Here's some notable highlights:
Here it is: Two bedrooms. One bathroom. Built in 1931. Just 836 square feet. Railway tracks out back. At $325,000, the Esquimalt rancher is the cheapest single-family house listed on MLS in Greater Victoria.
"It's a cute house, but it's very small," says real estate agent Deanna Noyce of the property at 1255 Colville Rd. "It's perfect for a first-time buyer." Yikes! Imagine being a first-time buyer in today's climate... $325,000 to get your foot in the door? That's more like a nightmare. How, when you compare Victoria house prices to incomes, is this sustainable?
People back home in Ontario thought she and her partner were nuts to pay $200,000 for it three years ago, but from a Victoria perspective it was a bargain, particularly when compared to what was then the lowest-priced house, a bug-infested $196,000 fixer-upper with no plumbing and a caved-in roof held up by sticks.
In 1985, the average price of a single-family Victoria home was $93,865, or less than twice the average Victoria family income of $51,000.
By 1995, the average home had risen to $242,012, or five times the average family income, which had dipped to $47,600, according to Statistics Canada.
By 2005, the same house cost $463,399, more than seven times the $64,100 earned by the same family.
In June of this year, that house sold for $573,415. The income stats aren't yet available, but assuming a five per cent salary increase in the past two years, the house-to-income ratio would be 81/2 to one.