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Greater Victoria housing starts more than doubled in 2010 compared to 2009 and analysts are predicting similar numbers of new Vancouver Island homes starting this year.
Housing starts slid to 1,034 in 2009, but surged to 2,118 by the end of 2010, beating the 10-year average of 1,800, Travis Archibald, senior market analyst for Canada Mortgage and Housing Corp, told the Victoria Times Colonist.
This year and next are expected to deliver new Vancouver Island homes in the form of multi-family projects, many in Victoria’s Western Communities. Potential buyers are often local, seeking a lower price point, Archibald said.
Langford has been a magnet for development, largely because of lower land prices. Developers tuned into the housing market are putting up single-family homes on small lots, creating a product that is more affordable than in some other parts of the region.
Kettle Creek Station in Langford has been a very popular example of smaller homes and lower price points. Nestled between Langford Lake and Goldstream Provincial Park, at Kettle Creek Station, new custom homes are available starting from $269,000. Prices include net HST, appliance packages, granite countertops and no strata fees. Kettle Creek Station offers 8 different floor plans with 6 plans under $400,000.