Finding a house listed for less than $200,000 is next to impossible in most B.C. cities but there are three listed in Greater Victoria.
International real estate portal Point2 compiled active housing listings from across Canada during the first week of May and found about 10 per cent of them landed below the $200,000 mark. In the country’s 50 largest and most expensive cities, that number dropped to below one per cent, with some of the lowest inventory reported in B.C.
In Greater Victoria, there are three manufactured homes currently listed for less than $200,000 on Realtor.ca. The most expensive is listed at $174,900 in View Royal. This two-bedroom, one-bathroom leasehold listing is in the 55-plus Twin Oaks Mobile Home Park on Admirals Road. Featuring a number of upgrades, this home also boasts a bonus workshop.
Next up, listed at $129,999 is a unit on Sooke Lake Road in Langford. This three-bedroom, one-bathroom unit was built in 1974.
Last but not least is a home listed for $129,000 in Langford on Florence Lake Road. This three-bedroom, two-bathroom unit is in the 55-plus Hidden Valley Mobile Home Park and is 1,250 square feet.
Across the 17 B.C. cities included in Point2’s report, an average of 0.16 per cent of their housing inventory was listed below $200,000.
Kelowna boasted the highest number of homes under the benchmark price at 0.96 per cent. From there, it dropped to 0.46 per cent in Surrey (majority manufactured homes), 0.27 per cent in Delta and 0.26 per cent both in Nanaimo and Abbotsford. Langley offered 0.23 per cent of its homes under $200,000, followed by Richmond and Coquitlam each at 0.17 per cent.
There were no homes listed under the benchmark price in nine B.C. cities, according to Point2, including Burnaby, Vancouver, North Vancouver, Maple Ridge, Port Coquitlam, Victoria, Saanich, New Westminster and Chilliwack.
Throughout Canada, the largest supply of homes under $200,000 existed in the prairies and Atlantic Canada, Point2 found. In Cape Bretton, an impressive 44 per cent of homes listed at the start of May were priced under $200,000. The percentages were similarly high in Regina at 36.5 per cent, Saint John at 26.7 per cent and Lethbridge at 26.1 per cent.
Home prices across Canada are projected to drop in the coming year as interest rates rise. What impact, if any, that has on the number of homes under $200,000 is unknown.
-With files from Jane Skrypnek