REAL ESTATE IN VICTORIA...

Keeping You Informed

Summer 2015

MOMENTUM CARRIES INTO 2ND QUARTER

W HERE DO CANADIANS W ANT TO LIVE?
In March of this year, the TD Bank released the results of a survey of 6,149 Canadians aged 18 years and older that was
undertaken by Environics Research Group on the question of where they would prefer to live. The survey also provided a
detailed analysis on the preferences of a subgroup of 4,455 parents and prospective parents.
Canadians are evenly split on where they would prefer to live, 33% preferred urban living, 31% preferred the suburbs and 32%
preferred rural or sm all town Canada. W hen broken down by age grouping, the survey found som ewhat of a generational
divide, with younger Canadians indicating a preference for urban living and with older Canadians preferring rural or sm all town
life. For exam ple, 38% of m illennials (born early 1980s to early 2000s), 36% of GenX (born early 1960s to early 1980s), 28%
of baby-boom ers (born m id 1940s to early 1960s) and only 29% of seniors (born pre-1945), indicated that they preferred to
live in a m ajor city. However, there was a decided preference am ong all the age groupings that they would prefer to raise a
fam ily in a suburban environm ent.
The survey also found som e interesting findings with regard to the preferences of British Colum bians. The following findings
have been excerpted directly or paraphrased from the survey report:

If given the choice, 37% of British Colum bians say they would prefer to live in an urban environm ent, which was
significantly higher than the national average of 33%, while 30% said they would prefer a suburban environm ent;

39% of BC parents and prospective parents said they would prefer to raise a fam ily in a suburban environm ent, while
29% would choose an urban environm ent;

66% of British Colum bian parents and prospective parents said the expense of living is an unappealing aspect of
raising a fam ily in a city, com pared to the national average of 52%; this was followed by 58% who m entioned the
congestion of living in an urban environm ent (43% cited less
outdoor space and 41% cited a sm aller living space as
unappealing aspects of urban living);
TABLE 1: STATISTICAL TRENDS - ALL RESIDENTIAL
(Greater Victoria and Other Areas)

37% of BC parents and prospective parents would be willing

to forego living space to live in an urban environm ent,
com pared to the national average of 32%;

53% of BC parents and prospective parents felt fam ily-sized

condos were appealing, com pared to the national average of
44%, while 43% felt fam ily sized condos were unappealing;
and

Am ong those who found fam ily-sized condos appealing, 47%

said it was due to less m aintenance, 53% said m ore personal
living space and 46% said m ore am enities for children.

QUARTER-TO-QUARTER COMPARISONS
2nd Qtr 14
New Listings
4,013
Sales
2,051
Avg Sale Price
$497,061
Median Sale Price $452,000
Ratio Sales Listings
.51
Avg Days to Sell
60
Sale Price as %
of Org List Price
95.7%
Mortgage Rates
(Posted 3 yr Fixed BoC) 3.55%

2nd Qtr 15 Change

3,928
-85
2,539
+488
$525,185 +$28,124
$470,000 +$18,000
.65
+.14
56
-4
96.6%
3.39%

+0.9%
-0.16%

2 REAL ESTATE IN VICTORIA...Keeping You Informed

THE VICTORIA M ARKET

The momentum exhibited in the 1st Qtr of this year has carried
into the 2nd Qtr as the Victoria real estate market edged into
sellers market territory. Sales and prices were up significantly
from the 2nd Qtr of 2014. The ratio of sales-to-listings (a measure
of market strength) has strengthened. Moreover, properties took
less time to sell and they sold about 3.4% below the original list
price, an improvement of +0.9% over last year, suggesting buyers
now have less negotiating room.
As shown in Table 1, the number of new listings was 3,928, down
slightly from 4,013 in the 2nd Qtr of 2014. On the other hand,
sales of residential properties (i.e., all types of housing, excluding
lots/acreage and commercial) through the Victoria Real Estate
Boards MLS totalled 2,539 in the 2nd Qtr of 2015, up 24% from
2,051 sales in the 2nd Qtr of 2014. The sales-to-new-listings ratio
was .65 in the 2nd Qtr of 2015, up significantly from .51 a year
ago. Both average and median sale prices strengthened. The
average sale price of a residential property in Greater
Victoria and other areas was $525,185 in the 2nd Qtr of 2015,
up 5.7% from $497,061 in the 2nd Qtr of 2014. The median sale
price was $470,000, up 4.0% from $452,000 last year.

Summer 2015

TABLE 2 REAL ESTATE ACTIVITY - Greater Victoria

July 2014 to June 2015
Single Family Dwellings
District*
Sales
Ratio Avg. Sale Price % Chg**
Victoria/VW
498
.69
$619,404
+1.8
Oak Bay
284
.68
$935,946
+4.3
Esquimalt
124
.73
$470,932
-3.3
View Royal
96
.69
$533,287
-1.5
Saanich East
825
.71
$663,448
+4.8
Saanich West
360
.65
$535,182
-5.0
Central Saanich
191
.62
$608,119
-1.4
North Saanich
181
.74
$691,697
+8.9
Sidney
134
.66
$483,479
+7.8
Highlands
22
.31
$652,952
+10.2
Colwood
208
.57
$516,674
+5.2
Langford
529
.57
$490,714
+0.4
Metchosin
44
.55
$680,723
+8.9
Sooke
266
.55
$392,332
+2.1
Waterfront
153
.49
$1,234,899
-6.1
Totals
3,915
.64
$6218858
+2.7
Gulf Islands
263
.58
$595,320
+24.0
Malahat & Area
278
.60
$4853270
+11.0
*District Avg. Sales Prices exclude sales of Waterfront
Condominiums
1,869
.57
$330,304
+4.7
Townhouses
750
.64
$423,479
+2.2
** Percentage Change over period July 2013 to June 2014

The figure of $525,185 compares to average sale prices of

$905,701 in Vancouver, $649,599 in Toronto, $574,557 in the
Fraser Valley and $465,941 in Calgary for the month of May
2015.
Table 2 sum m arizes real estate activity over the past twelve
m onths by District and by housing category and shows the
percentage change in average sale prices year-over-year.
REAL ESTATE ACTIVITY 2 ND QTR 2015

Sales of SFDs in Greater Victoria in the 2nd Qtr of 2015 totalled

1,408, up 28% from 1,104 sales in the 2nd Qtr of 2014. The
average sale price of SFDs in the 2nd Qtr of 2015 was
$648,434, up 4.3% from an average of $621,596 in the 2nd Qtr
of 2014. Moreover, the median sale price was $565,000, up 4.6% from $540,000 in the 2nd Qtr of 2014. SFDs that sold in
the 2nd Qtr of 2015 were on the market for an average of 46 days, down from 50 days last year. The sales-to-listings ratio
was .68 in the 2nd Qtr of 2015, well into sellers market territory, and well up from .52 last year.
Condominium sales also increased in the 2nd Qtr of 2015 with sales of 621, up 30% from 479 sales in the 2nd Qtr of 2014.
The average sale price for a condo was $333,591 in the 2nd Qtr of 2015, up 5.9% from $315,111 in the 2nd Qtr of 2014.
The median sale price was $284,000, compared to $275,000 last year. Condos took an average of 54 days to sell in the
2nd Qtr of 2015, down from 62 days last year. The sales-to-listings ratio was .62, up from .51 last year.
Townhouse sales totalled 249 in the 2nd Qtr of 2015, up from 217 sales in the 2nd Qtr of 2014. The average selling price
in the 2nd Qtr of 2015 was $418,935, up 1.2% from $414,046 in the 2nd Qtr of 2014. The median sale price was $390,000,
little changed from $389,000 last year. Townhouses took an average of 49 days to sell in the 2nd Qtr of 2015, down from 57
days last year. The sales-to-listings ratio was .64, compared to .56 last year.
Real Estate in Victoria ...Keeping You Informed: I provide this newsletter to clients, customers and friends to help them keep informed of developments
in the real estate market in the Victoria area. If you do not want to receive this newsletter in the future, please let me know. It is not intended to solicit or
interfere with existing listings or Agency relationships. The information contained herein is based on sources which are believed to be reliable, but it is not
guaranteed. The content of this newsletter is copyright. The data and information outlined herein was derived from a number of sources including: the
VREB, the BCREA and the CREA. The Publisher is responsible for the analysis of the data and any opinions expressed herein.