Some Victoria Island Townhomes Selling for 16%, $122,000 Losses
While large real-estate losses in Canada have mostly been contained to Ontario up until now, British Columbia may be starting to experience some of the real-estate pain as well.
What is especially significant is that these losses are happening for average priced family homes, and not in the luxury home segment, as is usually the case.
Take for example this 4 bedroom, 2 bathroom. townhouse recently sold in Saanich, British Columbia; it was listed on March 14th 2024, and sold about a month later for $690,000, $35,000 under asking.
The same unit sold for $812,000 in June of 2022.
At that time, it was listed at $765,000 and sold only four days later for the $812,000.
The net result?
This condo unit sold for a $122,000 loss between June 2022 and April 2024.
Listings Up, Sale Prices Down in Victoria
Listings are up in Victoria currently up with 2,364 active listings for sale at the end of February, according to the Victoria real estate board.
This is an increase of 10.5% listings compared to January 2024, and an increase of 30.7% from a year prior.
The average home price in Victoria is also down over the last two years:
The Victoria real estate board is more optimistic regarding townhome prices, given that sales in that segment are up:
“Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the fifty per cent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs”
– Victoria Real Estate Board Chair Laurie Lidstone.
