What a Difference Your Age Makes When Buying a Condominium in Greater Victoria

Today I was shocked when I completed a bit of market research for a client and found  what a difference your age makes when buying a condominium in Greater Victoria.

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Condominium Suites “Without Age Restrictions ” Listed and Sold in Greater Victoria during the past 12 months.

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Condominium Suites Listed and Sold (55+ age restriction) in Greater Victoria over the past 12 months

 

Let me just show you what I found:

To your left are the Listing and Sales Price Averages for Condominiums for Greater Victoria for the past 12 months.

This all seems fairly predictable with Condominium  suites in Vic West, Oak Bay  as the highest average list and sale prices for condominium suites and Victoria as a distant 3rd. in the core area of Greater Victoria.

 

 

 

With approx. 2,600 listings in this sample it is a good representative number to be reliable.

Because we used a 12 month period these list and sales price averages should not be used as a true indication of current value averages.

Where this value comparison gets interesting is when we did some research on  the same condominium suite types and core geographic areas and only changed one criteria.

We changed our search criteria from using all ages to select the 55 and over age restriction only.

Meaning that the complexes and developments we included in the search only have suites for sale and sold that have bylaws in place allowing only those 55 and over only. (for at least one owner or resident)

The Spreadsheet below really shows what a difference your age makes when buying a condominium in Greater Victoria.

Let’s compare, Look at Oak Bay for a moment, it is the only community where 55+ suites are listed and sold well above the prices for suites without age restrictions.

On the flip side, buying inside of the City of Victoria as a 55+ it appears you are likely to get the best value for your money with a discount of nearly $ 180,000 compared to suites without age restrictions and Esquimalt might also be a good option to consider….

Any time somebody offers me that kind of a discount, they have my attention.

So when you are thinking about downsizing or relocating in or to Greater Victoria, remember what a difference your age makes when buying a condominium in Greater Victoria.

Ps… Also remember who told you this little secret.

District No Age Rank List Price Average No Age Restrictions 55+ Rank List Price, Average 55+ Difference in List Price Averages Compared No Age Rank Sale Price Average No Age Restrictions 55+ Rank Sale Price, Average 55+ Difference in Sale Price Averages
Victoria West 1 $482,646 N/A 1 $457,419 N/A
Oak Bay 2 $473,588 1 $589,000 -$115,412 Higher 2 $454,281 1 $545,000 -$90,719 Higher
Victoria 3 $387,452 5 $190,615 $196,837 Lower 3 $343,049 5 $164,500 $178,549 Lower
Esquimalt 4 $323,609 6 $172,300 $151,309 Lower 4 $303,607 6 $163,500 $140,107 Lower
View Royal 5 $313,896 3 $237,544 $76,352 Lower 5 $299,930 3 $250,483 $49,447 Lower
Saanich West 6 $307,961 5 $228,309 $79,652 Lower 6 $296,603 4 $228,100 $68,503 Lower
Saanich East 7 $301,069 2 $245,992 $55,077 Lower 7 $296,340 2 $247,726 $48,614 Lower