High Demand Continues as Inventory Shrinks in the Victoria Housing Market
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."
This picture, with Tom crouching in the foreground, is of the “Breakfast Club”. Rosemarie and Tom have been supporting and taking part in this club for the past couple of years. Our merry cohort of Realtors and professional colleagues provide and serve breakfast monthly at the Open Door facility on Pandora St. Today we served roughly 500 hot meals of scrambled eggs and sausages to the colourful, and very grateful, assortment of homeless and otherwise marginalized folks who came.
OPEN HOUSE THURS Nov 17th 4-6PM & SAT Nov 19th 1-3PM!
Rare opportunity to own this one level, 2 bed, 2 bath "Sweet Home with the Picket Fence" in the heart of Oaklands! Lovingly maintained by the owners since 1988, this home has a newer roof, gutters, hot water tank and exterior paint. The property is in immaculate condition! The interior includes: spacious bright living room with permitted wood stove; thermal windows; dining area with large picture window; sky lit kitchen with custom made wood cupboards & sky lit main bath with separate laundry/storage room. The master, extended in 1989 with permit, includes a 2 piece ensuite. Located on a quiet small street, one block from Oaklands School and a 5 minute stroll to the Hillside Shopping centre! Just awaiting your decorating ideas!
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."
OPEN HOUSE THURS, OCT 20TH 4:30 to 6:30! Fantastic opportunity to own an excellent family home with not one, but two mortgage helpers! This 1975 home has a full upper level complete with: a sky lit open concept kitchen/dining area with counter top stove and wall oven, brand new fridge, a den & balcony off the kitchen area, separate & spacious living room w/ fireplace, 3 bedrooms & 2 baths. The lower level has: 2 updated bedroom suites w/ 8’ ft ceilings & separate entry. Unit 1 rents for $1225 & unit 2 rents for $1160. Their leases are up in April 2017. The suites can change to a 1 & 3! Other great features include: 200 amph service, private, flat & fenced back yard w/ garden shed, 5 yr roof & parking for 4. Just a few blocks from UVIC!
Great opportunity to own a home in one of Victoria’s sought after neighbourhoods! First time on the market since 1990, this classic 1912 Fairfield home, renovated in 1991, including a lift to make a fully finished, 8', lower level, awaits your paintbrush, creative decorating and updating ideas both inside and out! The home features a bright, open concept kitchen with room for a central table or island that spills into a formal dining area & also opens to the back with a curving windowed stairway to a private deck & lower level that has great in law potential! Other features include: new roof, spacious sky-lit bathroom, fir floors, gas stove, pocket and French doors, 200 amp service, and large finished attic room. Located on a quiet, friendly street just a walk to schools, parks, Moss St. Market, downtown and all Fairfield amenities!
A rare opportunity to own one of the largest and most desirable suites in this beautiful 55+ complex! Excellent West facing Views! This bright top floor, 2 bed, 2 bath suite features a cathedral living room ceiling; entranceway skylight; spacious Master with walk in closet and en-suite; second bedroom off the living room (that could also serve as a den); in-suite storage; second bathroom; and west facing windows & balcony. Rosebank Gardens owner-residents enjoy a high level of autonomy & independence along with the comfort & security of 24 hour staffing, a daily 4 course supper, housekeeping & laundry services, first alert & more. Just a short stroll to the Nellie McClung Library, a choice of grocery stores, and all other amenities.
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."
Golden opportunity for a revenue or mortgage helper in the heart of Fairfield! Situated on a quiet street, this side by side corner lot duplex is located across from 2 large parks! Both adjoining homes are well taken care of by the current tenants. They both offer: original oak floors, coved ceilings, large kitchens, newer thermal windows, wood fireplaces, solid wood doors, appliances, park and garden views. They both contain unfinished lower levels with separate entry that can be developed further: great in law suite potential! The 351 side has an extra bedroom on the lower level. Each side also has their own private yard. Just a short safe walk to Sir James Douglas School, the Moss Street market and more makes this property perfect for families and pets!
A beautiful, corner, garden level 2 bed, 2 bath condo offering its own entrance, two step-out patios, and a spacious layout - this feels more like a townhouse than a condo! The large living room with large windows and the sliding glass doors from the dining room make for a grand, bright living space. 'The Cumberland' building is now fully re-mediated with many attractive updates. Unrestricted rentals, secured gate access, and neighboring Tuscany Village & University Heights Mall make this suite safe and attractive both for living and investing in. There is also in-suite laundry, secure underground parking, separate storage, and one small pet is allowed.
Our Fifth Annual Supporters, Friends and Clients Appreciation Party - September 11th, 2016
Victoria's Regent Waterfront Hotel
Our Annual Client Appreciation Party, Sunday ( September 11th), in the Penthouse Suite of Victoria's Regent Waterfront Hotel was another resounding success! We were blessed with sunshine and blue skies and enjoyed taking in the fabulous inner harbour views along with watching the ferries, kayakers and float planes come and go about their business.
There was a celebratory atmosphere throughout the evening with great live musical performances from our four Guest Artists: Paul Luchkow and Solle Stratkaukas Baroque Violin and Flute Music Set, Sue Decker's old times blues, Alex Klassen our Cello Soloist and the dynamic duo of Sean Holland's & Suzanne Van Assum's jazzy blues set.
For those of you that want to hear more from her, the wonderful and ever popular Sue Decker was back this year playing her fabulous old time blues, check out her music here from our previous Client Appreciation Event in 2014:
Great fun was had by all, this year we had a successful Kids Room with los of fun crafts and games. Plus many guests happily going home with wonderful Door Prizes, Congratulations to all our winners!. Special Congratulations to Alison Acker, the Winner of our Grand Referral Prize who won a 1 Night Stay at the Victoria Regent Hotel in an Oceanfront Executive Suite for up to 4 people with a bottle of Bubbly, Breakfast and free parking included.
Good food, tasty beverages, picture identification contests and vibrant conversation made for a wonderful evening of joy and laughter.
The great "Cartoon Caricaturists" ( compliments of Callum Greig of Prime Mortgage Works and James Parr of Safe & Sound Home Inspection ) were new to this year's party and had a constant stream of eager Guests signing up to have their pictures drawn. This proved extremely popular...
We would like to acknowledge our wonderful Sponsors, along with Rosie, who contributed to the success of our event with numerous valuable door prizes; A mini Self-Care Retreat, 12 year old vintage Scotch Whisky, Murchies Tea Gift Sets, $50 Milestones vouchers, Wines, Movie Passes and much, much more.
The event could not have run smoothly without the help of our three daughters; Alexis, Nicolia and Rhea who seamlessly took care of the food, event preparation and delivery from start to finish. A Big “Thank you” to Paul Meakin - our fabulous Bartender for the night! Also to Mike Haddow who supplied us with indulged us with his gourmet hot and cold Hors d'ouevres.
We are so very grateful to all our clients, it is you that have made this business such a pleasure and success. Many thanks to all of you who attended this year’s event. You made it so special!
Fifth Annual Supporters Friends and Clients Appreciation Event...
Sunday September 11th 4-8pm
We’re getting so excited to see everyone again! If you haven’t RSVP’d yet please do so, or just come!
Special Announcement: Special Referral Prize at the party
You are so welcome to bring along your friends and family. If you do bring along a friend who is added to our Database, you will be entered into a special raffle to win a grand prize of “One night’s accommodation for up to four persons in a 2 bedroom executive suite, compliments of the Victoria Regent Waterfront Hotel and Suites.
Plus anyone who gave us a Referral this past year from Sept 2015 to Sept 2016 is automatically entered into the Draw and if they also bring someone they get entered again.
* This year there will be a great Kid’s Activity Corner so bring your kids. It’s going to be fun! * Four Gifted Musical Acts: Baroque Music Set/Soulful Roots & Blues/Cello/Jazz, Rock & Pop
* Fantastic Food & Wonderful Harbour Views and this year, keeping in the theme, we will be serving a signature cocktail at the bar!
***Don’t forget our Tropical Theme, prizes for the best themed outfits!***( but this is optional)
In advance, we would like to thank this year’s Sponsors:
Victoria Regent Waterfront Hotel and Suites
Callum Greig of Prime Mortgage Works
James Parr of Safe and Sound Home Inspection
Luiz Ambriz - The Office
Royal LePage Coast Capital Realty – Bill Ethier
Philip Li – Mega IT
Brent & Cynthia – B & C Designs
Sue Maitland – Life and Career Transitions Coach
Lorna Thomas – Tidy Touch Cleaning, downsizing & staging
West Coast Contemporary style home designed by Broadmead’s renowned Michael Nixon
3 bed, 3 bath, 3000+ sqft interior
Professionally landscaped irrigated 0.35 acre lot
Thoroughly renovated & upgraded with quality products & materials
Skylights & large thermal pane windows throughout to maximize light
Private garden, fern, & rockery views from all windows
Gleaming oak floors
Kitchen has: white granite counters, SS appliances including Viking Professional gas stove w/ electric oven, Ultraline stove hood fan and Bosch dishwasher; soft-close custom built-in wood cupboards; under mount SS double sink; low E sky-light; pot lights; accent lighting; hard-wired media outlets, & green views
Elegant dining room with hearth and built in buffett
Large living room with floor-to-ceiling windows, wood burning stone fireplace fireplace and vaulted ceiling
Master bedroom with vaulted ceiling
5 piece sky-lit marble and granite ensuite bathroom
Private office with its own balcony
Bright & spacious second bedroom
4 piece main bathroom with granite counters and custom cabinets
Wired security system on upper level
Hunter Douglas Silhouette blinds
Fully renovated lower level includes: separate entrance; bedroom; kitchen; living area; laundry; bathroom; deck & cold storage room
Outdoor spaces include; two large decks, front patio & two balconies
Spacious two car garage with ample room for storage & workshop
Driveway accommodates six cars
No-through street ends at trail into Rithet’s Bog Nature Sanctuary
Royal Oak & Broadmead Village Shopping Centers minutes away
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
The Penthouse, Suite #801, 1234 Wharf Street, Victoria
Last year's Event was a huge success...
Great fun was had by all, with many guests happily going home with wonderful Door Prizes, Special Congratulations went to Barrie Webster, Winner of our Grand Referral Prize. Barrie won a 1 Night Stay at the Victoria Regent Hotel in an Oceanfront Executive Suite for up to 4 people with a bottle of Bubbly, Breakfast and free parking included.
Good food, tasty beverages, picture identification contests and vibrant conversation made for a wonderful evening of joy and laughter.
There was a celebratory atmosphere throughout the evening with great live musical performances from our three Guest Artists: Alex Klassen our Cello Soloist, Sue Decker's folk guitar and the dynamic duo of Sean Holland's & Suzanne Van Assum's jazzy blues set.
We are so very grateful to all our clients, it is you that have made this business such a pleasure and success. Many thanks to all of you who attended last year’s event. You made it so special!
Come join us this year for another Celebratory Party!
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.
O.H. Thurs July 28th 5-8pm & Sat 30th 1-3pm! Beautiful character 3 bed, 2 bath strata dup. on a quiet street near West Bay Marina & Songhees boardwalk! Features incl: appealing layout; lots of windows to create wonderful light; new interior paint; inlaid hardwood floors; bright S facing living rm w/ gas fireplace & window nook; dining rm w/ French doors leading to freshly stained backyard deck; large stain glass window on stairwell up to 3 spacious, bright bedrooms; sky-lit bathroom; Master with walk in closet and balcony overlooking private Gary Oak treed backyard; new roof; cedar shake siding; full garage; excellent crawl space! Functions just like a single family home! Enjoy this peaceful urban neighbourhood, just minutes from downtown!