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Only 15 houses in metro Victoria are priced below $500,000 as real-estate frenzy continues

Single-family homes throughout the Capital Region are in high demand while supply remains significantly depressed. And to make matters worse for homebuyers, the lowest end of the housing spectrum is nearing $500,000.  Citified.ca

Only 15 houses in metro Victoria are priced below $500,000 as real-estate frenzy continues
CITIFIED.CA STAFF
Victoria’s inventory of single-family homes has broken a new record in recent days, although it’s not likely to bring a smile to homebuyers frustrated by the south Island's dearth of real-estate listings.
 
The inventory of houses listed for sale throughout the Capital Region at or below $500,000 has dwindled to just 15 properties, according to the Multiple Listings Service (MLS).
 
The priciest among them is a 1,400 square foot home in Langford’s Happy Valley community listed at $490,000. It may not have much of a yard, but it will appeal to buyers in search of a small footprint with modern amenities.
 
The least expensive is a 750 square foot cottage along Sooke’s Highway 14 frontage near the Otter Point community. The little bungalow, built in the late 1980’s, will set it's new owner back $330,000.
 
The remaining 13 homes are listed at an average of $468,000 and all but two are situated on the West Shore. Among them are two listings that may as well be considered tear downs, and one is a float home that comes with its very own ocean frontage and ...land views.
 
The most affordable properties aside, the inventory of single-family-dwellings across Victoria's entire re-sale pricing spectrum remains significantly depressed for a market with an unquenchable demand for housing.
 
Between Sooke and Sidney fewer than 1,000 houses are currently listed on the MLS, a figure that some REALTORS® say is about one-third of where it ought to be.
 
Among those 1,000 listings are 250 properties priced at $1.5 million or more, with approximately 130 of them marketing properties with asking prices in excess of $2 million.
 
The largest concentration of detached houses is currently in the range of $700,000 to $1 million of which there are 350.
 
In total there are just over 1,600 listings on the MLS. C
  
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