Real Estate Market Strong and Stable in November
Sales and prices of homes and other properties in the Victoria area remained strong and steady in November with little movement. There was a total of 573 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, virtually unchanged from the 575 sales in October and down only slightly from the 583 sales in November of last year.
Victoria Real Estate Board President, Gary McInnis, notes that while there was the usual month-to-month fluctuation in prices, the increases so far this year have been exceptional. "To date, the overall average price for single family homes has risen over 19%, the average for condominiums has risen over 16% and the average for townhomes is up over 15%." McInnis also noted that there were 2,399 properties of all types available for sale in November - up five percent over a year ago. "This has truly been a remarkable year and there is every indication that the strong market will continue throughout 2006."
The average price for single family homes in Greater Victoria last month was $472,298; the average for the last six months was $479,244. The median price for single family homes at $422,750 was substantially lower than the average. The average price for all condominiums sold in November was $295,071; the average for the last six months was $252,806. The median was again lower at $242,500. The average price for townhomes in November was $359,372; the average for the last six months was $350,738 and the median in November was $323,950.
MLS® sales last month included 304 single family homes, 138 condominiums, 64 townhomes and 19 manufactured homes.
Wednesday, December 14, 2005
Tuesday, November 01, 2005
Real Estate Market Steady in October
October was a steady month in the Victoria area real estate market marked by an increase in the number of properties available for sale, little change in overall prices and a modest decline in sales compared to a year ago.
Victoria Real Estate Board President, Gary McInnis, notes that there has been a slow but steady increase in the number of properties on the market. "Buyers now have a greater choice with 2,496 properties of all kinds available for sale in October -- up six percent from the 2,358 properties available for sale in the same month a year ago."
McInnis adds that there will always be month-to-month fluctuations in the market. "Although the number of sales was down compared to September, the decline was minimal when compared to a year ago. Prices remain steady -- the overall average for single family homes, for example, is very close to that recorded in June." McInnis says all the fundamentals that contribute to a healthy market remain in place including strong demand, high consumer confidence and attractive interest rates.
There were 575 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, down slightly from the 614 sales in October of last year. There were 714 sales in September.
The average price for single family homes in Greater Victoria last month was $469,246; the average for the last six months was $473,197. The median price for single family homes at $415,000 was substantially lower than the average. The average price for all condominiums sold in October was $256,818; the average for the last six months was $248,783. The median was again lower at $222,000. The average price for townhomes in October was $362,018; the average for the last six months was $348,044.
MLS® sales last month included 321 single family homes, 152 condominiums, 49 townhomes and 17 manufactured homes.
Stats courtesy Victoria Real Estate Board
Victoria Real Estate Board President, Gary McInnis, notes that there has been a slow but steady increase in the number of properties on the market. "Buyers now have a greater choice with 2,496 properties of all kinds available for sale in October -- up six percent from the 2,358 properties available for sale in the same month a year ago."
McInnis adds that there will always be month-to-month fluctuations in the market. "Although the number of sales was down compared to September, the decline was minimal when compared to a year ago. Prices remain steady -- the overall average for single family homes, for example, is very close to that recorded in June." McInnis says all the fundamentals that contribute to a healthy market remain in place including strong demand, high consumer confidence and attractive interest rates.
There were 575 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, down slightly from the 614 sales in October of last year. There were 714 sales in September.
The average price for single family homes in Greater Victoria last month was $469,246; the average for the last six months was $473,197. The median price for single family homes at $415,000 was substantially lower than the average. The average price for all condominiums sold in October was $256,818; the average for the last six months was $248,783. The median was again lower at $222,000. The average price for townhomes in October was $362,018; the average for the last six months was $348,044.
MLS® sales last month included 321 single family homes, 152 condominiums, 49 townhomes and 17 manufactured homes.
Stats courtesy Victoria Real Estate Board
Thursday, October 27, 2005
Interest Rates on the Rise
I chatted with my personal banker today. He is with one major Canadian banks who have an online branch. The reason for our chat is that I have a variable rate mortgage. This means that as interest rates rise, so does my interest rate. While this may be a great idea while interest rates are dropping, it is not necessarily a good idea to stay with it as they start to rise.
My personal banker while “looking into his crystal ball” says that he predicts that my now low rate of 4.375% is expected to rise to around 5.5% within 6 months. While I think this is a bit strong for an increase within that time period, I do think rates are on the rise and will be for some time.
The result of our conversation is that I locked in a rate of 4.296% for 4 years. Time will tell if I did the right thing or if my advice to you to lock in for 3-5 years is trustworthy or not, but I think it is.
If you have a variable rate mortgage, call your bank and have the discussion. Ask if your mortgage can be locked in. Many can with no charge at all to you.
Hope this helps,
Lorne
My personal banker while “looking into his crystal ball” says that he predicts that my now low rate of 4.375% is expected to rise to around 5.5% within 6 months. While I think this is a bit strong for an increase within that time period, I do think rates are on the rise and will be for some time.
The result of our conversation is that I locked in a rate of 4.296% for 4 years. Time will tell if I did the right thing or if my advice to you to lock in for 3-5 years is trustworthy or not, but I think it is.
If you have a variable rate mortgage, call your bank and have the discussion. Ask if your mortgage can be locked in. Many can with no charge at all to you.
Hope this helps,
Lorne
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