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New Homes Offer Great Value

Below is the New Housing Price Index for Victoria, showing percentage changes from 2007 to 2014 November.

Represented are single dwellings, semi-detached houses and row houses (Source: Statistics Canada).

  2007 2008 2009 2010 2011 2012 2013    2014 to Nov            
House & Land 0.5 -0.1 -7.8 -2.8 -1.6 -2.7 -1.3      -1.0            
House Only -5.2 -2.3 -12.5 -4.9 -1.6 -3.5 -1.7      -1.5            
Land Only 9.8 3.5 -0.2 -0.6 -0.9 -0.7 -0.5        0            

The New Housing Price Index measures changes in the selling prices of new houses between contractors and buyers.

The table shows a decline in Victoria’s new house prices since 2008. In fact, the price for the house alone has declined significantly since 2007.

In addition, inflation has averaged 1.59% since 2008 for a total of 9.9%, so today’s reduced new house prices represent considerable savings for consumers.

The declining prices also show there is no room for more govt fees, taxes and amenities on housing.

In fact, they should be reduced and processes streamlined to assist cost savings and protect skilled jobs.

Considering mortgage interest rates are at historical lows, it’s clear that today’s new homes represent great value for purchasers in Greater Victoria.

That said, economists predict rising interest rates in 2015 as the U.S. economy continues improving.

Take advantage of today’s market and contact vrba.ca to build or buy your new home.

View our column appearing Wednesdays in the Times Colonist.

Visit us at vrba.ca and careawards.ca. Follow us on Facebook and Twitter.

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