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.

Sales Activity
The following Chart outlines the Sales Activity for selected dwelling units built in any year, that were sold from January 31st, 2009 to August 31st, 2011. Sanich East controlled 29 percent of all single family home sales during this time, while Victoria captured 31 percent of the strata duplex market and 44 percent of the condominium market. Both Victoria and Saanich East captured 21 percent and 23 percent of the townhouse market.

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.

Sales Activity for New Construction since January 1st, 2009
When the MLS sales activity is examined for selected dwelling unit types constructed from January 1st, 2009 to August 31st, 2011, the City of Langford controlled 63 percent of the market for new single family homes and 50 percent of the condominium market. The following chart (which includes resales of those units) demonstrates the tremendous housing growth that is occurring in Langford in comparison to other regions within the Market Area.

The new housing with its newer building code standards by itself also presents a magnet for existing and new buyers.

Condominium Sales Activity for New Construction since January 1st, 2009
The following chart shows the sales activity for condominiums, based on the number of bedrooms, that were constructed from January 1st, 2009 to August 31, 2011 and sold through the MLS system. Victoria had a slightly greater proportion of one bedroom to two bedroom condominiums reflecting the cost of land and different buyer's needs. Of the total 332 condominiums sold in Langford, 259 had 2 bedrooms, representing 78 percent of total condominium sales in Langford.

No condominiums with 4 or greater bedrooms constructed after January 1st, 2009, to August 31st, 2011, were sold through the MLS system.

Within two and a half years, the City of Langford has absorbed at least 332 newly constructed condominiums, indicating a robust condominium market for the Municipality and a dominant position within the Capital Regional District.