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Victoria Real Estate Market Statistics for August 2017

A total of 736 properties sold in the Victoria Real Estate Board region this August, 16.6 per cent fewer than the 883 properties sold in August last year.

“I admit to being a little surprised by the August numbers,” notes Victoria Real Estate Board President Ara Balabanian. “I expected inventory numbers to be climbing by now, but instead we’ve seen even lower numbers of listings on the market. This is likely leading to some buyer fatigue along with pressure on pricing in high demand areas.”

There were 1,917 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2017, a decrease of four properties compared to the month of July, and 8.5 per cent fewer than the 2,094 active listings for sale at the end of August 2016.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2016 was $743,200. The benchmark value for the same home in August 2017 has increased by 10.8 per cent to $823,100.

“Though much too early to call a trend, we do see that the August HPI benchmark value for single family homes in the Victoria Core area has decreased by 1.3 per cent when compared to July. This is the first time we’ve noted a decrease in HPI values since August 2015.” adds President Balabanian. “That said, this is not an indicator of a huge change in property values across our region. We’ve seen a phenomenally busy two years in real estate for our area and we are likely heading towards a period of more balanced activity. Note too, that though the overall HPI value shows a small month over month decrease – specific areas and specific types of product have seen increases. For example, condominiums across the entire region are up by half a percent compared to the previous month and single family homes in North Saanich have increased in benchmark value by almost one per cent. It’s for reasons like these that now more than ever it makes sense to seek the assistance of a local REALTOR® to sell or buy your home.”

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 1,368 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.

Complete stats package here.

Victoria Real Estate Market Continues Tempo of Steady Sales Throughout May

July 4, 2017 – “This year may feel a bit steady and less exciting when compared to last year’s record-breaking market. People are getting used to this new tempo of brisk sales,” says 2017 Victoria Real Estate Board President Ara Balabanian. “However, when we look at the longer term numbers, we’re in a very active market. This June we counted over one thousand properties sold, while the ten year average for sales in the month of June is 798. If we remove 2016 sales, this June would have been the record breaker.”

A total of 1,008 properties sold in the Victoria Real Estate Board region this June, 14.1 per cent fewer than the 1,174 properties sold in June last year.

There were 1,915 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2017, an increase of one per cent compared to the month of May, but 16.3 per cent fewer than the 2,289 active listings for sale at the end of June 2016.

“The good news for buyers is that inventory is slowly starting to build,” adds President Balabanian. “But buyers can still anticipate multiple offer scenarios in certain high demand neighbourhoods where inventory is being bought at a more rapid pace. It’s never been a better time to be a seller, with MLS® Home Price Index prices at a record high for the Victoria Core.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2016 was $721,000. The benchmark value for the same home in June 2017 has increased by 15.1 per cent to $829,600.

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,365 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

Complete stats package here.

Search available homes in Victoria here.

Current Market Statistics May 2017

Victoria Real Estate Market Sees Slow Increase in Inventory

June 1, 2017 – “This month we have seen an increase in inventory – which means that buyers have more choice – and it means that now in some areas sellers are competing for buyers,” says 2017 Victoria Real Estate Board President Ara Balabanian.

There were 1,896 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2017, an increase of 12.2 per cent compared to the month of April, but 21.2 per cent fewer than the 2,406 active listings for sale at the end of May 2016.

A total of 1,006 properties sold in the Victoria Real Estate Board region this May, 22 per cent fewer than the 1,289 properties sold in May last year. The ten year average for sales in May is 815 properties.

“There are many different market conditions in Victoria, because we have so many different neighbourhoods and different levels of demand for those neighbourhoods,” adds President Balabanian. “The market won’t change immediately, but we can track a shift as more inventory enters the market to meet the demand from buyers.Overall, pressure on pricing is easing because of the increase in inventory and the rate of increase of price is normalizing. As we have predicted, we are seeing the beginning of a gradual return to a balanced market in the Victoria area. In conditions such as the ones we see now, it’s more important than ever to have an expert REALTOR® on your side whether you are buying or selling a property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2016 was $706,500. The benchmark value for the same home in May 2017 has increased by 16.8 per cent to $825,500.

See the complete stats package here: VREB Complete Stats Package

Copyright © 2017 Victoria Real Estate Board. All Rights Reserved.

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Victoria now the second hottest luxury real-estate market in the world

Victoria is the second hottest luxury real-estate market in the world, according to a White Paper report published by Christie’s International Real Estate and the company’s Canadian affiliate, Chestnut Park Real Estate of Toronto.

Bucking international trends that saw luxury property transactions cool throughout 2016, both Toronto (the overall hottest luxury real-estate market in the world) and Victoria enjoyed an uptick in multi-million dollar transactions and a decrease in days-on-market for luxury real-estate listings. In Toronto’s case, days-on-market averaged 17 in 2016, while the global average sat much higher at 221 days.

The report states the Capital Region’s real-estate industry “saw significant growth from affluent international buyers who were deterred by Vancouver’s new 15% foreign buyers tax.” Capital inflow from wealthy foreign buyers, mostly of Chinese origin, also penetrated markets in Montreal and new enclaves in Toronto.

Victoria’s real-estate values continue to appreciate as demand far outstrips the supply of new housing, while historically low residential re-sale inventory adds further upwards pressure to the cost of local property.

Toronto and Victoria were rated just ahead of San Francisco, California, Austin, Texas, and Charleston, South Carolina, in Christie’s top-five hottest luxury real-estate markets.

Christie’s International Real Estate produces an annual report on luxury real-estate sales trends, based on an analysis of market data from 100 of its affiliates around the world. This report, “Luxury Defined: An Insight into the Luxury Residential Real Estate Market,” covers the period from January 1 to December 31, 2016. Toronto’s Chestnut Park Real-Estate is the Toronto and area exclusive affiliate of Christie’s International Real Estate

© Copyright 2017 by Citified.ca. All rights reserved.

http://victoria.citified.ca/news/victoria-now-the-second-hottest-luxury-real-estate-market-in-the-world/ 

Current Market Statistics April 2017

Victoria Real Estate Market Inventory Edges Up, Sales Still Constrained

May 1, 2017 – “The numbers we saw in April are a further indication that the market is gradually moving towards a more balanced state compared to the record setting pace of 2016.” says 2017 Board President Ara Balabanian.

A total of 885 properties sold in the Victoria Real Estate Board region this April, 31.2 per cent fewer than the 1,286 properties sold in April last year. The ten year average for sales in April is 772 properties.

“We are starting to see hints of a more traditional spring market. Local agricultural production has been delayed due to the late spring, and so has the local real estate market,” adds President Balabanian, “More sellers listed their homes for sale over the month of April compared to the month previous.”

There were 1,690 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2017, an increase of 8.6 per cent compared to the month of March, but 34.8 per cent fewer than the 2,594 active listings for sale at the end of April 2016.

“Inventory is still low, which means that buyers may encounter multiple offer situations in some of the high demand areas – there is still more demand than supply,” adds President Balabanian.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2016 was $684,900. The benchmark value for the same home in April 2017 has increased by 17.6 per cent to $805,100.

See the complete stats package here:  VREB Complete Stats Package

Copyright © 2017 Victoria Real Estate Board. All Rights Reserved. *Content and photo courtesy of The Victoria Real Estate Board

Buying a house: What you should love about your prospective home

Your home is your castle, so it’s worth ensuring the one you choose has the potential to reach palatial standards. While there’s plenty of online guidance on the process of buying a house, let’s begin with the basics: What should you love about a property before you sign on the dotted line?

1. The Location

If you’re planning on searching for houses to buy, consider your commuting distance before you settle on an area, as this will have a significant impact on your leisure time. Close proximity to conveniences is also key – being able to walk to cafes, parks or shops makes life more pleasant. If you have a young family, or if starting one is on the cards, ensure you assess the quality of the area’s schools, too.

As the saying goes, it’s best to buy the worst house on the better street. But while this cliché needn’t be taken too literally, as a rule of thumb investing in a desirable area means your property won’t stay on the market for long if you decide to sell it.

2. The Position

The location of a property within its lot matters almost as much as its location. A charming house becomes much less charming if the view from the living room is of a busy main road. Ideally, your home will have a pleasant setback, a garden, south-facing windows and will be situated on higher ground than any of its neighbours.

When embarking on the process of buying a house, keep in mind that the higher your property is, the better this is for drainage.

3. The Size

Aiming for a Goldilocks-sized house that’s just right needn’t be complicated. Take into account the square footage of your current property and be realistic about how much more or less space you require. Are your children flying the nest? Or are you planning to expand your family?

When deciding whether to downscale or size up, choose wisely: you don’t want to outgrow your new home too quickly. If you’re buying a house, also consider how much entertaining you plan to do. Is your lounge large enough for gatherings? Are there enough guest bedrooms and bathrooms for extended family members who visit often?

4. The Potential

When viewing houses to buy, feeling the buzz of potential is a superb sign. Perhaps there’s the opportunity to knock down walls between smaller rooms to create an open-plan space? Maybe there’s a bathroom with space for a hot tub? Could you transform the cellar into a home cinema? Potential also means the property’s value has room to increase. A brand-new build or a luxury house that’s already at the apex of its market won’t see any exponential rises in price. A property with room for improvement, however, could become your nest egg.

5. The Deal Makers

Also known as your non-negotiables, these are the aspects of a home that matter most to you. A feature that hooks you when buying a house could be as prominent as a private tennis court or as simple as bay windows. But if your non-negotiables aren’t included in the property, assess whether they could be included.

Whether you’ve just started weighing up buying a house, or you’ve already begun viewing properties, it’s worth creating a list of the five aforementioned factors before looking for further advice. Once it’s complete, try our property search to see if any of the fantastic options at Engel & Völkers tick all the right boxes.

Posted by Team Digital on April 29, 2017

Victoria council votes to make it easier for homeowners to build garden suites

In a city facing a sustained shortage of rental units, Victoria council voted late Thursday to make it easier for the owners of single-family homes to help ease the crisis.

Councillors unanimously approved changes to the rules governing the construction of garden suites.

Homeowners will no longer have to obtain rezoning permission or go through a subsequent public hearing.

Council estimates that will mean avoiding thousands of dollars in fees as well long delays.

Since 2011, only 18 garden suites have been built in Victoria, far fewer than cities such as Vancouver.

Council hopes the changes will see a big jump in applications.

“It has the potential to be a very large step, we hope homeowners will consider it” said Mayor Lisa Helps.

Most properties in Victoria will be affected by the change.

During public consultations, some raised concerns about the lack of input other homeowners will now have in the process.

Click here for video and full article

Victoria Real Estate Market Continues Trend of Low Inventory, High Demand

April 2, 2017 – A total of 929 properties sold in the Victoria Real Estate Board region this March, 17.1 per cent fewer than the 1,121 properties sold in March last year.

“We predicted early in the year that we wouldn’t see a continuation of the record sales numbers that we saw in 2016,” says 2017 Board President Ara Balabanian. “However, we are still in a very active market, as evidenced by the fact that this is second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2016 was $663,300. The benchmark value for the same home in March 2017 has increased by 19.1 per cent to $790,100.

Inventory levels edged lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2017, 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.

“The public and REALTORS® are getting used to the new tempo of the market – with the ongoing historically low inventory levels and high consumer demand – both parties need to be tenacious and have quick reflexes. Sellers need to ensure they have assistance from an experienced local Realtor to help understand current demand and pricing. Even in this market, properties can sit unsold for months without selling because of an inappropriate price,” adds President Balabanian. “We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers.”

Read the full report here: http://www.vreb.org/current-statistics

Source and photgraph: Victoria Real Estate Board, 2017

Victoria housing inventory could hit record low for March

March is shaping up to be a record-setter for the fewest homes up for sale in the Victoria market.

Real estate blogger Leo Spalteholz says March typically sees around 500 newly listed homes for sale in the Greater Victoria region, but so far this March that number is closer to 120.

“It’s the lowest I’ve ever seen it, and looking back at the stats back to 1996, it’s the lowest for this current time of the year,” said Spalteholz. “What’s really odd this year is that it’s not really building as it should.”

Click here to read the full article