August 2, 2016
Latest stats from Victoria Real Estate Board: "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.
July 26, 2016
New Listing and Open House: Beautiful 3 bed, 2 bath Character Home on a quiet street near West Bay Marina & Songhees boardwalk!
OPEN HOUSE: Thurs July 28th & Sat July 30th 1-3pm
855 Wollaston Street, Old Esquimalt, Victoria
Listed at $489,000
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!
July 8, 2016
New Listing: Spacious 1 Bed, 1 Bath Suite in 55+ Building
#206-1485 Garnet Road
Listed at $154,900
Rosebank Gardens, YOUR BEST NEXT MOVE! - 55+ Independent Living. Suite 206 offers a spacious, sensible floor plan, in-suite full kitchen with double sink, open eastward views from the private balcony over a schoolyard/field,and a in-suite storage room. Strata offers a shared lounge/dining room, guest suite, 24 hour staffing / security, coin-free laundry room across the hall from 206, activity room & First Alert response. The optional service package provides weekly housekeeping, a daily 4 course meal. Lovely mature landscaped grounds in a convenient location close to shopping and transportation.
July 7, 2016
New Listing: #12-127 Aldersmith Place - A beautiful townhouse with open waterfront views and breathtaking sunsets
Unit 12 - 127 Aldersmith Place
Listed at $579,900
If you are looking for an easy care spacious quality built home with stunning water views of Thetis Cove, you have found your dream home where you will witness breathtaking sunsets. This award winning development by Manchester Homes won the "Best Multi-Family Project for Vancouver Island"
This duplex townhouse was designed to capture the ocean views from every room except the bedroom at the back which looks out onto a private forest of covenanted natural green space. Sitting out back enjoying your morning coffee listening to the owls hooting and the woodpeckers in the grand firs, its hard to believe you are a 10 minute drive from downtown. In the evening, enjoy your gas BBQ ( new fittings ) in the privacy of your back yard.
You are steps away from walking trails leading you into Portage Park on the water and into the 4 Mile Pub and Restaurant. Admirals Walk Shopping Centre is a 5 minute walk at most so no need to take your car for groceries, pharmacy, banking, coffee shop, medical clinic. optometrist, liquor store and restaurants. The sounds of the centre won't reach you as you are buffered by the covenanted green space.
Enjoy the professionally landscaped gardens with room for your green thumb in the back if you wish. Your upper balcony is perfect for star gazing at night and the lower balcony is covered so you can use it year round.
Interior comforts and features: Updated with maple hard wood throughout the home including on extra wide stairways. The front entrance is tiled. The spacious maple cupboards in the kitchen have been refinished and the kitchen appliances updated to stainless steel. Kitchen counters are valance-lit and all light fixtures have been replaced. This home boasts a built in vacuum system including a dust vent in the kitchen. An ADT security system is fully installed though not hooked up at this time. The finishing in these homes is superb with crown mouldings and 6 inch carved base boards. There are three roomy bedrooms on the top floor with double closets in each that have closet systems installed. The master bedroom has an extra single closet as well with a windowed door opening onto thr master bathroon. Relax in a 6 foot soaker tun while you gaze out the picture window into the forest. All 3 bathrooms include upgraded toilets.
The large double garage has been finished and has plenty of room for freezers, tools and sports equipment. An office space with window off of the garage provides a quiet get away for homework or business. The laundry room is spcious and can be used for an extra fridge and pantry or for more storage.
July 6, 2016
New Listing and Open House: Breathtaking Waterfront Views from this gorgeous 3 Bed, 3 Bath Townhouse
OPEN HOUSE: Sat 9th & Sun 10th June 1-3pm
#12-127 Aldersmith Place, Glentana, View Royal
Listed at $579,900
OPEN SAT/SUN 1-3. Rare opportunity to own this beautiful town home w/ breathtaking waterfront views from many rooms and decks! STUNNING SUNSETS! Positioned at the prime West facing end of the complex, this bright Duplex style unit boasts lots of natural light & gorgeous private outlooks! Features include: Appealing layout w/3 bedrooms on upper level; maple hardwood floors; spacious kitchen, w/ island & SS appliances, that opens to the family rm; wide stairway to upstairs; & quality updates! Bonus: Spacious well designed 2 door garage w/ adjoining finished office. Backs onto covenanted green-space ensuring backyard privacy & green views! Easy walk to Admirals Walk Shopping Center, trails, Portage Park, Gorge Waterway, & all amenities.
July 5, 2016
Latest stats from Victoria Real Estate Board: "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.
July 1, 2016
ENTER TO WIN IN OUR "FIND THE HIDDEN OBJECT" CONTEST!
In celebration of our gorgeous new townhome listing at #12-127 Aldersmith Place, we sneakily hid an object in our Seller's home with a photo of Rosemarie and Tom on it.
How to Play: All you have to do is watch the video below carefully and when you find where the object is hidden, send us a quick email of what and where it is to: email@example.com and we will randomly draw a name from our list of winners. You will win that object!
( Contest closes July 31st 2016 )
- Good luck and Have Fun!:
Rosemarie and Tom
June 2, 2016
New Listing & OPEN HOUSE: Beautiful 2800sq ft 5 Bed 3 Bath home in heart of Oak Bay
OPEN HOUSE: Sat June 4th & Sun June 5th 2-4pm
2360 Cranmore Road, Oak Bay
Listed at $925,000
OPEN HOUSE SAT & SUN 2-4, Here's your opportunity to own a beautiful 2800+sqft 5 bedroom home, w/ great potential, on a tree lined street in the heart of Oak Bay! Upstairs features: Coved ceilings; inlaid hardwood floors, big south facing picture windows in spacious kitchen and living/dining rm; sun room; good sized bedrooms. Downstairs has: private garden level entrance; 3 bedrooms inc. master w/ ensuite; kitchen area; family/living rm; storage. Perfect for teens or inlaw use! The property boasts a landscaped/tiered & fenced backyard, newer garden shed w/ tools, patios & raised beds. BONUS: a 2 car garage w/ workshop, & multi-car driveway! Close to OB Rec., OB High, Save-On Foods, OB Village, Willows Beach, bus routes & all amenities!
June 2, 2016
Latest stats from Victoria Real Estate Board: "Feverish Pace of Sales Continues in Victoria Real Estate Market"
June 1, 2016 Victoria, BC
A total of 1,289 properties sold in the Victoria Real Estate Board region this May, an increase of 42.4 per cent compared to the 905 properties sold in the same month last year.
Inventory levels remain lower than the previous year, with 2,406 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May, 40.5 per cent fewer than the 4,043 active listings at the end of May 2015.
"These are very interesting times in local real estate," notes Mike Nugent, 2016 President of the Board. "The market we are experiencing has exceeded our expectations. There are influences in the marketplace that we do not fully understand yet, like the impact of out-of-town buyers and millenials moving into the market, and the seemingly sudden international attention our island city has started to receive. And some folks may be buying now because they are concerned that the market is going to continue to increase in value. Traditionally spring is the most active season for real estate, so it will be interesting to see if this feverish pace continues into the summer months."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May, 2015 was $593,200. The benchmark value for the same home in May 2016 has increased by 19 per cent to $706,500.
"We define months of inventory as the number of months it would take to sell our entire inventory of active listings at the current rate of sales if no new listings became available. In May last year we had 4.5 months of inventory and in May 2014 we saw 6.5 months. This year, May had 1.9 months of inventory. Last year in June we saw 4.4 months of inventory, so if the pattern continues we may see less inventory than in previous years. Current low inventory dictates that pressures moving prices up could well remain strong, particularly in the core region. It can be a challenging time to get into the market," adds Nugent. "As always, a local REALTOR® can help buyers with a strategy to get into a home and can help sellers to create a pricing plan to best reflect the current value of their property. Our Realtors have access to regular education on best practices, including how to navigate multiple offers, which is something many buyers encounter as they shop for houses in some of our more popular neighbourhoods. I think the key right now is to be patient, consider options like different neighbourhoods or types of housing and to prepare with your Realtor as much as possible ahead of time so that you are best positioned to make your move."
May 11, 2016
New Listing and Open House: Bright Top Floor, 2 Bed Suite in 55 + Building - #317-1485 Garnet Road
OPEN HOUSE: SATURDAY MAY 14TH 1-3PM
#317-1485 GARNET ROAD
LISTED AT $189,000
|Rosebank Gardens, YOUR BEST NEXT MOVE! - 55+ Independent Living. TOP FLOOR 2 bedroom. Unique 4 skylight suite with open kitchen creates a wonderful bright airy space. Private deck with courtyard views and large in suite storage area. Shared lounge, dining room, guest suite, 24 hour staff security, same floor laundry, optional service package provides weekly housekeeping, daily 4 course meal and First alert response. Lovely mature landscaped grounds in a convenient location close to shopping and transportation.
May 2, 2016
Latest stats from Victoria Real Estate Board: "April Property Sales in Victoria Continue to Exceed Expectations"
May 2, 2016 Victoria, BC
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 – low mortgage 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.”
April 13, 2016
A Very Special Award from Victoria Real Estate Board
I just received this special gold award pin from the Victoria Real Estate Board for being in the top 10% in Victoria for 5 years! I have received two other pins in the past from the Board and every time, including this, the award has arrived in a Birks box and every time it has hit me emotionally. This time it seems to have really hit me as this is a special award. It makes me think of my mother. My mother grew up in Toronto and for all my years as a child and teenager she worked in the financial district in a tall skyscraper for a well-established law firm. She was a “secretary” for a QC lawyer. She worked pre and during the “Mad Men” era. She loved Birks and identified that store with significance. For many years my mother would receive a Christmas gift from her boss from Birks. It was always something special for the dining room. We loved watching her unwrap these beautiful gifts. They usually came with meticulously and elegantly put together layers of bows, paper, boxes and tissue paper before even a hint of a gift was revealed. We all knew that mom loved Birks. I remember going with my brother one year to buy her a Christmas gift. He knew exactly where to go and what to get. Trying to keep up to his pace he took me with him into Birks , pointed at the item bought it and was out of there in less than 5 minutes. I swear! He knew he couldn’t go wrong because it was from Birks. He was right. My mother loved that gift from him. I know my mom would have seen this pin as special because it was made from Birks. It brings tears to my eyes thinking about it! I miss her so much! Here’s to you, mom!
April 12, 2016
New Listing and Open House: Bright Top Floor, South Facing 1 Bed Suite in 55 + Building - #311-1485 Garnet Road
OPEN HOUSE: Saturday April 16th 2-4PM
#311-1485 Garnet Road
Listed at $159,000
OPEN 2-4 SAT APR. 16- #311-1485 Garnet Rd YOUR BEST NEXT MOVE! The age 55+ owners/residents of Rosebank Gardens enjoy an exceptional & unique style of independent/community living! They own & manage their suite, the building, the facilities, & the services! Fees cover a daily chef-cooked meal, weekly housekeeping, 24 hour staffing, & building maintenance. Facilities include a large common/dining room, laundry on each floor, guest suite, & available parking. Nestled in a quiet, treed urban oasis, it's a walk to the library, groceries, & Univ. Mall. South facing #311 is a bright, premium, top-floor suite with skylight, large living room, cathedral ceiling in master, balcony overlooking the quiet garden, full open-concept kitchen, & large in-suite storage room. Rosemarie Colterman & Tom Oak Royal LePage Coast Capital Realty 250 592-4422
April 1, 2016
Latest stats from Victoria Real Estate Board: "Another Busy Month in the Victoria Real Estate Market"
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."
March 14, 2016
OPEN HOUSE: Sun March 20th 1-3pm - Gorgeous Executive 3 Bed, 3 Bath Townhome: #7-3650 Citadel Place
#7=3650 Citadel Place
Listed at $629,000
OPEN HOUSE: MAR 20th 1-3 Executive Town Home beautifully appointed, located in a quiet hill top neighbourhood! Gorgeous features incl:open gourmet kitchen w/ granite counters, gas range on eating bar/island; built-in convection & microwave; sun tubes; SS appliances; 9 ft ceilings; cherry hardwood flrs; in floor radiant heating; Large main-level master bed w/ sumptuous ensuite; forest/some ocean views. Main also has: formal dining room; gas fireplace; washer/dryer, patio in front; deck w/ woodland/some ocean views; BBQ gas hookup; double garage. Lower level: 2 large bedrooms w/ views, study/guest bed & large crawl space up to 6'4" high. Pet Friendly. Ideal for families w/ teenageers! New Royal Bay Sec. School/Com. Arts Center opening nearby!