Housing market slow but will show growth

Sooke's housing market is holding its own in economic climate

  • Jan. 9, 2013 8:00 p.m.

The real estate market is at a relative stand still with flat pricing over the past three years. The average housing price has fallen from the six month average in the Greater Victoria area, which includes Sooke.

In Sooke, four single family residential properties sold with an average price of $374,375, down from the six month average of $391,002.

No condominiums or townhouses sold in Dec. 2012 according to the Victoria Real Estate Board. Two manufactured homes sold with an average price of $112,450, up from the six month average of $45,100. Two residential lots sold for an average price of $412,500, up from the six month average of $204,310.

Single-family homes took longer to sell with more days on the market, condominiums took less time to sell.

Shelley Mann, President of the Victoria Real Estate Board  said, “In December there were less active listings on the MLS® system than in recent months. With less competition, homeowners have a better opportunity to sell. But the property must show well, and they cannot expect to sell for the all-time high prices of 2010 and 2011. We continue to see buyers waiting to make their move. Two factors seem to have triggered this, the first being the tightening of lending regulations. The second factor is that some buyers are continuing to wait for the market to fall,” Mann said. “What we heard at the local 2012 CMHC Housing Outlook Conference is that the market has bottomed out and slow growth is in store for 2013.”

Just Posted

Sooke municipal staff enters budget prep mode

All a matter of priorities, says mayor

Sooke mayor travels to Cambodia to empower women in politics

The trip is part of a Global Affairs Canada initiative

Overworked and understaffed: More than 300 vacancies in Vancouver Island nursing

Tentative deal with province includes ‘working short premium’ to encourage hiring

CRD committee proposes ending livestock payouts to farmers

The bylaw has existed since the creation of the CRD’s animal control service in 1979

Sooke approves new toilets for popular park

Whiffin Spit loos will have to wait

B.C. opioid crisis to get same world-renowned treatment approach as HIV/AIDS

A program that focuses on treatment as prevention will roll out Jan. 17

Olympian snowboarder Max Parrot diagnosed with Hodgkin’s lymphoma

Each year in Canada, approximately 900 people are diagnosed with Hodgkin’s lymphoma

‘Prince of Pot’ Marc Emery accused of sexual assault, harassment

Emery denied the allegations, but a Toronto woman says she is not the only one speaking out

Vancouver Island photographer makes National Geographic’s 2018 elite

Rare double honour for Marston from the 36 best Your Shots out of nearly 19,000 photos

Ex-Liberal candidate in Burnaby, B.C., says volunteer wrote controversial post

Karen Wang dropped out following online post singling out NDP Leader Jagmeet Singh’s ethnicity

Asteroids are smacking Earth twice as often as before

The team counted 29 craters that were no older than 290 million years

Canada’s arrest of Huawei exec an act of ‘backstabbing,’ Chinese ambassador says

China has called Canada’s arrest of Huawei chief financial officer Meng Wanzhou ‘politically motivated’

RCMP’s use of force in arrest of Island man not excessive, judge rules

Campbell River man high on cocaine led high speed chase through city’s downtown

LETTERS: Cyclist feels safe on the road

I am writing to thank the many drivers I have encountered riding… Continue reading

Most Read