Victoria Condominiums, Victoria Condos For Sale

Condominiums still a hot real estate commodity
Prices are on the rise and demand shows no signs of slowing

Darron Kloster
Times Colonist

October 4, 2005

Another block of lots for condominiums and luxury homes will go up for sale Nov. 12 at Bear Mountain Resort, and director of real estate Dale Sproule fully expects another frenzy.

Like other selling events at the mammoth development in Langford, built around pristine Jack Nicklaus-designed golf courses, the lots will disappear within hours. Locals will snap them up and there will be buyers from Alberta and Ontario, some from the United States, a trickle from Europe.

In the rampage for real estate around Greater Victoria these days, Bear Mountain isn't alone.

At Shutters Spa and Resort construction workers were injecting concrete foundations on Monday, but the 180 luxury condos that will eventually pierce the Inner Harbour skyline over a year from now have long been bought and paid for.

In Sidney, the Pier development is averaging more than $1 million on its 55 waterfront suites. Only a handful are left months after the For Sale sign was hung.

And it goes on around the region -- from downtown to Cordova Bay to Sidney -- as condo sales are sealed even before the hole is dug.

"What you're seeing is Victoria's secret is out," said Jennifer Podmore, a Vancouver-based real estate consultant. "What Victoria is experiencing is similar to what happened with Yaletown and other places in [downtown} Vancouver. It's a desirable place to live. It has the best weather in Canada. People from all over the world are discovering Victoria."

Condominium prices are on the rise and in demand -- as are other real estate assets in the region, according to figures released on Monday.

A study by Royal LePage revealed Greater Victoria higher than any other market in the country for condominium price appreciation in every quarter this year. During the latest three-month period, the average condo price hit $220,000, a 31 per cent increase in value from the same period a year ago. In Vancouver and other major markets, the increase was less than half of that.

Royal LePage also noted Victoria led all other Canadian cities in townhomes, increasing 20.3 per cent in value -- from $325,000 to $391,000 -- over the last year. The city also trails only Moncton, N.B., in price increases for single family detatched homes, increasing 18.4 per cent to a $348,000 average during the July-to-September period.

Multiple Listings Sales for September released by the Victoria Real Estate Board also set a robust scene as condo prices increased on average to $255,000 and townhomes were at $353,255. The average price for a single family home in Greater Victoria was $481,786. Although it was off last month's all-time high of $525,000, September proved second-highest on record. The totals, however, included 14 sales over $1 million.

Judy Gage, general manager of Royal LePage TPM Realty in Victoria, said

that while other Canadian markets are watching a real estate bubble, the capital region has too many insular advantages to burst.

"Victoria remains one of the most sought-after locations in the country and its prices still compare favourably with the world's great oceanfront cities," said Gage. "Baby boomers from all over the country have taken a strong interest in the area and many are buying property and renting it out until they are ready for retirement."