Editor
After four years, Lynda Cox, our resident real estate agent who usually writes this column, has decided to spend more time with her new young grandchildren in Ottawa and Italy. But fear not, for those who enjoy reading the views of our local realtors, Nancy O’Dea of Engel & Völkers will be taking over this space in the November issue. Meanwhile, our thanks to Lynda for sharing her knowledge and stories over the past four years.
For this issue, we did intend to present the portions from the platforms of the political parties related to housing promises. Joel Weiner has abstracted these. However, due to the importance of housing in this election, the political parties have given the matter so much attention that the Echo does not have space enough to print these. However, you will find these platform promises on our website under the “Real Estate” tab.
The platforms contain promises for all the residents of Lowertown. Intensification has resulted in the constant rezoning of land upwards, forcing up the price of land tenfold in many cases. “Starter homes” have become almost extinct with the price of a lot in Lowertown, if one can be found, is higher than a complete new gardenhome in the suburbs.
As a result, the policies with the greatest implications for those wishing to remain residents in Lowertown are those related to affordable housing and promises to address the homelessness crisis which weighs heavily on the community.
For the most part, the platform promises apply more to the young, mobile population in Lowertown, those looking to gain a foothold in the housing market by purchasing a small condo.
Years ago, the popular image for Victoria, BC, was that it was the place for the newlywed and the nearly dead. Substitute not-yet-wed for newlywed, and you have a profile of Lowertown. Our percentage of singles (never married) at 46.4% easily beats the city average of 30.4% while our percentage of seniors tops the city average by 2%. (16.4 to 14.4). The percentage in the 25-64 age group in Lowertown also beats the city average by 5%. The only segment where Lowertown lags behind the rest of the city is in the percentage of our population under 15. Lowertown accounts for 0.6% of all the children under 15.
The shift in Lowertown’s demographics is reflected in our housing stock and in housing sales. The bulk of new builds in Lowertown over the past 15 years has been condominiums. The future mirrors the recent past. Developments already approved will bring hundreds more condominium units over the next five years.
The changes in our housing stock and the increase in the mobility of our population is reflected in our sales. The total sales since November 2019, as indicated in our real estate columns, were 95 houses and 280 condominium units.