Victoria Home Prices Soar to Record Highs

December 29, 2020
By admin

Growth is forecast to continue to rise at record rates.

The real estate market in Victoria continues a 5-month streak of producing record-breaking numbers, showing incredible strength through what was anticipated at the beginning of 2020 to be a challenging year.

In November 2020, total property sales shattered a 29-year-old record, seeing 795 properties close, 100 properties more than the long-standing record set in 1991 and a huge gain over November 2019, which saw 577 sales. Condo values averaged $469,483 and real estate in Victoria showed an even more extraordinary demand for single-family homes and townhomes, with townhomes hitting a new record average sale price at $667,142 and the average single family home price in Victoria skyrocketing to an all-time high of $1,091,019.

With housing costs in Victoria so high, the demand for affordable housing on Southern Vancouver Island has never been more pressing, with extremely limited inventory on the market for new construction, few sellers listing homes for resale, and favorable interest rates encouraging buyers to get out of the rental market and into homeownership.

Evest Funds anticipated this trend in Victoria area real estate well ahead of the curve, coordinating the Langford Gateway land assembly. Just 15 minutes from Victoria and a vibrant municipality of its own, the Langford Gateway project is ideally located close to schools, public transportation, green spaces, hospitals, and shopping. Most importantly, Langford Gateway will offer affordable new homes for sale in Greater Victoria, with plans for multi-family housing including condos and townhomes in Langford, as well as much needed Senior Living facilities and commercial space for convenient resident living.

Investors are able to take part in the Langford Gateway development with a capital investment starting as low as $25,000 with a proposed return of 18% annualized for investors participating within the first year of the project. Click here to learn more about Langford Gateway or to talk to one of our Evest Funds experts.