Kevin Ramsay & Sukhmeet Grewal : Blog : Latest Blog Posts

No Politics!

Fri, 06 Apr 2018 17:03:25 GMT

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.

VREB Sales Report - November 2017

Mon, 04 Dec 2017 18:49:01 GMT

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.

VREB Sales Report - January 2016

Mon, 06 Feb 2017 00:00:00 GMT

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."

CMHC Victoria Rental Market Report 2016

Mon, 28 Nov 2016 00:00:00 GMT

CMHC's Victoria Rental Market 2016 Report is here. Click on the PDF to view entire report.

VREB Sales Report - September 2016

Wed, 05 Oct 2016 00:00:00 GMT

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."

VREB Sales Report - July 2016

Tue, 02 Aug 2016 00:00:00 GMT

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.

VREB Sales Report _ June 2016

Wed, 13 Jul 2016 00:00:00 GMT

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."

VREB Sales Report - May 2016

Wed, 01 Jun 2016 00:00:00 GMT

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."

VREB Sales Report - November 2015

Wed, 02 Dec 2015 00:00:00 GMT

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.

VREB Sales Report - September 2015

Wed, 07 Oct 2015 00:00:00 GMT

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?"

VREB Sales Report - July 2015

Mon, 17 Aug 2015 00:00:00 GMT

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."

VREB Sales Report June 2015

Wed, 08 Jul 2015 00:00:00 GMT

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.

VREB Sales Report - April 2015

Tue, 05 May 2015 00:00:00 GMT

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."

VREB Sales Report - March 2015

Mon, 06 Apr 2015 00:00:00 GMT

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."

2014 Victoria Buyer Analysis Report

Wed, 04 Mar 2015 00:00:00 GMT

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.

VREB Sales Report - February 2015

Mon, 02 Mar 2015 00:00:00 GMT

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."

VREB Sales Report - January 2015

Mon, 02 Feb 2015 00:00:00 GMT

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.

VREB Sales Report - October 2014

Mon, 03 Nov 2014 00:00:00 GMT

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®.

VREB Sales Report - September 2014

Mon, 06 Oct 2014 00:00:00 GMT

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®.

VREB Sales Report - August 2014

Tue, 02 Sep 2014 00:00:00 GMT

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®.

vREB Sales Report - July 2014

Tue, 05 Aug 2014 00:00:00 GMT

Surprising summer sales for Victoria and area real estate

August 1, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for July 2014.

681 properties sold in the region in the month of July 2014, compared to 583 last year in July - an increase of nearly 17%. June 2014 saw 680 sales.

When compared with year-to-date sales in 2013, 2014 shows a 10% increase.

"I think the activity in July has surprised a few people," Victoria Real Estate Board President Tim Ayres says. "Traditionally the summer market is slower than the spring, but numbers are tracking closely to March and April sales this year. Last year sales in July were 12% lower than in June - and June was the peak of the market in 2013. This year we see slightly more sales in July than in June. This is the first year since 2003 that July numbers have beaten June."

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core area in July was $562,000 - 2% higher than last year's average value for the same home - $550,900.

"I'm looking forward to August numbers. With the diverse inventory on the market, stable pricing and the reasonable interest rates," adds President Ayres, "I think the busy sales season could last into fall."

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the July 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 intended to enhance the professionalism and community standing of REALTORS®. More than 1,200 local REALTORS® are currently members of the Victoria Real Estate Board.

VREB Sales Report - June 2014

Wed, 02 Jul 2014 00:00:00 GMT

A good time to buy or sell in Victoria as steady market conditions continue to create a

balanced market.

July 2, 2014, Victoria BC – The Victoria Real Estate Board today released its monthly

report on real estate activity in the Victoria area for June 2014.

680 properties sold in the region in the month of June 2014 compared to 664 in June

2013 – an increase of 2.4% year over year. Compared to last month in May, there were

5% less sales, which follows a common seasonal trend as summer approaches.

Compared to 2013, 2014 shows an 8.9% increase in year-to-date sales.

“We continue to see slow and steady growth in our overall sales numbers,” Victoria Real

Estate Board President Tim Ayres says. “May and June represent the top two sales

months we have seen since spring 2010.”

“Once again we see balanced market conditions in June – as we did in March, April, and

May this year,” adds President Ayres. “Market conditions track the ratio of sales to

available inventory and indicate supply and demand. A balanced market is

advantageous to sellers and buyers – pricing is more stable and predictable and there is

less pressure on price either way.”

The MLS® Home Price Index benchmark value for single family homes in the Victoria

Core area for June is $556,200, which represents an increase in value of 1.8% over last

year. The most common price range for single family homes in the entire region is

$400,000 - $600,000. 48% of sales in June were in this range.

Victoria Real Estate Board President Tim Ayres is available for comment. More

information on the June 2014 report and the MLS® HPI is available from the Victoria

Real Estate Board.

About VREB - The Victoria Real Estate Board was founded in 1921 and since that time

has been a key player in the development of standards and innovative programs aimed

at enhancing the professionalism and community standing of REALTORS®. Formation

of the Board grew out of the realization in the early part of the last century that there was

a need to establish basic standards for those working in the real estate industry.

A good time to buy or sell in Victoria as steady market conditions continue to create a balanced market.

July 2, 2014, Victoria BC – The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for June 2014.

680 properties sold in the region in the month of June 2014 compared to 664 in June 2013 – an increase of 2.4% year over year. Compared to last month in May, there were 5% less sales, which follows a common seasonal trend as summer approaches. Compared to 2013, 2014 shows an 8.9% increase in year-to-date sales.

“We continue to see slow and steady growth in our overall sales numbers,” Victoria Real Estate Board President Tim Ayres says. “May and June represent the top two sales months we have seen since spring 2010.”

“Once again we see balanced market conditions in June – as we did in March, April, and May this year,” adds President Ayres. “Market conditions track the ratio of sales to available inventory and indicate supply and demand. A balanced market is advantageous to sellers and buyers – pricing is more stable and predictable and there is less pressure on price either way.”

The MLS® Home Price Index benchmark value for single family homes in the Victoria Core area for June is $556,200, which represents an increase in value of 1.8% over last year. The most common price range for single family homes in the entire region is $400,000 - $600,000. 48% of sales in June were in this range.

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

About VREB - The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry.

vREB Sales Report - May 2014

Tue, 03 Jun 2014 00:00:00 GMT

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."

VREB Sales Report - April 2014

Thu, 01 May 2014 00:00:00 GMT

Victoria Real Estate is on track and ready for spring

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%.

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

About VREB - The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry.

XX1

VREB Sales Report - March 2014

Wed, 02 Apr 2014 00:00:00 GMT

April 1, 2014

March 2014 real estate activity in Victoria

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.”

April 1, 2014

March 2014 real estate activity in Victoria

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.”

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.”

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.”

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.”

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.”

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.”

VREB Sales Report - January 2014

Thu, 06 Feb 2014 00:00:00 GMT

FOR IMMEDIATE RELEASE

February 3, 2014

JANUARY REAL ESTATE MARKET STARTS ON SOLID GROUND

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.

VREB Sales Report - September 2013

Thu, 03 Oct 2013 00:00:00 GMT

Sales Bostered By Proper Pricing in the Greater Victoria Market

Article linked below.

VREB Sept 2013

VREB Sales Report - August 2013

Tue, 03 Sep 2013 00:00:00 GMT

STRONGEST SUMMER IN FIVE YEARS FOR PROPERTY SALES IN GREATER VICTORIA

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)

August 2013, MLS® Real Estate Sales, and Average and Median Prices, Greater Victoria

	2013 - August			2013 - July			2012 - August
	No of Sales	Average Price $	Median Price $	No of Sales	Average Price $	Median Price $	No of Sales	Average Price $	Median Price $
SFD Gr. Victoria	258	592,939	540,000	309	596,445	529,500	215	590,843	530,000
SFD Other Areas	50	446,681	408,000	36	446,542	390,000	25	565,418	460,000
Total SFD All Areas	308	569,196	529,950	345	580,802	521,000	240	588,195	526,250
Condos	125	343,343	287,000	127	300,037	265,000	127	320,650	262,900
Townhomes	70	419,030	415,000	70	395,893	360,750	47	432,459	369,000
Mfd. Homes	16	86,638	65,000	17	203,765	118,750	16	131,069	106,450
TOTAL RESIDENTIAL	519			559			430
TOTAL SALES	540			583			462
ACTIVE LISTINGS	4,593			4,772			5,034

SFD = Single-family Dwelling

August 2013, MLS® Real Estate Sales and Six-Month Average Prices over July 2013

* 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 a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,222 Members.

VREB Sales Report - July 2013

Thu, 01 Aug 2013 00:00:00 GMT

Please click on the link for a full report in pdf format.

VREB 07.13

KISS'd

Wed, 10 Jul 2013 00:00:00 GMT

I was pretty excited when I heard KISS was coming to Victoria. I've been a fan of their music for a long time and they were the first big concert I ever saw, during the Hot In The Shade Tour of 1990. I'd never seen anything like it. They had a floor to ceiling Sphinx and all kinds of special effects and pyrotechnics. I left that concert completely hoarse and my ears were ringing for days. I was awestruck.

There was never a question that I was taking my wife to see KISS in Victoria. My wife wasn't so sure. She didn't know much about KISS music, or so she thought. I told her she would be surprised how many songs she knew - and I was right.

My wife and I hate sitting at concerts - or more to the point - hate the complaints from those sitting behind you when you stand up to dance along to a good song. So we've been buying floor tickets for years to enjoy the ability to stand up, dance around, shove our way to the stage if we want, etc. My wife is short but most bands have great visual displays so she doesn't miss the action. I knew this concert would sell out quickly so I joined the KISS Army (fan club) to take advantage of the early sales and ensure I would get the coveted floor tickets.

We arrived at the arena and stood in the long line to get in, soaking up the KISS culture and fans with great makeup. Once inside, half hour later, we waited in separate line ups for T-shirts and beer while the opening band was playing. It amazes me how inefficient the service is at this and any venue I have been too. 45 minutes for a beer! Come on! Anway, we got our T-shirts and drinks just in time to see the last song of the opening act.

I was really unhappy to see the seats on the floor. I had no idea. But this was replaced with sheer bliss when I looked at my tickets and saw Row 1, Seats 40 & 41. Front row, just off the to right of the stage. We couldn't ask for anything better. We were right up at the front and no one was pushing us around. Awesome! No one expected us to sit in our chairs either.

Why is my leg getting wet? What? My beer is leaking! I waited that long in line for a beer and it's leaking! Had no choice but to guzzle it and go for another. Another 45 minute line up that is... Chatting with people around us in the line up, all worried we were going to miss the opening of the main act. And we did, by a few minutes. Managed to get back to the front for the last half of the first song. But, seriously, how hard is it to pour and sell beer quickly. Someone needs to put me in charge of this. I just moved and managed to sell three properties during my move, I think I can handle a beer lineup.

I don't know how anyone could stay seated at a KISS concert. Paul Stanley knows what I'm talking about. Here's a video of him stopping near the end of Say Yeah and telling the crowd to stand up if they believe in Rock And Roll! http://youtu.be/VYmzZaSZMRw

I remember back to that concert in 1990 and how Paul and Gene would throw guitar picks out into the audience. That hasn't changed, picks were flying everywhere. I looked at my wife as Paul Stanley was walking up to us and said "you have to get me a pick". I love my wife for this, she pulled down the top of her dress and gave him something to shoot at. He tried a few times, missing, and then sat down on the edge of the stage to keep trying. I managed to catch a wayward pick but didn't let either of them know. Keep shooting, Paul, this is golden. He never did land one in the coveted cleavage but I still walked away with my momento.

Apparently Paul was impressed with my wife. They had a moment when I went for another beer. He showed her his moves and that his tongue is nearly as good as Gene's.

My wife is now a KISS fan. She puts it best, "I've been KISS'd".

What a great band. I'm so happy they came to Victoria. Come back, anytime, and we'll Rock And Roll All Nite. http://youtu.be/ZhNk6NdzVhA

VREB Sales Report - June 2013

Tue, 09 Jul 2013 00:00:00 GMT

GREATER VICTORIA REAL ESTATE MARKET REBOUNDS IN SECOND QUARTER

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-tosales 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)

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 a property in a particular neighbourhood. Those requiring specific information on property values

in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,230 Members.

GREATER VICTORIA REAL ESTATE MARKET REBOUNDS IN SECOND QUARTER

VICTORIA, BC–

For the third consecutive month, the Victoria Real Estate Board reports sales through the MLS®