2019 Waterfront Market Update

Posted on Feb 12, 2020

2019 saw an increase in the number of waterfront sales by approximately 35% with 62 sales compared to 46 in 2018.  Overall the average sales prices on waterfront properties dropped approximately 20%.The number of sales over $4 million decreased from 7 to 3 at a $5.4  million average sales price compared to just over $6 million in 2018 which contributed to the lower average sale price across the board.If you take out the home sales over $4 million for 2018/2019 then there was actually a 12% price increase on average price.  Homes from the $3-4 million range held their value at approximately $3.25 million with 7 sales compared to 4 in 2018. Homes from $2-3 million actually saw an increase by 7% from $2.287 to $2.456 million. $1-2 million homes held their price at the $1.5 million range. This was the first year that we have seen  waterfront sales for under $1 million since 2016 with 3 sales in that price point averaging $958,000.00. 

  • 62 waterfront homes and 2 waterfront lots were sold in 2019, compared to 46 waterfront homes and zero waterfront lots that were sold in 2018. 
  • The number of sales were up almost 35%. However the average price of the waterfront properties came down 23% from 2018, to just $2.168,897 from $2,609,811 in 2018. This is 61% above the 10 year trailing average. 
  • The average sale price, per square foot, for an oceanfront home was $730 in 2019 compared to $748 in 2018, which is a 2% drop.
  • The average number of days on market increased from 55 days in 2018 to 72 days in 2019.
As of the beginning of January, there are only 38 waterfront listings on the market in areas we selected, which is only about 2% of the total waterfront properties available in the Greater Victoria area. 38 listings is almost 50 percent of 2019’s absorption rate. Waterfront is the gold standard on the west coast and will continue to be indefinitely. Current Provincial Government tax initiatives have altered the buyer profile and pricing on the higher end this past year. Canadians will continue to move west and waterfront property will always be at a premium globally, but savvy waterfront investors will do their homework before making an acquisition. 

These statistics are taken from Victoria MLS figures and do not include private sales. Over the 12 years working together, LeBlanc Piercy Group has now accumulated a database of every ocean front property in the Greater Victoria area. Our database information is broken down by: lot size, dock or foreshore, home or land, and municipality.  We have an extensive knowledge of waterfront property with a research background that includes foreshore information and archeological information.