November Real Estate Market Strong Sales, Record Prices

The Victoria area real estate market continued to show exceptional strength last month with strong sales and record average prices for single family homes and townhomes. There were 623 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in November, up from the 571 sales in the same month a year ago. There were 708 sales in October of this year.

Victoria Real Estate Board President, Bev McIvor, noted that 16 sales of over $1 million pushed the average price of single family homes in Greater Victoria to a new record high of $596,586. "As always, it’s important to note that high end sales have a significant impact on the average price and that the median, or mid-range price, was considerably lower at $510,000." McIvor noted there were also three sales over $1 million on the Gulf Islands last month and that the average price of all townhomes sold also reached a new record high of $473,758. "The high demand and robust prices show continued strong consumer confidence in the market," added McIvor.The six-month average for single family homes was $576,230. The average price of all condominiums sold in November was $311,844; the average for the last six months was $324,255. The median was again lower at $292,000. The six month average of all townhomes sold last month was $411,262. The median price was $421,750.

MLS® sales last month included 335 single family homes, 179 condominiums, 63 townhomes and 14 manufactured homes.

There were 3,196 properties listed for sale on the MLS® system at the end of last month, up slightly from the 3,158 properties in the same month a year ago.

Real Estate Sales Soar in October

Sales of homes and other properties in the Greater Victoria area soared 20 percent in October compared to the same month a year ago. There were 708 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in October, up from the 590 sales in the same month a year ago. There were 632 sales in September of this year. Meantime, prices for single family homes moderated somewhat while prices for condominiums and townhomes showed little change.

Victoria Real Estate Board President, Bev McIvor, says the strong sales and stable prices show continued consumer confidence in the market. “Sales last month were the highest for October since 2003 and so far this year sales are running nearly 13 per cent higher than the first 10 months of 2006.” McIvor added that it’s normal for overall prices to fluctuate on a month-to-month basis depending on the properties that sell in a given month. “While the average price of single family homes moderated slightly last month, the overall average price so far this year is over seven percent higher than at the end of last year.”

The average price of single family homes sold in October was $556,222; the six-month average for single family homes was $570,454. The median price was considerably lower at $495,000. The average price of all condominiums sold in October was $343,334; the average for the last six months was $321,993. The median was again lower at $291,000. The average price of all townhomes sold last month was $407,031; the six month average was $404,163. The median price was $369,950.

MLS® sales last month included 375 single family homes, 196 condominiums, 79 townhomes and 22 manufactured homes.

There were 3,311 properties listed for sale on the MLS® system at the end of last month, down slightly from the 3,426 properties in the same month a year ago.

Strong Real Estate Market Continues in September

The strong real estate market throughout Greater Victoria showed no signs of slowing down last month with continuing strong sales and robust prices. There were 632 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in September, up seven per cent from the 593 sales in the same month a year ago. There were 846 sales in August of this year.

The average price of single family homes sold in September reached a new record high of $584,193 although the median price was considerably lower at $520,000. Victoria Real Estate Board President, Bev McIvor, noted that a number of highpriced sales affected the overall average price, "There were 17 single family home sales of over $1 million and this had a significant impact on the overall average. Nearly a quarter of all single family homes sold for less than $425,000." The six-month average for single family homes was $572,007. McIvor added that overall sales so far this year are running 12 per cent ahead of the first nine months of last year.

The average price for all condominiums sold in September was $341,014; the average for the last six months was $318,198. The median was again lower at $288,500. The average price for townhomes last month was $402,313; the average for the last six months was $402,246. The median was $375,000.

MLS® sales last month included 335 single family homes, 150 condominiums, 77 townhomes and 21 manufactured homes.

There were 3,381 properties listed for sale on the MLS®; system at the end of last month, down slightly from the 3,449 properties in the same month a year ago.

Summer Real Estate Sales Sizzle

Sales of homes and other properties in the Greater Victoria area continued to show exceptional strength last month reaching the highest level for the month of July in over 15 years. There were 922 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in July, up over 36 per cent from the 677 sales in the same month a year ago. There were 949 sales in June of this year. Meantime, 27 sales of over $1 million helped push the average price of single family homes sold in July to another record high of $574,753; the median price was considerably lower at $515,000; the six-month average was $560,393.

Victoria Real Estate Board President, Bev McIvor, says the continued strength of the market is remarkable, "Despite the significant increases in prices that we have seen in recent years, the total number of sales shows that demand remains very strong. The number of sales so far this year is running over 11 per cent higher than in the first seven months of last year while the six month average price for single family homes has risen over seven per cent since the beginning of the year."

The average price for all condominiums sold in July was $306,668; the average for the last six months was $311,568. The median was again lower at $268,000. The average price for townhomes last month was $402,558; the average for the last six months was $397,434. The median was $379,900.

MLS® sales last month included 499 single family homes, 241 condominiums, 106 townhomes and 22 manufactured homes.

There were 3,402, properties listed for sale on the MLS® system at the end of last month, up from the 3,318 properties in the same month a year ago.

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Spacious 3rd floor 2 bedroom unit that has been freshly painted throughout. Features include upgraded kitchen, in-suite laundry, enclosed decks. Unit shows very well. The complex has indoor pool, swirlpool, sauna, tennis courts, library, billiard & meeting room, plus workshop & bike storage. Heat, hot water & recreation are included in strata fee. This unit has a corner storage unit which is large and parking close to the building. Listed at $279,900.

Call Lorne Tuplin to view at 217-4600 or toll free at 877-478-9600

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1085 Gosper Crescent

Excellent 3 bedroom plus den family home with fully developed basement. Large, bright living room with hardwood floors and gas fireplace and on a clear day, mountain views! Separate dining room with hardwood floors, large kitchen with updated cupboards and window overlooking green space across the street. Good sized master bedroom with double closets, updated main bath with soaker tub. Could have addl accommodation.

Call Lorne today to view at 250-217-4600 or toll free at 877-478-9600

Real Estate Sales Strong in May Choices Increase for Buyers

May was another strong month for sales of homes and other properties in the Greater Victoria area. There were 963 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in May, up from the 909 sales in the same month a year ago. There were 898 sales in April of this year. Meantime, the number of properties available for sale on MLS® also continued to increase. There were 3,462 properties listed for sale at the end of last month, up 19% from the 2,903 properties in the same month a year ago. Victoria Real Estate Board President, Bev McIvor, notes that the number of properties currently available for sale is now at the highest point since June 2001. "These latest figures demonstrate the continued strength of the local real estate market," said McIvor. "Buyers now have a lot more properties from which to choose and the increase in sales points to ongoing high demand for properties that are priced realistically." McIvor noted that prices remain stable and 20 per cent of all single family homes in May sold for under $400,000. "There is no doubt that public confidence in this very healthy market remains high." The average price for single family homes in May was $560,574. The median price was considerably lower at $485,000; the six-month average was also lower at $544,321. The average price for all condominiums sold in May was $301,783; the average for the last six months was $307,006. The median was again lower at $257,000. The average price for townhomes last month was $412,149; the average for the last six months was $391,637. The median was $378,750. MLS® sales last month included 575 single family homes, 227 condominiums, 85 townhomes and 15 manufactured homes.

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Arrival of Spring Brings Surge In Real Estate Sales

The arrival of spring brought a significant increase in the number of sales of homes and other properties in the Victoria area real estate market. There were 833 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, up 18 percent from the 707 sales in February. The number of sales last month was virtually unchanged from the 843 sales in March of last year. Meantime, the number of properties available for sale on the MLS® system also increased. There were 3,079 properties listed for sale at the end of last month compared to 2,480 properties in the same month a year ago.

Victoria Real Estate Board President, Bev McIvor, says spring is often one of the busiest times of the year in real estate. "It’s not surprising to see a surge in real estate activity in the spring as people make plans to move to homes that better suit their needs. We’re pleased to see that the market continues to exhibit strength and stability across all sectors." McIvor noted that there were 12 sales of single family homes at over $1 million in March, including one sale in Oak Bay for over $5 million, but that there is lots of choice for more modestly priced homes. "Over 27 per cent of all single family homes last month sold for under $400,000 and 44 percent of all condominiums last month sold for under $250,000."

The average price of single family homes sold in Greater Victoria last month was $542,504; the average for the last six-months was $528,113. The median was lower at $489,900. The average price of all condominiums sold in March was $306,958; the average for the last six months was $308,482. The median was again lower at $266,200. The average price of townhomes sold last month was $375,136; the average for the last six months was $378,941. The median was $345,000.

MLS® sales last month included 458 single family homes, 238 condominiums, 78 townhomes and 16 manufactured homes.

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Real Estate Sales Increase Prices Steady in February

March 1, 2007

The number of sales of homes and other properties throughout Greater Victoria jumped by 60 per cent in February. Prices, meantime, remained stable. There were 707 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, up significantly from the 442 sales in January. There were 658 sales in February of 2006. The number of properties available for sale on MLS® continues to increase. There were 2,919, properties listed for sale at the end of last month compared to 2,320 properties in the same month a year ago. Victoria Real Estate Board President, Bev McIvor, says the strong volume of sales and robust prices are good news for both buyers and sellers. "The figures offer clear evidence of continued strength and confidence in the market. At the moment there is every indication that this stability will continue as we head into spring." McIvor added that the market offers a wide choice for buyers. "At the high end there were 17 single family sales of over $1 million in February but it’s important to note that over 25 per cent of single family homes sold for less than $400,000 and over 44 per cent of condominiums sold for less than $250,000." The average price of single family homes sold in Greater Victoria last month was $534,101; the average for the last six-months was $527,103. The median was lower at $472,000. The average price of all condominiums sold in February was $283,246; the average for the last six months was $305,635. The median was again lower at $263,750. The average price of townhomes sold last month was $387,281; the average for the last six months was $376,639. The median was $370,000. MLS® sales last month included 372 single family homes, 211 condominiums, 63 townhomes and 17 manufactured homes.

New Listing in the Florence Lake Area on 2466 Setchfield Ave NOW SOLD

Absolutely gorgeous home, with large formal entry, main living areas up with hardwood floors in living and dining rooms, two fireplaces, open kitchen with family room, two decks off the family room. Master has beautiful 4 pc ensuite, both baths have skyklights, level walkout to back yard from the master. Down stairs you'll find a large rec room and a very nice 1 bedroom suite with it's own entrance, and a shared laundry room off the hallway entrance. Double garage has 12' ceiling, excellent storage. TO view a photo tour, please go to http://www.lornetuplin.com/Victoria/British_Columbia/Homes/Florence_Lake/Florence_Lake/Agent/Listing_931516.html

Strong Start to the Year for Victoria Area Real Estate Market

The Victoria area real estate market got off to a strong start to the year last month both in terms of sales and prices. There were 442 property sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in January, up from 385 sales in December. There were 496 sales in January of last year.

Victoria Real Estate Board President, Bev McIvor, noted that prices remained steady and the number of properties available for sale continues to increase. “There were 2,661 properties of all kinds available for sale at the end of last month – up 22 percent from the same month a year ago.”

McIvor noted that nearly a quarter of all single family homes sold last month for under $375,000 and 49 percent of condominiums last month sold for under $250,000. “We recognize that affordability is a concern given the significant increases in prices over the past few years, but it’s important to note that there are still many homes available for sale in more modest price ranges.”

The average price for single family homes in Greater Victoria last month was $511,192; the average for the last six-months was $522,123. The median was lower at $451,000. The average price for all condominiums sold in January was $351,508; the average for the last six months was $308,990. The median was again lower at $254,500. The average price for all townhomes last month was $357,308; the average for the last six months was $369,236. The median was $330,000.

MLS® sales last month included 242 single family homes, 119 condominiums, 40 townhomes and six manufactured homes.

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PROVINCE WILL INCREASE HOMEOWNER GRANT THRESHOLD

VICTORIA – British Columbia will raise the home owner grant threshold in response to significant increases in property values, Finance Minister Carole Taylor announced today.

“British Columbia enjoyed another year with a booming construction sector, strong real estate market and increased investment in our economy,” said Taylor. “We also recognize property values continue to rise across the province and that’s why, for the fourth consecutive year, we will increase the threshold to assist B.C. homeowners with their property taxes.”

The new threshold at which homeowners may be eligible to receive the full grant will be $950,000 in assessed property value, up from $780,000.

“Higher property value assessments are certainly a mark of our economic strength in British Columbia and demonstrate that this is a truly desirable place to live,” Taylor said. “On the other hand, higher values don’t always translate into more money in people’s pockets. Through this increase to the homeowner grant threshold, we can continue to make a real difference for B.C. homeowners today.”

Consistent with adjustments made over the previous three years, the new threshold ensures more than 95 per cent of B.C. homeowners receive the full grant.

The Home Owner Grant Program reduces the burden of residential property taxes for eligible homeowners. The basic grant entitles a homeowner to a maximum reduction in residential property taxes of $570. An additional grant of $275 is available if the owner is over 65, or permanently disabled, or eligible to receive certain war-veteran allowances.

Over the past year, assessed residential property values in British Columbia, including new construction, increased by 24 per cent. The new threshold will allow up to 41,000 homeowners, who would otherwise face a reduced benefit, to receive the full grant.

In Budget 2006, government also increased the basic grant from $470 to $570.

More information on the Home Owner Grant Program is available online at www.sbr.gov.bc.ca/hog.

This bill has not passed yet...
(From http://www.boingboing.net/2006/09/18/canadians_howto_stop.html )

Canadians: HOW TO stop the Canadian DMCA, act now!

For the past 30 days, Michael Geist has been listing reasons why Canadians should be alarmed at Canada's proposed new copyright law, which will bring the US Digital Millennium Copyright Act to Canada's lawbooks. The DMCA has been roundly criticized as terribly upsetting the copyright balance, resulting in researchers being jailed and threatened with lawsuits, an unchecked expansion of the copyright monopoly into areas unenvisioned by law (region-coding, limiting compatibility), and a chilling effect on free speech.

Canada's DMCA, Bill C-60, is slated to be one of the first orders of business for the new Parliament. Today, Geist has posted a list of thirty things you can do to fight Bill C-60 in Canada. This is the make-or-break moment, when Canada decides whether it is going to follow the US down the same tiger-pit it fell into in 1998, giving American media and technology companies the legal tools to clobber Canadian culture and industry, or whether Canada is going to learn from America's mistakes and produce a copyright law for the digital century that promotes new forms of expression and creativity.

Write to your local Member of Parliament. Letters (which are better than email) from just a handful of constituents is enough to get the attention of your local MP. Contact information for all MPs is available here. Online Rights Canada also provides an easy way to write to your local MP.

Write to the Prime Minister of Canada. Contact information here.

Write to Bev Oda, the Minister of Canadian Heritage. Minister Oda is one of the two ministers responsible for copyright policy in Canada. Prior Canadian Heritage Ministers have been perceived to be close to U.S. copyright lobby groups and copyright collectives. Ministry contact information here. Minister Oda's contact information here.

Write to Maxime Bernier, the Minister of Industry. Minister Bernier is responsible for the Copyright Act in Canada. Despite the fact that Minister Bernier is viewed as a strong advocate of reduced government intervention, the rumour mill suggests that he supports DMCA-style reforms. Minister Bernier's contact information here.

Ask each political party where it stands on copyright. Copyright policy could prove to be a divisive issue in the months ahead - ask each political party for their views on the issue.
Write to Canadian Heritage's Copyright Policy Branch. The Copyright Policy Branch is home to a large contingent of bureaucrats focused on copyright matters. Contact information here.
Write to Industry Canada's Intellectual Property Policy Directorate. The IPPD is Industry Canada's counterpart on copyright policy, though it addresses a broader range of IP issues. Contact information here

Go here for easy way to write your letter ... http://www.onlinerights.ca/get_active/copyright_reform_action/

Record Real Estate Sales Values Reached in 2006

The value of all property transactions through the Victoria Real Estate Board’s (VREB) Multiple Listing Service® (MLS®) hit a new record high of nearly $3.4 billion in 2006, up from $3.2 billion in 2005. For the first time, the value of single family home sales exceeded $2 billion; the value of all condominium sales increased by nearly seven percent to over $614 million. Victoria Real Estate Board President Bev McIvor noted that although the overall number of MLS® sales declined by nearly seven percent, all major property types showed strong price increases. "Last year more properties became available for sale and the rate of price increases eased somewhat as we saw a return to a more balanced market." McIvor noted that the overall average price for single family homes for the year rose by 12.5% to $521,460; the average for condominiums rose by 13.6% to $286,058 and the average for townhomes rose by 6.3% to $366,080.

There were 2,650 homes and other properties listed for sale at the end of last month - a 32% increase over the 2,005 properties available for sale in December, 2005. There were 385 sales in December, down from 571 sales in November. There were 391 sales in December, 2005.

The average price for single family homes in Greater Victoria last month was $502,447; the average for the last six-months was $521,995. The median was lower at $433,000. The average price for all condominiums sold in December was $289,761; the average for the last six months was $300,369. The median was again lower at $250,000. The average price for townhomes last month was $428,394 the average for the last six months was $373,151. The median was $362,750. MLS® sales last month included 211 single family homes, 107 condominiums, 30 townhomes and 13 manufactured homes.

McIvor notes that all indications point to a strong and stable real estate market in 2007. "We expect to see a wide choice of properties available for buyers coupled with strong demand for homes that are priced realistically. Prices are expected to increase during the year, but at a more modest pace than in recent years."