Real estate market stays soft

The real estate market on southern Vancouver Island is experiencing a softening and home sellers are encouraged to remain patient.

The real estate market on southern Vancouver Island is experiencing a softening and home sellers are encouraged to remain patient.

Local Pemberton Holmes realtor Daniela Novasadova, with 20 years of experience, says, “you have to be optimistic.”

She said the lagging market is due to the national and world economic situation and people who are reticent to make changes at this time.

She said there is lots of supply, with many developments at a standstill, and various other factors. Sooke is a place that is at the end of the road and is also a place where people want to come to retire, and currently it is a buyers’ market.

“Four years ago it was at an all time high, it’s always up and down in real estate,” she said. People are also taking their properties off the market until the values increase.

The numbers tell the story. According to the Victoria real Estate Board sales were up 16 per cent in September 2011 compared to sales in the same month in 2010, although the numbers were down from August 2011.

Sales over the entire year are down about 10 per cent from last year.

Sooke has a different situation in real estate sales as there are no condominiums and this is what many buyers purchase if they are downsizing. Condos are also the choice of younger buyers who want to be closer to their work. Condos account for the largest number of sales in any real estate sector.

Sooke had 11 sales of single family homes with an average price of $294,164 down from a six-month average of $341,000. The highest priced single family homes are in Oak Bay where an average price is $962,871; Langford $465,463; Colwood $474,093. Almost all sectors showed a decrease in the average price.

Prices on townhouses in Sooke remained fairly steady with an average price of $317,667 down from a six-month average of $318,718.

The average price for manufactured home rose to $87,000 from a six-month low of $57,488 and a median price of $25,000. The average price of lots and acreages rose to $229,375 from a six-month low of $190,133.


Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Cory Mills, Eric Blackmore and A.J. Jensen, all 20, drown in the Sooke River in February 2020. (Contributed photos)
Coroner’s report confirms cause of death of three men at Sooke River in 2020

Cory Mills, Eric Blackmore and A.J. Jensen drown while ‘puddle-jumping’ in pickup truck

The Pacheedaht First Nation is planning a $1-million expansion to its campground in Port Renfrew. (Pixabay photo)
Expanded camping announced for Pacheedaht Campground

$1-million project is part of the B.C. Rural Economic Recovery program

Don Devenney is a Goldstream Gazette 2021 Local Hero as Community Builder of the year. (Don Denton/Black Press Media)
West Shore volunteer’s efforts an exercise in adventurous pursuits

Don Devenney is the 2021 recipient of the Community Builder Award

Sergeant Francis Dion with the box containing HMCS Calgary’s new secret mascot costume. (HMCSNCSMCalgary/Facebook)
A wind warning is in effect for Greater Victoria Thursday afternoon. (Black Press Media file photo)
Strong winds predicted for Greater Victoria

Environment Canada issues warning for Thursday afternoon

Provincial health officer Dr. Bonnie Henry updates B.C.’s COVID-19 situation at the B.C. legislature. (B.C. government)
B.C. reports 10 additional deaths, 395 new COVID-19 cases

The majority of new coronavirus infections were in the Fraser Health region

Anyone with information on any of these individuals is asked to call 1-800-222-TIPS (8477) or visit the website for more information.
Greater Victoria Crime Stoppers wanted list for the week of Feb. 23

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

(Black Press Media File Photo)
POLL: Are you struggling with Greater Victoria’s cost of housing?

While Victoria remains one of the most expensive cities in the country… Continue reading

Nanaimo Ladysmith Public Schools is preparing a rapid response team proposal for submission to the B.C. Ministry of Education. (Chris Bush/News Bulletin)
Nanaimo-Ladysmith school district chosen as COVID-19 rapid response team

Team to consist of SD68 and Island Health staff, according to B.C. Ministry of Education

A new survey has found that virtual visits are British Columbian’s preferred way to see the doctor amid the COVID-19 pandemic. (Unsplash)
Majority of British Columbians now prefer routine virtual doctor’s visits: study

More than 82% feel virtual health options reduce wait times, 64% think they lead to better health

Captain and Maria, a pair of big and affectionate akbash dogs, must be adopted together because they are so closely bonded. (SPCA image)
Shuswap SPCA seeks forever home for inseparable Akbash dogs

A fundraiser to help medical expenses for Captain and Maria earned over 10 times its goal

The missing camper heard a GSAR helicopter, and ran from his tree well waving his arms. File photo
Man trapped on Manning mountain did nearly everything right to survive: SAR

The winter experienced camper was overwhelmed by snow conditions

Castlegar doctor Megan Taylor contracted COVID-19 in November. This photo was taken before the pandemic. Photo: Submitted
Kootenay doctor shares experience contracting COVID-19

Castlegar doctor shares her COVID experience

Ashley Paxman, 29, is in the ICU after being struck by a vehicle along Highway 97 Feb. 18, 2021. She remains in critical condition. (GoFundMe)
Okanagan woman in ICU with broken bones in face after being struck by car

She remains in serious condition following Feb. 18 incident

Most Read