Sooke real estate: zoom then sag

Published in MapleLine online: Jan.20, 2010

Subscribe to Free Bi-Weekly ENew Bulletins >

by Mary P. Brooke

Even seasoned Realtors were surprised (pleasantly) at the prompt recovery of the Greater Victoria real estate market during 2009 from a bottomed-out slump in January to restored high prices by year end. By December the inventory of properties for sale was low; the supply of affordable and desirable homes had been exhausted.

A burst of buyer interest in February to May in 2010 would not be surprising, as homeowners make their moves and close their deals before the 12% HST hits all aspects of house purchase costs at July 1. A sales slump in July through September is likely as the market copes with ‘HST shock’.

How prices can go any higher is anyone’s guess – without family support or co-purchasing, the cost of homes is already beyond the means of most average working families. This brings into play the shift to seeing larger families living in smaller homes and the evident need for secondary suites looming larger.

The $450,068 average cost of a single family Sooke home in Dec.09 was the highest for all last year (record Sooke average was $484,180 in Oct.08).

Market pricing corrected itself downward in 2009 but did not plummet – houses in Sooke sold on average for $404,339 compared to $424,059 in 2008. MM

MapleLine Business Centre. - Get your printing done in Sooke. Print shop and business services available starting Feb. 15, 2010. At 6707 West Coast Road, Sooke, BC. Phone: 250-642-7729 or toll-free 1-877-595-6925. info@maplelinebusinesscentre.com

This article will be published on page 31 in the print edition of MapleLine Magazine (Winter-Spring 2010 issue / Feb-Apr.2010).