Housing Market Information

Housing Market Information Housing NOW Victoria Canada Mortgage and Housing Corporation Date Released: May Homebuilding surges in s new home starts in Metro Victoria were more than triple March s level and up 50 per cent from as builders responded to ongoing demand for new homes. This year, homebuyer activity has been strong on both the resale and new home fronts, evidenced by an increase in Victoria s MLS sales from levels on a year-to-date basis. Figure 1 As has been the trend throughout, multi-family projects are leading new home construction in the Victoria area. townhouse (row+ semi-detached) and apartment starts show an 80 per cent increase from. A growing proportion of buyer demand is geared towards lowmaintenance lifestyle condos which may be used as a retirement home, a second home, a vacation home or as an investment. Table of contents 1 Homebuilding surges in 3 Map: New home starts, yearto-date 4 Report Table listing 5 Tables 22 Methodology and definitions Victoria homebuilding 15% ahead of year-to-date level 2,500 2,000 1,500 1,000 500 APT ROW SEMI SINGLE subscribe NOW! Access CMHC s Market Analysis Centre publications quickly and conveniently on the Order Desk at www.cmhc.ca/housingmarketinformation. View, print, download or subscribe to get market information e-mailed to you on the day it is released. New! CMHC s electronic suite of national standardized products is now available for free. 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07* 07* includes January to

Rising home prices are another factor in the rising demand for condominium units versus singledetached freehold houses, as condos tend to be less expensive. The average price of a newly constructed single-detached house is up 9.4 per cent over levels, and is approaching a new year-to-date high of $600,000. Many new condominiums cost considerably less, yet may feature lifestyle amenities such as waterviews, fitness centres or proximity to amenities such as golf courses. Despite the ramp-up in homebuilding, inventories of unsold newly completed homes remain at low levels. Most new single-detached houses are custom built and therefore do not enter new home inventory. Additionally, the trend to pre-sales of all types of homes is remaining solid as of, close to two-thirds of all apartment condos under construction were reported pre-sold. inventory of completed and unsold new single-detached homes is holding steady, with a total of 83 new houses available for sale. Inventories are higher than last year when strong demand held them to an exceptional low. The new house market is balanced as supply is keeping pace with demand. This year s new single-detached house prices are rising faster in West Shore markets than in other areas of Metro Victoria. Colwood s median new house price exceeds $600,000 year-to-date (average prices rose almost 50 per cent from ) while Sooke s is now approaching $400,000 (with average prices up 12 per cent). Rising construction labour, development cost charges and building materials continue to drive prices higher this spring although upward pressures are not as strong as they were last year. However, another factor in the rising West Shore prices is the growing popularity of West Shore properties due to increased amenities now available in the area such as improved retail and recreational services and proximity to recreational features such as natural parks, lakes or golf courses. North Saanich is leading Metro Victoria new house prices so far this year, with a median just under $1 million (refer to Table 4). Sooke is reporting the least expensive new house prices this year: less expensive lot prices there have kept the median just below $400,000. Victoria City led Capital Region new home starts in, and is also in the lead for the highest number of homes under construction (see Table 1.1), trailed by Langford and Saanich. These trends reflect strong demand for lifestyle and waterview homes in lively urban areas or close Figure 2 New Condo Apts. (UNITS) January 1994-2,000 1,750 1,500 1,250 1,000 750 500 250 to recreational amenities. Many of these new homes are condominiums purchased by move-down buyers or as second homes or vacation homes. A smaller number go to first-time buyers or to investors who plan to rent their properties. Townhouse (row and semi) condominium slowed to seven new starts in, but year-to-date figures were almost double last year s level. More new homebuyers are considering townhouses rather than detached houses due to lower prices or in light of low maintenance and increased security compared to single-detached homes. New apartment condo starts shot up again in. The level of apartment units under construction in Metro Victoria reached a new 31-year high. Presales remain strong, holding inventories of newly completed units for sale at 34 suites. Metro Victoria apartment construction at highest level since 1976 Inventory Under Construction 0 94 95 96 97 98 99 00 01 02 03 04 05 06 07

PATRICIA BAY HWY HIGHWAY 14 Housing Now - Victoria ia - Date Released: May y WAIN RD ISLAND HWY Victoria CMA Total Number of Starts January - RDA H SOOKE RD Legend 2-75 starts 76-148 starts 149-221 starts 222-295 starts Not surveyed RDA H RDA H Sooke RDA H Highlands View Royal Langford Colwood Metchosin North Saanich Sidney Central Saanich Saanich Esquimalt Victoria City Oak Bay 0 1.5 3 6 9 N Km Canada Mortgage and Housing Corporation 3

HOUSING NOW REPORT TABLES Available in ALL reports: 1 Housing Activity Summary of CMA 2 Starts by and by Dwelling Type Current Month or Quarter 2.1 Starts by and by Dwelling Type Year-to-Date 3 Completions by and by Dwelling Type Current Month or Quarter 3.1 Completions by and by Dwelling Type Year-to-Date 4 Absorbed Single-Detached Units by Price Range 5 MLS Residential Activity 6 Economic Indicators Available in SELECTED Reports: 1.1 Housing Activity Summary by 1.2 History of Housing Activity (once a year) 2.2 Starts by, by Dwelling Type and by Intended Market Current Month or Quarter 2.3 Starts by, by Dwelling Type and by Intended Market Year-to-Date 2.4 Starts by and by Intended Market Current Month or Quarter 2.5 Starts by and by Intended Market Year-to-Date 3.2 Completions by, by Dwelling Type and by Intended Market Current Month or Quarter 3.3 Completions by, by Dwelling Type and by Intended Market Year-to-Date 3.4 Completions by and by Intended Market Current Month or Quarter 3.5 Completions by and by Intended Market Year-to-Date 4.1 Average Price ($) of Absorbed Single-Detached Units SYMBOLS n/a Not applicable * Totals may not add up due to co-operatives and unknown market types ** Percent change > 200% - Nil or zero -- Amount too small to be expressed SA Monthly figures are adjusted to remove normal seasonal variation Canada Mortgage and Housing Corporation 4

Table 1: Housing Activity Summary of Victoria CMA Single Freehold Semi Row, Apt. & Other Ownership Single Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS 58 8 0 3 7 224 0 0 300 87 6 0 1 28 48 2 23 195 % Change -33.3 33.3 n/a 200.0-75.0 ** -100.0-100.0 53.8 Year-to-date 201 27 0 8 80 446 6 0 768 Year-to-date 326 14 0 1 44 251 8 23 667 % Change -38.3 92.9 n/a ** 81.8 77.7-25.0-100.0 15.1 UNDER CONSTRUCTION 600 59 0 21 244 2,045 18 23 3,010 694 27 0 6 93 1,209 22 23 2,074 % Change -13.5 118.5 n/a ** 162.4 69.1-18.2 0.0 45.1 COMPLETIONS 56 2 0 9 41 133 1 0 242 93 10 0 1 4 97 1 0 206 % Change -39.8-80.0 n/a ** ** 37.1 0.0 n/a 17.5 Year-to-date 242 16 0 22 56 228 8 5 577 Year-to-date 258 16 0 16 51 348 13 20 722 % Change -6.2 0.0 n/a 37.5 9.8-34.5-38.5-75.0-20.1 COMPLETED & NOT ABSORBED 66 11 0 17 21 34 1 0 150 48 6 0 9 14 19 5 0 101 % Change 37.5 83.3 n/a 88.9 50.0 78.9-80.0 n/a 48.5 ABSORBED 69 1 0 5 40 126 1 0 242 92 6 0 1 13 103 1 0 216 % Change -25.0-83.3 n/a ** ** 22.3 0.0 n/a 12.0 Year-to-date 258 14 0 10 56 224 13 5 580 Year-to-date 250 12 0 8 54 342 13 20 699 % Change 3.2 16.7 n/a 25.0 3.7-34.5 0.0-75.0-17.0 Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 5

Table 1.1: Housing Activity Summary by Single Freehold Semi Row, Apt. & Other Ownership Single Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other STARTS Victoria City 1 0 0 0 0 193 0 0 194 6 4 0 0 4 39 1 0 54 Oak Bay 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 Esquimalt 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Saanich 11 2 0 0 2 0 0 0 15 17 0 0 0 10 0 0 23 50 Central Saanich 3 2 0 0 0 0 0 0 5 0 0 0 0 0 0 0 0 0 North Saanich 1 0 0 0 0 0 0 0 1 4 0 0 0 0 0 0 0 4 Sidney 1 2 0 1 0 0 0 0 4 2 2 0 1 0 0 1 0 6 View Royal 1 0 0 0 0 0 0 0 1 4 0 0 0 0 0 0 0 4 Reg. Dist. Area H 1 0 0 0 0 0 0 0 1 4 0 0 0 0 0 0 0 4 Highlands 3 0 0 0 0 0 0 0 3 2 0 0 0 0 0 0 0 2 Langford 20 0 0 0 0 31 0 0 51 33 0 0 0 8 9 0 0 50 Colwood 7 2 0 2 5 0 0 0 16 7 0 0 0 6 0 0 0 13 Metchosin 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sooke 8 0 0 0 0 0 0 0 8 7 0 0 0 0 0 0 0 7 Victoria CMA 58 8 0 3 7 224 0 0 300 87 6 0 1 28 48 2 23 195 Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 6

Table 1.1: Housing Activity Summary by Single Freehold Semi Row, Apt. & Other Ownership Single Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other UNDER CONSTRUCTION Victoria City 9 18 0 2 61 986 12 0 1,088 22 12 0 0 45 667 12 0 758 Oak Bay 17 0 0 0 0 0 0 0 17 18 0 0 0 0 0 1 0 19 Esquimalt 10 2 0 0 0 151 0 0 163 10 8 0 0 0 155 0 0 173 Saanich 151 6 0 2 56 331 0 23 569 142 0 0 0 10 108 0 23 283 Central Saanich 20 4 0 0 11 24 0 0 59 22 3 0 0 0 0 1 0 26 North Saanich 30 0 0 0 22 30 0 0 82 39 0 0 0 0 20 0 0 59 Sidney 8 10 0 5 13 54 3 0 93 9 2 0 1 2 58 6 0 78 View Royal 27 1 0 0 2 40 0 0 70 34 0 0 0 2 0 0 0 36 Reg. Dist. Area H 41 0 0 0 0 0 1 0 42 42 0 0 0 0 0 1 0 43 Highlands 15 0 0 0 0 0 1 0 16 17 0 0 0 0 0 0 0 17 Langford 163 10 0 1 43 406 0 0 623 190 0 0 5 14 201 0 0 410 Colwood 45 2 0 9 28 23 0 0 107 73 2 0 0 20 0 0 0 95 Metchosin 12 0 0 0 0 0 1 0 13 7 0 0 0 0 0 1 0 8 Sooke 52 6 0 2 8 0 0 0 68 69 0 0 0 0 0 0 0 69 Victoria CMA 600 59 0 21 244 2,045 18 23 3,010 694 27 0 6 93 1,209 22 23 2,074 Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 7

Table 1.1: Housing Activity Summary by Single Freehold Semi Row, Apt. & Other Ownership Single Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other COMPLETIONS Victoria City 1 0 0 0 0 0 0 0 1 3 2 0 0 0 75 0 0 80 Oak Bay 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 Esquimalt 0 2 0 2 0 0 0 0 4 0 6 0 0 0 0 0 0 6 Saanich 15 0 0 1 2 35 0 0 53 10 0 0 0 0 0 0 0 10 Central Saanich 2 0 0 0 0 0 0 0 2 0 0 0 0 4 0 0 0 4 North Saanich 4 0 0 0 0 0 0 0 4 1 0 0 0 0 0 0 0 1 Sidney 1 0 0 2 2 0 1 0 6 0 0 0 0 0 0 0 0 0 View Royal 3 0 0 0 0 0 0 0 3 3 0 0 0 0 0 0 0 3 Reg. Dist. Area H 8 0 0 0 0 0 0 0 8 8 2 0 0 0 0 0 0 10 Highlands 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Langford 15 0 0 4 37 98 0 0 154 47 0 0 1 0 22 1 0 71 Colwood 1 0 0 0 0 0 0 0 1 7 0 0 0 0 0 0 0 7 Metchosin 2 0 0 0 0 0 0 0 2 2 0 0 0 0 0 0 0 2 Sooke 3 0 0 0 0 0 0 0 3 11 0 0 0 0 0 0 0 11 Victoria CMA 56 2 0 9 41 133 1 0 242 93 10 0 1 4 97 1 0 206 Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 8

Table 1.1: Housing Activity Summary by Single Freehold Semi Row, Apt. & Other Ownership Single Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other COMPLETED & NOT ABSORBED Victoria City 1 2 0 0 0 11 1 0 15 2 1 0 0 1 6 5 0 15 Oak Bay 3 0 0 0 0 0 0 0 3 1 0 0 0 0 0 0 0 1 Esquimalt 0 1 0 9 0 0 0 0 10 0 1 0 0 0 0 0 0 1 Saanich 11 2 0 1 6 19 0 0 39 13 1 0 1 5 8 0 0 28 Central Saanich 2 0 0 0 4 0 0 0 6 1 0 0 0 0 0 0 0 1 North Saanich 6 0 0 0 0 0 0 0 6 4 0 0 0 3 0 0 0 7 Sidney 4 4 0 2 3 0 0 0 13 2 1 0 1 0 1 0 0 5 View Royal 3 0 0 0 0 0 0 0 3 0 0 0 0 2 0 0 0 2 Reg. Dist. Area H 5 0 0 0 0 0 0 0 5 1 2 0 0 0 0 0 0 3 Highlands 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Langford 20 0 0 5 5 4 0 0 34 15 0 0 7 0 4 0 0 26 Colwood 6 2 0 0 3 0 0 0 11 5 0 0 0 3 0 0 0 8 Metchosin 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sooke 5 0 0 0 0 0 0 0 5 4 0 0 0 0 0 0 0 4 Victoria CMA 66 11 0 17 21 34 1 0 150 48 6 0 9 14 19 5 0 101 Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 9

Table 1.1: Housing Activity Summary by Single Freehold Semi Row, Apt. & Other Ownership Single Row and Semi Apt. & Other Single, Semi, and Row Apt. & Other ABSORBED Victoria City 1 0 0 0 1 1 0 0 3 2 1 0 0 1 79 0 0 83 Oak Bay 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 Esquimalt 0 1 0 2 0 0 0 0 3 0 5 0 0 0 1 0 0 6 Saanich 18 0 0 0 1 24 0 0 43 9 0 0 0 3 4 0 0 16 Central Saanich 2 0 0 0 2 0 0 0 4 0 0 0 0 4 0 0 0 4 North Saanich 5 0 0 0 0 0 0 0 5 1 0 0 0 0 0 0 0 1 Sidney 0 0 0 3 0 1 1 0 5 1 0 0 1 0 1 0 0 3 View Royal 3 0 0 0 0 0 0 0 3 4 0 0 0 3 0 0 0 7 Reg. Dist. Area H 9 0 0 0 0 0 0 0 9 8 0 0 0 0 0 0 0 8 Highlands 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 Langford 19 0 0 0 35 100 0 0 154 45 0 0 0 0 18 1 0 64 Colwood 5 0 0 0 1 0 0 0 6 9 0 0 0 1 0 0 0 10 Metchosin 2 0 0 0 0 0 0 0 2 2 0 0 0 0 0 0 0 2 Sooke 4 0 0 0 0 0 0 0 4 10 0 0 0 1 0 0 0 11 Victoria CMA 69 1 0 5 40 126 1 0 242 92 6 0 1 13 103 1 0 216 Total* Source: CM HC (Starts and Completions Survey, M arket Absorption Survey) Canada Mortgage and Housing Corporation 10

Table 2: Starts by and by Dwelling Type Single Semi Row Apt. & Other Total % Change Victoria City 1 6 0 5 0 4 193 39 194 54 ** Oak Bay 0 1 0 0 0 0 0 0 0 1-100.0 Esquimalt 1 0 0 0 0 0 0 0 1 0 n/a Saanich 11 17 4 2 0 8 0 23 15 50-70.0 Central Saanich 3 0 2 0 0 0 0 0 5 0 n/a North Saanich 1 4 0 0 0 0 0 0 1 4-75.0 Sidney 2 3 2 3 0 0 0 0 4 6-33.3 View Royal 1 4 0 0 0 0 0 0 1 4-75.0 Reg. Dist. Area H 1 4 0 0 0 0 0 0 1 4-75.0 Highlands 3 2 0 0 0 0 0 0 3 2 50.0 Langford 20 33 0 0 0 8 31 9 51 50 2.0 Colwood 9 7 4 6 3 0 0 0 16 13 23.1 Metchosin 0 0 0 0 0 0 0 0 0 0 n/a Sooke 8 7 0 0 0 0 0 0 8 7 14.3 Victoria CMA 61 88 12 16 3 20 224 71 300 195 53.8 Table 2.1: Starts by and by Dwelling Type January - Single Semi Row Apt. & Other Total % Change Victoria City 2 11 7 10 22 12 264 39 295 72 ** Oak Bay 2 5 0 0 0 0 0 0 2 5-60.0 Esquimalt 1 1 2 4 0 0 0 0 3 5-40.0 Saanich 39 48 14 2 0 8 46 131 99 189-47.6 Central Saanich 5 3 2 2 0 0 0 0 7 5 40.0 North Saanich 5 11 4 0 3 0 0 20 12 31-61.3 Sidney 4 6 8 6 4 0 0 0 16 12 33.3 View Royal 12 14 1 0 0 0 40 0 53 14 ** Reg. Dist. Area H 14 13 0 0 0 0 0 0 14 13 7.7 Highlands 6 5 0 0 0 0 0 0 6 5 20.0 Langford 63 124 4 0 23 8 73 84 163 216-24.5 Colwood 27 35 4 14 6 0 23 0 60 49 22.4 Metchosin 2 2 1 0 0 0 0 0 3 2 50.0 Sooke 27 49 8 0 0 0 0 0 35 49-28.6 Victoria CMA 209 327 55 38 58 28 446 274 768 667 15.1 Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 11

Table 2.2: Starts by, by Dwelling Type and by Intended Market Freehold and Row Freehold and Apt. & Other Victoria City 0 0 0 0 0 0 0 0 Oak Bay 0 0 0 0 0 0 0 0 Esquimalt 0 8 0 0 0 0 0 23 Saanich 0 0 0 0 0 0 0 0 Central Saanich 0 0 0 0 0 0 0 0 North Saanich 0 0 0 0 0 0 0 0 Sidney 0 0 0 0 0 0 0 0 View Royal 0 0 0 0 0 0 0 0 Reg. Dist. Area H 0 0 0 0 0 0 0 0 Highlands 0 8 0 0 31 9 0 0 Langford 3 0 0 0 0 0 0 0 Colwood 0 0 0 0 0 0 0 0 Metchosin 0 0 0 0 0 0 0 0 Sooke 3 20 0 0 224 48 0 23 Victoria CMA 0 0 0 0 0 0 0 0 Table 2.3: Starts by, by Dwelling Type and by Intended Market January - Freehold and Row Apt. & Other Freehold and Victoria City 0 0 0 0 0 0 0 0 Oak Bay 0 0 0 0 0 0 0 0 Esquimalt 0 8 0 0 46 108 0 23 Saanich 0 0 0 0 0 0 0 0 Central Saanich 3 0 0 0 0 20 0 0 North Saanich 4 0 0 0 0 0 0 0 Sidney 0 0 0 0 40 0 0 0 View Royal 0 0 0 0 0 0 0 0 Reg. Dist. Area H 0 0 0 0 0 0 0 0 Highlands 23 8 0 0 73 84 0 0 Langford 6 0 0 0 23 0 0 0 Colwood 0 0 0 0 0 0 0 0 Metchosin 0 0 0 0 0 0 0 0 Sooke 58 28 0 0 446 251 0 23 Victoria CMA 0 0 0 0 0 0 0 0 Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 12

Table 2.4: Starts by and by Intended Market Freehold Total* Victoria City 1 10 193 43 0 1 194 54 Oak Bay 0 1 0 0 0 0 0 1 Esquimalt 1 0 0 0 0 0 1 0 Saanich 13 17 2 10 0 23 15 50 Central Saanich 5 0 0 0 0 0 5 0 North Saanich 1 4 0 0 0 0 1 4 Sidney 3 4 1 1 0 1 4 6 View Royal 1 4 0 0 0 0 1 4 Reg. Dist. Area H 1 4 0 0 0 0 1 4 Highlands 3 2 0 0 0 0 3 2 Langford 20 33 31 17 0 0 51 50 Colwood 9 7 7 6 0 0 16 13 Metchosin 0 0 0 0 0 0 0 0 Sooke 8 7 0 0 0 0 8 7 Victoria CMA 66 93 234 77 0 25 300 195 Table 2.5: Starts by and by Intended Market January - Freehold Total* Victoria City 6 15 286 53 3 4 295 72 Oak Bay 2 5 0 0 0 0 2 5 Esquimalt 3 5 0 0 0 0 3 5 Saanich 42 48 57 118 0 23 99 189 Central Saanich 7 5 0 0 0 0 7 5 North Saanich 5 11 7 20 0 0 12 31 Sidney 9 7 5 1 2 4 16 12 View Royal 13 14 40 0 0 0 53 14 Reg. Dist. Area H 14 13 0 0 0 0 14 13 Highlands 6 5 0 0 0 0 6 5 Langford 67 124 96 92 0 0 163 216 Colwood 23 37 37 12 0 0 60 49 Metchosin 2 2 0 0 1 0 3 2 Sooke 29 49 6 0 0 0 35 49 Victoria CMA 228 340 534 296 6 31 768 667 Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 13

Table 3: Completions by and by Dwelling Type Single Semi Row Apt. & Other Total % Change Victoria City 1 3 0 2 0 0 0 75 1 80-98.8 Oak Bay 0 1 0 0 0 0 0 0 0 1-100.0 Esquimalt 2 0 2 6 0 0 0 0 4 6-33.3 Saanich 16 10 2 0 0 0 35 0 53 10 ** Central Saanich 2 0 0 0 0 4 0 0 2 4-50.0 North Saanich 4 1 0 0 0 0 0 0 4 1 ** Sidney 3 0 3 0 0 0 0 0 6 0 n/a View Royal 3 3 0 0 0 0 0 0 3 3 0.0 Reg. Dist. Area H 8 8 0 2 0 0 0 0 8 10-20.0 Highlands 1 0 0 0 0 0 0 0 1 0 n/a Langford 19 49 2 0 35 0 98 22 154 71 116.9 Colwood 1 7 0 0 0 0 0 0 1 7-85.7 Metchosin 2 2 0 0 0 0 0 0 2 2 0.0 Sooke 3 11 0 0 0 0 0 0 3 11-72.7 Victoria CMA 65 95 9 10 35 4 133 97 242 206 17.5 Table 3.1: Completions by and by Dwelling Type January - Single Semi Row Apt. & Other Total % Change Victoria City 8 7 10 7 0 4 5 95 23 113-79.6 Oak Bay 2 7 0 0 0 0 0 0 2 7-71.4 Esquimalt 13 0 6 8 0 3 0 67 19 78-75.6 Saanich 56 44 2 0 3 9 71 137 132 190-30.5 Central Saanich 6 4 6 0 0 11 0 0 12 15-20.0 North Saanich 14 7 0 4 0 0 0 0 14 11 27.3 Sidney 7 3 7 3 0 0 4 16 18 22-18.2 View Royal 9 16 0 2 0 12 0 0 9 30-70.0 Reg. Dist. Area H 22 16 0 2 0 0 0 0 22 18 22.2 Highlands 3 1 0 0 0 0 0 0 3 1 200.0 Langford 78 117 4 4 35 0 153 22 270 143 88.8 Colwood 14 21 4 4 0 0 0 31 18 56-67.9 Metchosin 4 6 0 0 0 0 0 0 4 6-33.3 Sooke 31 32 0 0 0 0 0 0 31 32-3.1 Victoria CMA 267 281 39 34 38 39 233 368 577 722-20.1 Source: CM HC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 14

Table 3.2: Completions by, by Dwelling Type and by Intended Market Freehold and Row Freehold and Apt. & Other Victoria City 0 0 0 0 0 0 0 0 Oak Bay 0 0 0 0 0 0 0 0 Esquimalt 0 0 0 0 35 0 0 0 Saanich 0 4 0 0 0 0 0 0 Central Saanich 0 0 0 0 0 0 0 0 North Saanich 0 0 0 0 0 0 0 0 Sidney 0 0 0 0 0 0 0 0 View Royal 0 0 0 0 0 0 0 0 Reg. Dist. Area H 0 0 0 0 0 0 0 0 Highlands 35 0 0 0 98 22 0 0 Langford 0 0 0 0 0 0 0 0 Colwood 0 0 0 0 0 0 0 0 Metchosin 0 0 0 0 0 0 0 0 Sooke 35 4 0 0 133 97 0 0 Victoria CMA 0 0 0 0 0 0 0 0 Table 3.3: Completions by, by Dwelling Type and by Intended Market January - Freehold and Row Apt. & Other Freehold and Victoria City 0 0 0 0 0 0 0 0 Oak Bay 0 3 0 0 0 67 0 0 Esquimalt 3 9 0 0 71 137 0 0 Saanich 0 11 0 0 0 0 0 0 Central Saanich 0 0 0 0 0 0 0 0 North Saanich 0 0 0 0 4 16 0 0 Sidney 0 12 0 0 0 0 0 0 View Royal 0 0 0 0 0 0 0 0 Reg. Dist. Area H 0 0 0 0 0 0 0 0 Highlands 35 0 0 0 153 22 0 0 Langford 0 0 0 0 0 31 0 0 Colwood 0 0 0 0 0 0 0 0 Metchosin 0 0 0 0 0 0 0 0 Sooke 38 39 0 0 228 348 5 20 Victoria CMA 0 0 0 0 0 0 0 0 Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 15

Table 3.4: Completions by and by Intended Market Freehold Total* Victoria City 1 5 0 75 0 0 1 80 Oak Bay 0 1 0 0 0 0 0 1 Esquimalt 2 6 2 0 0 0 4 6 Saanich 15 10 38 0 0 0 53 10 Central Saanich 2 0 0 4 0 0 2 4 North Saanich 4 1 0 0 0 0 4 1 Sidney 1 0 4 0 1 0 6 0 View Royal 3 3 0 0 0 0 3 3 Reg. Dist. Area H 8 10 0 0 0 0 8 10 Highlands 1 0 0 0 0 0 1 0 Langford 15 47 139 23 0 1 154 71 Colwood 1 7 0 0 0 0 1 7 Metchosin 2 2 0 0 0 0 2 2 Sooke 3 11 0 0 0 0 3 11 Victoria CMA 58 103 183 102 1 1 242 206 Table 3.5: Completions by and by Intended Market January - Freehold Total* Victoria City 11 8 2 81 10 24 23 113 Oak Bay 2 5 0 0 0 2 2 7 Esquimalt 6 6 13 70 0 2 19 78 Saanich 54 44 77 146 1 0 132 190 Central Saanich 6 4 6 11 0 0 12 15 North Saanich 14 7 0 4 0 0 14 11 Sidney 7 3 10 18 1 1 18 22 View Royal 9 16 0 14 0 0 9 30 Reg. Dist. Area H 22 18 0 0 0 0 22 18 Highlands 3 1 0 0 0 0 3 1 Langford 76 101 194 38 0 4 270 143 Colwood 14 23 4 33 0 0 18 56 Metchosin 3 6 0 0 1 0 4 6 Sooke 31 32 0 0 0 0 31 32 Victoria CMA 258 274 306 415 13 33 577 722 Source: CMHC (Starts and Completions Survey) Canada Mortgage and Housing Corporation 16

Table 4: Absorbed Single-Detached Units by Price Range Price Ranges $300,000 - $400,000 - $500,000 - < $300,000 $700,000 + Median Average $399,999 $499,999 $699,999 Total Price ($) Price ($) Share Share Share Share Share Units Units Units Units Units (%) (%) (%) (%) (%) Victoria City 0 0.0 0 0.0 0 0.0 0 0.0 1 100.0 1 -- -- 0 0.0 0 0.0 0 0.0 0 0.0 2 100.0 2 -- -- Year-to-date 1 11.1 0 0.0 1 11.1 3 33.3 4 44.4 9 -- -- Year-to-date 1 20.0 0 0.0 0 0.0 0 0.0 4 80.0 5 -- -- Oak Bay 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a 0 -- -- 0 0.0 0 0.0 0 0.0 0 0.0 1 100.0 1 -- -- Year-to-date 0 0.0 0 0.0 0 0.0 0 0.0 1 100.0 1 -- -- Year-to-date 2 28.6 0 0.0 0 0.0 0 0.0 5 71.4 7 -- -- Esquimalt 0 0.0 0 0.0 2 100.0 0 0.0 0 0.0 2 -- -- 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a 0 -- -- Year-to-date 0 0.0 3 50.0 3 50.0 0 0.0 0 0.0 6 -- -- Year-to-date 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a 0 -- -- Saanich 0 0.0 0 0.0 2 11.1 12 66.7 4 22.2 18 605,000 631,417 0 0.0 0 0.0 1 11.1 4 44.4 4 44.4 9 -- -- Year-to-date 1 1.7 1 1.7 7 11.9 33 55.9 17 28.8 59 611,500 695,151 Year-to-date 1 2.9 0 0.0 2 5.7 19 54.3 13 37.1 35 625,000 721,920 Central Saanich 0 0.0 0 0.0 0 0.0 1 50.0 1 50.0 2 -- -- 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a 0 -- -- Year-to-date 0 0.0 0 0.0 0 0.0 2 40.0 3 60.0 5 -- -- Year-to-date 0 0.0 0 0.0 0 0.0 3 75.0 1 25.0 4 -- -- North Saanich 0 0.0 0 0.0 1 20.0 1 20.0 3 60.0 5 -- -- 0 0.0 0 0.0 0 0.0 0 0.0 1 100.0 1 -- -- Year-to-date 0 0.0 0 0.0 1 7.1 2 14.3 11 78.6 14 998,450 1,067,737 Year-to-date 0 0.0 0 0.0 0 0.0 2 28.6 5 71.4 7 -- -- Sidney 0 0.0 0 0.0 2 66.7 1 33.3 0 0.0 3 -- -- 0 0.0 0 0.0 1 50.0 1 50.0 0 0.0 2 -- -- Year-to-date 0 0.0 0 0.0 2 50.0 2 50.0 0 0.0 4 -- -- Year-to-date 0 0.0 1 33.3 1 33.3 1 33.3 0 0.0 3 -- -- View Royal 0 0.0 0 0.0 0 0.0 3 100.0 0 0.0 3 -- -- 0 0.0 0 0.0 1 25.0 3 75.0 0 0.0 4 -- -- Year-to-date 0 0.0 0 0.0 1 12.5 5 62.5 2 25.0 8 -- -- Year-to-date 0 0.0 1 5.3 4 21.1 13 68.4 1 5.3 19 559,900 558,047 Reg. Dist. Area H 0 0.0 1 11.1 2 22.2 4 44.4 2 22.2 9 -- -- 1 12.5 1 12.5 4 50.0 1 12.5 1 12.5 8 -- -- Year-to-date 1 5.3 2 10.5 2 10.5 9 47.4 5 26.3 19 620,000 601,868 Year-to-date 3 20.0 2 13.3 7 46.7 2 13.3 1 6.7 15 415,000 402,473 Source: CMHC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 17

Table 4: Absorbed Single-Detached Units by Price Range Price Ranges $300,000 - $400,000 - $500,000 - < $300,000 $700,000 + Median Average $399,999 $499,999 $699,999 Total Price ($) Price ($) Share Share Share Share Share Units Units Units Units Units (%) (%) (%) (%) (%) Highlands 0 0.0 0 0.0 1 100.0 0 0.0 0 0.0 1 -- -- 0 n/a 0 n/a 0 n/a 0 n/a 0 n/a 0 -- -- Year-to-date 0 0.0 1 33.3 1 33.3 1 33.3 0 0.0 3 -- -- Year-to-date 0 0.0 0 0.0 0 0.0 0 0.0 1 100.0 1 -- -- Langford 0 0.0 4 21.1 6 31.6 9 47.4 0 0.0 19 459,900 496,237 1 2.2 21 45.7 12 26.1 8 17.4 4 8.7 46 415,000 451,938 Year-to-date 0 0.0 33 41.3 16 20.0 24 30.0 7 8.8 80 425,399 483,104 Year-to-date 11 10.2 56 51.9 21 19.4 11 10.2 9 8.3 108 369,900 431,780 Colwood 0 0.0 0 0.0 0 0.0 4 80.0 1 20.0 5 -- -- 0 0.0 0 0.0 0 0.0 7 77.8 2 22.2 9 -- -- Year-to-date 0 0.0 0 0.0 2 8.3 19 79.2 3 12.5 24 624,907 657,709 Year-to-date 0 0.0 0 0.0 3 13.6 15 68.2 4 18.2 22 592,450 615,405 Metchosin 0 0.0 0 0.0 0 0.0 1 50.0 1 50.0 2 -- -- 1 50.0 0 0.0 0 0.0 1 50.0 0 0.0 2 -- -- Year-to-date 1 25.0 0 0.0 0 0.0 2 50.0 1 25.0 4 -- -- Year-to-date 1 14.3 0 0.0 1 14.3 3 42.9 2 28.6 7 -- -- Sooke 0 0.0 2 50.0 2 50.0 0 0.0 0 0.0 4 -- -- 0 0.0 8 80.0 2 20.0 0 0.0 0 0.0 10 370,500 382,910 Year-to-date 0 0.0 20 57.1 14 40.0 1 2.9 0 0.0 35 399,000 392,876 Year-to-date 3 9.4 21 65.6 6 18.8 2 6.3 0 0.0 32 379,450 386,050 Victoria CMA 0 0.0 7 9.5 18 24.3 36 48.6 13 17.6 74 567,000 609,296 3 3.2 30 31.9 21 22.3 25 26.6 15 16.0 94 459,800 515,781 Year-to-date 4 1.5 60 22.1 50 18.5 103 38.0 54 19.9 271 559,750 590,478 Year-to-date 22 8.3 81 30.6 45 17.0 71 26.8 46 17.4 265 466,750 539,727 Source: CMHC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 18

Table 4.1: Average Price ($) of Absorbed Single-detached Units % Change % Change Victoria City -- -- n/a -- -- n/a Oak Bay -- -- n/a -- -- n/a Esquimalt -- -- n/a -- -- n/a Saanich 631,417 -- n/a 695,151 721,920-3.7 Central Saanich -- -- n/a -- -- n/a North Saanich -- -- n/a 1,067,737 -- n/a Sidney -- -- n/a -- -- n/a View Royal -- -- n/a -- 558,047 n/a Reg. Dist. Area H -- -- n/a 601,868 402,473 49.5 Highlands -- -- n/a -- -- n/a Langford 496,237 451,938 9.8 483,104 431,780 11.9 Colwood -- -- n/a 657,709 615,405 6.9 Metchosin -- -- n/a -- -- n/a Sooke -- 382,910 n/a 392,876 386,050 1.8 Victoria CMA 609,296 515,781 18.1 590,478 539,727 9.4 Source: CM HC (M arket Absorption Survey) Canada Mortgage and Housing Corporation 19

Number of Sales Number of Active Listings Table 5: MLS Residential Activity for Victoria Single Detached Townhouse Apartment Condo Sales-to- Active Listings Ratio Average Price ($) Number of Sales Number of Active Listings Sales-to- Active Listings Ratio Average Price ($) Number of Sales Number of Active Listings Sales-to- Active Listings Ratio Average Price ($) January 229 663 35 444,774 39 126 31 359,940 143 512 28 262,139 February 301 707 43 462,106 62 120 52 344,325 166 560 30 253,660 March 366 810 45 477,681 74 119 62 384,680 247 606 41 276,540 377 904 42 483,357 61 157 39 347,254 188 590 32 277,471 May 408 1,012 40 490,685 92 166 55 355,108 253 717 35 285,256 June 370 1,068 35 486,821 69 178 39 367,631 197 793 25 282,651 July 315 1,065 30 484,216 61 183 33 381,373 193 886 22 292,592 August 309 1,029 30 471,407 66 180 37 354,269 180 902 20 295,770 September 248 1,080 23 486,635 51 224 23 360,171 177 880 20 291,798 October 293 1,026 29 482,260 52 234 22 351,663 144 931 15 272,224 November 264 859 31 507,486 51 210 24 390,145 152 888 17 359,742 December 170 662 26 470,842 30 179 17 428,394 107 753 14 289,761 January 201 702 29 483,173 40 184 22 357,308 119 742 16 351,508 February 325 757 43 503,217 63 207 30 387,281 211 755 28 283,246 March 386 860 45 510,162 78 224 35 375,136 238 743 32 306,958 424 907 47 524,600 71 249 29 392,881 238 839 28 318,601 May June July August September October November December 316 929 35 480,145 62 172 38 365,990 185 751 26 286,054 334 807 41 508,994 63 216 29 380,342 202 770 26 310,766 MLS is a registered trademark of the Canadian Real Estate Association (CREA). Note: Based on boundaries of the VREB; does not include waterfront, acreage, duplexes, manuafactured homes Source: M LS Residential Activity for Victoria Canada Mortgage and Housing Corporation 20

Interest Rates Table 6: Economic Indicators NHPI, Total, Victoria CMA 1997=100 Victoria Labour Market Average Weekly Earnings ($) Mortage Rates P & I (%) Employment Unemployment Participation Per 1 Yr. 5 Yr. SA (,000) Rate (%) SA Rate (%) SA $100,000 Term Term January 658 5.80 6.30 117.0 125.9 169 4.1 63.9 688 February 667 5.85 6.45 117.0 126.0 170 4.0 64.3 692 March 667 6.05 6.45 117.8 126.4 173 3.8 64.9 697 685 6.25 6.75 118.2 127.3 174 3.9 65.4 701 May 685 6.25 6.75 117.9 128.2 173 4.5 65.5 712 June 697 6.60 6.95 118.1 128.0 175 3.8 65.3 720 July 697 6.60 6.95 117.4 128.2 175 3.5 65.3 720 August 691 6.40 6.85 118.2 128.3 176 3.0 65.1 709 September 682 6.40 6.70 118.2 127.7 175 3.7 65.2 699 October 688 6.40 6.80 117.6 127.6 175 3.9 65.2 704 November 673 6.40 6.55 117.6 127.8 178 3.8 65.9 704 December 667 6.30 6.45 117.1 128.0 179 3.6 66.1 704 January 679 6.50 6.65 117.4 128.1 179 3.2 65.9 708 February 679 6.50 6.65 117.4 128.3 178 3.1 65.1 718 March 669 6.40 6.49 117.9 128.8 177 3.2 64.9 726 678 6.60 6.64 129.0 177 3.5 65.0 725 May June July August September October November December CPI, 1992 =100 "P & I" means Principal and Interest (assumes $100,000 mortgage amortized over 25 years using current 5 year interest rate) "NHPI" means New Housing Price Index "CPI" means Consumer Price Index "SA" means Seasonally Adjusted Source: CM HC, adapted from Statistics Canada (CANSIM ), CREA (M LS ), Statistics Canada (CANSIM ) Canada Mortgage and Housing Corporation 21

Methodology Starts & Completions Survey Methodology The Starts and Completions Survey is conducted by way of site visits which are used to confirm that new units have reached set stages in the construction process. Since most municipalities in the country issue building permits, these are used as an indication of where construction is likely to take place. In areas where there are no permits, reliance has to be placed either on local sources or searching procedures. The Starts and Completions Survey is carried out monthly in urban areas with population in excess of 50,000, as defined by the 2001 Census. In urban areas with populations of 10,000 to 49,999, all Starts are enumerated in the last month of the quarter (i.e. four times a year, in March, June, September and December). In these centres with quarterly enumeration, Completion activity is modelled based on historical patterns. Monthly Starts and Completions activity in these quarterly locations are statistically estimated at a provincial level for single and multi categories. Centres with populations below 10,000 are enumerated on a sample basis, also in the last month of each quarter (i.e. four times a year, in March, June, September and December). The Starts and Completions Survey enumerates dwelling units in new structures only, designed for non-transient and year-round occupancy. Mobile homes are included in the surveys. A mobile home is a type of manufactured house that is completely assembled in a factory and then moved to a foundation before it is occupied. Trailers or any other movable dwelling (the larger often referred to as a mobile home) with no permanent foundation are excluded from the survey. Conversions and/or alterations within an existing structure are excluded from the surveys as are seasonal dwellings, such as: summer cottages, hunting and ski cabins, trailers and boat houses; and hostel accommodations, such as: hospitals, nursing homes, penal institutions, convents, monasteries, military and industrial camps, and collective types of accommodation such as: hotels, clubs, and lodging homes. Market Absorption Survey Methodology The Market Absorption Survey is carried out in conjunction with the Starts and Completions Survey in urban areas with populations in excess of 50,000. When a structure is recorded as completed, an update is also made as units are sold or rented. The dwellings are then enumerated each month until such time as full absorption occurs. STARTS AND COMPLETIONS SURVEY AND MARKET ABSORPTION SURVEY DEFINITIONS A dwelling unit, for purposes of the Starts and Completions Survey, is defined as a structurally separate set of self-contained living premises with a private entrance from outside the building or from a common hall, lobby, or stairway inside the building. Such an entrance must be one that can be used without passing through another separate dwelling unit. A start, for purposes of the Starts and Completions Survey, is defined as the beginning of construction work on a building, usually when the concrete has been poured for the whole of the footing around the structure, or an equivalent stage where a basement will not be part of the structure. The number of units under construction as at the end of the period shown, takes into account certain adjustments which are necessary for various reasons. For example, after a start on a dwelling has commenced construction may cease, or a structure, when completed, may contain more or fewer dwelling units than were reported at start. A completion, for purposes of the Starts and Completions Survey, is defined as the stage at which all the proposed construction work on a dwelling unit has been performed, although under some circumstances a dwelling may be counted as completed where up to 10 per cent of the proposed work remains to be done. The term absorbed means that a housing unit is no longer on the market (i.e. has been sold or rented). This usually happens when a binding contract is secured by a non-refundable deposit and has been signed by a qualified purchaser. The purpose of the Market Absorption Survey is to measure the rate at which units are sold or rented after they are completed, as well as collect prices. Canada Mortgage and Housing Corporation 22

DWELLING TYPES: A Single-Detached dwelling (also referred to as Single ) is a building containing only one dwelling unit, which is completely separated on all sides from any other dwelling or structure. Includes link homes, where two units may share a common basement wall but are separated above grade. Also includes cluster-single developments. A Semi-Detached (Double) dwelling (also referred to as Semi ) is one of two dwellings located side-by-side in a building, adjoining no other structure and separated by a common or party wall extending from ground to roof. A Row (Townhouse) dwelling is a one family dwelling unit in a row of three or more attached dwellings separated by a common or party wall extending from ground to roof. The term Apartment and other includes all dwellings other than those described above, including structures commonly known as stacked townhouses, duplexes, triplexes, double duplexes and row duplexes. Intended market: The intended market is the tenure in which the unit is being marketed. This includes the following categories: Freehold: A residence where the owner owns the dwelling and lot outright. (including Strata-Titled): An individual dwelling which is privately owned, but where the building and/or the land are collectively owned by all dwelling unit owners. A condominium is a form of ownership rather than a type of house. : Dwelling constructed for rental purposes regardless of who finances the structure. Geographical terms: A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent municipalities must have a high degree on integration with the central urban area, as measured by commuting flows derived from census place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions. A Rural area, for the purposes of this publication, is a centre with a population less than 10,000. All data presented in this publication is based on Statistics Canada s 2001 Census area definitions. Canada Mortgage and Housing Corporation 23

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