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Pricing Trends of Condominiums in Langford and Greater Victoria

Like all real estate sales in 2017, condominiums saw brisk sales! There was a total of 2,773 sold in Greater Victoria through the year, 370 of those being in Langford. At Triple Crown, we sold 34 of the 46 condominiums we have available, which means we contributed just over nine percent to that figure.

 The average price of condominiums rose significantly through 2017, as did all other types of housing. We're happy to say our prices have remained the same, so we didn't contribute to the average rise in price. The Multiple Listing Service® Home Price Index benchmark value for condominiums was $449,460 in the Victoria downtown core, an increase over last year of 16.3 percent.


An interesting trend to note over the past 50 years of real estate prices in Greater Victoria is that prices tend to be flat for an average of eight to 13 years, then shoot up rapidly in a short time. In Langford, prices have more than doubled since 2005 but remained relatively flat from 2008 to 2016.
What’s been driving the prices up over the last two years? One major factor: Supply and demand. Inventory has been very low. This past December saw some of the lowest inventory since the Victoria Real Estate Board started tracking stats for the area in 1996.

Fortunately, inventory is increasing, but likely not enough to satisfy the demand to live here. A number of new builds are starting up in 2018 for Langford, which is welcome news. More builds here will serve to bring more attention to our excellent city of Langford.
Up to now, Triple Crown has been one of the few, and people will find out soon enough that we have very competitive pricing and we stand alone with our high-quality fit-and-finish and higher-end appliances.

What kind of trends can we look forward to in 2018? No one can ever say for certain, but we’ll quote Victoria Real Estate Board President Ara Balabanian.

"Moving forward, we expect to see more inventory come into the market, which will continue to move us toward a more balanced state," says Balabanian. "We also expect housing prices to remain stable, without the increases we tracked in 2016, and anticipate steady slow growth.”

We’ve sold over 75 percent of our top-quality, west-coast contemporary condominiums. If you’re reading this and you’re interested in buying one, please don’t wait. You only need a $20,000 deposit plus some paperwork to be assured you’ll own one of Triple Crown’s condominiums. Sign up for our newsletter, send an email, or give us a call.

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