Victoria northern neighbourhoods see big value gains in housing

Burnside sees unparalleled increase in condo prices

They all bump up against the border of Saanich, and they all share another trait in common. All three neighbourhoods enjoyed the biggest jump in single-family-home assessment value in Victoria since 2005.

Burnside, Hillside-Quadra and Oaklands (north of Kings Road) also had farther to climb, as some of Victoria’s most affordable neighbourhoods with average homes priced at approximately $453,000, $484,000, and $471,000 respectively. All saw approximately a 76 per cent increases over six years.

By contrast, the city’s most expensive homes did not share the same inflation. For instance, since 2005, Rockland has gained only 34 per cent. City wide, the average increase over the same period was 62 per cent.

Condos tell a similar story.

Average condo prices in Burnside Gorge also experienced an unparalled increase in value: 106 per cent since 2005. That’s a bigger increase than any other neighbourhood, according to data by B.C. Assessment.

The result requires qualification, however.

Increases in the average value of condos over time is largely attributable to new development rather than rising values of existing development.

 

 

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