SOLD! New Bear Mountain Listing
2154 Stone Gate  $1,050,000

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SOLD!

Popular Bear Mountain location in a great Langford family neighbourhood. Well maintained and quality built in 2003 with 3 bedrooms, 3 bathroom on two levels and just under 2000 sq/ft. Some of the many features include gourmet kitchen w/eating bar and tile backsplash and stainless appliances. Open Floorplan with Vaulted high ceilings, Large bright windows, wood floors, Gas fireplace & BBQ hookup, One bedroom on main and two more upstairs. Large primary Bedroom with spacious Ensuite with tiled shower and separate Jetted tub and a walk in closet. Central Vacuum, Hotwater on demand. Nice low maintenance Landscaping with sunny 256 sq/ft entertainment patio. Triple driveway with Double Garage plus extra storage on left side of house. Minutes to the world class Bear Mountain golf resort with restaurants, spa and fitness plus 10 minutes to all Langford amenities. To view, call Lorne Tuplin RE/MAX Camosun 250-217-4600

 

Victoria’s summer real estate market conditions push into September 

 A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1 per cent fewer than the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold.

 

“September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics, but is noticeable if you are actively buying and selling.”

 

There were 2,300 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2022, an increase of 7.6 per cent compared to the previous month of August and a 104.6 per cent increase from the 1,124 active listings for sale at the end of September 2021.

 

“The good news is that we have seen more inventory come to market, which when combined with slower sales activity, has resulted in more balanced market conditions,” adds President Dinnie-Smyth. “In the current environment, properties that are well-priced and well-maintained continue to sell briskly. If you are thinking of making a move, a conversation with your favourite REALTOR® for an up-to-date analysis of how the housing market is performing in your area will be crucial to your success. Another consideration is to take the time to vote in your municipal elections October 15 for candidates who reflect your preferences for housing in our communities. Much of our future housing supply and the way Greater Victoria will manage housing needs will be determined by decisions made at the municipal level.”

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2021 was $1,201,100. The benchmark value for the same home in September 2022 increased by 13.6 per cent to $1,364,200 but was down 2 per cent from August's value of $1,391,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2021 was $519,200, while the benchmark value for the same condominium in September 2022 increased by 18.9 per cent to $617,400, down by 0.7 per cent from the August value of $621,900.

Buying or selling? Call Lorne at 250-217-4600

SOLD! New Listing

104-909 Pendergast St 

Living Room

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Primary Bedroom

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MAX AFFORDABILITY in this spacious main floor unit. All of your expenses are rolled into the monthly fee of $482.00/mo which includes: taxes, heat AND hot water! EXTRA closet space & an incredibly functional layout with a proper dining room, living room & great size master bedroom. New Laminate flooring in entry - MOVE-IN READY + the building is well managed & maintained too. Recent building improvements include all common area flooring & freshly painted hallways.1 block from vibrant COOK ST VILLAGE & right beside Beautiful Beacon Hill Park. Steps to Dallas Road, oceanfront & walkable to downtown PLUS easy access to bus lines connecting you to the city, this is a fantastic property for investors, students, anyone seeking to break into the Victoria real estate market, retirees or out-of-towners looking for a rentable getaway. Ample in-suite storage. This is THE MOST affordable way to buy near Cook St Village! Parking and storage on wait list. CALL TODAY TO VIEW! Lorne Tuplin - RE/MAX Camosun 250-217-4600 SOLD!

 Limited inventory continues to be key in Victoria real estate market

A total of 474 properties sold in the Victoria Real Estate Board region this January, 26.6 per cent fewer than the 646 properties sold in January 2021 but an 8.2 per cent increase from December 2021. Sales of condominiums were down 13 per cent from January 2021 with 188 units sold. Sales of single family homes decreased 39.7 per cent from January 2021 with 179 sold.

“A cursory glance at our sales numbers could lead to the quick conclusion that our market is slowing down,” says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “But what we must consider is not only the number of homes that have sold, but also the number of homes which were for available for sale within the month. To put our inventory into context, last year broke the record for lowest inventory for the month of January. This January broke that record nearly in half and that lack of supply in the market really impacts what our end sales numbers are. Had we seen more homes for sale, it’s likely our result would have been many more sales.”

There were 744 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 14.1 per cent compared to the previous month of December and a 43.7 per cent decrease from the 1,321 active listings for sale at the end of January 2021.

“As it stands, our market will be slow to change until our inventory levels perk up,” adds President Dinnie-Smyth. “This means we need to see supply added of all types of housing and we need to establish a sustainable source of supply into the upcoming years to meet growth. The reality of housing is that it takes years to add new numbers and until we are better able to meet demand, our market will be under pressure. With the constrained and fast paced market, it’s an excellent time to use the services of an experienced REALTOR®, one who can help you identify a strategy and process for selling or buying – or selling and buying - a new home.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2021 was $932,200. The benchmark value for the same home in January 2022 increased by 24.6 per cent to $1,161,500, up from December’s value of $1,144,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2021 was $487,500, while the benchmark value for the same condominium in January 2022 increased by 20.5 per cent to $587,300, up from the December value of $570,600.

The Graph below is for single family home prices in Greater Victoria over the past year

Interested in selling a home, condo or townhouse? Call me today at 250-217-4600

 2021 Year End Market information

The 2021 Victoria real estate market year in review

A total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December 2020 and a 32.9 per cent decrease from November 2021. Sales of condominiums were down 22.1 per cent from December 2020 with 152 units sold. Sales of single family homes decreased 34.1 per cent from December 2020 with 207 sold.

A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in 2020. 2021 sales came in close to 2016’s record breaking sales year where 10,622 properties were sold.

“The theme of this year has been very consistent,” says 2021 Victoria Real Estate Board President David Langlois. “Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point. We see stories from many countries highlighting the increasing desirability of home ownership in the wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on record – but with such strong demand that most transactions see multiple offers.”

There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2021, a decrease of 26.5 per cent compared to the previous month of November and a 49 per cent decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest inventory of active listings at month-end in at least the last 25 years.

“We have spoken throughout the year about the need for new housing supply at all levels to help moderate prices and improve attainability,” adds President Langlois. “Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area – it has been far too difficult and expensive to build homes in our region. The situation we are now in is because of the deficit of supply that has compounded over the past decades of hesitation around growth. However, governments at the federal and provincial level have instead chosen to focus elsewhere and invest their time re-inventing the process of how homes are sold in Canada by creating new rules which include the introduction of a ‘cooling-off’ period. These measures will do nothing to improve our market, nor will they increase consumer protection. The process of how a home is sold is not the issue - homes will sell for what consumers will pay for them – using any sales process. The issue is how homes are brought to the marketplace and our huge lack of supply. Governments should expend their resources to address supply issues that continue to drive up competition for homes and result in ever increasing prices.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1 per cent to $1,144,900, up from November’s value of $1,122,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the same condominium in December 2021 increased by 17.1 per cent to $570,600, up from the November value of $560,700

The Graph Below is for Single Family Home Prices in Greater Victoria over the past year

For more information or to list your home for sale, please call

Lorne Tuplin 250-217-4600