Real Estate Team

I didn't know what would get me started writing my blog again.  I certainly didn't think it would be politics!  Bao, my old friend who owns a bar in Thailand, would always shout "No Politics!  No Religion!" if the drunken attitude of his bar was heading the wrong direction.  The last thing I wanted was to blog about was politics and open myself up to the hate and ridicule that litters most political comment sections.  With that in mind, if you feel the need to speak up and comment, please keep it clean and civilized.  I have to speak up, as an NDP supporter who may vote Liberal at the next election.

 

In a way, I don't blame our governments for their knee-jerk reactions to the public outcry for more affordable housing.  However, their reactions are very misguided and exacerbate the problem they are trying to remedy.  Thanks to the federal Liberals, we now have very stringent mortgage application requirements, even though our foreclosure rate was absurdly low.  They have also imposed capital gains on the sale of residential properties with income generating suites, which means some owners don't bother to rent them out now.  Urban municipalities are pushing vacancy taxes, bylaws against short-term rentals, and other measure trying to force people to rent out their properties, ignoring the risk of tenancies to property owners' most valuable assets.  We have a foreign buyers tax, essentially a head-tax that some future politician will have to apologize for (they can borrow Trudeau's playbook for apologies).  They've made it harder to have a fixed-term lease, a huge obstacle to renting out a recreation property for the duration it is not in use.  And now, the grandaddy of all misguided decisions, a "Speculation" tax.  

 

You know what's lost in all of these government responses - affordable housing.  I don't think the outcry was asking for the government to tamper with it's healthiest economy and crash the housing market.   The Property Transfer Tax is the BC government's biggest cash cow and if we hurt the market, we also decrease the revenue intake of the PTT.  Let's face it, people are not going to pay the Speculation Tax, they are going to sell, they are not going to invest in B.C.  Parents with children in a university will stop buying property for their kids while they are going to university - forcing their kids into the already congested rental pool.  How many economic dollars will be lost, in addition to the lost PTT revenue?  

 

What is needed is more affordable housing!  Seems simple, right?  Build more cooperative housing and rental complexes.  Take some of the billions of dollars you receive from Property Transfer Tax and put it back into the housing system to create affordable housing.  I believe the real estate industry has been lobbying for years and years for the Property Transfer Tax to be used for real estate initiatives.  If governments had listened when this lobbying began, maybe we wouldn't have this affordable housing crisis to begin with.

 

Again, I don't blame the politicians, even though they are responsible for the bad decisions.  This is what they do, respond to the public outcry to secure votes in the next election.  This all stems from people saying my kids can't afford anything.  Owning a property has always been a bit of a sacrifice.  It often takes a partner to get into the market and both owners have to work really hard to afford the cost of ownership.  For many of us, we work up the ladder and start with a condo while dreaming of someday having the house.  Nothing has changed, even though the prices are inflated.  We had a long period of stagnation before 2001 and after 2008 before the latest boom.  This is what markets do - boom and wane.  It shouldn't wane because of government tampering that will have profound negative implications on our most successful assets.

 

Dear John and Carole, please listen to reason and stop with the knee-jerk reactions.  Don't bite the PTT that feeds you.  Stop the speculation tax, it's absurd.  And while we are at it, stop the proposed cash handout to tenants, another misguided reaction that does nothing to solve the affordable housing crisis and literally throws away millions of dollars.  Building affordable housing is the only direct way to have an impact on this issue.

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A total of 671 properties sold in the Victoria Real Estate Board region this November, 12%  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% 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% compared to the month of October and 2.8% 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% 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.

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Victoria Real Estate Market Starts the Year with Fewer Listings and Above Average Activity

February 1, 2017 - A total of 478 properties sold in the Victoria Real Estate Board region this January, 11.3 per cent fewer than the 539 properties sold in January last year.

Inventory levels edged lower, with 1,516 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2017, 38.6 per cent fewer than the 2,471 active listings at the end of January 2016.

"The numbers we saw last year are not the new normal. We know that we are not going to see sales volumes this year that meet or beat last year's record breaking numbers," notes 2017 Board President Ara Balabanian. "When compared to the month of January's ten year average, which is 384 transactions, sales in January 2017 are nearly 25 per cent higher than average. The least active January we saw in the past ten years was in 2009 with 247 sales, and the most active was last year."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2016 was $616,700. The benchmark value for the same home in January 2017 has increased by 24.4 per cent to $767,000.

"It's early in the year to make predictions," adds President Balabanian. "Over the last few decades, the historic cycle in Victoria is longer periods of stable activity and price followed by a rapid rise in activity and property values over a relatively short period of time. The coming months will provide us with a better idea of where we are in this cycle."

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Victoria Housing Market Chills Out For Fall

 

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."

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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.

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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."

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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."
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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.

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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?"

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Another Hot Summer Month of Sales for Victoria Real Estate Market

 

August 4, 2015, Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for July 2015. A total of 796 properties sold in the Victoria Real Estate Board region this July, compared to the 681 properties sold in the same month last year.

 

"We've certainly seen the busy spring market continue into the summer months," Victoria Real Estate Board President Guy Crozier says. "The theme of declining listings and increased sales volume is consistent through July, and we're seeing the market go through its typical summer cycle. Sales dropped a little from the spring as we would expect, but are still up a very healthy 16.9% over last year."

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $564,300. The benchmark value for the same home this month has increased by 6.3% to $599,800.

 

There were 3,942 active listings for sale on the Multiple Listing Service® at the end of July, 13.7% fewer than the 4,570 active listings in July 2014.

 

"Consumer confidence remains very strong and shows no sign of falling off in the coming months. Interest rates continue to be very favourable; many buyers are taking advantage and making a move," adds President Crozier. "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."

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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.

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Victoria's Spring Market Exceeds Expectations

May 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for April 2015. A total of 840 properties sold in the Victoria region this April, a 26.5% increase compared to the 664 properties sold in the same month last year.

 

"We've seen modest sales increases in the area for the past two years, which we've attributed to a growing consumer confidence in the market," Victoria Real Estate Board President Guy Crozier says. "The past three months have been exceptional, and I think have surprised most people watching the market; I certainly haven't seen forecasts even close to the numbers we see today. It's possible that consumers who were hesitant to make a move or purchase their first house during the recent economic downturn may have waited to see conditions like we see now - the favourable interest rates, good selection of prices and properties, and increased confidence in the local economy."

 

There were 3,945 active listings for sale on the Multiple Listing Service® at the end of April, 10.4% fewer than the 4,404 active listings in April 2014.

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $562,000. The benchmark value for the same home this month has increased by 3.5% to $581,700.

 

"The last time we saw this many transactions in an April was in 2007 when we saw 898 sales," President Crozier adds. "The market is good, but prices aren't crazy - despite the activity levels, values in our local market are still recovering from the peaks we saw in 2008 and 2010. Depending on the area, single family property values are as much as nine percent below the 2010 values. It is a great time to buy or sell property in our area." 

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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."

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Victoria remains a desirable destination for most of Canadians.  However, our foreign investment remains below 2%.  To view the statistics on where Victoria real estate buyers come from, please click on the pdf to view the annual analysis via the Victoria Real Estate Board.

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The following news was released to local media today:

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."

 

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Victoria Real Estate Market continues 2014's upward trend

 

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.

 

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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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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 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 Victoria Real Estate Board represents more than 1,200 local REALTORS®.

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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."


Victoria Real Estate Board President Tim Ayres is available for comment. More information on the August 2014 report and the MLS® HPI 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®.

Read full post