Monday, May 09, 2016

April Property Sales in Victoria Continue to Exceed Expectations

A total of 1,286 properties sold in the Victoria Real Estate Board region this April, an increase of 53 per cent compared to the 840 properties sold in the same month last year.

Inventory levels remain lower than the previous year, with 2,594 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April, 34 per cent fewer than the 3,945 active listings at the end of April 2015.

“We continue to see extraordinary interest in the Victoria and area housing market. Likely this is because the trends we reviewed last month continue – low mortgage rates, higher employment numbers, diversity of properties for sale and of course the growing international awareness that Victoria is an amazing place to live,” notes Mike Nugent, 2016 President of the Board. “The vast majority of Victoria buyers are from within the local Victoria marketplace. Last year 70.5 per cent of buyers were from Victoria, and this year in the first quarter we see 72.5 per cent of buyers from the area. We’ve also tracked a slight increase in Lower Mainland buyers. Reports from the first quarter of 2016 show that 8.2 per cent of buyers are from the Lower Mainland, and last year we counted 7.4 per cent.  It’s also noteworthy that we’ve seen a decrease in buyers from Alberta (last year we saw 5.7 per cent, this quarter we saw 3.9 per cent), a small increase in buyers from the US (from 0.8 per cent to 1 per cent) and an increase in buyers from Asia (from 0.7 per cent to 0.8 per cent this quarter).”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April, 2015 was $581,700. The benchmark value for the same home in April 2016 has increased by 17.7 per cent to $684,900.

“If you are shopping for a home right now, there is a good chance that if you’re looking in a higher demand area (Victoria core, Saanich, Oak Bay) you may find yourself in a multiple offer situation when you go to purchase. This is because there are more buyers than homes for sale and so the market is more competitive than we’ve seen in years past,” adds Nugent. “As a consumer it may pay to get creative, consider types of property and locations you may have not originally identified. For example, condos and townhomes may be a great alternative for first time buyers. Some locations in the Victoria area are under slightly less pricing pressure, for example properties in the West Shore or Esquimalt area are close to amenities, share the same amazing weather as other nearby neighbourhoods. Working with a REALTOR® to create a purchase strategy will put you ahead of the game, and ensure you end up with the right property for you.”
The graph below represents market price changes in the various areas of Greater Victoria since January 2016

If you are considering buying or selling anywhere on the South Island, call Lorne Tuplin today 250-217-4600!

Monday, May 02, 2016

Selling Your Home? Prepare Your Finances

Tuesday, April 26, 2016

$339,900 Immaculate 1340 sq foot 3 bedroom, 3 bath rentable unit
Living Room
Kitchen
Kitchen
Living Room
En suite Bath
En suite Bath
Patio


This is a one owner unit which has been owned by out-of-towners who occupy it 6-8 weeks per year so it looks & even still smells NEW! Gorgeous kitchen with granite tops and light cabinetry, garburator, & stainless appliances (Incl) Living room features Nat. gas fireplace with gas included in low strata fee. Plank laminate floors throughout the main floor. Upper floor includes 3 bedrooms with awesome en suite bath off the large master. Laundry room with sink & almost unused front load washer & dryer. Don't miss this one in an 18 unit townhouse complex built with utmost attention and care to every detail. Steps to world class golf at Bear Mountain, and hiking trails (Mt. Finlayson/Goldstream). Easy to show & Quick possession is available. To View, call Lorne Tuplin at 250-217-4600



Friday, April 01, 2016

Another Busy Month in the Victoria Real Estate Market

The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of March 2016.

A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year.

Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015.

"I think the strong uptick in the market has surprised many of us! The business cycles of real estate are affected by economic drivers and it's clear that this cycle has all possible drivers running at top speed. Many different factors may be contributing to this activity," notes Mike Nugent, 2016 President of the Board. "Pent up demand from the slower years of 2008 to 2013, lower than historic mortgage rates, strong interest from out of town buyers, a buoyant economy that's attracting job seekers and the lifestyle and beauty that Victoria and area offers all contribute to the activity we've seen this year."
  
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.


"Though we represent a relatively small geographic area, there is variation in price and inventory in different neighbourhoods," adds Nugent. "Areas near the down town core continue to see high demand for houses and condos, as do most areas in the Peninsula. The West Shore has also strengthened considerably but pricing remains lower than in the core because there has been more inventory to meet demand. Further out of town there has been less demand, but overall all areas have now strengthened in sales. More than ever I encourage buyers and sellers to connect with a local REALTOR® to develop a strategic approach in this fast moving market."

Want to do your own home search? Click on the house for a great search input form  Search for Listings

Tuesday, March 01, 2016

February Sales Expose Extraordinary Demand for 
Victoria Area Properties

The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of February 2016.

A total of 772 properties sold in the Victoria Real Estate Board region this February, an increase of 42.4 per cent compared to the 542 properties sold in the same month last year.

Inventory levels are lower than the previous year, with 2,562 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February, 26.4 per cent fewer than the 3,480 active listings at the end of February 2015.

"We continue to see the effect of supply and demand on the market," notes Mike Nugent, 2016 President of the Board. "Areas near the downtown core have limited inventory, with less new product coming on to the market. As a result we see more pressure on pricing there, and we see multiple offers. The West Shoreand outlying areas have new housing developments coming into the market. Sales are brisk everywhere, but less competition is created in areas like the West Shore because of the area's ability to create supply to meet demand. We'll likely see more first time home buyers look to make purchases in outlying areas. The West Shore benchmark for a single family home right now is $432,600, which makes the area more affordable than the Victoria core, where the benchmark value is $200,000 more for a single family home."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February, 2015 was $557,000. The benchmark value for the same home in February 2016 has increased by 14.7 per cent to $638,700.

"I'd highly recommend that sellers and buyers who are thinking of making a move in the future engage the services of a REALTOR®," adds Nugent. "Your Realtor can help navigate the decision-making process and ensure you have access to information and advice based on current market conditions. In a busy market like we see now, your Realtor's expertise can be the difference between a beautiful new home and a potentially frustrating and costly exercise."
Looking to buy or sell or just want to know what your home is worth in today's market?  Call Lorne Tuplin with RE/MAX Camosun at  250-217-4600