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Average price sets record at $630,295

The average price of a single-family house in Greater Victoria bounced back up again last month to set another record.
At $630,295, the average price was pushed up by sales last month of 28 houses of more than $1 million, including two for more than $2 million, the Victoria Real Estate Board said yesterday.
This region's previous record was set in December when it reached $624,450, again skewed by several sales of more than $1 million.

That's why Real Estate Board president, Tony Joe, said, "I think the median price is still the best gauge here."
April's median (mid-way point) price for a single-family home was $558,000. Nearly 28 per cent of the single-family houses which sold last month were less than $475,000.
No signs of price softening have appeared, Joe said. April saw a total of 768 sales through the Multiple Listing Service, up from 707 in March, but below the 898 seen in April of last year.
Inventory of properties for sale rose to 3,859 in April, an increase of 17 per cent from April 2007, he said.
"This increase in inventory coupled with a moderation in the number of sales offers further indication of a more balanced market that offers stability for both buyers and sellers."
Condominium units built in the 1970s and 1980s are "very popular" for first-time buyers, Joe said.
These units may lack some amenities common today, such as in-suite laundry and secured parking.
But "people are willing to forgo those now just to get into the marketplace."
The average price of condominiums last month was $325,975, with the median at $294,900.
The average price for townhouses was $420,658 and the median was $407,450.
To date, 14 of the 51 units in the Cherry Bank condominium-townhouse project being built by Denford Construction Management Ltd. have sold, with the first going to an Edmonton couple, Gordon Denford said. The total value of the sales for that Victoria project is expected to be about $36 million.
The market has softened as the supply of condos has gone up, he said. But, "I do not think prices are going to retreat very much because the underlying construction costs have been escalating."
Denford said the Cherry Bank is a unique development, close to downtown, yet with a residential neighbourhood on Rupert Terrace.
Steve Copp, president of the Victoria office of the Canadian Home Builders Association, said real estate agents are telling him there are a lot of out-of-town buyers interested in local properties.
Favourable factors include low mortgage rates and the ability of sellers, looking for something else to buy, to get a good price for their home, he said.
Many buyers want a brand-new home or one already renovated. Buyers are seeking the latest in technology and green features such as low-flush toilets, Copp said.
They want to avoid the costs, uncertainty and time it takes to fix up older homes, said Copp, who is completing a new 7,500-square-foot Gordon Head waterfront house, with an elevator running through its three levels, which is listed at $3.15 million.



� Times Colonist (Victoria) 2008
Carla Wilson, Times Colonist
Published: Friday, May 02, 2008