Skip to main content

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.

Comments

Popular posts from this blog

Why You Should Choose Condo Living

Living in acondominium is all about lifestyle. It’s a lifestyle that gives you more freedom than a house can, and it’s a lifestyle you can enjoy at any age. Here are five compelling reasons you might not have thought of yet to choose condo living:
You Live in a Great Location
Condos get built in popular areas, and Triple Crown is no exception. Entertainment, restaurants, and shopping are all close by in the vibrant city of Langford. If the great outdoors is more your style, lakes, walking and biking paths and golf courses are all around you. Triple Crown is close to town on the edge of nature.
You Have Peace of Mind and Security
You don’t have to worry about installing alarm systems or video cameras because a two-key system – one for the front door and one for your unit – makes the possibility of robbery slim to none. Your neighbours are a kind of built in block watch! It’s hard for a thief to remove large items from your home without being seen by someone.
You Live Maintenance Free
Becaus…

Three Forces Behind Today’s Hot Real Estate Market

Three forces have come together in a “perfect storm” to create Victoria’s hot real estate market: environment, economics, and exposure.

It’s no secret Victoria is considered the “California of Canada”, and Boomers across Canada have moving to Victoria in mind as they make their retirement plans. In a 2015 survey, over fourteen percent of retiring Canadian Boomers surveyed stated they would like to retire in Victoria. And no wonder! Victoria has the highest number of annual snow-free days of any major city in Canada. On the rare occasion it does snow, it never stays for long. Blossoms begin appearing in February, the earliest in the country. We enjoy over 2,000 hours of sunlight annually, less than half the rain as Vancouver, and the temperature rarely drops below freezing or climbs above 25°C.

While Victoria home prices have surged, driven by offshore buyers, most off these buyers are not foreigners arriving after a long overseas flight, but rather a 90-minute ferry ride from just ac…

Condominiums Now on Sale at Triple Crown

We are pleased to announce 46 top quality contemporary condominiums featuring quality construction, quality fit & finish and energy efficient features including gas appliances. 
You are the first to receive notice of the first batch of ten condos for sale. To take advantage of our initial offering, all you need to do is fill out the contract and place a $20,000 deposit with the balance due on the completion of project.
Make sure you ask us about the 18 month rate hold if you are looking for financing options. It's an industry-leading financial product and well worth exploring.
These will sell very quickly, so if you're interested, call Todd Mahovlich or Justine Connor at 250-474-4800

Watch this short interview with Todd Mahovlich