Victoria aggregate house price climbs 8.4 per cent in fourth quarter of 2018, Royal LePage survey

Dated: January 12 2019

Views: 77

Victoria aggregate house price climbs 8.4 per cent in fourth quarter of 2018, Royal LePage survey

The Royal LePage fourth-quarter survey found the median price of a two-story home increased year-over-year in Victoria by 13.2 per cent to $966,790. File photo.
The Royal LePage fourth-quarter survey found the median price of a two-story home increased year-over-year in Victoria by 13.2 per cent to $966,790. File photo.

The median price of a two-story home in Victoria is closing in on a million dollars, according to a fourth-quarter housing price survey by Royal LePage.

The report says year-over-year in the fourth quarter of 2018, the median price of a two-story house in Victoria went up 13.2 per cent $966,790.

Royal LePage says Victoria saw a significant increase in the aggregate price of a home in the fourth quarter of 2018, with an 8.4 per cent climb year-over-year to $695,793.

There is also a double-digit increase in the median cost of a condominium in the fourth quarter, rising 10.3 per cent to $512,024 compared to the same time a year earlier.

The median price of a bungalow climbed slightly by 0.7 per cent over the same period to $724,225.

“We saw strong price appreciation year-over-year in the third quarter of 2018 due to an overall lack of supply, coupled with increased housing demand generated from our healthy local economy,” Royal LePage Coast Capital Realty associate broker Bill Ethier said in a release, adding prices levelled out in the last half of 2018.

Ethier says the shortage of supply is further shaped by government regulations slowing the market in B.C., resulting in a decrease in new residential construction.

Analysts say retirees are competing with first-time buyers when choosing to buy a condominium, resulting in a lack of inventory.

“Retirees who are unable to find a condominium stay in their homes longer resulting in a shortage of two-story inventory,” Ethier said.

“With a shortage of listings within these two housing types, prices in both property segments rose in 2018.”

Nationally, the Royal Lepage survey showed the price of a home increased four per cent year-over-year in the fourth quarter to $631,223.

The figures are gathered from proprietary property data in 63 of Canada’s largest real estate markets.

Blog author image

Steven Axford

Steve is a award winning Realtor in Victoria BC, with his listings selling faster and for top dollar! Growing up in Victoria, BC and has always been active in his community. Steve is a Victoria Cougar....

Latest Blog Posts

Adapting Your Finances

The latest news has been focused on rising interest rates, surging inflation, and economic uncertainty with suggestions that the Canadian economy could be tripped into recession.With all this

Read More

Asking price matters

There’s no doubt about the fact that the housing market is slowing from the frenzy we saw over the past two years. But what does that mean for you if you’re thinking of selling

Read More

New Home Warranties in Strata Corporations

The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed be covered by third-party

Read More

Shift in Victoria Real Estate market brings more time for buyers and sellers

A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of

Read More