Real Estate Consumer Confidence Continues to Show Strength on Vancouver Island
Home values in the Langford area have risen 7.6% from September 2019 with condominiums increasing in value by 8.1%
The Victoria Real Estate Board recently released statistics for September 2020 which show that consumer confidence in owning property in Victoria and the surrounding regions has increased exponentially, as British Columbians and the world have worked together through a public health crisis and a time of global uncertainty.
These impressive results show without doubt that through a year of challenges across the globe, consumers have been decisive in identifying real estate in southern Vancouver Island as a solid, secure, and smart investment. The President of the Victoria Real Estate Board stated, “There’s no doubt that buyers are extremely motivated, and this increased demand, coupled with limited inventory, fuelled the September market. We had some much-needed new inventory enter the market over the course of September, but the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods.”
Great news for Langford Gateway
These results greatly support our current Langford Gateway project which will bring much needed new inventory to a booming market where demand outweighs supply. Langford Gateway is ideally located less than 15 minutes from Victoria’s core – an area where the benchmark value for a home reached $870,200 this past September – and will bring much needed affordable housing close to Victoria, including senior and multi-family housing and options for the rental market, which will appeal to those interesting in real estate investing in Langford.
Click here to learn more about the Langford Gateway project and how limited partners can see an 18% annualized return on investments starting at just $25,000 through our unique Investor First program.
Click here to learn about other exciting real estate projects with Evest Funds.
Here are some key metrics reported for September 2020 by the Victoria Real Estate Board that reflect the strong consumer interest and vibrant southern Vancouver Island real estate market:
Total Properties Sold: 989
Increase Over September 2019: 60.6%
Total Condominiums Sold: 280
Increase Over September 2019: 26.7%
Total Single-Family Homes Sold: 539
Increase Over September 2019: 91.9%
Download the VREB September 2020 Statistics Package here