Tuesday, June 05, 2018

Price Pressure Continues on Lower-Priced Housing in the Capital Regional District

A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 per cent fewer than the 1,006   properties sold in May of last year, and a 2.5 per cent decrease from April 2018. The sales of condominiums were down 17.4 per cent from last year in May with 237 units sold. Sales of single family homes were down 23 per cent from 2017 with 406 sold this May.

"It's no surprise that our current market is very different than it was last year," says Victoria Real Estate Board President Kyle Kerr. "Due to recent changes in mortgage qualification rules, many buyers' purchasing power has been reduced. Unfortunately, in our area we have one third fewer single family homes for sale under $750,000 when compared to last year, so we're seeing pressure from increased competition on a smaller number of homes, which is really pushing the under million dollar market. We have a much larger inventory of higher value homes this year. For listings priced at $1.5 million and above, the number of active listings is almost 50% higher than last year at this time.  Arguably, many of these properties may be listed due to new and incoming taxes from the provincial government. The Foreign Buyer Property Transfer Tax, the Speculation Tax, and the increased School Tax are putting pressure on those high value home owners. Unfortunately, these taxes are not resulting in what the government said it intends - to increase the availability of affordable housing."

There were a total of 2,394 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2018, an increase of 19.6 per cent compared to the month of April and 26.3 per cent more than the 1,896 active listings for sale at the end of May 2017.

"We're in an interesting time here - we are seeing different levels of price pressure and price relief in micro-climates of our area," adds President Kerr. "You may find more flexibility if you are shopping for a multi-million dollar estate in certain areas. You may be in for a competition if you're shopping for a lower priced home or condominium. If you're thinking of buying or selling, it's a good idea to meet with a local REALTOR® to understand how the current environment will affect you."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2017 was $820,800, while the benchmark value for the same home in May 2018 increased by 7 per cent to $878,100, higher than April's value of $866,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2017 was $426,900, while the benchmark value for the same condominium in May 2018 increased by 15.7 per cent to $493,900, slightly lower than April's value of $495,100.
The graphic below shows market price activity for Single Family Homes in Greater Victoria over the past year
If you are considering buying or selling anywhere on the South Island,
call Lorne Tuplin today 250-217-4600!

Monday, April 23, 2018

New Listing 2726 Peatt Rd #110 1333 sq feet 3 Bedrooms,
3 baths  
Large Rooftop Deck
Living Room 
Dining Room  
Kitchen 
Master Bedroom 
En suite bath  
 Roof top deck
Immaculate end unit 3 bedroom, 3 bath townhouse with amazing 18' x 11' top level sun-filled deck. This unit is located at the back of the complex away from traffic inn the heart of Langford. Still in top condition and featuring Quartz counter tops, stainless steel appliances, LED bulbs in most light fixtures, 12' bedroom ceilings, deck off living room & more. This home is located at the end of the driveway so not looking across to anyone. Possession is flexible. To view, call Lorne Tuplin - RE/MAX Camosun 250-217-4600


Wednesday, April 11, 2018

619-1400 Lynburne Pl
630 sq foot 1 Bedroom
$399,900
 Lobby
 Kitchen
Living Room
Master Bedroom
Main Bath
 
 Theater

Step up to the most desirable location at Bear Mountain Resort & Spa - Finlayson Reach. This beautiful 1 bedroom rentable suite features granite counter tops, stainless steel appliances, hard surface floors and offers spectacular unimpeded views of the 1st fairway & surrounding mountains. Building amenities include squash courts, movie theater and entertainment room - resort amenities incl. - two 18 hole golf courses, pool, fitness center hiking & biking trails as well as tennis courts. Resort Living at its finest! To view call Lorne Tuplin - RE/MAX Camosun 250-217-4600


Wednesday, April 04, 2018

SOLD! New Listing 3065 Eastdowne Rd SOLD!
Landsdowne Slope
Oak Bay
 Living Room
 Sitting Room 
 Formal Dining Room or Sunroom
 Kitchen 
  Breakfast Nook or Sunroom
 Master Bedroom
 En suite Bath
 Home Office 
 Back Yard
Basically a rancher with an upper studio & basement. All living can be done on the main floor. A thoroughly modern home situated high on the Lansdowne Slope and perfect in all respects for today's active family. Extensively renovated and upgraded... here are a few features: open floor plan (very sunny & bright) Shaker style kitchen with newer high end appliances & granite tops, fabulous second level home office/studio with commanding views, expansive master bedroom with well appointed en suite bath, large family room with gas fireplace in basement with own entrance, low maintenance yard & separate garage. Recent updates include new sod front & back, freshly painted, refinished hardwood, newer furnace & all house instant hot water. Shows well. To view, call Lorne at 250-217-4600

Outside Influences Impact Spring
Real Estate Market in Victoria

A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 per cent increase from the month previous. The sales of condominiums were down 28.2 per cent from last year in March with 211 units sold. Single family homes were 30.8 per cent down from the year previous, with 337 sold this March.

"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government's new mortgage qualification rules. Combine these factors with rising interest rates and you've got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty."

There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2018, an increase of 14.3 per cent compared to the month of February and 13.5 per cent more than the 1,556 active listings for sale at the end of March 2017. 

"Despite all of the above, we continue to see benchmark price increases across our market and demand persists - partly due to low inventory - but also because of our highly desirable location," adds President Kerr. "Specific areas and price points are experiencing varying pressure on price and demand - which creates micro-markets. We are still seeing multiple offers and above asking price sales in some segments. Active buyers in our market may see some relief as inventory is slowly growing. This showcases why it is important to work with your local REALTOR® in this transitioning market to ensure you have the most up-to-date information to make purchasing and selling decisions."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2017 was $785,600, while the benchmark value for the same home in March 2018 increased by 9.4 per cent to $859,400, higher than February's value of $840,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2017 was $409,700, while the benchmark value for the same condominium in March 2018 increased by 19.6 per cent to $490,000, which is higher than February's value of $472,600.

The graphic below shows market price activity for all home styles in Greater Victoria over the past year

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