.C. ‘tent city’ disputes spark call for local government autonomy

UBCM backs Maple Ridge after province overrules city

B.C. drug dealers arrested after traffic stop near Banff turns into helicopter pursuit

Antonio Nolasco-Padia, 23, and Dina Anthony, 55, both well-known to Chilliwack law enforcement

B.C. MLA calls on province to restrict vaping as first related illness appears in Canada

Todd Stone, Liberal MLA for Kamloops-South Thompson, introduced an anti-vaping bill in April

Chilliwack woman wins right to medically assisted death after three-year court battle

Julia Lamb has been the lead plaintiff in a legal battle to ease restrictions on Canada’s assisted dying laws

Most Read