Continued uncertainty brings predictable results for the Victoria real estate market
A total of 708 properties sold in the Victoria Real Estate Board region this June, 29.8 per cent fewer than the 1,008 properties sold in June of last year, and a 6.2 per cent decrease from May 2018. The sales of condominiums were down 25.1 per cent from last year in June with 230 units sold. Sales of single family homes were down 34.7 per cent from 2017 with 357 sold this June.
"June typically signals the conclusion of the busy spring market, and activity lightens into the summer," says Victoria Real Estate Board President Kyle Kerr. "However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria's real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out. Even demand side measures that are not yet live, like the Vancouver/Kelowna/Nanaimo/Victoria-specific Speculation Tax, are dragging the market down as many consumers stand aside to watch what happens."
There were a total of 2,595 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2018, an increase of 8.4 per cent compared to the month of May and 35.5 per cent more than the 1,915 active listings for sale at the end of June 2017.
"The good news is that inventory is slowly being added to the market, though we are still very far off from our ten year average inventory level of 4,100 listings" adds President Kerr. "The slower pace of the market has created more time for buyers who may have been hesitant to jump in during the high pressure market conditions of recent years
. Homes are spending a bit longer on the market and there are fewer multiple offer situations than in the past, and if we see more listings over the next few months we may be heading back into a more balanced market situation. Every type and location of property is a separate segment of our market, and there are varying pressures and demands, so if you are buying or selling it is wise to take advantage of the services of your local REALTOR® to help navigate this changing market."
<MLS® Home Price Index reporting is currently unavailable. This document will be updated when the June numbers are released.>
Exceptional One Level Rancher in Uplands Border. Close to all Oak Bay amenities, and just steps away from the many charming shops and restaurants in Estevan Village. Only a short walk to schools, and just a few blocks to Willows Beach. This 1986 quality-built home will please the most discerning Buyer! A fantastic floor plan offers 2 BR, 2 Bath (with upgrades) large Living Room with a Gas Fireplace, Formal Dining Room, Family Room off the Kitchen, with French Doors leading to a Lovely Front Porch. Rare and coveted, the attached 2 vehicle garage has lots of storage, and is conveniently accessed from a semi-private rear lane. The nicely landscaped easy-care lot also comes equipped with an automatic sprinkler system. This is a unique opportunity to purchase a wonderful one level home, in the sought-after Estevan area of Oak Bay!
Victoria Real Estate Market Adapts to Changing Policy Landscape
March 1, 2018 A total of 545 properties sold in the Victoria Real Estate Board region this February, 19.3 per cent fewer than the 675 properties sold in February last year. The sales of condominiums were down 15.5 per cent from last year in February with 174 units sold. Single family homes were 24.4 per cent down from the year previous, with 260 sold this February.
"We certainly anticipated that we would see some lower numbers this year compared to last," says Victoria Real Estate Board President Kyle Kerr. "Right now prospective home buyers are met with many hurdles as they start shopping for their new home. They're in a market that's experienced long-term low inventory, which means more price pressure and competition on homes. Buyers are navigating increasing interest rates and the new mortgage stress test. These factors all combine to constrain our market. Like any changes to consumer experience, there is a period of response before consumers adapt to the new rules. We saw an increase in buyers in November and December who bought early to avoid the mortgage stress test, and this likely means less buyers in the current market. However, with continued historical low inventory levels, demand is still outpacing supply."
There were a total of 1,545 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2018, an increase of 3.6 per cent compared to the month of January and 0.5 per cent more than the 1,537 active listings for sale at the end of February 2017.
"The provincial government recently rolled out its budget, which includes an admirable commitment to spend six billion dollars to build 114,000 units in ten years," adds President Kerr. "These units will take years to come to market, and it is difficult to predict how many we will see in Victoria. The government needs a long-term approach to supply needs in our area, and that initial commitment is a good start. A reasonable way to bolster their commitment and improve current conditions is for the province to work with our municipalities to reduce the timelines and costs associated with bringing new housing to our market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2017 was $771,100, while the benchmark value for the same home in February 2018 increased by 9 per cent to $840,300, slightly higher than January's value of $831,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2017 was $394,400, while the benchmark value for the same condominium in February 2018 increased by 19.85 per cent to $472,600, which is slightly higher than January's value of $460,500.
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,371 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Spectacular Country Estate sited on 34.6 Acres of very private property, & surrounded by an oasis of pristine natural beauty. The elegant English Tudor Style home offers 4 BR & 3 BA, plus many antique features including a solid wood front door from the Somerset home of Lord Byron's daughter. Also vaulted ceilings, thick fir ceiling beams, hand-adzed wide fir planked floors and leaded windows. Approached via a scenic winding drive through natural woods, the home's elevation provides fabulous views from every room. Separate Cottage/Studio, 3 Stall Barn with in/out paddocks & hay loft, plus large grazing pastures & a riding ring. Trails throughout the property. Pond and spring fed stream. Fruit trees, veggie garden and much more! Close to Sidney & Brentwood shops, the Victoria International Airport & only 26 Km (35 min) to downtown Victoria.
The 'ASTORIA', a quality built high rise in a premier downtown location. This modern and chic 1 bed+den suite, consists of 747 sq ft of well planned accommodation, no wasted space here. Finishing touches include: bamboo flooring, stainless steel appliances, floor to ceiling windows and in suite laundry. The prime 14th floor location provides marvelous city and mountain views with ocean glimpses. Steps to the Inner Harbour, Beacon Hill Park, Royal BC Museum, Dallas Rd. Waterfront, Theaters, Restaurants and Shops. Available for immediate occupancy. A perfect turn key rental suite as the existing furniture can be purchased separately. Don't miss this unique opportunity to purchase a fabulous sky home in the heart of Victoria.
A charming Arts and Crafts style residence situated in a prime Fairfield location only one block from the ocean. This 3 bedroom home offers a uniquely convenient lifestyle and is set on an easy care 3920 sq ft lot. Extensively updated: electrical completely redone including upgrade to 200 amp, gas installed, new furnace & duct work, gas fireplace, kitchen cabinets and new stainless steel appliances, bathroom fixtures replaced, gas tank-less hot water heater, exterior painted, and new patio. Other features include a wonderful front porch, wood paneled living room, high ceilings, and fir flooring. A fantastic opportunity to acquire an easy care home in a great location.
Victoria Real Estate Market Begins The New Year With Low Inventory And High Demand
February 1, 2018 A total of 431 properties sold in the Victoria Real Estate Board region this January, 9.8 per cent fewer than the 478 properties sold in January last year. The sales of condominiums were down 30.6 per cent from last year in January - with 118 sold. Single family homes were 4 per cent down from the previous year, with 215 selling in the first month of 2018.
"We expected January to be a bit slower after the increase in activity we saw in November and December, which was likely due in part to buyers entering the market early to avoid the new mortgage stress test," says 2018 Victoria Real Estate Board President Kyle Kerr. "We have yet to see the full effect of the stress test, as many people attained a 90 -120 day pre-approval before the test became required January 1. We won’t know how much that stress test will affect the spring market until we see the numbers, and spring is also the time when sales traditionally pick up."
There were a total of 1,491 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2018, an increase of 7.7 per cent compared to the month of December and 1.6 per cent fewer than the 1,516 active listings for sale at the end of January 2017.
"2017 concluded with very constrained inventory levels, which hit record lows early in January. The lack of inventory in our market is maintaining pressure on pricing, especially as high demand continues in many areas of Victoria," adds President Kerr. "We can also see the effects of headwinds influencing our market in 2018, including attempts to curb demand at all levels of government. The mortgage stress test is the latest to be introduced, and we may learn of further measures later this month when the provincial budget is released. We hope the government takes a balanced approach to our housing market in their budget and offsets any further demand-side measures with initiatives aimed at addressing the ongoing supply shortages for both home buyers and renters. We also encourage our local governments to take some time to assess the effects of demand-side measures like the mortgage stress test and recent interest rate hikes before introducing further restraints on our market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2017 was $761,100. The benchmark value for the same home in January 2018 increased by 9.3 per cent to $831,900, slightly higher than December’s value of $823,800. HPI benchmark value for a condominium in the Victoria area in January 2017 was $375,300. The benchmark value for the same condo in January 2018 increased by 20.1 per cent to $450,600, which is slightly higher than December’s value of $445,000.
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,357 local REALTORS®. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Foxborough Hills is a quality Broadmead townhouse complex ideally situated just minutes from shopping and all amenities. Enjoy the many walking trails around Rithet's Bog, and throughout Broadmead park. This end unit is well situated within the complex and offers convenient main level living with a large recreation room, bedroom, bathroom ,and lots of storage on the lower level The main floor encompasses 1709 sq.ft. and features an extra large inline living/dining room with high ceilings, large open kitchen/family room with deck access, and a spacious master suite. Of note are the courtyard entry, bright skylights, over sized view orientated windows, and a large entertainment sized deck. The complex also includes a Rec Center with pool, spa, sauna, fitness room, club room, and 2 guest suites. This prime Townhouse is ready for immediate occupancy, or to refurbish and renovate to your specifications.
Victoria Real Estate Market Strong to the End of 2017
January 2, 2018 A total of 462 properties sold in the Victoria Real Estate Board region this December, 1.9 per cent fewer than the 471 properties sold in December last year.
A grand total of 8,944 properties sold over the course of 2017, 15.8 percent fewer than the record breaking 10,622 that sold in 2016. 2017 sales came in at 21.7 per cent over the ten year average of 7,349 properties sold.
"Early in 2017 we discussed how the Victoria area housing market would be different than the record breaking year we had in 2016 and that over the course of the year we'd probably see a gradual return to a more balanced market. We did see evidence of this change come early in the year, as multiple offers and rapid price increases leveled out," says Victoria Real Estate Board President Ara Balabanian. "However, the ongoing low inventory of properties for sale meant that buyers continued to experience competitive situations in high demand areas, and multiple offers were still a common occurrence as buyers negotiated in a tighter market. What we couldn't anticipate were outside factors such as changes to mortgage qualifying rules that may have pushed people into the market early. The pending mortgage stress test in particular is likely to have caused much of the increased activity we've seen in November and December."
There were 1,384 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2017, a decrease of 21.5 per cent compared to the month of November and 7.3 per cent fewer than the 1,493 active listings for sale at the end of December 2016. This is the lowest level of inventory for the area in the month of December since the statistic was tracked in 1996.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2016 was $753,900. The benchmark value for the same home in December 2017 has increased by 9.3 per cent to $823,800, and is slightly lower than November's value of $824,600.
"Overall, the low inventory and the continued interest in Victoria real estate meant that well-priced homes were quick to sell in 2017. Moving forward, we expect to see more inventory come into the market, which will continue to move us toward a more balanced state," adds President Balabanian. "We also expect housing prices to remain stable, without the increases we tracked in 2016, and anticipate steady slow growth. In markets like these, it's important to enlist the services of a REALTOR® to help you navigate what may be your largest transaction ever."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,374 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
NEWLY RENOVATED 2017. Enjoy this spacious and private 3 bedroom 3 bathroom townhome located in the heart of Gordon Head. An open floorplan with large kitchen and eating nook, bright family size living room, inline dining room and a convenient powder room. Upstairs are 3 large bedrooms, including a master with 2 pce ensuite and a 4 pce main bathroom with modern finishes. As a bonus the unfinished lower level offers full laundry facilities and an opportunity for further development. Entertain in the oversized garden patio and enjoy the well-kept trees, flowerbeds and hedges throughout the grounds. A fantastic location; close to many parks, stores, restaurants and schools. Don’t miss this unique opportunity to purchase a move-in ready, freshly updated family home located in a great neighbourhood.
A prime waterfront property situated on the Gorge waterway. The private 0.33 acre lot slopes gently to approximately 130 ft. of low bank waterfront. This outstanding property provides easy access for canoeing , kayaking, and summertime swimming all at your back door. The residence offers stunning views from most rooms and consists of 2,605 sq. ft. of living space. The flowing open floor plan is ideal for both family living and entertaining. There are 3 bedrooms up, and additional accommodation down. Other features include a bright open country style kitchen, lots of windows, oak flooring, wrap around deck and Solarium. In addition, there is an exterior Conservatory with hot tub. Properties like this rarely become available for purchase. This unique and special waterfront lot offers a great lifestyle opportunity!
Victoria Real Estate Market Experiences a Burst of Activity
December 1, 2017
A total of 671 properties sold in the Victoria Real Estate Board region this November, 12 per cent more than the 599 properties sold in November last year.
"We suggested last month that some buyers may accelerate their purchase timeline to buy a new home in anticipation of the mortgage stress test on uninsured buyers - those with a down payment of 20 per cent or more - that will come into effect on January 1," says Victoria Real Estate Board President Ara Balabanian. "Judging by the sales we saw in November and what I have heard from our REALTOR® members, some buyers have indeed accelerated their purchasing plans to avoid the stress test. This may change the numbers we see in the early months of 2018, as some buyers who had planned to buy next year have bought a bit earlier."
There were 1,764 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2017, a decrease of 7.4 per cent compared to the month of October and 2.8 per cent fewer than the 1,815 active listings for sale at the end of November 2016.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2016 was $748,500. The benchmark value for the same home in November 2017 has increased by 10.2 per cent to $824,600, which is slightly higher than October's value of $821,900.
"So was this November a record breaker?" asks President Balabanian. "While not a record, it is the highest November sales count we've tracked since 1996. It is also rare that we see November numbers beat October numbers. The fact that we've had an unusual month does not necessarily mean that this is the start of a new trend, it is however, a good example of how outside forces can impact a housing market. It's likely there will be more government-led change in the new year and we'll report on the effects of those changes on the market. Our hope is that the different levels of government coordinate their efforts to avoid a negative compounding effect on the market."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,375 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Slowly Stabilizing after a Record Breaking 2016
November 1, 2017 A total of 664 properties sold in the Victoria Real Estate Board region this October, 9.7 per cent fewer than the 735 properties sold in October last year.
"As expected, we saw fewer sales than this time last year," notes Victoria Real Estate Board President Ara Balabanian. "Looking at the longer term picture however, sales last month were 17.1 per cent above the ten year average of 567 properties for the month of October, so the market is still very active here in Victoria, and this is in spite of the ongoing low inventory levels."
There were 1,905 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2017, a decrease of 3.6 per cent compared to the month of September and 1.7 per cent fewer than the 1,938 active listings for sale at the end of October 2016.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2016 was $752,000. The benchmark value for the same home in October 2017 has increased by 9.3 per cent to $821,900, but is lower than July's value of $834,200.
"The fact that we've seen such a controlled levelling off in the market directly following a year which felt so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the Victoria market. An unstable market may have experienced a heavy correction or shift, whereas in our market sales are moderating at a reasonable rate." adds President Balabanian. "In the coming months we expect to see less inventory on the market, because the year end changes buyer and seller behaviours, their focus shifts to holidays and winter weather. One unknown influence that may play on the winter market is the upcoming mortgage stress test. Some buyers may move their purchasing timelines forward to make their home purchases before the stress test on uninsured buyers (those with a downpayment of 20 per cent or more) becomes required January 1."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,364 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Changes Tempo for Autumn
October 2, 2017 A total of 640 properties sold in the Victoria Real Estate Board region this September, 18.1 per cent fewer than the 781 properties sold in September last year.
“We can certainly feel the difference in the current market when we compare to last year’s record breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,” notes Victoria Real Estate Board President Ara Balabanian. “Now the tempo of the market is trending slowly – very slowly – towards more balanced conditions. Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.”
There were 1,976 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2017, an increase of 3.1 per cent compared to the month of August and 4.1 per cent fewer than the 2,061 active listings for sale at the end of September 2016.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2016 was $742,200. The benchmark value for the same home in September 2017 has increased by 10.9 per cent to $823,100.
“Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local real estate market.” adds President Balabanian. “The ten year average for sales in September is 573 properties and the month exceeded that average by more than ten per cent, which indicates we’re still in an active market. And of course there are neighbourhoods that are still tracking up in terms of value from last year. It’s for reasons like these that now more than ever it makes sense to seek the assistance of a local REALTOR® to sell or buy your home.”
About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,369 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Spectacular Country Estate sited on 34.6 Acres of very private property, & surrounded by an oasis of pristine natural beauty. The elegant English Tudor Style home offers 4 BR & 3 BA, plus many antique features including a solid wood front door from the Somerset home of Lord Byron's daughter. Also vaulted ceilings, thick fir ceiling beams, hand-adzed wide fir planked floors and leaded windows. Approached via a scenic winding drive through natural woods, the home's elevation provides fabulous views from every room. Separate Cottage/Studio, 3 Stall Barn with in/out paddocks & hay loft, plus large grazing pastures & a riding ring. Trails throughout the property. Pond and spring fed stream. Fruit trees, veggie garden and much more! Close to Sidney & Brentwood shops, the Victoria International Airport & only 26 Km (35 min) to downtown Victoria.
Victoria Real Estate Market Statistics for August 2017
Sept 1, 2017 - A total of 736 properties sold in the Victoria Real Estate Board region this August, 16.6 per cent fewer than the 883 properties sold in August last year.
"I admit to being a little surprised by the August numbers," notes Victoria Real Estate Board President Ara Balabanian. "I expected inventory numbers to be climbing by now, but instead we've seen even lower numbers of listings on the market. This is likely leading to some buyer fatigue along with pressure on pricing in high demand areas."
There were 1,917 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2017, a decrease of four properties compared to the month of July, and 8.5 per cent fewer than the 2,094 active listings for sale at the end of August 2016.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2016 was $743,200. The benchmark value for the same home in August 2017 has increased by 10.8 per cent to $823,100.
"Though much too early to call a trend, we do see that the August HPI benchmark value for single family homes in the Victoria Core area has decreased by 1.3 per cent when compared to July. This is the first time we've noted a decrease in HPI values since August 2015." adds President Balabanian. "That said, this is not an indicator of a huge change in property values across our region. We've seen a phenomenally busy two years in real estate for our area and we are likely heading towards a period of more balanced activity. Note too, that though the overall HPI value shows a small month over month decrease - specific areas and specific types of product have seen increases. For example, condominiums across the entire region are up by half a percent compared to the previous month and single family homes in North Saanich have increased in benchmark value by almost one per cent. It's for reasons like these that now more than ever it makes sense to seek the assistance of a local REALTOR® to sell or buy your home."
Spacious 2 bedroom, 2 bathroom suite situated in a well cared for 50+ building with secure underground parking. Ideally located within steps to the Hillside Mall, and the surrounding shopping district. The suite offers; a charming living room with fireplace, large inline dining room, updated kitchen with stainless steel appliances and modern wood cabinets, plus master with en-suite. Both bathrooms have been updated. The second bedroom is fitted with a Murphy Bed and can serve as either a bedroom, den, or office. There is also in-suite laundry with newer washer and dryer. The large exterior deck offers a completely private space in which to relax. A chance to purchase an affordable and convenient home at a reasonable price.
NEWLY RENOVATED 2017. Enjoy this spacious and private 3 bedroom 3 bathroom townhome located in the heart of Gordon Head. An open floorplan with large kitchen and eating nook, bright family size living room, inline dining room and a convenient powder room. Upstairs are 3 large bedrooms, including a master with 2 pce ensuite and a 4 pce main bathroom with modern finishes. As a bonus the unfinished lower level offers full laundry facilities and an opportunity for further development. Entertain in the oversized garden patio and enjoy the well-kept trees, flowerbeds and hedges throughout the grounds. A fantastic location; close to many parks, stores, restaurants and schools. Don’t miss this unique opportunity to purchase a move-in ready, freshly updated family home located in a great neighbourhood.
View my new listing for saleSOLD at 817 Downey Rd, Sidney and currently listed at $1,750,000.SOLD
Fabulous 5.9 Acre Country Property with Bright, Sunny, South Exposure! Situated in a quiet, private and very sought-after location on Downey Rd. The Colonial Style Residence was built in 1986, and offers 2319 sq ft with 4 Bedrooms, 3 Bathrooms, Living Room, Separate Dining Room, Kitchen with Eating Area, and Family Room with a wood-burning fireplace. There is a wrap around deck at the front of the house, and a large patio at the rear, which offers amazing views over acres of rolling pasture. This fully fenced and well-maintained property also has a Barn, Chicken Coop, and Garden Shed. Close to Sidney shops and all amenities, Victoria International Airport, and Ferries. Parcels like this rarely become available. Don't miss this opportunity!
Victoria Real Estate Market Continues Tempo of Steady Sales Throughout June
July 4, 2017 - "This year may feel a bit steady and less exciting when compared to last year's record-breaking market. People are getting used to this new tempo of brisk sales," says 2017 Victoria Real Estate Board President Ara Balabanian. "However, when we look at the longer term numbers, we're in a very active market. This June we counted over one thousand properties sold, while the ten year average for sales in the month of June is 798. If we remove 2016 sales, this June would have been the record breaker."
A total of 1,008 properties sold in the Victoria Real Estate Board region this June, 14.1 per cent fewer than the 1,174 properties sold in June last year.
There were 1,915 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2017, an increase of one per cent compared to the month of May, but 16.3 per cent fewer than the 2,289 active listings for sale at the end of June 2016.
"The good news for buyers is that inventory is slowly starting to build," adds President Balabanian. "But buyers can still anticipate multiple offer scenarios in certain high demand neighbourhoods where inventory is being bought at a more rapid pace. It's never been a better time to be a seller, with MLS® Home Price Index prices at a record high for the Victoria Core."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2016 was $721,000. The benchmark value for the same home in June 2017 has increased by 15.1 per cent to $829,600.
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,365 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Continues Tempo of Steady Sales Throughout June
July 4, 2017 - "This year may feel a bit steady and less exciting when compared to last year's record-breaking market. People are getting used to this new tempo of brisk sales," says 2017 Victoria Real Estate Board President Ara Balabanian. "However, when we look at the longer term numbers, we're in a very active market. This June we counted over one thousand properties sold, while the ten year average for sales in the month of June is 798. If we remove 2016 sales, this June would have been the record breaker."
A total of 1,008 properties sold in the Victoria Real Estate Board region this June, 14.1 per cent fewer than the 1,174 properties sold in June last year.
There were 1,915 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2017, an increase of one per cent compared to the month of May, but 16.3 per cent fewer than the 2,289 active listings for sale at the end of June 2016.
"The good news for buyers is that inventory is slowly starting to build," adds President Balabanian. "But buyers can still anticipate multiple offer scenarios in certain high demand neighbourhoods where inventory is being bought at a more rapid pace. It's never been a better time to be a seller, with MLS® Home Price Index prices at a record high for the Victoria Core."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2016 was $721,000. The benchmark value for the same home in June 2017 has increased by 15.1 per cent to $829,600.
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,365 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Fabulous City, Ocean & Mountain Views (on a clear day you can even see Mt. Baker) from this bright, modern & immaculate 1BR/1Bath corner suite. Offering two sides of floor to ceiling windows for an abundance of natural light and wrap around views. Designer finishing in the kitchen includes quartz counter tops and stainless steel appliances. In suite laundry and storage area, plus closet organizers. Shared amenities include a fantastic communal roof top deck with panoramic views, bike storage, rec room, hobby/work room, and guest parking. Walking distance to shops, restaurants, theaters, groceries, transit routes, museums, inner harbour and all amenities. Enjoy the convenient location and vibrant urban lifestyle!
Victoria Real Estate Market Sees Slow Increase in Inventory
June 1, 2017 - "This month we have seen an increase in inventory - which means that buyers have more choice - and it means that now in some areas sellers are competing for buyers," says 2017 Victoria Real Estate Board President Ara Balabanian.
There were 1,896 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2017, an increase of 12.2 per cent compared to the month of April, but 21.2 per cent fewer than the 2,406 active listings for sale at the end of May 2016.
A total of 1,006 properties sold in the Victoria Real Estate Board region this May, 22 per cent fewer than the 1,289 properties sold in May last year. The ten year average for sales in May is 815 properties.
"There are many different market conditions in Victoria, because we have so many different neighbourhoods and different levels of demand for those neighbourhoods," adds President Balabanian. "The market won't change immediately, but we can track a shift as more inventory enters the market to meet the demand from buyers. Overall, pressure on pricing is easing because of the increase in inventory and the rate of increase of price is normalizing. As we have predicted, we are seeing the beginning of a gradual return to a balanced market in the Victoria area. In conditions such as the ones we see now, it's more important than ever to have an expert REALTOR® on your side whether you are buying or selling a property."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2016 was $706,500. The benchmark value for the same home in May 2017 has increased by 16.8 per cent to $825,500.
About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,363 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
An exceptional Broadmead custom residence set well back from the street, approached via a long private driveway. The 4 BR, 3 Bath home is ideally situated, taking full advantage of a large quiet lot and excellent views. Tastefully renovated with superior finishing, it offers an easy, flowing floor plan. Of special note are the main level master suite, expansive kitchen/family room, formal living & dining room, large family/media room and two levels of garden view decks. The beautiful SE facing woodland garden features a large decorative pond, secluded patio and many varied areas, great for summer relaxation & enjoyment. This well positioned property is close to shopping, recreation and amenities. A special offering, not to be missed!
View my new listing for saleSOLD at 3350 Uplands Rd, Victoria and currently listed at $3,200,000.SOLD
A rare and secluded 1.2 acres with 150’ frontage on one of the Uplands quietest streets. A perfect property for a substantial residence. Private park like setting is enhanced by extensive laurel hedges, gary oaks, mature plantings & SW facing rear garden. Alternatively, enjoy the 3,467 sq ft updated 1933 character residence with its 28’ LR, 10’ ceiling & massive FP, country kitchen with separate EA & adjoining deck, elegant dining room accessing a SW facing glass conservatory with heated floors & French doors leading to an expansive slate terrace. Master bedroom, dressing room & ensuite on its own floor. 3 other bedrooms, den with FP & 3 more bathrooms. A unique opportunity to enjoy the existing residence, or build your dream home.
Outstanding Country Property & Equestrian Estate. This 11.14 Acre property delights with lovely views. Adjacent to Beaver/Elk Lake Park, offering 1000+ acres of Riding Trails. Well planned 3 BR, 4 Bath home offers 4888 sq ft of sun-filled flowing space ideal for both family living and large scale entertaining. Attached triple garage has 660 sq ft office/suite above, perfect for care taker, stable help or additional guest accommodation. Equestrian Facilities include an 8 stall stable with tack room, feed room, lounge & bathroom, washer/dryer, foaling stall, 2 grooming stalls, hay storage; 250' x 130' all weather riding ring, individual paddocks, round pen, & acres of summer pasture. The current horse boarding business provides extra income.
Victoria Real Estate Market Continues Trend of Low Inventory, High Demand
April 2, 2017 - A total of 929 properties sold in the Victoria Real Estate Board region this March, 17.1 per cent fewer than the 1,121 properties sold in March last year.
"We predicted early in the year that we wouldn't see a continuation of the record sales numbers that we saw in 2016," says 2017 Board President Ara Balabanian. "However, we are still in a very active market, as evidenced by the fact that this is second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2016 was $663,300. The benchmark value for the same home in March 2017 has increased by 19.1 per cent to $790,100.
Inventory levels edged lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2017, 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.
"The public and REALTORS® are getting used to the new tempo of the market - with the ongoing historically low inventory levels and high consumer demand - both parties need to be tenacious and have quick reflexes. Sellers need to ensure they have assistance from an experienced local Realtor to help understand current demand and pricing. Even in this market, properties can sit unsold for months without selling because of an inappropriate price," adds President Balabanian. "We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,350 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Bright and spacious 2 Bedroom Top Floor Condo with great views, and located on the quiet side of the building! Rarely do these top floor condos come available. Laminate floors have been installed in the kitchen and hallway, plus the kitchen has some nice updates. This clean, quiet building offers an indoor pool, whirlpool, workout room, billiard room and hobby room. The strata fees include heat, hot water, water, and parking. There is a large shared laundry room on the main. Small pets are allowed and some rentals (ten rentals allowed in the building). Very convenient location close to shopping and all amenities (Downtown, Uptown, Mayfair Mall), plus walking distance to Rudd Park.
Victoria Real Estate Market Healthy Heading into Spring
March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,332 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Healthy Heading into Spring
March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,332 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Healthy Heading into Spring
March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,332 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Healthy Heading into Spring
March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,332 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Healthy Heading into Spring
March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,332 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Victoria Real Estate Market Healthy Heading into Spring
March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,332 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
High Demand Continues as Inventory Shrinks in the Victoria Housing Market
December 1 2016, Victoria, BC
A total of 599 properties sold in the Victoria Real Estate Board region this November, 4.5 per cent more than the 573 properties sold in November last year.
Inventory levels remain lower than last year, with 1,815 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2016, 38.5 per cent fewer than the 2,952 active listings at the end of November 2015.
"Our current housing market is in a strong cycle due to many factors, including our current positive economic conditions, baby boomers retiring here, millennial buying cycles, a low Canadian dollar keeping folks closer to home and our favourable living conditions," notes Mike Nugent, 2016 President of the Board. "These factors and others, in combination with ongoing low inventory mean demand for housing is up, particularly in those areas close to the core and amenities."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2015 was $608,600. The benchmark value for the same home in November 2016 has increased by 23.9 per cent to $753,800.
"Foreign buyers are another factor that affects our local housing market. The provincial government is considering implementation of a local tax on foreign buyers to ensure pressure on pricing from that source remains mitigated," adds President Nugent. "While October data shows an increase in foreign buyers into the Capital Regional District compared to previous months, their 6.3 per cent of property transfers indicate that these buyers are one factor in the marketplace. A much larger factor affecting affordability and availability right now is the lack of inventory. An effective method to address housing affordability issues could be through efforts to increase the supply of housing, either through adjustments to zoning or density."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,320 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
FABULOUS LOCATION,QUALITY BUILDING AND A FANTASTIC VIEW. Clarence House is an extremely well located (recently re-mediated) steel and concrete building located close to all amenities, Dallas Road, and Beacon Hill Park. This recently updated 2 BR, 2 Bath, corner suite, faces South West,and has wonderful ocean and city views extending over the Breakwater, Straight Of Juan De Fuca with the Sooke hills beyond. The suite is spacious and bright with over sized rooms, lots of windows, and a great functional floor plan. Some of the recent updates include: new carpeting throughout,new kitchen bathroom and laundry room floors,granite counter tops, new s/s appliances, freshly painted,refinished cabinetry and much more. A prime suite and must see.
THE PERFECT 3 ACRE EQUESTRIAN ESTATE! Featuring a freshly painted country home with new deck, hardwood floors throughout, MBR with ensuite and two walk-in closets, plus a fabulous living/dining room with expansive pastoral views. Mature landscaping provides privacy within a serene setting of lawns and gardens. 85' x 185' all weather riding ring with new footing and lighting, new 7 stall & 5 stall barn structures with large stalls & in-out paddocks, plus 4 stall barn with 2 heated tack rooms, hot water wash stall, & new hay storage shed. Back pasture paddocks are cleared and seeded with improved drainage. Three driveway accesses & plenty of parking including a double garage/workshop. Short ride to Bear Mountain and Beaver/Elk Lake trails.
Competitive Housing Market in Victoria Continues as Inventory Remains Low
November 1 2016, Victoria, BC
A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.
Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.
"We continue to see low inventory hindering sales in the local market," notes Mike Nugent, 2016 President of the Board. "Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2015 was $608,200. The benchmark value for the same home in October 2016 has increased by 24.1 per cent to $755,000.
"The federal government's change to mortgage lending rules has also impacted buyers," adds President Nugent. "Buyers that require mortgage insurance are able to qualify for significantly smaller mortgages than before the rule change and this is further limiting their options in a very restricted market. Some buyers have postponed their search in order to save up more of a down payment so they can work within these new limitations."
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,305 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
A total of 781 properties sold in the Victoria Real Estate Board region this September, an increase of 10.9 per cent compared to the 704 properties sold in September last year.
Inventory levels remain lower than last year, with 2,061 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2016, 40.7 per cent fewer than the 3,478 active listings at the end of September 2015.
"This is the lowest level of inventory on the market in September that we have on record [since 1996]," notes Mike Nugent, 2016 President of the Board. "This continuing lack of inventory holds up sales. The market is still strong, but not moving at the pace we saw earlier in the year. This slowdown is typical with what we expect in the fall to winter season and may be more pronounced as a result of buyer fatigue, due to the lack of available inventory."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2015 was $607,100. The benchmark value for the same home in September 2016 has increased by 22.8 per cent to $745,700.
"We have already exceeded the number of sales that we saw in 2015, with a full quarter remaining in the year," adds President Nugent. "And there is still strong demand, thanks to underlying fundamentals in our province - the GDP is up, employment numbers are up, retail and population growth is up. All of these contribute to current market conditions. We also see no indication that the new foreign buyer Property Transfer Tax in Metro Vancouver has pushed foreign buyers into our market in a substantial way, though we continue to track that as a possibility."
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,293 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Located in a lovely area of rural properties and small acreages, this 4 bedroom, 3 bathroom family home is tucked away on a very private and treed 1.18 Acre lot. There have been many upgrades to enhance this home. The main level has beautiful 3/4" solid hardwood flooring; the kitchen offers artistic tiles, plus modern cabinetry and appliances; windows are primarily Pella brand; and the huge wrap around sun deck has high quality aluminum decking, great for entertaining! The master bedroom on the main level has a private den/office above. There are 3 more bedrooms, family room, rec room and 4 piece bathroom on the lower level. Only minutes away to shops, restaurants, and all amenities in Brentwood Bay Village and the Red Barn Market.
Victoria Property Sales Continue Record Breaking Pace
September 1 2016, Victoria, BC
A total of 883 properties sold in the Victoria Real Estate Board region this August, an increase of 19.2 per cent compared to the 741 properties sold in August last year.
"August is a record breaker in more than one way. For the sixth consecutive month, we have a sales record with more sales than any other month of August on record," says Mike Nugent, 2016 President of the Board. "We also have the lowest number of listings available for sale in an August than we've seen in the last twenty years. That lack of inventory will continue to put pressure on pricing. Sales would be even higher were there more inventory available for buyers to purchase. Regardless of the low inventory, it's safe to say that by mid-September we will have surpassed the number of sales for all of 2015, with four months remaining in the year."
Inventory levels remain lower than last year, with 2,094 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2016, 43.2 per cent fewer than the 3,688 active listings at the end of August 2015.
"As we saw last month, the expected seasonal slowdown continues as we move towards the autumn," adds Nugent. "August tends to be the slower summer month, though the year-over-year sales numbers are very strong. This shows continued consumer confidence in the Victoria real estate market. It is early to determine a trend, but we don't see any early indications that the foreign investment Property Transfer Tax implemented in Metro Vancouver has impacted sales to any extent in Victoria at this time."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August, 2015 was $603,200. The benchmark value for the same home in August 2016 has increased by 23.8 per cent to $746,900
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,283 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Fantastic 1 Bedroom Condo with Huge 21' x 10' (244 sq.ft.) South Facing Balcony. The Era, by Concert Properties, is a 2015 Steel and Concrete Tower, Ideally Located in the Vibrant Heart of Downtown Victoria. This Prime Suite Features: Open Concept Living, Large Windows, Linear Kitchen with Ample Cabinets, In Suite Laundry, 1 Secured Underground Parking Space, Very Efficient Floor Plan and 9 foot Ceilings. A Quality Built Building with High Quality Finishing, Transient Zoning (vacation rentals), Caretaker, and an Award Winning Heritage Front Facade. This Unique Suite is Ideally Suited to those looking for Very Special Urban Lifestyle, or those looking for an Great Investment Condo in a Prime Downtown Location.
Victoria Real Estate Market Continues to Sizzle in Summer Months
August 2 2016, Victoria, BC
A total of 972 properties sold in the Victoria Real Estate Board region this July, an increase of 22 per cent compared to the 796 properties sold in July last year.
"Though we saw the seasonal slowdown that we expect this time of year, we had another record breaking month," says Mike Nugent, 2016 President of the Board. "The last time we saw a July this busy was in 2009 when 933 properties sold."
Inventory levels remain lower than last year, with 2,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2016, 45 per cent fewer than the 3,942 active listings at the end of July 2015.
"Late last week the provincial government approved new legislation that may affect the real estate market in our area, though at this time we can only guess how a foreign investor's tax in the Metro Vancouver region will impact sales here in Victoria," adds Nugent. "Recent data released by the government shows that nearly ten per cent of property transfers in Metro Vancouver involved foreign nationals. This is part of the rationale for applying a fifteen per cent tax on transactions only in Metro Vancouver at this time. Does this mean international demand will spill over into Victoria and other areas of BC? We won't know until we see the data. The Capital Regional District saw two per cent out of country buyers in the year of 2015. Although this is a small percentage of our buyers, anecdotally foreign buyers do tend to favour the same core neighbourhoods and therefore can have an impact on those areas."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July, 2015 was $599,800. The benchmark value for the same home in July 2016 has increased by 23.6 per cent to $741,100.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Elegant French Manor House Set On A Very Private 1.77 Acre Oceanfront Estate. Accessed via a quiet English style lane, the house is perfectly sited to take advantage of the superb 180 degree Ocean and Island views. Expertly finished and proportioned there is 5787 sq ft of stunning free flowing space ideal for both entertaining and family living. Interior features include thick Italian crafted walls, soaring ceilings, crosscut French limestone, wide plank fir flooring, master suite, French style kitchen, over sized windows & much more. Other features include a guest/caretakers cottage, quaint studio with attached 2 stall barn and a well positioned horse/pony paddock. A rare opportunity to acquire a unique and significant oceanfront property
OUTSTANDING SEASIDE PROPERTY WITH SWEEPING OCEAN VIEWS! From every main floor window the ocean is a potent presence. This renovated 3156 sq. ft. 4 bedroom, 3 bath Cape Cod styled home is less than 2 minutes from the water! A bright well planned interior provides large proportioned rooms, high ceilings, updated kitchen with adjoining family room, separate dining room, hardwood flooring, plus many extras. The sunny exposure is perfect for enjoying the large wrap around deck while taking in ocean breezes, wildlife and vistas spanning from Trial Island to the Olympic Mountains. The perfect lifestyle for today's modern family, and a unique opportunity to purchase a fine crafted ocean view property in the quaint community of South Oak Bay.
Competitive Pricing Still Key in Victoria's Hot Real Estate Market
July 4 2016, Victoria, BC
A total of 1,174 properties sold in the Victoria Real Estate Board region this June, an increase of 29 per cent compared to the 910 properties sold in June last year.
"When we look at month over month numbers, sales are down almost 9 per cent in June compared to the record breaking sales we saw in May, which may be due to the very low inventory available," notes Mike Nugent, 2016 President of the Board. "It's likely that sales would be higher were there more on the market to buy, but with the current conditions people may be hesitant to give up the homes they have."
Inventory levels remain lower than the year previous, with 2,289 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2016, 42.8 per cent fewer than the 4,003 active listings at the end of June 2015.
"June marks the halfway point for 2016. By this time last year 4,282 properties had sold," adds Nugent. "In the same six months this year, 6,181 properties have sold. If sales continue at a similar rate, we may meet the total sales from last year by the end of the summer. However, this may depend on available inventory, which continues to decrease."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June, 2015 was $594,700. The benchmark value for the same home in June 2016 has increased by 21.9 per cent to $724,900.
"Even in this market, price and strategy are important," says Nugent. "It's smart to engage a local REALTOR® to identify a price point and marketing strategy to sell your property. We have seen many multiple offer situations and record breaking numbers in the past few months, but there are properties that sit unsold. Sellers trying to test the upper price limits in their specific range will find that buyers are as discerning as ever. Even in this market there is no guarantee of sale."
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
ELEGANT 1 BEDROOM & DEN at THE ARIA. This stunning building is situated in an oasis of beautiful landscaping and fountains plus landmark heritage buildings. Stroll out your front door to the Empress Hotel, Parliament Buildings, Beacon Hill Park, Inner Harbour, theatres, restaurants, shops, buses and the float plane terminal. This immaculate condo features cherry wood floors throughout, granite and marble counters, gas fireplace, s/s appliances, Travertine floors, European faucets, plus floor to ceiling windows. Quality construction offering a gym, sauna, steam room, hobby room, lounge, secure underground parking, storage lockers and bike storage. Pets are welcome! A resident caretaker & friendly concierge enhance this wonderful lifestyle.
Fabulous location only steps to the Inner Harbour! This completely renovated two-bedroom suite offers many luxury upgrades including a new kitchen with quartz countertops, bathroom with heated tile floor, soaker tub, separate glass shower, and heated towel rack, also new engineered maple flooring in principle rooms, plus a fantastic new sunroom, with electric fireplace, designed for year round enjoyment. Wait until you walk out of your sun room and look down on the view of the harbor from the enormous sun drenched terrace! The coffee houses, shops and restaurants of Government St and Wharf St, plus the Inner Harbour, Empress Hotel and Parliament Buildings add to the wonderful lifestyle in the neighbourhood!
April Property Sales in Victoria Continue to Exceed Expectations
A total of 1,286 properties sold in the Victoria Real Estate Board region this April, an increase of 53 per cent compared to the 840 properties sold in the same month last year.
Inventory levels remain lower than the previous year, with 2,594 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April, 34 per cent fewer than the 3,945 active listings at the end of April 2015.
"We continue to see extraordinary interest in the Victoria and area housing market. Likely this is because the trends we reviewed last month continue - lowmortgage rates, higher employment numbers, diversity of properties for sale and of course the growing international awareness that Victoria is an amazing place to live," notes Mike Nugent, 2016 President of the Board. "The vast majority of Victoria buyers are from within the local Victoria marketplace. Last year 70.5 per cent of buyers were from Victoria, and this year in the first quarter we see 72.5 per cent of buyers from the area. We've also tracked a slight increase in Lower Mainland buyers. Reports from the first quarter of 2016 show that 8.2 per cent of buyers are from the Lower Mainland, and last year we counted 7.4 per cent. It's also noteworthy that we've seen a decrease in buyers from Alberta (last year we saw 5.7 per cent, this quarter we saw 3.9 per cent), a small increase in buyers from the US (from 0.8 per cent to 1 per cent) and an increase in buyers from Asia (from 0.7 per cent to 0.8 per cent this quarter)."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April, 2015 was $581,700. The benchmark value for the same home in April 2016 has increased by 17.7 per cent to $684,900.
"If you are shopping for a home right now, there is a good chance that if you're looking in a higher demand area (Victoria core, Saanich, Oak Bay) you may find yourself in a multiple offer situation when you go to purchase. This is because there are more buyers than homes for sale and so the market is more competitive than we've seen in years past," adds Nugent. "As a consumer it may pay to get creative, consider types of property and locations you may have not originally identified. For example, condos and townhomes may be a great alternative for first time buyers. Some locations in the Victoria area are under slightly less pricing pressure, for example properties in the West Shore or Esquimalt area are close to amenities, share the same amazing weather as other nearby neighbourhoods. Working with a REALTOR® to create a purchase strategy will put you ahead of the game, and ensure you end up with the right property for you."
Find the Statistics Package as released to media here.
The full Stats Packages will be posted on the website early afternoon.
Posted: 02-05-2016 under April 2016, MLS Statistics
This wonderful South Oak Bay character home is situated in a most sought after location! Only a short walk to the waterfront on Dallas Road and Beach Drive. Close to Oak Bay Marina, Windsor Park, Victoria Golf Course, and the amenities of charming Oak Bay Village. Originally built in 1935, the home has been modernized with many upgrades and offers 4 bedrooms, 2 bathrooms, new chimney, 200 amp service, wood floors, French doors, extensive built-in cabinets, custom woodwork, plus deck with automatic awning and glass railing. The bright, sunny West facing back yard is private, fully fenced, abundant with fruit trees and beautifully landscaped. Automatic sprinkler system. Interlocking brick driveway. Open House Sat/Sun 1:30-3:30.
Another Busy Month in the Victoria Real Estate Market
April 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of March 2016.
A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year.
Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015.
"I think the strong uptick in the market has surprised many of us! The business cycles of real estate are affected by economic drivers and it's clear that this cycle has all possible drivers running at top speed. Many different factors may be contributing to this activity," notes Mike Nugent, 2016 President of the Board. "Pent up demand from the slower years of 2008 to 2013, lower than historic mortgage rates, strong interest from out of town buyers, a buoyant economy that's attracting job seekers and the lifestyle and beauty that Victoria and area offers all contribute to the activity we've seen this year."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.
"Though we represent a relatively small geographic area, there is variation in price and inventory in different neighbourhoods," adds Nugent. "Areas near the downtown core continue to see high demand for houses and condos, as do most areas in the Peninsula. The West Shore has also strengthened considerably but pricing remains lower than in the core because there has been more inventory to meet demand. Further out of town there has been less demand, but overall all areas have now strengthened in sales. More than ever I encourage buyers and sellers to connect with a local REALTOR® to develop a strategic approach in this fast moving market."
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
February Sales Expose Extraordinary Demand for Victoria Area Properties
March 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of February 2016.
A total of 772 properties sold in the Victoria Real Estate Board region this February, an increase of 42.4 per cent compared to the 542 properties sold in the same month last year.
Inventory levels are lower than the previous year, with 2,562 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February, 26.4 per cent fewer than the 3,480 active listings at the end of February 2015.
"We continue to see the effect of supply and demand on the market," notes Mike Nugent, 2016 President of the Board. "Areas near the downtown core have limited inventory, with less new product coming on to the market. As a result we see more pressure on pricing there, and we see multiple offers. The West Shore and outlying areas have new housing developments coming into the market. Sales are brisk everywhere, but less competition is created in areas like the West Shore because of the area's ability to create supply to meet demand. We'll likely see more first time home buyers look to make purchases in outlying areas. The West Shore benchmark for a single family home right now is $432,600, which makes the area more affordable than the Victoria core, where the benchmark value is $200,000 more for a single family home."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February, 2015 was $557,000. The benchmark value for the same home in February 2016 has increased by 14.7 per cent to $638,700.
"I'd highly recommend that sellers and buyers who are thinking of making a move in the future engage the services of a REALTOR®," adds Nugent. "Your Realtor can help navigate the decision-making process and ensure you have access to information and advice based on current market conditions. In a busy market like we see now, your Realtor's expertise can be the difference between a beautiful new home and a potentially frustrating and costly exercise."
Find the Statistics Package as released to media here.
Posted: 03-03-2016 under February 2016 MLS Statistics
An Early Spring for the Victoria Real Estate Market?
February 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of January 2016.
2016 started with the busiest month of sales in January since 2002. A total of 539 properties sold in the Victoria Real Estate Board region this January, an increase of 53.6 per cent compared to the 351 properties sold in the same month last year.
Inventory levels are lower than the previous year, with 2,471 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January, 24.7 per cent fewer than the 3,283 active listings at the end of January 2015.
"Though the ongoing count of properties for sale is low, the number of new listings entering the market is close to what we saw last year," notes Wendy Moreton, 2016 president of the board. "The recent month of January saw 934 new listings, where last year we saw 1,027. The good news for buyers is that there are new properties for sale every day. The good news for sellers is that there appears to be more buyers in the market, so well-priced properties in high demand areas (like the Victoria core) are swift sellers."
"Last year we saw the traditionally busy spring market start early as sales picked up over February and March," adds Moreton. "This year that spring market may be starting even earlier, as our sales numbers for January are close to the numbers we saw last February. We'll watch this trend over the next few months. This busy market is the perfect time to enlist the help of your local REALTOR®. Realtors have access to up-to-date trends for all the different markets across the Greater Victoria area and can best assist buyers and sellers to navigate this exciting market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January, 2015 was $561,600. The benchmark value for the same home in January 2016 has increased by 10.2 per cent to $618,600.
Find the Statistics Package as released to media here.
The full Stats Packages will be posted on the website early afternoon.
Posted: 01-02-2016 under January 2016 MLS Statistics
Active December Caps a Busy Year for the Victoria Real Estate Market
January 4, 2016 Victoria BC - 2015 Victoria Real Estate Board President Guy Crozier confirms that the year’s real estate market ended with a bang. "We wrapped up 2015 with numbers we haven’t seen since 2007. This past year we saw 8,295 transactions on the Multiple Listing Service®, an increase of 23.8 per cent from last year."
A total of 465 properties sold in the Victoria Real Estate Board region this December, an increase of 19.5 per cent compared to the 389 properties sold in the same month last year.
There were 2,517 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December, 21.6 per cent fewer than the 3,210 active listings at the end of December 2014.
Crozier notes that the Victoria Real Estate Board serves more than 1,200 REALTOR® Members. "The great news for our Board’s membership is that in 2015 more than sixteen thousand buyers and sellers hired a local agent to sell or purchase a property. Our profession couldn't be happier about that kind of consumer confidence. With a market that's ever-changing, and with a transaction process that gets more complicated each year, now more than ever buyers and sellers need the expertise of a Realtor. Whether it's pricing a home in this evolving environment, finding a home before others do, or navigating a multiple offer situation through to success, our members are up for the task."
What’s Crozier looking forward to in 2016? "It's hard to imagine 2016 won't bring more of the strong demand we saw throughout 2015. The inventory available for sale lags behind historical levels and if sales continue to be strong, it will be hard for inventory to bounce back. Sales show no sign of slowing this spring and Victoria remains one of the most popular destinations to live in the country. All of this points to a continued strong market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December, 2014 was $560,900. The benchmark value for the same home in December 2015 has increased by 9.4 per cent to $613,600.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Inventory low, but still great variety of properties for buyers in the Victoria Real Estate Market
December 1, 2015, Victoria BC - Victoria Real Estate Board President Guy Crozier confirms that November was another busy month for the popular Victoria real estate market. "Holding true to the theme we've seen throughout the year, the Victoria market had another great month of sales, with numbers exceeding those from the same time last year."
A total of 573 properties sold in the Victoria Real Estate Board region this November, an increase of 23.2% compared to the 465 properties sold in the same month last year.
There were 2,952 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November, 18.7% fewer than the 3,631 active listings at the end of November 2014.
Crozier notes that prospective sellers may want to take advantage of the current market conditions. "One thing I can say about the market right now is that due to lower inventory levels, this is the best time in the past ten years to list a house. Demand from buyers in most areas is up, but inventory continues to decrease on a year over year basis. The good news for buyers is that pricing remains competitive and there are new listings coming onto the market every day."
What does Crozier recommend buyers and sellers keep in mind as the year comes to a close? "There are real estate microclimates in Victoria. Different areas have different levels of demand and ability to meet that demand. Though properties are selling everywhere, what to expect in terms of value and time to sell may differ depending on your area and the type of property. Now more than ever it's important to work with a REALTOR® to understand the market and track the activity."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in November was $558,600. The benchmark value for the same home in November 2015 has increased by 9% to $608,600.
More information on the November 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
November 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity for October 2015. A total of 734 properties sold in the Victoria Real Estate Board region this October, an increase of 21.9% compared to the 602 properties sold in the same month last year.
There were 3,170 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October, 19.3% fewer than the 3,927 active listings in October 2014.
"This is the twenty-ninth month in a row that we've seen monthly sales increase over the year before," Victoria Real Estate Board President Guy Crozier says. "This month we also saw sales numbers surpass the total for last year - in 2014 there were 6,698 sales and as of October 31, 2015 there are 7,257 sales on record with two months to go in 2015! We're looking down the home stretch of 2015 and there is no sign of a market slow down."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in October was $555,900. The benchmark value for the same home in October 2015 has increased by 9.4% to $608,200.
What's President Crozier's advice to buyers shopping for their perfect home? "It's critical to work closely with your REALTOR® to stay on top of the market. With home sales almost at the pace of new listings, the market is moving quickly and some homes in high demand areas like the Victoria Core are selling in days. Working with your Realtor on a plan of what you require over the course of the transaction can remove stress and risk from the process."
Posted: 02-11-2015 under October 2015, MLS Statistics
Is it an Endless Summer for Real Estate in Victoria?
October 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity for September 2015. A total of 704 properties sold in the Victoria Real Estate Board region this September, an increase of 24.6% compared to the 565 properties sold in the same month last year.
There were 3,478 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September, 18.2% fewer than the 4,253 active listings in September 2014.
"We certainly have less inventory in the market than we saw at this time last year," Victoria Real Estate Board President Guy Crozier says. "Though higher sales have contributed to a reduction in the available inventory, with almost 1,000 new listings entering the market in September, there is still a continual supply of new inventory for those folks who hope to make a move."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in September was $558,600. The benchmark value for the same home in September 2015 has increased by 8.7% to $607,100.
"While September often signals the re-start of the market after the traditional summer slowdown in sales activity, our market remained strong right through the summer and September," notes President Crozier. "This September is different than past years. Our busiest month last year was in May, and 714 properties sold. That's only 10 more transactions than we saw in September this year. The question now is - will we see the normal winter lull in sales and listings or will the market continue at this pace?"
More information on the September 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents over 1,200 local REALTORS®. If you are thinking about buying or selling a home, connect with your local REALTOR® for detailed information on the Victoria and area housing market.
FABULOUS .55 ACRE PROPERTY IN BROADMEAD WITH SUBDIVISION POTENTIAL! The well maintained family home situated on a gently sloping sunny south facing lot offers 3 bedrooms on the main level, separate dining area, bright, cheery kitchen, large living room with wood burning fireplace, hardwood floors, rec room on the lower level with propane fireplace, plus workshop and plenty of storage. Over 700 sq. ft of decks, including an enclosed sun room, plus a lower level patio with hot tub. Fantastic bonus is the artesian well with pump that is used for irrigation purposes. Located minutes away from Broadmead Shopping Centre, Commonwealth Pool, walking trails, bus routes, and Rithet's Bog nature sanctuary. A great reno project and investment property!
Victoria Real Estate Market Remains Hot as Spring Trend Continues into Summer
July 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for June 2015. A total of 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year.
"The Victoria real estate market has had another big month - and we continue to see consistent year over year sales growth," Victoria Real Estate Board President Guy Crozier says. "What's going on? Positive market conditions such as the low interest rate along with the diverse mix of properties and price points available have likely helped support this increase in interest in local real estate. The activity in the market may also in part be due to pent up demand from the past six or seven years. The market cooled off around 2008, and with the US markets improving and our local economy showing strength, consumer confidence is improving. Those that may have been hesitant to move over the last few years are making a change now."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800.
There were 4,003 active listings for sale on the Multiple Listing Service® at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.
"We saw 48 single family homes sell for over one million dollars this month, and we saw 74 single family homes sell for under $400,000," adds President Crozier. "There's also a lot of selection in our condo market, with new development in the Victoria Core and in the West Shore helping to meet demand, and maintain solid pricing. For detailed information on the Victoria and area housing market, connect with your local REALTOR®."
More information on the June 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents over 1,200 local REALTORS®.
Tudor Style Home with self-contained suite and situated on 0.77acres of cleared, level, useable land, ideal for horses or other animals. Located in a desirable area of country properties. The rear boundary of the property borders Holm Road, a no through lane with direct access to Centennial Park. Just a 'country block' to Saanich Fair Grounds and next door to a Veterinary Clinic. The 993 sq. ft. one bedroom suite has a separate entrance, newer appliances, upgrades to flooring, and 8' ceilings. The 1072 sq. ft. main level offers two bedrooms, a huge living room, newer laminate wood flooring and a large sunny deck. Plenty of on-site parking, and lots of space to build a barn, paddocks, etc.
Victoria Real Estate Market Still Strong and Steady
June 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for May 2015. A total of 905 properties sold in the Victoria Real Estate Board region this May, a 26.8% increase compared to the 714 properties sold in the same month last year.
"May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties," Victoria Real Estate Board President Guy Crozier says. "Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. The benchmark value for the same home this month has increased by 3.98% to $593,200.
There were 4,043 active listings for sale on the Multiple Listing Service® at the end of May, 13.5% fewer than the 4,672 active listings in May 2014.
"We’ve not seen this many sales in May since 2007 when we saw 963 properties sell in the month," adds President Crozier. "Despite the demand, prices remain competitive and there is great variety in what is available. For detailed information on the Victoria and area housing market, connect with your local REALTOR®."
More information on the May 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents over 1,200 local REALTORS®.
Fabulous architect designed residence set on a private 2.44 acres adjoining Oak Haven Park. Top quality construction and finishing throughout, make this home a standout. The main floor features an open free flowing floor plan that is perfect for both everyday living and entertaining. The grounds are extensively finished with a fountain, walkways, trellises, fieldstone walls, and one of the most luxurious patios you will find. Other features include: possible main floor master suite, separate outdoor office, marble, hardwood floors, custom leaded glasswork and other unique accents, vaulted ceilings, and elevator. Also of note are the 3 bay garage and huge unfinished basement. This prime property is sure to impress the most discerning Buyer.
Another Busy Month for the Victoria Real Estate Market
April 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7% increase compared to the 575 properties sold in the same month last year.
"We saw 393 single family homes in the region sell in the month of March. The last time we saw numbers this high in March was in 2010 when 414 single family homes sold," Victoria Real Estate Board President Guy Crozier says. "And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year."
There were 3,769 active listings for sale on the Multiple Listing Service® at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64% to $569,700.
"Why the increase in activity? We expect the market to be busy in the spring - real estate has a seasonal trend. Interesting this year was that the momentum we saw in the market over the course of 2014 has continued to increase," President Crozier adds. "Consumer confidence in local real estate appears to be high, and it’s likely that buyers are taking advantage of low interest rates."
Victoria Real Estate Board President Guy Crozier is available for comment. More information on the March 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents approximately 1,200 local REALTORS®.
Spring sales start early in the Victoria BC real estate market
March 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for February 2015.
542 properties sold in the Victoria region this February, a 31.6% increase compared to the 412 properties sold in the same month last year and a 54.4% increase compared to the 351 properties sold last month in January.
"The trees bloomed early in Victoria, and so did local real estate. February was a busy month with numbers closer to what we would expect to see in the spring season." Victoria Real Estate Board President Guy Crozier says. "285 single family homes sold over the course of the month. We've not seen that many single family homes sell in a February since 2008 when we tracked 295 transactions. Though buyers are already in spring purchase mode, the amount of available inventory may not be quite up to the pace. We continue to track the trend of higher year-over-year sales, and lower year-over-year active listings that we started to see in mid-2013."
There were 3,480 active listings for sale on the Multiple Listing Service® at the end of February, 7.7% fewer than the 3,770 active listings in February 2014.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $549,700. The benchmark value for the same home this month has increased by 1.33% to $557,000.
"The Board certainly anticipated an increase in sales for spring, but the increase we've seen exceeded my expectations," President Crozier adds. "The early spring combined with available low interest rates will likely create more demand for Victoria real estate as the rest of Canada digs out from winter."
Victoria Real Estate Board President Guy Crozier is available for comment. More information on the February 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, www.vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents approximately 1,200 local REALTORS®.
Victoria Real Estate Market continues 2014’s upward trend
February 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for January 2015.
351 properties sold in the Victoria region this January, an increase of 2.6% when compared to the 342 properties sold in the same month last year.
"We don't expect to see big numbers in January. It's a slower month traditionally for real estate," Victoria Real Estate Board President Guy Crozier says. "Even this slight increase after the 11.67% year over year increase in sales we saw in 2014 shows the continued stability of our market. There's also a good balance of inventory available for sale, which will likely appeal to buyers as the spring season hits. Last month while we saw 10 single family homes sold for over a million dollars, there were also 95 homes sold for under $500,000."
At the end of January there were 3,283 active listings for sale on the Multiple Listing Service®, a slight decrease from the 3,489 in January 2014. This continues a trend that started in mid-2013 where there are fewer listings in the market than there were in the same month of the year previous.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $548,500. The benchmark value for the same home this month has increased by 2.39% to $561,600.
"With the change in mortgage rates surprising some, and the continuing low oil prices and Canadian dollar, the spring real estate market should be an interesting one to watch," Crozier adds.
Victoria Real Estate Board President Guy Crozier is available for comment. More information on the January 2014 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, www.vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents approximately 1,200 local REALTORS®.
Will real estate sales in Victoria continue the upward trend into 2015?
January 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for December 2014.
389 properties sold in the Victoria region this December, an increase of 9.6% when compared to the 355 properties sold in December last year. Overall, 2014 saw 11.67% more sales than in 2013.
"I think the increase in sales we saw in 2014 surpassed a lot of people’s expectations. To see growth of over 10% - that shows consumer confidence and interest in our market," Victoria Real Estate Board President Guy Crozier says. "Of course one factor that helped sell houses this year was the low mortgage rate. That, combined with balanced market conditions, created a steady, consumer-friendly environment in which to purchase and sell properties."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $542,800. This month the benchmark value rose 2.9% to $558,500. Over the course of 2014, 6.2% of single family homes (238) sold for over one million dollars.
"There are two indicators to track in the New Year - the number of sales, and the amount of inventory currently available on the market. In 2014 we saw less inventory available than in previous years but more sales. With job growth predicted and consumer confidence increasing in our area, it will be interesting to watch these numbers as 2015 sales unfold."
Victoria Real Estate Board President Guy Crozier is available for comment. More information on the December 2014 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, www.vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents approximately 1,200 local REALTORS®.
Strong Victoria Real Estate Market Again in October
November 3, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for October 2014.
602 properties sold in the Victoria region this October, an increase of 17.6% when compared to the 512 properties sold in the same month last year.
"Here we are again, a month in 2014 ending with more sales than in 2013," Victoria Real Estate Board President Tim Ayres says. "This year has been a solid year for local real estate - indeed we are only 154 transactions away from meeting the total number of sales from 2013 - and there are two more months left in the year!"
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $547,800. This month the benchmark value increased to $553,900.
"All year we've seen a decrease in the number of active listings and increase in sales compared to 2013 numbers," adds President Ayres. "Last year at the end of October we saw 4,322 active listings, and this year we see 3,927 active listings, that's a 9.1% change."
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the October 2014 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®.
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October 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for September 2014.
565 properties sold in the region this September - an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.
"Once again we see more houses sold this month than last September," Victoria Real Estate Board President Tim Ayres says. "We haven't seen sales like this in September since 2009. The balanced market conditions we've seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.
"There are some districts in the Victoria area that have seen an increase in their benchmark values, and others that are relatively flat compared to last year," adds President Ayres. "Since there is this difference within the local market, it's important to connect with your local REALTOR® to get an understanding of the market as it relates to your specific neighbourhood."
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the September 2014 report and the Multiple Listing Service ® Home Price Index is available from the Victoria Real Estate Board.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®.
Strong Sales and Stable Market Conditions Continue Through September
October 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for September 2014.
565 properties sold in the region this September - an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.
"Once again we see more houses sold this month than last September," Victoria Real Estate Board President Tim Ayres says. "We haven't seen sales like this in September since 2009. The balanced market conditions we've seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.
"There are some districts in the Victoria area that have seen an increase in their benchmark values, and others that are relatively flat compared to last year," adds President Ayres. "Since there is this difference within the local market, it's important to connect with your local REALTOR® to get an understanding of the market as it relates to your specific neighbourhood."
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the September 2014 report and the Multiple Listing Service ® Home Price Index is available from the Victoria Real Estate Board.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®.
The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.
Victoria Real Estate Market's Summer Season Surpasses Expectations
September 2, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for August 2014.
609 properties sold in the region in the month of August 2014 - an increase of over 12% compared to the 540 properties sold last year in August.
2014 shows a 10.5% increase in year-to-date sales compared to last year.
"When July numbers came in higher than we expected based on the past five years of sales activity, I think a lot of people were surprised." Victoria Real Estate Board President Tim Ayres says. "But sure enough, the market outperformed last year's sales again in August and we've had the busiest August we've seen in five years."
The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core this time last year was $486,900 - this month tracks an increase of just under 1%, which brings the benchmark value up to $491,500. Condominiums and townhouses in Greater Victoria each show a 2.5% increase in value over last year.
"We've seen balanced market conditions for 6 months now," adds President Ayres, "This means we're not in a buyer's or a seller's market, but in an extended term of stable prices due to the ratio of available property for sale to the amount of sales. It's a great place for sellers and buyers."
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Spring Sales Continue to Rise in the Victoria Market
June 2, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for May 2014.
714 properties sold in the region in the month of May 2014 compared to 659 in May 2013 - an increase of over 8% year over year. Compared to last month in April, there were 7.5% more sales.
"We are pleased to see sales numbers continue to rise," Victoria Real Estate Board President Tim Ayres says. "The last time we saw this many sales in a month was in 2010, which was also the last time we saw a busy market. The increase may be attributed to the extended period of low mortgage rates we are seeing, and to the great diversity of properties currently available. We saw 19 single family homes sell for over one million dollars this month, and we saw 29 single family homes sell for under $350,000. The market has something for every home buyer right now."
In May 2013 the MLS® Home Price Index benchmark price for a single family home in Greater Victoria was $493,600. This year in May the benchmark home value reached $498,500 - a modest 1% increase year over year. The Peninsula benchmark home value saw a 0.7% increase while the Westshore saw a very minor decrease of 0.1%. Townhouses in Greater Victoria show the most noteworthy change with an increase of 4.2% year over year.
"We’re seeing a modest increase in property values overall in the Victoria area" adds President Ayres, "and the balanced conditions we talked about last month are still in place, which means a steady, predictable market."
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Victoria Real Estate Market is on Track and Steady for Spring
May 1, 2014
VICTORIA BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for April 2014.
664 properties sold in the month of April 2014, compared to 615 in April 2013 - an increase of nearly 8% year over year. Compared to last month in March, there were 15.5% more sales.
New inventory came on to the market; with almost 9% more new listings than last month, which creates more choice for buyers. And though the total inventory level was higher than last month, it was still 4% lower than this time last year - approximately 180 fewer listings.
"We're at an interesting time of the year for local real estate; spring is traditionally a busy season and I think the market is headed in the right direction," Victoria Real Estate Board President Tim Ayres says. "I think people are watching numbers closely to see where house values are going and where demand is headed. But people waiting for a large change are going to be disappointed, because we see a steady market. Pricing is stable, inventory is at a good level, and we're in balanced market territory which is good for both buyers and sellers."
Current MLS® Home Price Index benchmark prices were relatively flat across the region. Single Family homes on the Peninsula showed the largest change in benchmark price with a drop of 2% compared to last year, while the Westshore showed the largest increase with 1.2% compared to last year. Greater Victoria condo benchmark pricing was down 0.5% from last year, but the value in the same area for townhouses increased by 2.4%.
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VICTORIA BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for March 2014.
575 properties sold in the month of March 2014, compared to 483 in March 2013 - an increase of nearly 20% year over year. However, the average sales for the month of March over the past five years is 607 properties per month, so though 2014 is stronger than the year previous, sales have not yet returned to the longer term average.
Victoria Real Estate Board President Tim Ayres says, "This time last year sales weren't outstanding - the market was sluggish. Tightened mortgage amortization rules resulted in slower sales as buyers adjusted to the new requirements. Property values were stable, but inventory didn't move quickly. This year we see more sales than last March."
The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on property values. The MLS® 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 ten years of Victoria Real Estate Board MLS® sales data, the MLS® HPI defined benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.
Current MLS® HPI composite (inclusive of all single family homes, condos and townhomes sales) for the Victoria Real Estate Board area is 139.3 - compared to 139.1 this time last year. While these overall numbers indicate little change in the last 12 months, some areas have changed more than others. Local REALTORS® can interpret what this means to specific neighbourhoods in the region.
President Tim Ayres explains what this means to the local market, "The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market."
Posted: 01-04-2014 under March 2014 MLS Statistics
Real Estate Activity Continues Ahead of Spring Market
March 3, 2014
VICTORIA BC - Real estate market activity in the first two months of 2014 remained slightly ahead of the same period in 2013.
Total MLS® sales in February were 412, a 4.6 per cent increase over February 2013 when 394 units sold and a 20.5 per cent increase over the 342 sales reported to the Victoria Real Estate Board (VREB) in January 2014.
"It's encouraging that sales activity continues to increase as we move towards a healthy spring market," noted VREB President, Tim Ayres. "2013 spring sales were quite strong and we're hoping for a similar level of activity this year."
The MLS® HPI single-family home benchmark price for the entire Greater Victoria region was $483,400 in February, a 1.4 per cent decrease when compared to the February 2013 value of $490,100.
"With a $5 million condominium sale in February, it was no surprise to see average prices for condos rise last month from $328,130 to $373,749," said Ayres. "Since the introduction of the MLS® Housing Price Index (HPI) in November 2013, we've been saying the HPI is a much more reliable measure of price trend data than average prices. Our February MLS® HPI numbers prove it; even with the $5 million sale, February MLS® HPI benchmark pricing for condos in Victoria remained virtually unchanged with an increase of only $400."
At the regional level, the MLS® HPI benchmark price for the single family benchmark home in the Core municipalities was $547,800. This benchmark price is virtually unchanged when compared to both the previous month and February 2013. In Westshore, the MLS® HPI benchmark price for the single family benchmark home was $408,500, up 0.9 per cent from January 2014 and a 1.0 per cent decrease compared with last February. The MLS® HPI benchmark price for the single family benchmark home on the Peninsula was $502,600 for February, an increase of 1.1 per cent over the previous month and a 4.1 per cent decrease year-over-year.
There were 3,770 active listings at the end of February. While this is an increase from 3489 at the end of January, it is 7.4 per cent less than the 4072 listing that were available in February 2013. Inventory has been on a slow decline for most of 2013 but our normal cycle should result in more inventory as we move into Spring.
There were 107 condominium sales in February 2014, up from 92 in January and down from the 112 in February 2013. The region-wide MLS® HPI benchmark price in February for condos was $277,200, down 1.3 per cent from $280,800 from one year ago.
For townhomes, 42 sold in February compared to 30 in January and 43 in February 2013. The region-wide MLS® HPI benchmark price for townhomes was $401,500, up 1.4 per cent from $396,000 in February 2013.
Total Waterfront Single Family Dwellings sold: 8 Total Non-waterfront Single Family Dwellings sold: 219 Single Family Dwellings sold over $1 million: 15 (4 over $1.5 Million)
At the heart of the MLS® HPI is the concept of the "benchmark" home, a notional home that has the most common features of a typical home in a given area. The benchmark home does not represent any actual house, condo or townhouse, but merely provides an identical example to track changes in market value. There are separate benchmark houses, condos and townhouses in each distinct area of Greater Victoria, enabling the tracking of values on a variety of geographic levels.
VICTORIA BC - Victoria's real estate market had a solid start in January, re-establishing momentum after the holiday season.
Total MLS® sales in January were 342, a 16.3% increase over January 2013 when 294 units sold. January sales were close to the 355 sales reported to the Victoria Real Estate Board (VREB) in December 2013.
2014 VREB President, Tim Ayres cautioned, "While we're pleased with the number of sales this January and the percentage increases over January 2013, it's important to remember that the market last January was restrained under tightened mortgage amortization rules imposed in July 2012."
The MLS® HPI single family home benchmark price for the entire Greater Victoria region was $481,200 in January, a 1.7% decrease when compared to the January 2013 value of $489,400.
"Market activity increased as the month progressed," notes Ayres. "With REALTORS® reporting that attractively-priced and well-presented properties are moving quickly."
At the regional level, the MLS® HPI benchmark price for the single family benchmark home in the Core municipalities was $546,300, an increase of 0.6% over the previous month and a 0.5% decrease over January 2013. In Westshore, the MLS® HPI benchmark price for the single family benchmark home was $404,800, virtually unchanged from December 2013 and a 1.5 per cent decrease compared with January 2013. The MLS® HPI benchmark price for the single family benchmark home on the Peninsula was $497,200 for January, a decrease of 0.5% over the previous month and a 4.9% decrease year-over-year.
There were 3,489 active listings at the end of January, a 10% decrease over January 2013. "Available inventory slowly declined for most of 2013," says Ayres. "We will continue to monitor this trend and the impact on the market as 2014 unfolds."
There were 92 condominium sales in January 2014, the same as December 2013 and 81 in January 2013. The region-wide MLS® HPI benchmark price in January for condos was $276,800, down 1.7% from $281,600 from one year ago.
For townhomes, 30 sold in January compared to 32 in December 2013 and 40 in January 2013. The region-wide MLS® HPI benchmark price for townhomes was $398,000, up 0.7% from $395,400 in January 2013.
Total waterfront single family homes sold in January: 7 Total non-waterfront single family homes sold in January: 186 Total single family homes sold over $1 million in January: 10 (1 over $3 Million)
At the heart of the MLS® HPI is the concept of the "benchmark" home, a notional home that has the most common features of a typical home in a given area. The benchmark home does not represent any actual house, condominium or townhome, but merely provides an identical example to track changes in market value. There are separate benchmark houses, condominiums and townhomes in each distinct area of Greater Victoria, enabling the tracking of values on a variety of geographic levels.
For more information on the MLS® HPI benchmark prices and index values, visit www.vreb.org. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has more than 1,225 Members working in more than 80 Brokerages.
Posted: 03-02-2014 under January 2014 MLS Statistics
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2013 Real Estate Market Activity Expected to Carry into New Year
January 2, 2014
VICTORIA BC - Victoria's real estate market ended 2013 with some momentum after a weak first quarter.
Total MLS® sales in December 2013 were 355, a 25% increase over December 2012 when 283 units sold. Annually, total units sold increased by 4%, with 5,998 in 2013 compared to 5,747 in 2012.
The overall MLS® HPI single-family home benchmark price for Greater Victoria was $479,500 in December 2013, compared to of $495,400 in December 2012, a decrease of 3.2%.
"Bear in mind that prices vary from area to area," says Tim Ayres, 2014 President of the Victoria Real Estate Board. "I'm optimistic about the next year. Buyers who were on the sidelines are now out shopping. Savvy buyers need to know that there are some good deals in certain areas, and interest rates are not expected to increase in the near future."
At the regional level, the MLS® HPI benchmark price for the single family benchmark home in the Core municipalities was $542,800, a decrease of 1.1 per cent over the previous month and a 2.4 per cent decrease over December 2012. In Westshore, the MLS® HPI benchmark price for the single family benchmark home was $404,200, an increase of 0.1 per cent over November 2013 and 3.6 per cent decrease over December 2012. The MLS® HPI benchmark price for the single family benchmark home on the Peninsula was $499,900 for December, a decrease of 1.6 per cent over the previous month and a 4.1 per cent decrease year-over-year.
There were 3,554 active listings at the end of December, a 9% decrease over December 2012, which Ayres notes contributes to stronger market conditions.
There were 92 condominium sales in December 2013, compared to 99 in November 2013 and 65 in December 2012. The overall MLS® HPI benchmark price of $278,600 was down 1.2% from December 2012. There were 32 townhome sales in December 2013, compared to 49 in November 2013 and 30 in December 2012. The overall MLS® HPI benchmark price of $392,500 was down 0.5% from December 2012.
Total Waterfront Single Family Dwellings sold: 10, also 10 in December 2012 Total Non-waterfront Single Family Dwellings sold: 178, down 32 sales from December 2012 Single Family Dwellings sold over $1 million: 13 (2 over $2 million)
Posted: 02-01-2014 under December 2013 MLS Statistics
Victoria Real Estate Sales Moderate in November; Overall Prices Remain Flat
December 2, 2013
VICTORIA BC - Greater Victoria real estate sales moderated in November following a brisk June-to-October market. According to the Victoria Real Estate Board (VREB) MLS® System, 412 properties sold compared to 366 in November 2012, an increase of 12.6 per cent.
"We saw market activity slow down after a very busy five months," says Shelley Mann, VREB President. "While sales were higher than in November 2012, fewer sales than previous months indicate a pull back in consumer demand."
Flat employment and weak economic growth are likely contributors to a moderating market. Mann also notes that active listings continued to decline, with 4,017 at the end November compared to 4,488 in November 2012. December and January are typically the slowest months for real estate sales.
For November 2013, the MLS® HPI benchmark price for the Greater Victoria single family benchmark home was $482,300 and its corresponding index value was 136.5. (This represents a 36.5 per cent increase since January 2005, when the index was 100). This benchmark price decreased 0.72 per cent over the past month and decreased 3.11 per cent over the last year.
At the regional level, the benchmark price for the single family benchmark home in the Core municipalities was $548,600, an increase of 0.14 per cent over the previous month and a 1.65 per cent decrease over November 2012. In Westshore, the benchmark price for the single family benchmark home was $403,600, a decrease of 1.70 per cent over October 2013 and 5.94 per cent decrease over November 2012. The benchmark price for the single family benchmark home on the Peninsula was $508,000 for November, a decrease of 0.04 per cent over the previous month and a 2.57 per cent decrease year-over-year.
There was a total of 381 single family homes sold in November, an increase of 11 per cent over November 2012. November also saw the reporting of 99 condominium sales and 49 townhouse sales in Greater Victoria. Benchmark prices for the Greater Victoria condominium benchmark home and for the Greater Victoria townhouse benchmark home for November were $280,600 and $389,000 respectively.
Total Waterfront Single Family Dwellings sold: 9, up 3 over November 2012 Total Non-waterfront Single Family Dwellings sold: 207, up 11 over November 2012 Single Family Dwellings sold over $1 million: 7 (1 over $2 million)
Posted: 02-12-2013 under November, 2013 MLS Statistics
Strong October Kicks off Fourth Quarter Real Estate Sales in Greater Victoria
November 1, 2013
VICTORIA BC - Greater Victoria continued to experience strong home sales during the month of October, reports the Victoria Real Estate Board (VREB). According to the Board's MLS® System, 512 properties sold compared to 373 in October 2012, an increase of 37.27 per cent. There were 4,322 active listings.
"While we are all very pleased with the October results, we are tempering our enthusiasm," says Shelley Mann, Board President. "After a slow market for the last half of 2012, we are still climbing back to previous annual sales numbers."
Today, the VREB and joins the Canadian Real Estate Association and ten major real estate markets in Canada by adopting a new approach to the reporting of trends in residential property prices. Instead of relying on average and median sale prices which are subject to fluctuation, the Board moved to a new system called the MLS® Home Price Index (MLS® HPI). The methodology used by MLS® HPI has been endorsed by Statistics Canada, Canada Mortgage and Housing Corporation, the Bank of Canada, Finance Canada and Central 1 Credit Union.
At the heart of the MLS® HPI is the concept of the "benchmark" home, a notional home comprising the most common attributes of typical homes in a given area. Through the analysis of ten years of VREB MLS® sales data, MLS® HPI has defined benchmark homes for Greater Victoria as a whole as well as for each of our regions, districts and neighbourhoods. In each of these areas, MLS® HPI has defined a benchmark home for each category: single family homes, townhouses and condo apartments. Each month, VREB MLS® sales data will be fed into the MLS® HPI to calculate and track changes in the prices of our benchmark homes.
Benchmark prices are generally lower than corresponding medians and averages. MLS® HPI estimates the values of our typical homes, whereas medians and averages merely reflect the overall selling prices of the particular mix of homes that sold in a given month.
In a manner similar to the Consumer Price Index (CPI), MLS® HPI maintains a running index of the percentage change in benchmark prices. Like the CPI, the MLS® HPI assigns an index value of 100 to the benchmark prices at its starting point: January 2005. By tracking both benchmark prices and index values each month, MLS® HPI will provide a much clearer picture of real estate market trends in Greater Victoria.
"Past reporting of averages and medians showed flat pricing across the Board's trading area but MLS® HPI indicates a moderate decline in prices in many markets over the last year," Mann says. "Benchmark prices are flat month-over-month, and we will be watching very carefully to see where pricing goes.
"With average and median prices, it was often difficult to gauge whether prices of typical homes were rising or falling, but the HPI provides us with exactly this type of information," she says.
For October 2013, the benchmark price for the Greater Victoria single family benchmark home was $485,400 and its corresponding MLS® HPI index value was 137.2. (This represents a 37.2 per cent increase since January 2005, when the index was 100). This benchmark price increased 0.15 per cent over the past month and decreased 3.18 per cent over the last year.
At the regional level, the benchmark price for the single family benchmark home in the Core municipalities was $547,800, a decrease of 0.56 per cent over the previous month and a 2.66 per cent decrease over October 2012. In Westshore, the benchmark price for the single family benchmark home was $410,600, a decrease of 0.37 per cent over September 2013 and 4.37 per cent decrease over October 2012. The benchmark price for the single family benchmark home on the Peninsula was $508,700 for September, an increase of 1.22 per cent over the previous month and a 3.56 per cent decrease year-over-year.
There were a total of 274 single family homes sold in September, an increase of 29 per cent over September 2012. September also saw the reporting of 126 condominium sales and 51 townhouse sales in Greater Victoria. Benchmark prices for the Greater Victoria condominium benchmark home and for the Greater Victoria townhouse benchmark home for September $283,100 and $393,100 respectively.
Total Waterfront Single Family Dwellings sold: 17, up 2 over October 2012 Total Non-waterfront Single Family Dwellings sold: 257, up 62 over October 2012 Single Family Dwellings sold over $1 million: 16 (1 over $2 million)
Home Sales Bolstered by Proper Pricing in Greater Victoria
October 1, 2013
VICTORIA BC - Finishing up the strongest third quarter since 2009, the Victoria Real Estate Board reports that properly priced homes are selling which, along with reduced inventory levels, contributed to favourable market conditions. Q3 sales totalled 1,610, a year-over-year increase of nearly 15 per cent.
On a monthly scale, total real estate sales in Greater Victoria were up 16 per cent in September 2013 over September 2012. A total of 487 properties sold last month, finishing off a strong third quarter. Residential sales increased by 15 per cent year-over-year, while active listings decreased by 9.5 per cent year-over-year to 4,547.
"Last year at this time, sales volumes were being undermined by the amortization changes," says Shelley Mann, Board President. "This year is following a more historic pattern. Properly priced homes are selling and as a result consumers are responding."
Mann adds that while sales increased over the last four months, prices remained flat. "We don't expect any significant price increases in the near future," she says. "Our provincial economist noted that while unit sales are recovering, the weak economy bears watching."
There were 279 single family homes sold in September, an increase of 29 per cent over September 2012, while the median price of $523,900 is up just over one per cent year over year from $517,500. There were 105 condominium sales with a median price of $271,500 and 60 townhomes sold at a median price of $352,750.
Total Waterfront Single Family Dwellings sold: 19, up 1 over September 2012 Total Non-waterfront Single Family Dwellings sold: 260, up 62 over September 2012 Single Family Dwellings sold over $1 million: 12 (1 over $4 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
Strongest Summer in Five Years for Property Sales in Greater Victoria
September 3, 2013
VICTORIA BC - Summer-time real estate sales numbers were the best they've been in Greater Victoria in five years. There was a total of 1,787 sales in June, July and August.
On a monthly scale, total real estate sales in Greater Victoria were up 16.8 per cent in August 2013 over August 2012, the Victoria Real Estate Board reports. A total of 540 properties sold in August, finishing off a strong summer market.
"I'm very pleased with the August results. MLS® sales are strong and, with 4,593 active listings in all categories at month end, we remain on the cusp of a balanced market," says Shelley Mann, President of the Victoria Real Estate Board.
The BC Real Estate Association defines a balanced market as when the ratio of sales to active listings is between 15 and 20 per cent. At month end, Victoria's ratio for residential properties was 14 per cent.
There were 308 single family homes sold in August, an increase of 28.3 per cent over August 2012, while the median price of $529,950 is up less than one per cent year over year from $526,250. There were 125 condominium sales with a median price of $287,000 and 70 townhomes sold at a median price of $415,000.
"Overall, pricing remains flat and our provincial economist predicts the trend will continue for another year. That said, the year-over-year median price of condos is up 9.2 per cent and the median of townhomes is up 12.5 percent," Mann says. "This will vary between neighbourhoods, which is why I always recommend that consumers consult a REALTOR® for local pricing.
"With interest rates starting to increase, many buyers are locking into preapproved mortgages. These consumers should be purchasing in the next three to four months, so I believe the market will remain steady," Mann says.
Total Waterfront Single Family Dwellings sold: 20, up 7 over August 2012 Total Non-waterfront Single Family Dwellings sold: 288, up 61 over August 2012 Single Family Dwellings sold over $1 million: 17 (2 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
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Strong Sales Activity Continues in Greater Victoria Real Estate Market
August 1, 2013
VICTORIA BC - Total real estate sales in Greater Victoria were up 11.5% in July 2013 over July 2012, the Victoria Real Estate Board reports.
"Sales numbers are slightly lower than in June, but that’s part of our normal summer market cycle. When seasonally adjusted, our market activity remains strong for this time of year," says Shelley Mann, Board President.
"Despite the brisk activity, we continue to see housing prices remain flat," Mann says. "With fewer properties listed at the end of July, we are still narrowly into a balanced market."
With 583 sales in July and 4,772 active listings on the MLS® System at month end, the sales-to-active-listings ratio is 15%. Generally, analysts define a balanced market as when the ratio is between 15 and 20%.
There were 345 single family homes sold in July, an increase of 17.7% over July 2012, while the median price of $521,000 is down 1.7% year over year from $530,000. There were 127 condominium sales with a median price of $265,000 and 70 townhomes sold at a median price of $360,750.
"We are also seeing multiple offers on some properties," Mann says, "although these offers are not always over the asking price, illustrating the importance of consulting a REALTOR® to gain individual neighbourhood insight."
Total Waterfront Single Family Dwellings sold: 18, up four over July 2012 Total Non-waterfront Single Family Dwellings sold: 327, up 48 over July 2012 Single Family Dwellings sold over $1 million: 19 (2 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
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Greater Victoria Real Estate Market Rebounds in Second Quarter
July 2, 2013
VICTORIA BC - For the third consecutive month, the Victoria Real Estate Board reports sales through the MLS® System remained strong with 65% more activity in the current quarter than in the first quarter of 2013.
"With 664 sales this month, and 1,938 sales this quarter, the market is definitely rebounding," says President Shelley Mann. "We are now headed into the quieter summer months, so I'm interested to see where this leads."
There were 382 single family homes sold in June at a median price of $525,250, up 1% over June 2012 at $520,000. Condominium sales were 164 at a median price of $265,000 and 79 townhomes sold at a median price of $365,000. There were 4,833 active listings on the MLS® System at the end of June, bringing the active-listings-to-sales ratio to 17%, well within the balanced market range.
"While sales are up, prices remain flat," Mann says. "It is more important than ever to focus on the median prices. With six family home sales between $2 million and $7 million in June, the average price was pulled higher. The median price - the middle price - remained stable."
Mann also advises buyers to consider long-term mortgages as she is hearing that long-term rates are starting to increase and lenders are providing fewer discounts on posted interest rates.
Total Waterfront Single Family Dwellings sold: 18, up two over June 2012
Total Non-waterfront Single Family Dwellings sold: 364, up 10 over June 2012
Single Family Dwellings sold over $1 million: 27 (6 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
Second Quarter Strength in Greater Victoria Real Estate Market
June 3, 2013
VICTORIA BC - Greater Victoria real estate sales for May are identical to the same period one year ago: 659 properties sold on the MLS® System.
"We are continuing to see improved consumer confidence in the marketplace," says Shelley Mann, President of the Victoria Real Estate Board. "Our Members are much busier with showings and writing offers, but say they are working harder to help their clients satisfy stricter lending rules. This quarter is definitely much stronger than the first quarter of 2013."
Buyers remain price sensitive. "Homeowners who are pricing their properties competitively, not expecting the higher sale prices of 2008, are selling their homes," Mann says. "With 4,783 active listings, buyers have plenty to choose from. With higher sales volumes and a reasonable inventory level, Greater Victoria continues to edge towards a balanced market."
There were 384 single family homes sold in May at a median price of $515,000, down 3.4% over May 2012 at $533,000. Condominium sales were 142 at a median price of $289,500 and 68 townhomes sold at a median price of $400,000. "With average and median prices fluctuating on a monthly basis, it's more important than ever for consumers to consult a REALTOR®," Mann says.
Total Waterfront Single Family Dwellings sold: 18, up 3 over May 2012 Total Non-waterfront Single Family Dwellings sold: 366, down 7 over May 2012 Single Family Dwellings sold over $1 million: 18 (2 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
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Posted: 15-05-2013 under New Macdonald Realty Magazine
Greater Victoria Residential Real Estate Transitions to a Balanced Market
May 1, 2013
VICTORIA BC - Weighing in on the best April since 2010, Shelley Mann, President of the Victoria Real Estate Board, is cautiously optimistic that the Greater Victoria is back into a balanced market.
"Consumer confidence is increasing," Mann says. "Our total number of sales for April is 615, a 5% increase compared to April 2012 with 586 sales. On the residential side, more properties are selling, and slightly fewer are entering the market, so we are moving from a buyers' market to more balanced market conditions."
Mann's cautions that one month doesn't indicate a market trend, but is encouraged by increased showings by REALTORS®, the number of sales, and comments from other REALTORS® about multiple offers on properties.
Prices remained relatively flat, as predicted by Cameron Muir, Chief Economist of the BC Real Estate Association. There were 367 single family homes sold in April at a median price of $540,000, a 16% increase of homes sold over April 2012. Condominium sales were 149 at a median price of $265,000 and with 62 townhomes sold at a median price of $415,450. There are 4,585 active listings.
Total Waterfront Single Family Dwellings sold: 15, up 2 over April 2012
Total Non-waterfront Single Family Dwellings sold: 352, up 36 over April 2012
Single Family Dwellings sold over $1 million: 30 (5 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
Posted: 02-05-2013 under April 2013 MLS Statistics
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Market Activity Follows Traditional Real Estate Cycle in Greater Victoria
April 2, 2013
VICTORIA BC - Greater Victoria's real estate market is following tradition with a spring upswing in activities with month-over-month increases in showings, new listings and total sales.
The Victoria Real Estate Board reports a total of 483 sales processed through the Multiple Listing Service (MLS®) in March 2013, an increase of 23% over the previous month. Sales figures are 15% lower than March 2012's 570 sales.
"The market continues to unfold as predicted," says Shelley Mann, President of the Board. "March resulted in the highest number of sales since July 2012 when the lending rules changed. With sales below the historical norm, there is potential pent-up consumer demand developing in the market. We expect quarterly activity to increase over the next two quarters.
"The real estate market peaked in 2008, and then the market adjusted during the global economic crisis. The first six months of 2012 were reasonably strong, and then mortgage amortization rules changed in July. The revised lending rules affected buyers' abilities to qualify for mortgages and we are still feeling those effects on the market," Mann explains.
"With different lending rules in effect, it is challenging to compare the first six months of 2013 with 2012," she adds.
The median price of a single-family home is $510,777 compared to $555,000 in March 2012, a decrease of 8%. The six-month average shows a decrease of less than one percent month-over-month. Annual differences are skewed by four single-family home sales over $2 million in March 2012.
There were 121 condominium sales in March, with a median price of $265,000 - down 3.3% year-over-year and 2% over last month. Townhouses saw increased sales in the past month with a median price of $384,450, an increase of 2.86% year-over-year and 13.91% since February 2013. Current active listings at the end of March were 4,333.
Total Waterfront Single Family Dwellings sold: 13, down 1 over March 2012
Total Non-waterfront Single Family Dwellings sold: 264, down 47 sales from March 2012
Single Family Dwellings sold over $1 million: 15 (1 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
Posted: 02-04-2013 under March 2013 MLS Statistics
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Spring Perks Up Greater Victoria Real Estate Market
March 1, 2013
VICTORIA BC - The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in single-family homes and condominiums.
Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it's more important to look at monthly trends and compare monthly buying behaviour year-over-year. "The trend lines for November, December and January are the same for the last three years.
"We've seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 2-4% sales increase in 2013," Mann says.
"The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it's clear to me that sellers are in a holding pattern regarding the value of their homes," Mann says. "However, if a house is priced properly, within the market value range, it will likely sell more quickly."
The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month. "In other words, no change," Mann adds.
There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 2013. Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% year-over-year and 10.82% since January 2013. Current active listings at the end of February were 4,072.
Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012
Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012
Single Family Dwellings sold over $1 million: 11 (3 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
Luxury Market stumbles, but still records 2nd best year
The BC luxury home market stumbled in 2012 as sales of high-end homes fell 36% from their peak in 2011. However, even with the drop, 2012 was still the 2nd best year in history for sales of luxury homes.
439 $3-million+ homes transacted in 2012, down from a peak of 691 in 2011. However, to demonstrate how far prices in BC's real estate market have increased over the past 10 years, only 10 homes sold for over $3 million in the year 2000. Of the 439 homes that sold for over $3-million in 2012, 107 sold for over $5-million and 44 were condos or townhomes. The most expensive home sold in 2012 was by Macdonald Realty for $19.8 Million.
The majority of homes sold for over $3 million in 2012 were located in Vancouver's Westside. West Vancouver was also well represented while a disproportionate number of expensive homes sold in South Surrey/White Rock. Outside the lower mainland, Vancouver Island saw 8 $3-million+ sales while the Okanagan recorded 4.
Dan Scarrow, Vice President at Macdonald Realty, believes that immigrant buying patterns are driving the luxury market. "For the past few years, we've seen lots of new investor-class immigrants coming into the market," says Scarrow, "and they're not just buying a house for themselves, but also 3 or 4 residential investment properties as well. This has meant that only certain areas with high investor-class immigrant populations have prospered."
Scarrow, has seen a change though. "The past year has seen a significant shift in how these individuals purchase real estate," he says, "now, they're taking their time and only buying a principle residence."
This is for two reasons. "First," says Scarrow, "Vancouver-area house prices have grown at a disproportionately higher rate than other investment classes for the past few years and most investors realize that that trend cannot be in perpetuity. Second, expectations of flat prices results in speculators standing on the sidelines and a flat market becomes a self-fulfilling prophecy."
All that said, Scarrow still believes the market is resilient. "Buyers are still there and they're not scared. They just no longer think that there's any immediate urgency to buy. If you demonstrate value, people will still buy."
The story has been somewhat different outside of the lower mainland as many areas never experienced the same Asian bump that Vancouver did. According to Macdonald Realty Kelowna manager Don Gerein, in the Okanagan, the luxury market still hasn't fully recovered from the Financial Crisis. "For the past few years, there has been a good selection of properties on the market and fewer buyers," says Gerein. "That said, buyers for this type of property are constantly looking for a deal and when the right deal on the right property shows up, they are ready to strike."
Gerein is optimistic for 2013. "We expect more buyers for these properties to make decisions in 2013 as the economy improves."
In Victoria, the story is similar. According to Macdonald Realty Victoria Manager Lynn Van de Kamp, the luxury market has struggled since the 2008 financial crisis. "We're still playing catch-up from the peak at that time," she says, "but I'm optimistic for this year."
Lower Mainland 3 Most Expensive Homes Sold in 2012:
1) $19.8 Million
2) $16.2 Million
3) $14.2 Million
Okanagan 3 Most Expensive Homes Sold in 2012:
1) $5.7 Million
2) $5.25 Million
3) $3.75 Million
Vancouver Island 3 Most Expensive Homes Sold in 2012:
1) $5 Million
2) $4.451 Million
3) $4 Million
If you'd like to find out more, contact me at the address above.
*This communication is not intended to cause or induce breach of an existing agency agreement.
*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal without notice.
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Sales Down but Prices Hold in Greater Victoria Real Estate Market
February 1, 2013
VICTORIA BC - A slow start to the year in Victoria's real estate market is evidence that buyers are continuing to wait for prices to drop. Although January 2013 sales are 21% lower than January 2012, the six-month average price for a Greater Victoria home is only down 1% for the same period.
"We are realistic and sales are not what we would like to see," says Shelley Mann, President of Victoria Real Estate Board. "But there are many stories within the market. This week, three houses sold in Sidney that were all newly listed and they sold for over asking price."
Mann adds that she's spoken to several local REALTORS® who have clients who want to buy, but they are looking for good houses with quality amenities. "One Member told me that he has several potential buyers, but they can't find anything they like."
In January, 294 properties sold, compared to 372 in January 2012. The median price of a single family home is $482,500 compared to $522,000, a decline of 7.6.%. The six-month average shows a 1.4% decline, year-over-year, but less than one percent over last month.
"My basic message is that sales are down, prices are flat and our provincial economist is predicting 2013 will be a transition year," Mann says. "He believes the economic fundamentals are strong, and as a result the sales volume will increase 4% this year over 2012, but prices will remain flat."
Current active listings are 3,870. There were 81 condominium sales in January, a 24.6% increase over December 2012, while the median price of $238,350 is down 12.1% year-over-year. Townhouses saw increased sales in the past month and a median price of $382,000, up 4.7% year-over-year.
Total Waterfront Single Family Dwellings sold: 9, up 5 over January 2012
Total Non-waterfront Single Family Dwellings sold:144, down 43 sales from January 2012
Single Family Dwellings sold over $1 million: 3 (1 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
Posted: 04-02-2013 under January 2013 MLS Statistics
2012 Ends on a Steady Note for Greater Victoria Real Estate Market
January 2, 2013
VICTORIA BC - Victoria’s real estate market ended 2012 with relatively flat pricing when compared to 2011, along with similar sales numbers for the third consecutive year.
Total MLS® sales in December 2012 were 283, a 17% decrease over December 2011 when 339 units sold. A different picture is told, however, when comparing full years, where there is only a 5% decline from 2011 to 2012.
Similarly, pricing has held steady year-over-year. The annual average price of a single-family home in Greater Victoria was $603,298 in 2012 compared to $613,839 in 2011. Shelley Mann, President of the Victoria Real Estate Board, notes that while the annual average in 2010 was $629,925, it was $580,748 in 2009.
"In December there were less active listings on the MLS® system than in recent months," Mann says. "With less competition, homeowners have a better opportunity to sell. But the property must show well, and they cannot expect to sell for the all-time high prices of 2010 and 2011." Current active listings are 3,896.
"We continue to see buyers waiting to make their move. Two factors seem to have triggered this, the first being the tightening of lending regulations which has affected the purchasing power of many consumers," Mann says.
"The second factor is that some buyers are continuing to wait for the market to fall," Mann says. "What we heard at the local 2012 CMHC Housing Outlook Conference is that the market has bottomed out and slow growth is in store for 2013."
There were 65 condominium sales in December 2012, compared to 98 in November 2012 and 89 in December 2012, and the year-over-year average price has decreased by 3%. Townhome pricing remains flat.
Total Waterfront Single Family Dwellings sold: 10, also 10 in December 2011
Total Non-waterfront Single Family Dwellings sold: 146, down 27 sales from December 2011
Single Family Dwellings sold over $1 million: 10 (3 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
Greater Victoria Real Estate Sales Slow but Steady in Buyers' Market
December 3, 2012
VICTORIA BC - While the number of single-family home sales has held relatively steady over the last three months, Greater Victoria REALTORS® are noting a year-over-year decrease that coincided with tighter mortgage regulations imposed in July of this year. Amortization periods were reduced to 25 years for high-ratio buyers - those with less than 20% down payments.
"The change from a 30- to 25-year amortization can result in an additional $150 to $200 on the monthly mortgage payment, which is impacting many first-time homebuyers and limiting the number entering the market," says Carol Crabb, President of the Victoria Real Estate Board.
Crabb also notes that the median price for a single-family home in Victoria remains relatively flat, increasing 1% over November 2011. "Sales may have slowed, but the median price of single-family homes has not decreased. Condominiums, the primary option for those first-time buyers, have a decreased median price of 10%."
Total MLS® sales for November 2012 were 366 compared to 373 the previous month; 202 single-family homes sold throughout the Victoria Real Estate Board's region, compared to 293 in November 2011. The median price for single family homes was $540,000, up 1% from last November's median of $536,500. The average price for the same period is up $48,373 (8%), but this is influenced by two sales over $2 million and one sale over $5 million. Month-over-month, the six-month average for single-family homes is flat.
"We are now moving into the slower winter season. Both Canada Mortgage and Housing (CMHC) and Cameron Muir, Chief Economist of BC Real Estate Association, predict the next few months will mirror October and November, followed by slow growth for the balance of 2013," Crabb says. BC and Greater Victoria continue to experience strong full-time employment growth, an expanding population and low mortgage rates.
"For buyers, there is a good supply of homes on the market, so while they have time to conduct due diligence they shouldn't expect large reductions on all properties. We are still seeing quick sales and the occasional bidding war on homes that are priced well.
"Sellers have a lot of competition, so curb appeal, how the house shows and competitive pricing are key to moving from 'For Sale' to 'Sold'," Crabb says.
Condominium sales remain stable with 98 in November 2012, compared to 92 in October 2012 and 104 in November 2011, although the year-over-year median price has declined 10%. Townhome sales declined 38% in 12 months, while pricing remains flat.
Total Waterfront Single Family Dwellings sold: 6, down 4 from November 2011
Total Non-waterfront Single Family Dwellings sold: 196, down 97 sales from November 2011
Single Family Dwellings sold over $1 million: 17 (2 over $2 million, 1 over $5 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
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VICTORIA REAL ESTATE SALES SLOW BUT STEADY IN BUYERS’ MARKET VICTORIA, BC—While the number of single-family home sales has held relatively steady over the last three months, Greater Victoria REALTORS® are noting a year-over-year decrease that coincided with tighter mortgage regulations imposed in July of this year. Amortization periods were reduced to 25 years for high-ratio buyers – those with less than 20% down payments. “The change from a 30- to 25-year amortization can result in an additional $150 to $200 on the monthly mortgage payment, which impacting many first-time homebuyers and limiting the number entering the market,” says Carol Crabb, President of the Victoria Real Estate Board. Crabb also notes that the median price for a single-family home in Victoria remains relatively flat, increasing 1% over November 2011. “Sales may have slowed, but the average price of single-family homes has not decreased. Condominiums, the primary option for those first-time buyers, have a decreased median price of 10%.” Total MLS® sales for November 2012 were 366 compared to 373 the previous month; 202 single-family homes sold throughout the Victoria Real Estate Board’s region, compared to 293 in November 2011. The median price for single family homes was $540,000, up 1% from last November’s median of $536,500. The average price for the same period is up $48,373 (8%), but this is influenced by two sales over $2 million and one sale over $5 million. Month-over-month, the six-month average for single-family homes is flat. “We are now moving into the slower winter season. Both Canada Mortgage and Housing (CMHC) and Cameron Muir, Chief Economist of BC Real Estate Association, predict the next few months will mirror October and November, followed by slow growth for the balance of 2013,” Crabb says. BC and Greater Victoria continue to experience strong full-time employment growth, an expanding population and low mortgage rates. “For buyers, there is a good supply of homes on the market, so while they have time to conduct due diligence they shouldn’t expect large reductions on all properties. We are still seeing quick sales and the occasional bidding war on homes that are priced well. “Sellers have a lot of competition, so curb appeal, how the house shows and competitive pricing are key to moving from â€For Sale’ to â€Sold’,” Crabb says.Condominium sales remain stable with 98 in November 2012, compared to 92 in October 2012 and 104 in November 2011, although the year-over-year median price has declined 10%. Townhome sales declined 38% in 12 months, while pricing remains flat. Total Waterfront Single Family Dwellings sold: 6, down 4 from November 2011Total Non-waterfront Single Family Dwellings sold: 196, down 97 sales from November 2011Single Family Dwellings sold over $1 million: 17 (2 over $2 million, 1 over $5 million)
STATS QUICK REFERENCENovember 2012, MLS® Real Estate Sales and Average Prices, Greater Victoria 2012 - November2012 - October2011 - November
No of SalesAverage
Price $Median
Price $No of SalesAverage
Price $Median
Price $No of SalesAverage Price $Median Price $
Single Family Gr. Victoria184643,832545,000190592,097526,500271 592,034530,000
Single FamilyOther Areas18529,392473,00021437,595425,00022501,824428,000
Total* Single Family All areas202633,634540,000211576,720506,000293585,261536,500
Condos98269,059265,00092274,072255,000104320,558296,000
Townhomes30408,653358,45035387,769382,45048380,675360,000
ManufacturedHomes13146,415120,0006-122,417127,85010216,040172,000
TOTAL RESIDENTIAL343 344 455
TOTAL SALES366 373 482
TOTAL ACTIVE LISTINGS4,488 4,876 4,329
November 2012, MLS® Real Estate Sales and Six-Month Average Prices over October 2012Number of Sales (Gr. Victoria only) November 2012 COMPARED TO OCTOBER 2012
SINGLE FAMILY CONDOS TOWNHOMES
184 98 29 -3.16% 6.52% - 6.45% Number of Sales (All Areas) November 2012 COMPARED TO OCTOBER 2012
SINGLE FAMILY CONDOS TOWNHOMES 202 98 30- 4.27% 6.52% - 14.29% Six-Month Average Price (Gr. Victoria only) November 2012 COMPARED TO OCTOBER 2012
SINGLE FAMILY CONDOS TOWNHOMES $596,197 $308,399 $414,651 - 0.08% - 1.90% 0.29% Six-Month Average Price (All Areas) November 2012 COMPARED TO OCTOBER 2012
SINGLE FAMILY CONDOS TOWNHOMES $590,325 $308,374 $408,347 - 0.21% - 1.79% - 0.05% * Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.
Federal Measures Make Impact on Victoria Real Estate Market
November 1, 2012
VICTORIA BC - While prices held steady through most of the Greater Victoria region's real estate market in October, government lending regulations have had the desired "cooling effect" on year-over-year sales numbers.
Total MLS® sales for October 2012 were 373 compared to 483 in October 2011. During the month, 211 single family homes sold throughout the Victoria Real Estate Board's region, compared to 260 in October 2011. The average price for single family homes was $576,720, down 2% from last October's average of $590,539. The median price for the same period is down $24,000 (4.5%). Month-over-month, both sales volume and the six-month average for single family homes are flat. Active listings are 4,876.
"Overall sales for Greater Victoria are down 19%," says Carol Crabb, President of the Victoria Real Estate Board. "Federal measures to slow real estate sales nationally are having a local affect. Our REALTORS® tell me that with the reduced amortization rates, many buyers are having trouble getting financing for the type of home that fits their needs, particularly first-time buyers."
Crabb also notes that there are fluctuations across the region. Sales and prices are flat in the Core Municipalities, while sales are down on the Saanich Peninsula, with declined sales and prices on the Westshore. "I strongly caution against reading too much into the numbers," she says. "Both activity and prices vary by sub-area. For some the sample size is always small, so a sale of one or two properties can result in a 50% change."
There were 92 condominium sales last month, 37% fewer than during October 2011. Six manufactured homes sold compared to 10 during the previous October. Townhome sales declined 37% and the average price dropped from $428,040 to $387,769, a 9% decrease.
Total Waterfront Single Family Dwellings sold: 15, up 3 from 2011
Total Non-waterfront Single Family Dwellings sold: 196, down 52 sales from September 2011
Single Family Dwellings sold over $1 million: 11 (1 over $2 million, 1 over $3 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
All corners of the province have experienced unbelievably good weather through August and September, and it looks like the trend may be continuing into October.
Fingers crossed!
For the real estate market, a relatively sluggish summer has given way to another fall market. Some areas are continuing to see softening prices and slower sales while others have seen a strong market. Remember, real estate is local. It's hard to take national stats and make inferences about a neighbourhood.
For those of you thinking about selling, it is important to realize how vital the Art of Pricing is to the sale of your home.
All sellers want the highest price possible for their homes, but the strategies to get there are not always intuitive. In certain circumstances, pricing low can be more effective than pricing high, while in others, pricing above market value can be a winning strategy. In most cases, however, the optimum pricing strategy is to price within 10% of market value and let the market decide. After all, the 'list price' comes with a caveat: Or Best Offer.
Top Reasons for NOT Pricing High:
You lose out on potential buyers who put a price cap on their property searches.
Serious buyers question the motivation of a seller with an overpriced listing.
You provide a strong comparable for your neighbours who are properly priced. You are effectively selling other people's well-priced homes.
Buyers assume that properties which remain on the market for long periods of time have something inherently wrong with them.
Other agents will be more hesitant to show your home.
In a quickly rising market, pricing strategies tend to matter less, as underpriced listings are bid up to market value and overpriced listings simply wait until the market catches up to them. However, in flat or falling markets, pricing plays a pivotal role in how much you may ultimately sell your house for.
In a flat market, buyers have more time to analyse the market and therefore become more educated about value. Houses that are overpriced wll simply sit on the market, as well-priced new lisitngs come on to replace well-priced recently sold listings.
In a falling market, the optimal pricing strategy is actually to price BELOW market value. A simple exercise that pricing experts like to use in this situation is to visualize catching a fly ball. The ball represents the market and your glove represents your pricing strategy. If you price too high, the glove will simply swing across where the ball was. If you price at market, there's a good chance you will miss it. But if you price just below market value, there's a greater likelihood of catching the ball. After all, it's better to take a little bit les than to risk having the bal drop in for a double.
Many factors come into play when it comes to pricing your home and a professional can help you through that process. To find out more, please feel free to contact us.
*Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission to prior sale or lease, change in price or terms, and withdrawal with out notice.
Victoria Real Estate Market at a Standoff as Prices Remain Steady
October 3, 2012 (revised due to error*)
VICTORIA BC - REALTORS® across Vancouver Island are experiencing a "wait and see" attitude amongst buyers and sellers alike. The result? Prices remain steady but sales numbers are down in some categories.
Total MLS® residential sales for September 2012 were 400 compared to 435 in September 2011. During the month, 216 single family homes sold throughout the Victoria Real Estate Board’s region, just 28 fewer than the 244 sold in September 2011. The average price for single family homes sold in Greater Victoria last month was $589,361, down from September 2011’s average of $622,393. The median price is down by $16,500 to $517,500 over September 2011. There are 5,025 active listings.
"We are at a bit of a standoff in the Greater Victoria real estate market," says Carol Crabb, President of the Victoria Real Estate Board. "Buyers are waiting for prices to go down, but there are no economic indicators to show that will happen. Sellers are pricing their properties reasonably for the current market, which is reflected by the fact that single family homes are selling for an average 96% of list price.
"The median price of a single family home is only 1.5% lower than last year and that number has held steady for the last five months," Crabb says.
Condominium and manufactured home sales are virtually unchanged over September 2011 (approximately 1% each), while townhomes sales have declined 10%.
Total Waterfront Single Family Dwellings sold: 18, up 7 sales from 2011
Total Non-waterfront Single Family Dwellings sold: 198, down 35 sales from September 2011
Single Family Dwellings sold over $1 million: 14 (0 over $2 million)
*The original news release issued on October 1, 2012 contained an error. We apologize for any inconvenience this may have caused.
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
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A Steady, Flat Real Estate Market Continues in Greater Victoria
September 4, 2012
VICTORIA BC - The August real estate market continues to be steady and flat, considered by the Victoria Real Estate Board to reflect the "wait and see" attitude its Member REALTORS® are hearing from the buying public.
Total MLS® residential sales for August 2012 was 462 compared to 542 for the same period in 2011. During the month, 240 single family homes sold throughout the Victoria Real Estate Board’s region, 67 fewer than the 307 sold in August 2011. The average price for single family homes sold in Greater Victoria last month was $590,843, down from August 2011’s average of $652,841. The median price is down by $17,000 to $530,000. There are 5,034 active listings.
"Sales are down 11.5% over August 2011" says Carol Crabb, President of the Victoria Real Estate Board. "When seasonally adjusted, there is little change from July 2012. It’s a flat market which we suspect will continue for the next few months and not trending in either direction."
The overall provincial outlook is strong, with employers replacing part-time positions with full-time, and ongoing low interest rates. The British Columbia Real Estate Association predicts the resulting consumer confidence will move the provincial economy from flat to strong in 2013.
Other categories are also holding steady. Condominium and manufactured home sales are virtually unchanged over August 2011, while townhomes sales continue to be softer.
Total Waterfront Single Family Dwellings sold: 25, down 3 sales from 2011
Total Non-waterfront Single Family Dwellings sold: 215, down 64 sales from August 2011
Single Family Dwellings sold over $1 million: 10 (1 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
To ensure sales are not over-reported, we report net sales: that is, the number of sales less the number of collapsed sales, if any. Average Price is the total dollar volume of sales for the month divided by the number of sales in the month. Six Month Average is the total dollar volume of sales for the last six months divided the total number of sales in the last six months. Median Price is the mid-point price between the least expensive sale and the most expensive sale in the month.
The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.
Activity Continues in Favourable Victoria Real Estate Market Conditions
August 1, 2012
VICTORIA BC - Real estate activity continues to be steady in Greater Victoria, reflecting favourable conditions attributed to stable pricing, low interest rates and good selection.
Total MLS® sales for July 2012 were 523 compared to 523 for the same period in 2011. During the month, 293 single family homes sold throughout the Victoria Real Estate Board’s region, on par with the 283 sold in July 2011. The average price for single family homes sold in Greater Victoria last month was $580,563, up slightly over July 2011’s average was $574,717. Of note, the median price varies by only $100 year over year. There are 5,178 active listings.
"The market is holding steady, reflecting that good properties that are priced well are selling," says Carol Crabb, President of the Victoria Real Estate Board. "Combined with lots of selection and low interest rates, buyers have good opportunities to buy real estate in the Greater Victoria market. The downward adjustment in volume follows our historical cycle as we transition from a spring to summer market."
Other categories are also holding steady. One variation is that condominium average and median prices are slightly higher, likely resulting from new product on the market.
Total Waterfront Single Family Dwellings sold: 14, down 5 sales over July 2011
Total Non-waterfront Single Family Dwellings sold: 279, up 15 sales over July 2011
Single Family Dwellings sold over $1 million: 14 (1 over $2 million)
Second Quarter Of 2012 Greater Victoria Real Estate Market Continues Slow Growth
July 3, 2012
It’s been a typical spring market in Greater Victoria real estate with good volume but average prices lower than a year ago.
Last month 370 single family homes sold throughout the Victoria Real Estate Board’s region, whereas 348 sold in June 2011. The average price for single family homes sold in Greater Victoria last month was $580,557, a decrease from June 2011’s average of $618,429.
Total MLS® sales for June 2012 was 637, with 602 of those residential, compared to 618 and 596 respectively for the same period in 2011, and 659 and 636 last month. There are 5,189 active listings.
"For our market, an average month is 500 sales," says Carol Crabb, President of the Victoria Real Estate Board. "Volume during the last three months has been well ahead of that number."
Residential sales increased in the Second Quarter of 2012 over the same period in 2011. House sales in Greater Victoria totalled 993 over 924 for Q2 in 2011; 496 condos over 453 in 2011; 189 townhouses over 174; and 44 manufactured homes over 37.
Crabb notes, "For the quarter, average price are lower than last year: $608,072 versus the second quarter of 2011 at $624,773.
Total waterfront Single Family Dwellings sold: 16, down 8 sales over June 2011
Total non-waterfront Single Family Dwellings sold: 354, up 30 sales over June 2011
Single Family Dwellings sold over $1 million: 21 (3 over $2 million)
STATS QUICK REFERENCE
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
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SPECTACULAR OCEANFRONT PENTHOUSE offering panoramic ocean views from floor to ceiling windows. Top quality construction with superior soundproofing, high end custom finishing work, and deluxe appliance package. The open floor plan combines with amazing views and close proximity to all amenities to offer a fabulous lifestyle opportunity!!! This property includes three bedrooms with a luxury ensuite and walk in closet, over 900 sq. ft of expansive decks, built in stereo system, private elevator to suite, heat pump heating/cooling system, 3 parking spaces and extra storage. Pet friendly, close to the airport, ferries, town of Sidney, and fronting on a popular cycling road with many parks and great views to enjoy along the way.
MAY 2012 REAL ESTATE MARKET IS PICKING UP IN GREATER VICTORIA
June 1, 2012
VICTORIA, BC-Consumers are showing confidence in the Greater Victoria real estate market, evidenced by a spike of 71 residential sales in May 2012 over the previous month. "During the last two or three months, we’ve seen many potential buyers out looking," says Carol Crabb, President of the Victoria Real Estate Board. "During May, they made their decisions. This shows there is good selection on the market, as well as good value."
The average price for single family homes sold in Greater Victoria last month was $622,387, a jump over April’s average of $609,376. Excluding previous months’ sales of over $4 million, the median has returned to $534,250.
"Last month we told you that homebuyers were researching their purchases by working with home inspectors, mortgage professionals and REALTORS®," Crabb says. "Now they are moving forward, which is often reflected in a spring market, even though it’s not feeling very spring-like."
Total MLS® sales for May 2012 were 659, with 636 of those residential, compared to 572 and 544 respectively for the same period in 2011, and 586 and 565 last month. We ended May 2012 with 5,015 active listings.
Total waterfront Single Family Dwellings sold: 15, down 3 sales over May 2011
Total non-waterfront Single Family Dwellings sold: 373, up 38 sales over May 2011
Single Family Dwellings sold over $1 million: 24 (3 over $2 million)
It's a question that we hear in the real estate industry all the time. The answer is simple: It's the right time to buy when (1) you want to, (2) you have a long-term view, and (3) you can afford to.
Buying patterns are dictated by a multitude of factors, but they mostly have to do with changes in life circumstance: moving out of your parents' house, getting married, having a baby, getting transferred for work, and becoming an empty nester are all strong incentives for changing your living situation. Sprinkled into this decision are thoughts on what is going to happen to the real estate market.
But what is going to happen to the real estate market?
Take this headline from the Globe and Mail: 'Housing Market has Cracks'. The article, which points to a Canadian housing market bubble, quotes economist David Rosenberg, who correctly forecasted the US housing crisis, who says the Canadian housing market is 'overvalued by 15-35%' and predicts that the market is 'on the verge of collapse'. It's a common theme in the news today. Except the article was written in 2009, right before the housing market rose an additional 15%, in spite of its advice to 'brace yourself for a rough 2010'.
So it's hard to predict where the housing market is going to go, especially in the short-term. In the long-term, real estate has been shown to appreciate at an average of 6-7% annually. Given that principle residences offer investors the single biggest loophole in the tax code - capital gains on principle residences are tax-free - similar investments would need to offer an historical return of 10+% per annum to compete.
But what if prices do fall in the short-run?
You may feel like you've made a mistake as prices begin to fall, but so long as you can afford the payments and you do not move, it doesn't really matter. The only times that real estate prices matter are the day you buy and the day you sell. What happens to the market in between is effectively irrelevant. This is why it's important to buy a home that you can both afford and be happy with in the medium- to long-term. If the market turns negative, but you still like and can still afford to live in your house, there's no need to sell at a loss. Conversely, if the market moves up, you're participating in its gains.
Like any investment, however, you need a long-term view. In the short-run, fluctuations in the market and transaction costs can eat up any gains that you expect to make. So go ahead. Jump in. But only if you (1) want to, (2) have a long-term view, and (3) can afford
Posted: 07-05-2012 under Is it the right time to buy?
FLAT MARKET IN APRIL 2012 MAINTAINS BALANCED REAL ESTATE IN GREATER VICTORIA
May 1, 2012
VICTORIA, BC - Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. "That's good news for both buyers and sellers," says Carol Crabb, President of the Victoria Real Estate Board. "The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume."
The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000.
"Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®," Crabb says.
Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012.
Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013.
Total waterfront Single Family Dwellings sold: 13, down 1 sale over April 2011
Total non-waterfront Single Family Dwellings sold: 316, down 9 sales over April 2011
Single Family Dwellings sold over $1 million: 18 (3 over $2 million)
SINGLE FAMILY HOUSING LEADS MARCH 2012 HOUSING MARKET IN VICTORIA
April 3, 2012
VICTORIA, BC - Single family homes sales have risen 17% since last month, while the six-month average price is up 1% to $599,551. The average price of a Greater Victoria single family home in March 2012 is $640,553 up from $579,985, but is affected by the sale of two homes over $4 million. Compared to March 2011, active listings in this category are up 5% to 1,858, while sales are down 7%.
Sales of condos and townhomes are flat, compared to February 2012, while down significantly from 12 months ago (17% and 15% respectively). Condo prices are unchanged, while townhomes are 1% lower than March 2011.
"With softer prices, buyers have been looking at houses," says Carol Crabb, President of the Victoria Real Estate Board. "That is now being reflected by the six-month average price increase. We predicted a flat market in January, and so far that is what we are experiencing."
She also believes sales activity was affected by poor weather and many families travelling over the two-week spring break. "REALTORS® tell me many clients took the time for family vacations," Crabb adds.
With a total of 4,274 active listings, properties on the market have edged up from last month (3,977 active listings at February 29, 2011). Increased supply levels reflect typical spring activity as seen year over year.
Total waterfront Single Family Dwellings sold: 14, equal to March 2011
Total non-waterfront Single Family Dwellings sold: 311, down 26 sales over March 2011
Single Family Dwellings sold over $1 million: 26 (4 over $2 million)
There has been a lot of mortgage news recently as the Big Banks fight for market share with record-low mortgage rates. In February, we covered how BMO Bank of Montreal started the mortgage wars by offering a 2.99% 5-year fixed rate mortgage. Other lenders followed suit, matching the 2.99% rate, but generally offering only a 4-year option. On March 29th, RBC Royal Bank signalled the end of this war by raising its rates by 50 basis points to 3.49%. It is expected that other lenders will follow RBC's lead in order to shore up their profit margins.
As a consumer, given the current fixed and variable rates available, what should you do?
Since 1975 variable rate mortgages have proven to be more financially beneficial 82% of the time. That said, some experts are now saying that, given historically low rates, we may now be in that 18% period where it makes more financial sense to lock into a fixed rate mortgage. Remember, even with the higher 3.49% mortgage, the current rate is far below the historical average, which, since the 1950s, has generally remained north of 6%.
Some things you should consider when choosing between a fixed- and variable-rate mortgage:
Choose a variable-rate mortgage if:
You think interest rates will remain at the same level or lower during the term of the mortgage
You think there's a possibility that you may sell prior to the end of the term and wish to avoid excessive pre-payment penalties (there is, typically, a 3 month interest penalty on VRMs)
You can afford a possible rise in rates
Choose a fixed-rate mortgage if:
You think interest rates will rise more than the difference between your current fixed and variable rate mortgage options
You have no plans on selling your home during the mortgage term
You want to know what your payments will be and have peace of mind that they will not change
Something else to consider is that some lenders will allow you to first enter a variable-rate mortgage and then switch or 'lock-in' to a fixed rate mortgage if rates begin to rise
In the end, your personal situation is unique and you should speak to a professional mortgage specialist or broker to determine what the best option is for you; I would be happy to recommend one if you don't already have someone in mind.
On February 21st, the BC government announced the 2012/13 Provincial Budget. A
March 2012 Market Update
fiscally conservative document, the budget calls for business tax hikes and a spending freeze in order to try and meet the government's commitment to return to a balanced budget by fiscal year 2013/14. Also included in the budget are several changes that will affect the housing market in BC.
The first change, originally announced a week before the release of the budget, were the details surrounding the new HST/PST housing transitional rules. The new rules mean - starting April 1, 2012 and running through April 1, 2013, when the HST is replaced by the GST/PST - buyers of NEW homes will be eligible for a rebate of 71.43% of the provincial portion of the HST up to a maximum rebate of $42,500, up from the current $26,250.
This means that buyers of homes up to $850,000, representing 90% of new homes built in this province, will not need to put off their buying decisions to 2013 to avoid paying additional tax. In addition, the rebate now covers recreational properties. Housing over that amount, however, may stagnate during this transition period. There are many subtle parts to these rules and I encourage you to see what situation affects you here:
The second change, also being used as a transitional tool back to the GST/PST, is a tax credit for first-time buyers of NEW homes. The credit, worth 5% of the purchase price of a new home, capped at $10,000, will be effective until March 31, 2013 and is being put in to encourage first-time homebuyers to jump into the market prior to April 1, 2013.
These two initiatives have been put in place to counter fears from the housing industry that buyers will put off their buying decisions until after the GST/PST transition is complete. And by covering 90% of the homes being built in this province, it should ensure that there is not a major slowdown in the housing industry.
That said, it was written in this space 2 years ago, when the HST was first being introduced, that the HST's introduction would have a 'slightly negative, but negligible' effect on housing prices and volume. Since that time, most jurisdictions in BC have seen strong sales and higher prices, indicating that our forecast was correct. That being the case, the reintroduction of the GST/PST is expected to also have a slightly positive, but still negligible, effect on the housing market.
Posted: 07-03-2012 under BC 2012/2013 Provincial Budget
February 2012 Victoria Real Estate Market Reflects Consumer Confidence
March 1, 2012
VICTORIA, BC-The story continues from last month when the Victoria Real Estate Board reported a relatively stable market when compared to the same time in 2011, but REALTORS® report they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.
February’s sale volume was virtually identical to that of February 2011, but the average price softened by 5% for single family homes over February 2011. The average sales price for a single family home in Greater Victoria was $579,985, with a six-month average of $594,027, showing a corresponding decrease of 4.7% over February 2011.
"REALTORS® are reporting increased showings, especially since the Provincial budget announcements," says Carol Crabb, President of the Victoria Real Estate Board. "Our Members tell me the HST transition rules, increased HST rebates and New Home First-time Buyers Bonus are stimulating traffic for both new houses and condos.
"I think the BC budget also instilled consumer confidence. Potential buyers can see that our economy is stable and mortgage rates are incredibly low", Crabb says. "Not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions. We encourage buyers to work with REALTORS® to ensure they are educated about current market conditions and recently announced government incentives."
With 3,977 active listings at the end of February, Crabb notes increased supply levels and sales are expected in keeping with the normal historical trend of spring activity.
Total non-waterfront Single Family Dwellings sold: 258, up 4 sales over February 2011
Total waterfront Single Family Dwellings sold: 7, down 3 sales over February 2011
Single Family Dwellings sold over $1 million: 14 (1 over $2 million)
Posted: 05-03-2012 under February 2012 MLS statistics
January 2012 Shows Increased Activity in Victoria Real Estate Market
February 1, 2012
VICTORIA, BC-While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4%.
"These numbers definitely match what we have been hearing from our Members," says Carol Crabb, President of the Victoria Real Estate Board. "Showings have increased, sales are slowly increasing and there is a sense of optimism among area REALTORS®.
"Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices trending up or down may not apply to their market area. They should consult with REALTORS® regarding prices in their own neighbourhood communities."
The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price.
"That said, buyers seem to be tired of all the doom and gloom stories about the global economy," Crabb adds. "Interest rates are good and they are keeping our Members busy with showings."
Total non-waterfront Single Family Dwellings sold: 187, up 9.4% over January 2011
Total waterfront Single Family Dwellings sold: 4, down 43% over January 2011
Single Family Dwellings sold over $1 million: 9 (none over $2 million)
A prime 8.26 acre development site close to all amenities. Currently zoned R1. The property is located within a designated growth area on Gibbins Rd. To accommodate future urban expansion in the area the Municipality of North Cowichan has indicated that they would support rezoning of these two properties to a higher use such as R3 (Residential 1 & 2 family Zone), R3-S (Residential Small Lot Single Family Zone) and R6 (Residential Townhouse Zone). There are currently two residences on the properties. There is final certification on the sewage system and perk tests, plus a current survey.
OUTSTANDING ACREAGE & EQUESTRIAN ESTATE only 20 min from downtown Victoria. 64.43 acres of meticulously maintained and mainly flat pasture. The main residence (4BR, 3Bath) has a large sun deck from which to enjoy panoramic pastoral views. There are 4 barns (stabling for 33 horses) 3 tack rooms, 19 large & well drained paddocks, wash stall with H&C water, 40' x 40' lunge ring, 20' x 70' work shop, 95' x 240' all weather outdoor sand riding ring, and a 70' x 220 ' indoor riding arena with heated 20' x 70' viewing area. The 3 hay fields comprise approximately 50 acres and produce 6000 bales of hay in the first cut. Large irrigation pond and pump house, plus 3 Phase Power. The buildings also have lots of potential for other agricultural uses.
British Columbia Luxury Home Sales Continue Upward Surge in 2011
Happy New Year and welcome to 2012!
2011 was yet another record-breaking year for BC's luxury housing market. According to MLS stats, over 700 $3 million+ homes were sold in 2011, smashing the record set last year of 375, and more than tripling the number achieved in 2009. Macdonald Realty manager, Matthew Lee, whose firm sold the most expensive house ($16.8 million) and most expensive condo ($10.1 million) in 2011, believes that international buyers are fuelling the luxury market. "Buyers from Mainland China continued to push prices upwards in 2011," Lee says, "but they're not the only ones buying. Locals and people from other parts of the world like BC as well."
Macdonald Realty VP Dan Scarrow concurs. "For the past couple of years, we've seen a really remarkable run-up in prices in the 5 areas that have the highest concentration of Chinese buyers: Vancouver (Westside), Richmond, Burnaby, West Vancouver, and White Rock. The housing market in the rest of the Lower Mainland and BC looks very similar to most markets across the country."
That said, both Scarrow and Lee believe that the hot markets of 2011 will be more stable in 2012, while the slower areas slightly outperform to play catch-up.
The stats seem to support this view. Midway through 2011, Macdonald Realty projected that there would be more than 800 sales of homes over $3 million for the year. The drop to 700, albeit slight, indicates a trend of slowing luxury sales. Macdonald Realty projects that the more affordable jurisdictions in the Lower Mainland will see the biggest price gains in 2012. "We think that prices will remain quite stable in most of the province," says Scarrow, "while prices in some of the more affordable areas of the Lower Mainland, specifically East Vancouver, are expected to rise considerably to close the gap."
3 Most Expensive Homes Sold in 2011:
1) $16,800,000
2) $14,680,000
3) $13,100,000
3 Most Expensive Condos Sold in 2011:
1) $10,100,000
2) $7,500,000
3) $7,200,000
Posted: 09-01-2012 under British Columbia Luxury Sales
Last Half of 2011 Sees Stabilized Real Estate Market
January 3, 2012
While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December, annual sales for single family homes, townhomes and manufactured homes had increased, while condominium sales decreased by 15% compared to December 2010.
"This may be the result of an increased number of lower priced single-family homes that became available," says Carol Crabb, President of the Victoria Real Estate Board.
Crabb cites that housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.
"This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August," says Crabb. "During the last quarter of 2011, it has been virtually unchanged month over month."
"While we were trending towards a buyers’ market, based on both the prices and number of properties for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced market," she says.
December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active listings has been fewer than 4,000 since February 2011.
December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales in November. There were 349 sales in December 2010. Crabb notes that sales typically decline each December, reflective of the holiday season.
The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly from $592,034 in November. The median price also increased to $535,750 while the six-month average declined to $607,221. The overall average price for condominiums last month was $312,066, down from $320,558 in November. The median price for condominiums in December also decreased to $270,000 while the average for the last six months declined marginally to $321,177. The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. The median price increased to $375,000 from 360,000, while the six month average declined to $416,361.
There were six sales of single-family homes marginally over $1 million, with one in View Royal and five in Saanich East. The highest volume of sales in December 2011 was in Saanich East.
MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 11 manufactured homes, totaling 320 residential sales.
Posted: 04-01-2012 under December 2011 MLS statistics
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Real estate sales activity remained steady throughout Greater Victoria last month with a total of 482 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from 483 sales in October. There were 479 sales in November of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.
Victoria Real Estate Board President, Dennis Fimrite, said the continued stability in sales is indicative of a balanced and healthy market, "We were pleased to see that sales last month were higher than in November of last year and showed little change from October. Looking forward, we anticipate continued stability as we move into 2012." Fimrite noted that there was some variability in prices last month, depending on property type, "It’s important to look at price changes over several months to determine what trends are developing as there will always be month-to-month fluctuations in prices depending on what properties sell in a given month." He added that that there were 11 single family home sales of over $1 million in November including one for over $6 million in Oak Bay.
Fimrite added that the number of properties available for sale eased last month to 4,329 compared to 4,687 at the end of October. "Inventory levels remained 16 per cent higher than a year ago but have fallen back from a peak of over 5,000 seen earlier this year."
The average price for single-family homes sold in Greater Victoria last month was $592,034, down slightly from $595,836 in October. The median price also declined to $530,000 while the six-month average declined to $613,259. The overall average price for condominiums last month was $320,558, up from $307,329 in October. The median price for condominiums in November also increased to $296,000 while the average for the last six months declined slightly to $321,941. The average price of all townhomes sold last month was $380,675 compared to $428,040 in October. The median price declined to $360,000 while the six month average declined to $425,095.
MLS® sales last month included 293 single family homes, 104 condominiums, 48 townhomes and 10 manufactured homes.
Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.
Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, "It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year." Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. "There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000," noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.
Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. "The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September."
The average price for single-family homes sold in Greater Victoria last month was $595,836, down from $622,393 in September. However, the median price increased to $539,750 while the six-month average decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000 while the average for the last six months declined to $323,039. The average price of all townhomes sold last month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six month average declined to $438,167.
MLS® sales last month included 260 single family homes, 145 condominiums, 46 townhomes and 10 manufactured homes.
Michael Sampson
Manager, Communications & Business Conduct
Phone: +1 (250) 385-7766
Fax: +1 (250) 385-8773
E-Mail: Michael Sampson
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Real Estate Sales Ease in September
Outlook for Balance of 2011 Remains Stable
October 3, 2011
Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542 sales in August. Sales last month were, however, 16 per cent higher than the 395 sales in September of last year. Prices, meantime, remained mixed depending on the property type.
Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some easing of sales in September. "There has been some softening in activity over the last year with sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two months have been higher than in August and September of last year and we anticipate stable market conditions for the balance of this year." Fimrite noted that despite economic uncertainty, interest rates remain very attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over $1 million in September including one in Saanich East at over $6 million.
Fimrite added that the number of properties available for sale remained virtually unchanged last month with inventory levels currently 14 per cent higher than a year ago. "The number of properties available for sale declined very slightly last month to 4,940 compared to 4,944 at the end of August."
The average price for single-family homes sold in Greater Victoria last month was $622,393, down from $652,841 in August. The median price also declined to $535,000 while the six-month average increased slightly to $622,519. The overall average price for condominiums last month was $332,490, down from $339,057 in August. The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900. The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 while the six month average increased slightly to $447,127.
MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 manufactured homes.
Real Estate Sales Strengthen in August Enhancing Market Stability
September 1, 2011
Real estate sales activity picked up throughout Greater Victoria last month with a total of 542 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 523 sales in July. There were 425 sales in August of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that the increase in market activity is positive news: "The increase in sales reflects ongoing stability in the market. Although there was some modest increase in overall prices in August it is important to note that prices can fluctuate month-to-month depending on the properties sold and it takes time for trends to develop. Higher priced sales in particular can have a significant impact on overall average prices." Fimrite noted that there were 25 single family home sales of over $1 million in August including one in Oak Bay and one in North Saanich at over $3 million each.
Fimrite added that the number of properties available for sale declined at the end of last month with inventory levels currently 13 per cent higher than a year ago. "The available choice for buyers has been at record highs in recent months but the number of properties available for sale dipped below 5,000 last month to 4,944 compared to 5,094 at the end of July."
The average price for single-family homes sold in Greater Victoria last month was $652,841, up from $581,117 in July. The median price also increased to $547,000 while the six-month average increased to $621,960. The overall average price for condominiums last month was $339,047, up from $315,371 in July. The average for the last six months increased to $329,951. However, the median price for condominiums in August declined to $271,500. The average price of all townhomes sold last month increased to $437,079 from $412,178 in July. The median price also increased to $416,700 while the six month average also increased to $446,135.
MLS® sales last month included 307 single family homes, 128 condominiums, 68 townhomes and 15 manufactured homes.
Michael Sampson
Manager, Communications & Business Conduct
Phone: +1 (250) 385-7766
Fax: +1 (250) 385-8773
E-Mail: Michael Sampson
A total of 523 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 618 sales in June but very close to the 527 sales in July of last year. Overall prices, meantime, declined somewhat across all major property types.
Victoria Real Estate Board President, Dennis Fimrite, noted that despite the drop in the number of sales last month compared to June, market activity is now very close to what we saw at this time last year. "In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year."
Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently 14 per cent higher than a year ago. "The available choice for buyers increased further last month with 5,094 properties available for sale at the end of July, up slightly from the 5,050 properties available for sale at the end of June." Fimrite added that the increasing inventory means sellers need to be realistic in pricing their homes in order to attract qualified buyers. "A REALTOR’S® expertise can be invaluable in today’s market to help sellers price their homes to best advantage," added Fimrite.
The average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price also declined to $535,000 while the six-month average declined to $615,439. There were 13 single family home sales of over $1 million in July including two on the Gulf Islands. The overall average price for condominiums last month was $315,371, down from $320,172 in June. The average for the last six months declined to $327,762. The median price for condominiums in July also declined to $289,000. The average price of all townhomes sold last month declined to $412,178 from $444,768 in June. The median price also declined to $385,000 while the six month average declined to $443,341.
MLS® sales last month included 283 single family homes, 147 condominiums, 47 townhomes and 19 manufactured homes.
It's the most expensive condominium in Canadian history.
Four Seasons Hotel and Private Residences Toronto says it has sold the west penthouse in its 55-storey luxury tower to an international buyer for $28 million. The asking price when the sale of the unit was announced was $30 million.
The 9,038 square foot unit comes with panoramic views of Toronto's skyline, features 12-foot ceilings, floor-to-ceiling glass galleria and four corner terraces. The buyer also gets a separate private quarters for staff in the adjacent 26-storey east residence building.
The penthouse includes a 2,500 square foot master suite featuring a large bedroom with a sitting room and fireplace, a private terrace, two walk-in closets and an ensuite bathroom, with his-and-hers vanities, showers and water-closet enclosures, built-in TVs behind the vanity mirrors and a free-standing tub opposite a stone fireplace.
The two guest bedrooms each come with an ensuite bathroom.
The living room is 1,000 square feet with a walk-out terrace, a library and a separate study. The family room is combined with an openconcept kitchen, with a large island and three refrigerator/freezer units, two wall ovens, a dishwasher, integrated coffee system, food warming drawer and a gas range.
Other luxuries include a theatre room with a bar featuring a refrigerator and bar sink, a walk-in wine cellar with a sealed glass-panelled door, built-in cooling unit and a redwood racking system to accommodate nearly 800 bottles.
Isadore Sharp, founder and chairman of Four Seasons Hotels and Resorts, says the new development reaffirms the company brand.
"This new home will allow us to offer the exquisite service, style and comforts that have become our hallmark, while remaining the world leader in luxury hospitality," said Sharp, in a release.
A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that market activity has returned to comparable levels of a year ago. "Overall sales so far this year are down 21 per cent compared to a year ago. It’s important to note, however, that the first few months of last year were very active compared to this year and we are now seeing a return to similar market conditions of a year ago."
Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently seven per cent higher than a year ago. "The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June - the highest monthly level in 15 years." Fimrite add that there were 4,857 properties available for sale at the end of May.
The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June. The overall average price for condominiums last month was $320,172, down from $328,345 in May. The average for the last six months rose to $329,402. The median price for condominiums in June also rose to $300,000. The average price of all townhomes sold last month declined to $444,768 from $466,845 in May. The median price also declined to $399,000 while the six month average rose to $448,159.
MLS® sales last month included 348 single family homes, 177 condominiums, 62 townhomes and nine manufactured homes.
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The number of property sales throughout Greater Victoria rose in February. Prices remained mixed while the number of properties available for sale also rose. A total of 488 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up from the 339 sales in January. There were 621 sales in February of last year.
Victoria Real Estate Board President, Dennis Fimrite, commented that the increase in February was not unexpected, "It is common to see the market pick up following the December - January holiday period and last month’s significant increase in sales along with relatively stable prices demonstrates ongoing confidence in the market by both buyers and sellers." Fimrite added that although February’s sales were below the sales totals for February of a year ago, the beginning of 2010 was marked by an unusually strong market that softened as the year progressed. He noted that inventory levels also rose in February, "There were 3,714 properties available for sale at the end of February - up from 3,283 properties available at the end of January. Inventory levels are currently 13 per cent higher than a year ago."
Fimrite added that despite ongoing concerns about affordability, it’s important to note that a substantial number of homes are selling in the mid-priced range, "Nearly half of the single family homes that sold last month went for under $550,000 while 46 per cent of condominiums last month sold for under $275,000."
The average price for single-family homes sold in Greater Victoria last month was $610,975 up from $603,401 in January. The median price, however, declined to $564,950. The six-month average rose slightly to $623,389. There were 14 single family home sales of over $1 million in February including one on the Gulf Islands. The overall average price for condominiums was $323,844 last month, up slightly $323,002 in January. The average for the last six months also rose slightly to $320,717. The median price for condominiums in February, however, declined to $285,444. The average price of all townhomes sold last month declined to $415,591 from $447,792 in January. The median price also declined to $393,000 while the six month average declined slightly to $432,194.
MLS® sales last month included 264 single family homes, 134 condominiums, 52 townhomes and 17 manufactured home
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For More Information
Michael Sampson Manager, Communications & Business Conduct Phone: +1 (250) 385-7766 Fax: +1 (250) 385-8773 E-Mail: Michael Sampson
The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.
LUXURY REAL ESTATE in Victoria, BC, continues to compare favourably with some of the best in the world. Macleans magazine selected Victoria as the number one city in Canada . Conde Nast Traveler magazine voted Victoria the best over-all city in Canada for its environment and ambiance. Other publications rank Victoria, as the #1 retirement destination throughout North America.
The ultimate prize in luxury real estate in Victoria, is it's waterfront. Victoria is located on the US/Canada border on the 49th parallel. It was named for Queen Victoria. It is the capital city of British Columbia and is Western Canada's oldest city. It is full of distinguished old world architecture, which greatly contributes to the city's unique charm and character. Greater Victoria is home to 330,000 people and has a very diverse immigrant and retiree population.
One of the things that differentiats Victoria from other places is its ideal climate. Victoria is temperate with both mild winters and perfect summer temperatures. Victoria gets 1/3 of the precipitation that Seattle and Vancouver do. In addition, the rain shadow effect ensures that Victoria gets more sunshine than other surrounding areas. This all means that golf and boating are year-round activities in Victoria.
Victoria is truly blessed with amazing beauty,ocean and mountain vistas,character and an amazing amount of oceanfront coastline. The surrounding Gulf Islands offer one of the worlds truly great boating gounds and number in the thousands.Whatever lifestyle that you are searching for can be found in beautiful Victoria , also known as the Garden City.
Whatever you wish purchase in Victoria you are making a good investment, whether it is buying a dream house, an urban Penthouse, or any other high end property luxury real estate in Victoria, BC, will continue to draw luxury buyers from around the world with its great beauty and charm.
Posted: 14-02-2011 under Luxury Real Estate in Victoria
The number of property sales throughout Greater Victoria showed little movement in January while overall prices remained stable. A total of 339 homes and other properties sold in January through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down slightly from the 349 sales in December. There were 418 sales in January of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that January’s figures reflect the continuation of the return to a stable and balanced market that began last year, "Historically, the winter months are usually a slower time for real estate sales and we anticipate market activity will pick up as we head toward spring." Fimrite noted that inventory levels showed little change in January. "There were 3,283 properties available for sale at the end of January - a slight increase compared to the 3,252 properties available at the end of December," he added.
The average price for single-family homes sold in Greater Victoria last month was $603,401 down from $647,063 in December. The median price, however, rose slightly to $576,000. The six-month average was virtually unchanged at $619,875. There were 12 single family home sales of over $1 million in January including one on the Gulf Islands. The overall average price for condominiums was $323,002 last month, up from $301,671 in December. The average for the last six months was virtually unchanged at $320,108. The median price for condominiums in January rose to $293,000. The average price of all townhomes sold last month rose to $447,792 from $434,783 in December. The median price also rose slightly to $418,050 while the six month average rose to $435,749.
MLS® sales last month included 178 single family homes, 90 condominiums, 39 townhomes and 11 manufactured homes.
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Michael Sampson Manager, Communications & Business Conduct Phone: +1 (250) 385-7766 Fax: +1 (250) 385-8773
The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR
Multiple Offers - What's Involved From A Buyer's Perspective.
As a Buyer, dealing with a multiple offer situation on a property can be very stressful. We hope that the information below will be helpful in giving you an overview of the key points to bear in mind.
As a general rule,it's a good idea to put your best foot forward and make your best offer as you may not get a second chance.
Write up the offer as "cleanly' as possible with the fewest terms and conditions. This will be more attractive to a Seller.
It is a good idea to find out what date works best for the Seller.
Offers may not be presented to the Seller in the order in which they were received.Under most circumstances the Seller is under no obligation to consider, respond or counter your offer. They are free to deal with which ever one they choose.
Even a full-price offer does not guarantee that you will get the property. There may well be other offers that are in excess of the asking price or with better dates and conditions.
If the Seller does counter your offer remember that time is still of the essence as the seller could recind the counter offer and accept another offer before you respond.
It is quite often a good idea to accompany your agent and wait outside while he or she presents your offer. This will allow you to respond quickly to any changes or counter offer.
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