I went for a drive today through Langford and Colwood. It was specifically to see the development around Bear Mountain and the Latoria area of Colwood. Despite being socked in by fog on Bear Mountain, I was blown away by the amount of construction and development that is taking place in those cities. When the amount of construction taking place in Victoria is added to this, the construction statistics for our quaint little region must be quite impressive. Does anyone out there have numbers on housing starts and completions for the CRD? Another interesting stat would be what the size of the construction labourforce is today, and perhaps, what the historical norm is. Anyone know where to find these tidbits of info???
As I drove home, I was left wondering "Where in the world are the people who need to buy these homes gonna come from?"
I know, Alberta, Vancouver, Asia, Europe, etc. But really? That many to Victoria?
Another thing is that there continues to be a lot of homes in Langford and Colwood that languish on MLS for what seems to be an enternity. Condos even more so. Citiwalk condos in Langford has had "Only 5 2-bed, 2-bath Units Left!" for months and months already. I think they better up the antee from their last promotion of a $1500 gift card for Mayfair Mall. Based on the number of condo sales in December and the number of condo listings currently in Langford, there is 11 months of supply. To sell a condo today, you'd really have to raise the bar.
I've been compiling numbers for Victoria from MLS for a little over 6 months. I'll be revealing them tomorrow. Stay tuned!