Victoria Real Estate Board

President Tim Ayres talks to the Times Colonist about new home builds

What is the market for new builds? And how does it compare to existing homes? 

These were questions posed to your President, Tim Ayres, by local journo Andrew Duffy.

We don’t have evidence of this sort of a trend. You could imagine that for every person looking for a brand new home there is another who values an older, renovated home more. That tends to level out the market,” 

"The market for new homes remains steady," explained Ayres, "It’s similar to the market for older homes. There are a certain amount of consumers that are interested in brand new builds. We certainly see the appetite for new developments in the western communities. Westhills has just opened a new section for sale based on the success of recent offerings."

"116 single-family builds are on the multiple listings service, though less than 10 per cent of those are in the core municipalities and the majority are on the West Shore." explained Ayres. “That said, is a new home likely to sell for a higher price or faster than an older home? We don’t have evidence of this sort of a trend. You could imagine that for every person looking for a brand new home there is another who values an older, renovated home more. That tends to level out the market,”

Read the entire Times Colonist article here.

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