Monday, December 04, 2017

Victoria Real Estate Market Experiences a Burst of Activity

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

The graphic below shows market price activity in Greater Victoria the past year

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

Wednesday, November 22, 2017

Custom Built home on Christmas Hill
2899 square feet  5 bedrooms, 4 baths
$1,499,000
Entry 
Living Room 
Dining Room 
Kitchen 
Kitchen 
 Master Bedroom
En Suite Bath 
Upper Deck 
Patio with Outdoor Kitchen 
Back Yard 
 View

View

Located on Rainbow St central to pretty much everything... shopping, schools, Elk Lake trails, and easy, quick drive to UVIC or downtown. This home offers 5 beds 4 baths and huge over-sized double garage. Tastefully designed & built to earthquake resistant standards. Energy efficient with triple glazed windows, 92% efficient fireplace and attention to detail found only in custom built homes. Lower level has 1 bedroom suite with floor plan well thought out with quality that even a parent would appreciate!. Upper level 3 beds with large luxurious master suite with lots of closet space and amazing 5 pc en suite bath. Gorgeous living space main level including office, gourmet kitchen that has to be seen to be appreciated with top of the line appliances. Other features include on demand tankless hot water, HRV System & substantial Seismic upgrades during construction. If a mortgage helper is on your list or large extended family this home has something for everyone! To view call Lorne Tuplin RE/MAX Camosun - 250-217-4600

Wednesday, November 01, 2017

Victoria Real Estate Market Slowly Stabilizing after a Record Breaking 2016

A total of 664 properties sold in the Victoria Real Estate Board region this October, 9.7 per cent fewer than the 735 properties sold in October last year.  

"As expected, we saw fewer sales than this time last year," notes Victoria Real Estate Board President Ara Balabanian. "Looking at the longer term picture however, sales last month were 17.1 per cent above the ten year average of 567 properties for the month of October, so the market is still very active here in Victoria, and this is in spite of the ongoing low inventory levels."

There were 1,905 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2017, a decrease of 3.6 per cent compared to the month of September and 1.7 per cent fewer than the 1,938 active listings for sale at the end of October 2016. 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2016 was $752,000. The benchmark value for the same home in October 2017 has increased by 9.3 per cent to $821,900, but is lower than July's value of $834,200.  

"The fact that we've seen such a controlled leveling off in the market directly following a year which felt so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the Victoria market. An unstable market may have experienced a heavy correction or shift, whereas in our market sales are moderating at a reasonable rate." adds President Balabanian. "In the coming months we expect to see less inventory on the market, because the year end changes buyer and seller behaviors, their focus shifts to holidays and winter weather. One unknown influence that may play on the winter market is the upcoming mortgage stress test. Some buyers may move their purchasing timelines forward to make their home purchases before the stress test on uninsured buyers (those with a down payment of 20 per cent or more) becomes required January 1."

The graphic below shows market price activity in Greater Victoria the past year


If you are considering buying or selling anywhere on the South Island,

call today 250-217-4600!

Monday, October 30, 2017

New Listing
1025 Gala Court $659,900
Sold $671,000
Entry 
 Kitchen
Dining Room 
Living Room 
Master Bedroom 
En Suite Bath 
Family Room 
 Yard


 The CEDAR floor plan is the largest home at Katies Pond with over 1,900 sq.ft, 3 bedrooms, 3 baths & large family room. Main floor features a spacious kitchen, dining & living room with laminate floors, 9ft ceilings& gas fireplace. Upstairs includes 3 good sized bedrooms, laundry room, large main bath, master suite with walk in closet & en suite plus the BONUS family room above the garage. Features include gas fireplace in the living room, gas BBQ outlet on the patio gas on demand hot water, 9ft ceilings on main, quartz counters in the kitchen, & large patio. Full appliances, blinds & landscaped yard with irrigation. Move quickly or miss out! Offers not delayed.

Tuesday, October 03, 2017

Victoria Real Estate Market Changes Tempo for Autumn

A total of 640 properties sold in the Victoria Real Estate Board region this September, 18.1 per cent fewer than the 781 properties sold in September last year.

“We can certainly feel the difference in the current market when we compare to last year’s record breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,” notes Victoria Real Estate Board President Ara Balabanian. “Now the tempo of the market is trending slowly – very slowly – towards more balanced conditions. Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.”

There were 1,976 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2017, an increase of 3.1 per cent compared to the month of August and 4.1 per cent fewer than the 2,061 active listings for sale at the end of September 2016.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2016 was $742,200. The benchmark value for the same home in September 2017 has increased by 10.9 per cent to $823,100.

“Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local real estate market.” adds President Balabanian. “The ten year average for sales in September is 573 properties and the month exceeded that average by more than ten per cent, which indicates we’re still in an active market. And of course there are neighbourhoods that are still tracking up in terms of value from last year. 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.”

The graphic below shows market price activity in Greater Victoria the past year
If you are considering buying or selling anywhere on the South Island,
call 
Lorne Tuplin today 250-217-4600