High Demand for Downtown Condos in Victoria

If you are keeping up-to-date with Victoria real estate news, you’ll know that inventory is near record lows, and the demand ultra high!

Just recently, Rogers • Rutledge Engel & Völkers Vancouver Island, sold a downtown condo located in The Mondrian building on Johnson Street. This 403 square foot studio condo on the northeast side of downtown sold over the sellers asking price, setting a record price per square foot in The Mondrian building. Not only did this listing sell for over asking price, but it received an accepted offer within days of hitting the market.

Bowman Rutledge, from Rogers • Rutledge Engel & Völkers Vancouver Island explains that, “Although there are a lot of condos currently being developed, they’re either pre-sold, or aren’t available until at least 2018.” This explains why condos are being snatched up so quickly. Although there are a lot of condos in the downtown core currently being developed, there is nothing move-in ready and comparable at the moment.

Bowman also explains that, “It’s really tough for first-time homebuyers to get into the market, so anything under $400,000 sells super quick.”

The Multiple Listing Service® Home Price Index benchmark value for a condo in the Victoria Core has nearly doubled since 2005, growing from $189,800 to it’s current benchmark value of $361,000.

Since 2011, Victoria’s population has grown by 6.7%, according to Victoria Citified, making the demand for condos and affordable homes increasingly high.

If you currently own a downtown condo and are curious about the value or you’re interested in selling, don’t miss out on this opportunistic time in the Victoria real estate market. Contact Rogers • Rutledge Engel & Völkers Vancouver Island today!

We promise that working with a qualified Victoria Realtor at Rogers • Rutledge Engel & Völkers Vancouver Island will make all the difference when buying or selling your home. Contact us for a free market evaluation today!

*Victoria Real Estate statistics via VREB February report.