Fall 2020: Here's what $499,998 "won't buy" in Victoria as we count down Capital's 7 cheapest houses
Published October 5, 2020
2020 has seen a skyrocketing in single-family-home prices, record-breaking sales volumes and a run on real-estate in the suburbs as a global pandemic delivered unexpected demand for housing in Victoria.
With an average price of nearly $1.1 million as of September, single-family-homes from Sooke on the West Shore to Sidney on the Saanich Peninsula have catapulted in value as buyers pursue housing options made more desirable by COVID-19’s social distancing requirements.
Compared to September of 2019’s $905,964 average, single-family-home prices rose 19% by September of this year to $1,076,026, and 22.5% above 2019’s January to December average of $878,411.
By the numbers, there are only seven houses for sale below $600,000 on the entire south Island, and they’re all priced $500,000 and higher. That’s a far cry from December of 2015 when the cheapest homes were selling for $300,000 to $400,000.
For the purposes of Citified’s list, properties considered for this article are not on leasehold land, floating homes on harbours or lakes, limited-use vacation-style property which may or may not be strata-titled, or a pre-sale offering (which can be advertised at an entry price not reflective of upgrades or options selected by the purchaser).
Of the seven listings presently available, two are in each of Colwood, Langford and the City of Victoria, and one is in Esquimalt.
|A home for sale on Happy Valley Road in Langford. Google|
#7 - $599,900
Happy Valley Road | Municipality: Langford
Bedrooms: 3 | Baths: 3 | Square footage 1,400
The first home on our list and the most recently built (2014) is a three level, 1,400 square foot residence in Langford’s burgeoning Happy Valley community. Situated on a 2,178 square foot lot, the home includes modern finishings in a location half-way between the West Shore’s semi-rural areas and Langford’s commercial districts. Annual property taxes are estimated at $2,524.
|A home for sale on Stornoway Drive in Colwood. Google|
#6 - $589,000
Stornoway Drive | Municipality: Colwood
Bedrooms: 5 | Baths: 2 | Square footage: 2,073
Featuring the largest land parcel on our list, this two-storey home dates back to the 1970s and is situated in the Triangle Mountain area of Colwood. The property is sizable, at 9,888 square feet or nearly a quarter acre. The backyard is terraced, and the owners have undertaken some interior upgrades throughout the 2,073 square foot residence. Expect to pay $2,851 in annual taxes.
|A home for sale on Adanac Street in Victoria. Google|
#5 - $579,800
Adanac Street | Municipality: Victoria
Bedrooms: 2 | Baths: 1 | Square footage: 777
This small single-storey offering, with a mere 777 square feet of interior space, is situated on Adanac Street in Victoria’s Jubilee neighbourhood. Built in 1950, it stands on a 3,150 square foot lot on a dead-end street and features a shed in a small garden. Taxes are $2,693 per annum.
|A home for sale on Manchester Road in Victoria. Google|
#4 - $575,888
Manchester Road | Municipality: Victoria
Bedrooms: 2 | Baths: 1 | Square footage: 1,034
If a City of Victoria address is important to you, this is as cheap as it gets. This single floor Burnside-Gorge bungalow dating back to 1920 measures just over 1,000 square feet and can be yours for $575,888. The property itself is a key selling feature, at 5,500 square feet, which can accommodate a future tear-down and redevelopment. Taxes are $2,744.
|A home for sale on Nelson Street in Esquimalt. Google|
#3 - $559,985
Nelson Street | Municipality: Esquimalt
Bedrooms: 3 | Baths: 1 | Square footage: 1,402
Off to Esquimalt we go for a 1,402 square foot two-storey home priced a hair below $560,000, which at 119-years-old, is the most seasoned property on our list. The building sits on a 5,300 square foot lot zoned for townhouse density. Taxes will total $3,167 annually.
|A home for sale on Isabell Avenue in Langford. Google|
#2 - $529,900
Isabell Avenue | Municipality: Langford
Bedrooms: 3 | Baths: 1 | Square footage: 1,376
Old-school Langford beckons with this 1973 example of the West Shore’s former self. This Happy Valley rancher includes a filled-in garage which has not been added to the 1,376 interior total, but there is an annual bare land $600.00 strata commitment. Taxes are $2,275.
|A home for sale on Sooke Road in Colwood. Google|
#1 - $499,999
Sooke Road | Municipality: Colwood
Bedrooms: 3 | Baths: 1 | Square footage: 1,369
And this is it. Officially the cheapest single-family-home in the Capital Region. A cool half-million will get you a Colwood rancher with three-bedrooms, one bathroom and the opportunity to bring your decorating ideas to a 1,369 layout on a 7,672 square foot lot. Taxes will total $2,748. C
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