Property sales and housing prices went up in 2015 and according to the Victoria Real Estate Board, 2016 looks to be par for the course.

VREB past-president Guy Crozier said the region saw nearly 8,300 sales last year, up nearly 24 per cent from the roughly 6,700 in 2014. Not only that, the number of houses on the market dropped below 3,000 for the first time since 2007.

He said the increase in sales, as well as the jump in housing prices in most areas, boils down to supply and demand.

B次元官网网址淭hereB次元官网网址檚 a strong demand and itB次元官网网址檚 really taken a toll on the inventory,B次元官网网址� Crozier said. B次元官网网址淭he result of that is, weB次元官网网址檝e seen prices in the Capital Region up about 10 to 11 per cent, with some places a little higher, depending on the supply.

B次元官网网址淥ur opinion is that this is good news for homeowners because theyB次元官网网址檙e seeing the equity and the value of their properties go up. But itB次元官网网址檚 also not bad news for sellers, in that prices havenB次元官网网址檛 gone crazy like in other parts of Canada. There are still very much affordable areas, there are still condominiums and townhouses that are available at reasonable prices, and there are still reasonably priced homes around the Capital Region.B次元官网网址�

While lower inventory can put more pressure on prices, Crozier said there are still various options for prospective buyers, and there are more homes being built for completion this year.

The West Shore is a good example of an area where building continues unabated, with condo, townhouse and single family home projects ongoing.

B次元官网网址淎lthough the benchmark price is in the high fives ($560,900 for a single family home), you can still find single-family houses for the mid-fours if youB次元官网网址檙e willing to look at a 15- or 20-minute drive,B次元官网网址� he said. B次元官网网址淲e still see thereB次元官网网址檚 a lot of growth areas on the West Shore for housing possibilities and there are more condo projects on the way.B次元官网网址�

Crozier noted that Greater Victoria faces different challenges than VancouverB次元官网网址檚 housing market. While both areas are seeing an increase in sales, the IslandB次元官网网址檚 prices arenB次元官网网址檛 as inflated and the region has less foreign ownership, he said.

B次元官网网址淯nlike Vancouver, Victoria went through a correction in 2008 and 2009, so our house prices havenB次元官网网址檛 been climbing like Vancouver has over the last 10 years. Our prices have only been increasing here for probably the last year and a half.

B次元官网网址淭he majority of people moving to Victoria (from out of town) are coming from other places in Canada,B次元官网网址� he added.

B次元官网网址淵ou look out your window and see what itB次元官网网址檚 like here in winter, and people are still golfing and walking the trails and riding their bikes. ThatB次元官网网址檚 what most of Canada canB次元官网网址檛 experience unless they move here.B次元官网网址�

Despite the ongoing influx of retirees and fewer homes to choose from, Crozier expects the Island housing market will remain great for buyers and sellers this year as more properties are developed.

B次元官网网址淚 think (2016) is a very opportunistic year for most people wanting to make a real estate move.B次元官网网址�

editor@goldstreamgazette.com

Q: WHAT DO THE NUMBERS LOOK LIKE FOR AVERAGE HOME PRICES ON THE WEST SHORE THESE DAYS?

The Victoria Real Estate Board uses the Multiple Listings Service (MLS) Home Price Index (HPI) system to report on selling trends and give prospective buyers and sellers a sense of what direction the real estate market is headed.

The HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area.

Through the analysis of over 10 years of Victoria Real Estate Board MLS sales data, the HPI has defined benchmark homes for Greater Victoria in each category (single family homes, townhouses and condominiums) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.

The VREB December benchmark price for homes in West Shore municipalities, including Sooke but not including View Royal, was $424,300, up significantly from the 2014 mark of $402,600. Showing the upswing in prices, values from Sooke to View Royal jumped between $20,000 (Sooke) and $36,000 (View Royal) from their 2014 benchmark prices.

The 2015  numbers by municipality started with Sooke at $358,200, followed by Langford at $428,500, Colwood at $467,500, View Royal at $537,900, Metchosin at $597,400 and Highlands at $887,900.

While pricing ranges greatly depending on the neighbourhood, the collective West Shore benchmark price for single-family homes continues to be significantly lower than homes in Greater VictoriaB次元官网网址檚 core areas of Saanich, Victoria, Oak Bay and Esquimalt. That number sat at $613,600 as of last month, up 9.3 per cent from the same month in 2014.

GREATER VICTORIA MARKET UPDATE 禄 MONTH END DEC. 31/15 COURTESY VICTORIA REAL ESTATE BOARD

禄 465 / 389 -- NET UNCONDITIONAL SALES / TOTAL, DECEMBER 2014

禄 451 / 419 --NEW LISTINGS / TOTAL, DECEMBER 2014

禄 2,517 / 3,210 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, DECEMBER 2014