MARKETS

Market Area
The Market Area is outlined in Green on the following map. North Saanich and Sidney were not included as the travelling distance was 26.7 kilometres to Victoria versus 14 kilometres from Langford to Victoria.

Most of the growth envisioned by the Capital Regional District of the Province of British Columbia will occur in the Market Area.

Population

The Population Chart outlines the population for the Capital Regional District (Victoria CMA) of the Province of British Columbia from 2006 to 2012, further subdivided into "Growth Areas".

The scenic Victoria Census Metropolitan Area (CMA) includes thirteen municipalities with the majority of the population centred in Victoria and Saanich but this is changing.

Examining the "Growth Areas", the Westshore's population grew the fastest at 20 percent and along with Sooke, the shift in population growth away from the Central Core is dramatically changing the dynamics of the Capital Region.

Langford's population grew by 33 percent from 2006 to 2012 and is forecast by the Capital Regional District's Planning Services to reach 42,100 people by 2026, making Langford the fastest growing municipality in the Capital Region.

Sales Activity

The following Chart outlines the Sales Activity (MLS Listings) for selected dwelling units built in any year by MLS Region, that were sold from January 31st, 2010, to November 30, 2012.

Sanich East controlled 29 percent of all Single Family home sales during this time, while Langford had 16 percent of Total Family Homes sold followed by Victoria.

For the Strata Duplexes, Victoria captured 36 percent of the total strata duplex market with Esquimalt and Langford sales each having sales of approximately 17 percent of the market.

Victoria had the greatest perentage of Condominium Sales at 45 percent followed by Saanich East with 15 percent.

Saanich East edged out Victoria for the most number of sales in Townhouses at 23 percent while Victoria had 22 percent.

Overall, the Victoria Region had the greatest number of MLS Sales from 2010 to November 30, 2012.

Notes: A strata duplex is a duplex building registered under the Strata Property Act. The owners can sell their dwelling unit separate from the other owner.

MLS Sales Activity for New Construction since January 1st, 2010

When the MLS sales activity is examined for selected dwelling unit types constructed from January 1st, 2010 to November 30, 2012, the Langford Region controlled 66 percent of the market for new single family homes, 31 percent of the condominium market and 33 percent of the new townhouses.

Overall, the Langford Region had 44 percent of all MLS Sales, more than double the MLS sales involving New Construction of any other Region.

The following Table (which includes resales of those units built since January 1, 2010) demonstrates the tremendous housing growth that is occurring in Langford in comparison to other regions within the Market Area.

Additional advantages to the new growth are the larger homes, recent recreational facilities, proposed schools, big box stores, and newer building code standards, which act as a magnet for buyers, particularly young families.

MLS Sales Activity for New Construction of Single Family Homes since January 1st, 2009 Built and Sold by Year.

For each year since 2009, the following Table examines how many single family homes were built and sold in that year.

Again, the Langford Region captured 66 percent of new single family homes built and sold.

MLS Sales Activity for New Construction of Strata Duplexes since January 1st, 2009 Built and Sold by Year.

For each year since 2009, the following Table examines how many strata duplexes were built and sold in that year.

The Victoria Region captured 64 percent of strata duplexes.

MLS Sales Activity for New Construction of Condominiums since January 1st, 2009 Built and Sold by Year.

For each year since 2009, the following Table examines how many condominiums were built and sold in that year.

The Langford Region had almost triple the number of new condos in comparison to any other Region.

MLS Sales Activity for New Construction of Townhouses since January 1st, 2009 Built and Sold by Year.

For each year since 2009, the following Table examines how many townhouses were built and sold in that year.

Both the Langford and Colwood Region experienced the most growth although Victoria was not far behind.

However, the "Westshore" Regions of Colwood, Langford and View Royal commanded the greatest growth - 62 percent of the total townhouses.