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Victoria Real Estate | Market Report | March 2012

Thu, 05 Apr 2012 19:13:00 GMT

Hi folks.. well hot off the press from VREB (Victoria Real Estate Board) is the latest Victoria Real Estate market report for the month end of March 2012.

You can certainly read and look at the numbers regarding what has happened in the Victoria Real Estate market over the past month.. or just watch my video below..

VICTORIA, BC - Single family homes sales have risen 17% since last month, while the six-month 
average price is up 1% to $599,551. The average price of a Greater Victoria single family home 
in March 2012 is $640,553 up from $579,985, but is affected by the sale of two homes over 
$4 million. 

Compared to March 2011, active listings in this category are up 5% to 1,858, while sales 
are down 7%.

Sales of condos and townhomes are flat, compared to February 2012, while down significantly 
from 12 months ago (17% and 15% respectively). Condo prices are unchanged, while 
townhomes are 1% lower than March 2011.

"With softer prices, buyers have been looking at houses," says Carol Crabb, President of the Victoria Real Estate Board. 
"That is now being reflected by the six-month average price increase. We predicted a flat market in January, and so far 
that is what we are experiencing."


She also believes sales activity was affected by poor weather and many families travelling over the two-week spring 
break. "REALTORS® tell me many clients took the time for family vacations," Crabb adds.


With a total of 4,274 active listings, properties on the market have edged up from last month (3,977 active listings at 
February 29, 2011). Increased supply levels reflect typical spring activity as seen year over year.

Total waterfront Single Family Dwellings sold: 14, equal to March 2011
Total non-waterfront Single Family Dwellings sold: 311, down 26 sales over March 2011
Single Family Dwellings sold over $1 million: 26 (4 over $2 million)

Well that's it for the Victoria Real Estate market for March 2012.. see you next month!...

Stephen

Victoria real estate, babies & boats!

Thu, 02 Feb 2012 16:31:00 GMT

Victoria real estate, babies & boats! Here is the market report for Victoria BC month end of January 2012!

While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December,
annual sales for single family homes, townhomes and manufactured homes had increased, while condominium
sales decreased by 15% compared to December 2010.

"This may be the result of an increased number of lower priced single-family homes that became available," says
Carol Crabb, President of the Victoria Real Estate Board.
Crabb cites that housing prices have softened since December 2010, when the average single family home sold
for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.
"This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that
2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August," says Crabb. "During the last quarter of 2011, it has been virtually unchanged month over month."

"While we were trending towards a buyers’ market, based on both the prices and number of properties for sale,
the decline in the number of active listings in December 2011 continues to reflect a balanced market," she says.
December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over
4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active
listings has been fewer than 4,000 since February 2011.

December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling
through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales in November. There
were 349 sales in December 2010. Crabb notes that sales typically decline each December, reflective of the holiday season.

The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly from $592,034
in November. The median price also increased to $535,750 while the six-month average declined to $607,221.

The overall average price for condominiums last month was $312,066, down from $320,558 in November. The median
price for condominiums in December also decreased to $270,000 while the average for the last six months declined
marginally to $321,177.

The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. The median
price increased to $375,000 from 360,000, while the six month average declined to $416,361.

There were six sales of single-family homes marginally over $1 million, with one in View Royal and five in Saanich East.

The highest volume of sales in December 2011 was in Saanich East.

MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 11 manufactured
homes, totaling 320 residential sales.

6 gulf island homes Sold in January

I hope you have found this helpful... give me a call if you would like to chat!

Victoria Real Estate | Refinancing your Mortgage

Thu, 12 Jan 2012 14:09:00 GMT

Victoria Real Estate | Refinancing your Mortgage

This month, my guest blogger is Jason Roy from TMG (The Mortgage Group)

If you are thinking about refinancing your mortgage 
it is important to know all of your financing options before 
you make any decisions.

There may be a better way to use your 
mortgage as part of your overall financial plan that can 
save you time and money.

How does refinancing work?

When refinancing a mortgage broker negotiates new terms with another lender. Then,
the new lender pays out your old mortgage and you start your new mortgage with lower
rates.I’d be happy to do that negotiation for you – at no cost – and help you save money. 
With all the different rates, terms and strategies out there, I can 
teach you about your options, and help you make the best choice for your financial future.

Don’t forget that refinancing is about your mortgage and what is right for you. I will take 
your current lifestyle into account, and provide you with the options that help you reach 
financial freedom as soon as possible. No two clients have the exact same lifestyle; call me 
to discuss your specific needs. You need to be involved in the decision and take the time to 
analyze all of your refinancing options.
 
Some Reasons for Refinancing

Maybe you are looking to pay out and consolidate some other high 
interest debts. Some high interests debts include: credit cards, car 
loans, department store cards and unsecured personal lines of 
credit. Consolidate these debts for one easy lower payment. Deal 
with just one collector rather than several.Maybe you are looking 
to just lower your monthly mortgage payments. If you lower your 
monthly mortgage payments, you can improve your overall monthly 
cash flow to leave more money in your pocket at the end of the 
month. Give yourself more room to breathe.

Maybe you are undergoing a common major life change: divorce. Refinance to pay 
out your former spouse, put the mortgage into your own name and take sole ownership 
of the property.

Maybe you are looking for a way to pay off your home faster. Refinancing 
allows you to save on the total interest charges and become debt free sooner. 
Retirement should not be postponed because of mortgage debt.


Whether your reasons for refinancing are to consolidate debt, lower your monthly 
mortgage payment, or take ownership after a divorce, or pay off your home faster, 
I can detail all the options available to you. Let’s work on that refinancing plan today!

Call me to find out your options when refinancing your mortgage.

Victoria Real Estate Market Report | December 2011

Mon, 09 Jan 2012 14:13:00 GMT

Victoria Real Estate Market Report | December 2011

While the Victoria real estate market started out sluggish in 2011, by mid-summer unit sales had 
stabilized.In December, annual sales for single family homes, townhomes and manufactured homes 
had increased, while condominium sales decreased by 15% compared to December 2010.

"This may be the result of an increased number of lower priced single-family homes that became available,"
 says Carol Crabb, President of the Victoria Real Estate Board.

Crabb cites that housing prices have softened since December 2010, when the average single family 
home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.
"This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is
 that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only 
in August," says Crabb. "During the last quarter of 2011, it has been virtually unchanged month over month."

"While we were trending towards a buyers’ market, based on both the prices and number of properties 
for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced 
market," she says.



December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of 
over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number 
of active listings has been fewer than 4,000 since February 2011.



December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties 
selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales 
in November. 

There were 349 sales in December 2010. Crabb notes that sales typically decline each December, 
reflective of the holiday season.

The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly 
from $592,034 in November. The median price also increased to $535,750 while the six-month average 
declined to $607,221.



The overall average price for condominiums last month was $312,066, down from $320,558 in November. 
The median price for condominiums in December also decreased to $270,000 while the average for the 
last six months declined marginally to $321,177.



The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. 
The median price increased to $375,000 from 360,000, while the six month average declined to $416,361.



There were six sales of single-family homes marginally over $1 million, with one in View Royal and 
five in Saanich East. The highest volume of sales in December 2011 was in Saanich East.

MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 
11 manufactured homes, totaling 320 residential sales.

There you have it....year end! See you soon!!

Victoria Real Estate Market Report | Victoria Realtor Stephen Foster

Mon, 05 Dec 2011 14:49:00 GMT

Victoria Real Estate Market Report | Victoria Realtor Stephen Foster

Real estate sales activity remained steady throughout Greater Victoria last
month with a total of 482 homes and other properties selling through the
Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually
unchanged from 483 sales in October. There were 479 sales in November of
last year. Overall prices, meantime, remained mixed, depending on price
measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the continued
stability in sales is indicative of a balanced and healthy market, "We were
pleased to see that sales last month were higher than in November of last year
and showed little change from October. Looking forward, we anticipate
continued stability as we move into 2012." Fimrite noted that there was some
variability in prices last month, depending on property type, "It’s important to
look at price changes over several months to determine what trends are
developing as there will always be month-to-month fluctuations in prices
depending on what properties sell in a given month.

"He added that that there were 11 single family home sales of over $1 million
in November including one for over $6 million in Oak Bay.

Fimrite added that the number of properties available for sale eased last month
to 4,329 compared to 4,687 at the end of October. "Inventory levels remained
16 per cent higher than a year ago but have fallen back from a peak of over
5,000 seen earlier this year."

The average price for single-family homes sold in Greater Victoria last
month was $592,034, down slightly from $595,836 in October. The median
price also declined to $530,000 while the six-month average declined to
$613,259.

The overall average price for condominiums last month was $320,558, up
from $307,329 in October. The median price for condominiums in November
also increased to $296,000 while the average for the last six months declined
slightly to $321,941.

The average price of all townhomes sold last month was $380,675 compared
to $428,040 in October. The median price declined to $360,000 while the six
month average declined to $425,095.

MLS® sales last month included 293 single family homes, 104 condominiums,
48 townhomes and 10 manufactured homes.

See you at the end of December for the year end Victoria Real Estate Market
report!

Stephen

Oak Bay Real Estate | property for sale searching

Thu, 17 Nov 2011 22:42:00 GMT

Hi folks, I was thinking about Oak Bay Real Estate | property for sale searching
and thought, here I am with this amazing search function on my site, I
better make sure people know about it!

So I have created this search tutorial for 'you' the public to take advantage
of this powerful search tool for Real Estate listings here in Oak Bay!

Here is a typical scenario... you are interested in purchasing a property for sale in Oak Bay, Oak Bay Victoria BC that is!

What generally happens when you sign up with a realtor is: we take your criteria and then imput it into our Board system and then hope that something comes up that you find interesting.... well I personally find this fairly un-engaging!

What I would like to suggest, and offer is, with this system you can define and set the parameters yourself, at your own pace and receive the notifications about the specific Oak Bay Real Estate that you want to see!

If you at any time would like ME to help you with the setup as well as perhaps do some of the prequalifying of any of the properties for sale in Oak Bay you are interested in, then I would be happy to view it on your behalf / take a video of the property for sale and then send it to you if you are unable to come to the showing!

To give you an idea of how stable the Real Estate market is here in Oak Bay, this past month the average price for an Oak Bay home for sale was $849,250.00! If you were ever looking for blue chip stock to invest in, this neighbourhood would be just that! The total number of Real Estate sold in Oak Bay for the Month of October were 12.

Now I know that 12 doesn't sound like a large number, it is consitent throughout the year as Oak Bay tends to be a very desirable place to move into!

Oak Bay is a unique and special place in Victoria BC, the area consists of mostly single family homes that are generally on quiet streets close to the amazing beaches and parks in this beautiful city!

Call me anytime... I am a Victoria Realtor and my name is Stephen Foster!

Oak Bay Real Estate | property for sale searching

Victoria Real Estate Market Report | October 2011

Fri, 04 Nov 2011 13:01:00 GMT

Victoria Real Estate Market Report | October 2011! Yes folks here we are the beginning of November and we have some fresh stats for you on the Real Estate market here in Victoria!

This month I have included my video report as well as the written form courtesy of VREB (Victoria Real Estate Board)

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, "It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year."

Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. "There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000," noted Fimrite.

He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.

Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. "The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September."

The Breakdown

260 single family homes were sold last month

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from $622,393 in September. However, the median price increased to $539,750 while the six-month average decreased slightly to $619,828

145 condominiums

The overall average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000 while the average for the last six months declined to $323,039.

46 townhomes

The average price of all townhomes sold last month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six month average declined to $438,167.

10 manufactured homes were sold last month....

There you have it, til next month, see you then...

Construction Mortgage in Victoria BC

Mon, 31 Oct 2011 16:34:00 GMT

Construction Mortgage in Victoria BC

Are you looking at building a new home? Or, perhaps you want to do a major renovation like an addition, an updated kitchen, or finish your basement? If so, chances are that you are going to need a Construction Mortgage.

Construction Mortgages are also referred to as a draw mortgage, a builder mortgage, or a renovation mortgage. In simple terms, a Construction Mortgage supplies you with money to build that new home or complete your renovations. When you have a Construction Mortgage, you draw on money supplied by a lender for these two—building or renovating—purposes.

For those seeking a Construction Mortgage to build a new home: mortgage financing is available to qualified applicants who currently own their own land or who are looking to purchase serviced land and then have a home built there.

If you are building a home from the ground up there are two basic ways of to go about building. One way is to build the home as a self build. You act as a general contractor and hire sub-trades directly to build your home. The other, and perhaps most common option, is to have your home built through a qualified home builder at an agreed upon price. With either option you will require a Construction Mortgage to complete this process unless, of course, you have enough cash in your bank account to cover all the costs. Even if you do have the cash, often times, investing that cash is a better option and it is important that you weigh out these options.

Unlike a regular residential mortgage on a completed home where the lender funds all of the required money on the date of possession a Construction Mortgage is given out in stages. There are typically 4 stages where funds can be advanced in a Construction Mortgage. These stages are:

Foundation Complete – This stage is generally complete when the foundations are in place and the backfilling around the foundation has been completed. Usually, at this stage, the framing has started as well. If you can see that the once empty lot now contains what will be your poured basement, this stage is complete.
Lock-Up – This stage is generally complete when the framing is finished, the windows are in place, and the doors are installed. The electrical and plumbing have been roughed in and the property is ready for drywall. If you can walk through and peer out through the windows, stand in a framed bedroom, and open a door, this stage is complete.
Drywall Complete – This stage typically involves completing the drywall and having it ready for paint as well as finishing most of the electrical and plumbing. Typically the heating systems have also been installed and functioning. At this stage, you are likely looking at paint chips and imagining the design possibilities.
Home Complete – This final stage occurs once the construction on the home has been complete and everything has been inspected and the occupancy certificate has been issued. You have a key in hand, your boxes are packed, and you’re ready to move in!

A Construction Mortgage may also be required when completing a major renovation on an existing home. In this situation, a specific, individualized advance schedule will be determined between the lender and the consumer through their mortgage broker.

One factor that determines when the money will be given out is the length of the project. Have you taken on a major remodel? Are you just finishing your basement to expand the living area of your home? Most often, a consumer will want to negotiate a Construction Mortgage when completing a multi-stage renovation of a home that they currently own. Unlike a basic renovation where the consumer may pay for the whole project on their own, though money they’ve saved, or with a personal loan, a major renovation will be more involved and require a higher level of financing.

For more information, or if you’d like to set up a free consultation to talk about your specific Construction Mortgage needs, visit www.jasonroy.biz or contact Jason Roy Residential Mortgage Specialist with TMG – The Mortgage Group Canada at 866-612-1312.

Market Report | September | Victoria Real Estate

Wed, 05 Oct 2011 12:22:00 GMT

Market Report | September | Victoria Real Estate

Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542 sales in August.

Sales last month were, however, 16 per cent higher than the 395 sales in September of last year. Prices, meantime, remained mixed depending on the property type.

Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some easing of sales in September. "There has been some softening in activity over the last year with sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two months have been higher than in August and September of last year and we anticipate stable market conditions for the balance of this year."

Fimrite noted that despite economic uncertainty, interest rates remain very attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over $1 million in September including one in Saanich East at over $6 million.

Fimrite added that the number of properties available for sale remained virtually unchanged last month with inventory levels currently 14 per cent higher than a year ago. "The number of properties available for sale declined very slightly last month to 4,940 compared to 4,944 at the end of August."

The average price for single-family homes sold in Greater Victoria last month was $622,393, down from $652,841 in August. The median price also declined to $535,000 while the six-month average increased slightly to $622,519.

The overall average price for condominiums last month was $332,490, down from $339,057 in August. The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900.

The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 while the six month average increased slightly to $447,127.

MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 manufactured homes.

On an interesting note, the 6 month average price for a home in Oak Bay is now $931,561! Talk about a blue chip stock!!

Victoria Real Estate | Market Report | August 2011

Wed, 14 Sep 2011 19:05:00 GMT

Victoria Real Estate | Market Report | August 2011

Here is the latest and greatest from the Victoria Real Estate board!

Real estate sales activity picked up throughout Greater Victoria last month with a total of 542 homes
and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®),
up from 523 sales in July. There were 425 sales in August of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that the increase in market activity is positive news: "The increase in sales reflects ongoing stability in the market. Although there was some modest increase in overall prices in August it is important to note that prices can fluctuate month-to-month depending on the properties sold and it takes time for trends to develop. Higher priced sales in particular can have a significant impact on overall average prices."

Fimrite noted that there were 25 single family home sales of over $1 million in August including one in Oak Bay and one in North Saanich at over $3 million each.

Fimrite added that the number of properties available for sale declined at the end of last month with inventory levels currently 13 per cent higher than a year ago. "The available choice for buyers has been at record highs in recent months but the number of properties available for sale dipped below 5,000 last month to 4,944 compared to 5,094 at the end of July."

The average price for single-family homes sold in Greater Victoria last month was $652,841, up from $581,117 in July. The median price also increased to $547,000 while the six-month average increased to $621,960.

The overall average price for condominiums last month was $339,047, up from $315,371 in July.
The average for the last six months increased to $329,951. However, the median price for condominiums
in August declined to $271,500.

The average price of all townhomes sold last month increased to $437,079 from $412,178 in July. The median price also increased to $416,700 while the six month average also increased to $446,135.

MLS® sales last month included 307 single family homes, 128 condominiums, 68 townhomes and 15 manufactured homes.

Price reduction! Galiano Island property for sale!

Fri, 09 Sep 2011 12:41:00 GMT

Price reduction! Galiano Island property for sale!

So here we are folks, the time is pretty much here where the deals are to be found on Galiano Island. This is a 2 bedroom property for sale that is in excellent condition and has had a price reduction!

This Island property for sale is conveniently located in the south end of Galiano, close to all the amenities that Galiano Island has to offer!

The fully finished cedar home has 2 bedrooms and a full bath. The finishes in the house are hardwood flooring, tile and wrap around decks with metal roof and a dry crawlspace with a slope to allow for more storage!

This fine property for sale has excellent windows as well as a lofted ceiling to allow for the natural light of Galiano Island to fill the happy space!

If you have never been to Galiano Island, it is a just a short 50minute ferry ride from Vancouver! It is little known by many that this incredibly rural & beautiful island exists so close to the hustle and bustle of the big cities yet it so private, tranquil and affordable!!

So if you are looking to take advantage of any price reductions in this property market, take a look at this Galiano Island property for sale by clicking this link!

Victoria Real Estate Market Report

Sat, 06 Aug 2011 12:30:00 GMT

Victoria Real Estate Market Report

Hi there folks, here we are in August with our Victoria Real Estate Market Report for the month end of July 2011.

With the warmer weather finally settling in we are seeing some softening of the overall Real Estate Market here in Victoria BC.

A total of 523 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 618 sales in June but very close to the 527 sales in July of last year. Overall prices, meantime, declined somewhat across all major property types.

Victoria Real Estate Board President, Dennis Fimrite, noted that despite the drop in the number of sales last month compared to June, market activity is now very close to what we saw at this time last year. "In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year."

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently 14 per cent higher than a year ago. "The available choice for buyers increased further last month with 5,094 properties available for sale at the end of July, up slightly from the 5,050 properties available for sale at the end of June."

Fimrite added that the increasing inventory means sellers need to be realistic in pricing their homes in order to attract qualified buyers. "A REALTOR’S® expertise can be invaluable in today’s market to help sellers price their homes to best advantage," added Fimrite.

The average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price also declined to $535,000 while the six-month average declined to $615,439.

There were 13 single family home sales of over $1 million in July including two on the Gulf Islands.

The overall average price for condominiums last month was $315,371, down from $320,172 in June. The average for the last six months declined to $327,762. The median price for condominiums in July also declined to $289,000.

The average price of all townhomes sold last month declined to $412,178 from $444,768 in June. The median price also declined to $385,000 while the six month average declined to $443,341.

MLS® sales last month included 283 single family homes, 147 condominiums, 47 townhomes and 19 manufactured homes.

Well that is about it for the Victoria Real Estate Market Report this July.... see you next month and we'll see what the warmer weather brings!!

Stephen

Victoria Real Estate Market Report | June 2011

Wed, 06 Jul 2011 01:12:00 GMT

Hi folks, well here it is the stats and Victoria Real Estate Market Report for the month ending June 2011.

A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity has returned to comparable levels of a year ago. "Overall sales so far this year are down 21 per cent compared to a year ago. It’s important to note, however, that the first few months of last year were very active compared to this year and we are now seeing a return to similar market conditions of a year ago."

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently seven per cent higher than a year ago. "The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June - the highest monthly level in 15 years." Fimrite add that there were 4,857 properties available for sale at the end of May.

The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June.

The overall average price for condominiums last month was $320,172, down from $328,345 in May. The average for the last six months rose to $329,402. The median price for condominiums in June also rose to $300,000.

The average price of all townhomes sold last month declined to $444,768 from $466,845 in May. The median price also declined to $399,000 while the six month average rose to $448,159.

MLS® sales last month included 348 single family homes, 177 condominiums, 62 townhomes and nine manufactured homes.

I will be interesting to see next months' numbers on the Victoria Real Estate Market, is it going to surge ahead, steady the course or continue to adjust downwards!

Look for my next blog on how and whether the Chinese Real Estate Market is building for a crash.......

Luxury Market

Tue, 07 Jun 2011 13:56:20 GMT

Canada surges forwards as luxury market booms

Landcorp International has produced a comprehensive investment guide to investing in overseas property in Canada as the demand for luxury homes there intensifies and the number of Canadian millionaires rises.

And, according to a recent report from the Buy Association, the North American agency group RE/MAX has noted that “luxury house sales in Canada have surged in close to two-thirds of the market between January 1 and April 30 of this year, compared to the same period in 2010.”

Even though local buyers are driving a lot of the demand for luxury properties, “foreign investment has also augmented sales activity in several Canadian markets,” says the association.

“A number of factors position Canada as an attractive option for international investors, foremost that its real estate remains a bargain by international standards, given its ranking for quality of life, political and economic stability and the strength of its property laws. To those from abroad, it’s the perfect mix.”

Having avoided the worst of the recent financial crash, Canada is seeing strong GDP figures and the number of millionaires is rising. For Landcorp International, European marketing agent for luxury lifestyle resort Forest Lakes Country Club in Nova Scotia this is good news as it tries to sell developments on the 1,000 acre site which also features a golf course laid out by Nicklaus Design. Landcorp International is offering investments from £20,000.

Victoria BC Market Report | May 2011

Mon, 06 Jun 2011 18:48:50 GMT

Victoria BC Market Report | May 2011

Hi folk, well here it is, the beginning of June and time to recap the last month in the Real Estate Market here in Victoria BC. It has been a cold and wet end to the Month of May but with it brings what I think can be called some hope for better weather for us and of our Real Estate Market here in Victoria.

**Here is a quick look at the Market this week!

Thanks to the good folks at the Victoria Real Estate Board of Victoria we have some excellent statistics to review below!

The number of property sales throughout Greater Victoria in May showed little change compared to April while overall prices showed some softening.

A total of 572 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), virtually unchanged from the 574 sales in April. There were 695 sales in May of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity so far this year is considerably slower than in the same period a year ago, "Sales so far this year are running nearly 21 per cent behind last year’s levels. It’s important to remember, however, that the first six months of last year were very active and sales activity subsequently slowed considerably over the summer and into the fall."

Fimrite added that the number of properties available for sale continued to increase at the end of last month which is typical for this time of year.

"There is plenty of choice now on the market for buyers with 4,857 properties available for sale at the end of May - up from 4,561 properties available at the end of April. Inventory levels are currently seven per cent higher than a year ago." Fimrite noted that while overall market conditions remain balanced, it’s important for sellers to price their homes realistically to attract attention from buyers.

Single Family Homes

The average price for single-family homes sold in Greater Victoria last month was $628,462, up from $615,533 in April. The median price, however, declined slightly to $553,000 while the six-month average also declined slightly to $620,488.

There were 26 single family home sales of over $1 million in May including one on the Gulf Islands.

There were three sales in Oak Bay and one sale in Saanich West of over $2 million.

Condominiums

The overall average price for condominiums last month was $328,345, down from $353,858 in April. The average for the last six months declined to $327,757. The median price for condominiums in May declined to $294,000.

Townhomes

The average price of all townhomes sold last month declined to $466,845 from $480,621 in April. The median price also declined to $432,332 while the six month average rose to $447,581

Final Sales Wrap up!

MLS® sales last month included 353 single family homes, 123 condominiums, 51 townhomes and 17 manufactured homes.

And there we have it....see you soon!!

New Era in Real Estate

Sat, 30 Apr 2011 23:35:00 GMT

This just in from the Times Colonist! Funny that it would take so long for them to figure this out!

What would real estate do without the Internet?

If I had asked that question a few years ago, the reply would have been, "Inter-what?" But these days, the real estate agent who hasn't latched onto the possibilities offered by the World Wide Web is rare.

A recent survey commissioned by Prudential Fox & Roach supports the overwhelming importance of the Internet -to home buyers especially.

Results of the survey, conducted by the Reed Organization and based on 284 responses to questionnaires emailed to several thousand Philadelphia-area buyers and sellers, show that the Internet plays an oversized role.

That starts with choosing an agent, according to the survey results.

Among the 43 per cent of buyers who reported using Internet resources for agent selection, the most important resources were the website of the real estate firm the agent represented, a real estate website such as MLS.ca, and a search engine such as Google.

Thirty-five per cent said they used recommendations found on social-media sites such as Facebook, LinkedIn, YouTube or Twitter.

Nearly 42 per cent said they first saw the house they eventually purchased online.

Only 14 per cent of home sellers mentioned an Internet search as the resource used to begin selling a home.

Among the 40 per cent of sellers using the Internet in selecting an agent, the three most popular resources were broker's websites, a real estate website, and an Internet search engine.

Almost two-thirds of home buyers said they used other resources, beyond their agents, to identify potential homes, with five of the top six resources being on the Internet, including a real estate website (63 per cent), the website of the agent's real estate firm (54 per cent), and a search engine (39 per cent).

Riding through a neighbourhood continues to be an important source of information for a home search (54 per cent), but other studies have shown that the Internet is used to reduce the number of houses a prospective buyer will physically visit.

Real estate websites were the most widely used Internet resources among the home buyers responding, used by 63 per cent of them.

Google (90 per cent) dominated among search engines cited by survey respondents. Yahoo was second (25 per cent), followed by Bing (10 per cent).

Just eight per cent of the home buyers responding to the survey used newspaper websites in their searches, making those a distant fourth among possible Internet resources.

Fewer than one in 20 home buyers responding used social-media sites in their home searches. Facebook was the dominant site identified, mentioned by 69 per cent.

Internet use by buyers was extensive, and it was used for a wide variety of activities associated with the process of searching for and buying a house. Eighty per cent of the buyers responding to the survey reported frequent or occasional use of the Internet.

The highest frequency of use -frequently and occasionally, according to the survey respondents -was reported this way: search for homes (99 per cent); look at pictures of a property (98 per cent); get pricing or other information (95 per cent).

And, the home buyers reported, they were likely to check with multiple broker websites, not just the site of the broker who represented them.

© Copyright (c) The Victoria Times Colonist

via timescolonist.com

Victoria Real Estate Market Report | March 2011

Mon, 04 Apr 2011 17:53:00 GMT

Victoria Real Estate Market Report | March 2011

I hate to say that the weather is putting a damper on sales here in the West, but it just isn't!

The following Victoria Real Estate Market Report has been compiled for you, the consumer, by the Victoria Real Estate Board.

The number of property sales throughout Greater Victoria rose in March for the second consecutive month while prices for all major property types registered modest increases.

A total of 622 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up from the 488 sales in February. There were 789 sales in March of last year.

Victoria Real Estate Board President, Dennis Fimrite, commented that the increase in sales last month, coupled with stable prices, shows continued consumer confidence in the market. "The latest figures offer further evidence of the return to balanced market conditions. There will always be month-to-month fluctuations in both sales and prices but barring any unforeseen developments we anticipate continued stability in the market in the coming months." Fimrite added that the number of properties available for sale rose at the end of last month, "It is usual for more people to consider putting their homes up for sale as we head into spring and summer." There were 4,100 properties available for sale at the end of March - up from 3,714 properties available at the end of February. Inventory levels are currently ten per cent higher than a year ago.

The average price for single-family homes sold in Greater Victoria last month was $619,275 up from $610,975 in February. The median price rose slightly to $568,500 while the six-month average also rose to $625,992.

*There were 22 single family home sales of over $1 million in March.

The overall average price for condominiums was $325,581 last month, up slightly from $323,844 in February. The average for the last six months also rose slightly to $325,188. The median price for condominiums in March rose to $290,000.

The average price of all townhomes sold last month rose to $434,626 from $415,591 in February. The median price also rose to $408,150 while the six month average declined slightly to $431,975.

MLS® sales last month included 351 single family homes, 172 condominiums, 75 townhomes and 10 manufactured homes.

I hope that if you have read this report you have found some value in the statistics. If you would like to talk about this Victoria Real Estate Market Report, please don't hesitate to call or email me!

Victoria BC Real Estate Market Report

Fri, 04 Mar 2011 18:07:00 GMT

Victoria BC Market Report | March 2011

Hi folk, well here it is, the beginning of March and time to recap the last month in the Real Estate Market here in Victoria BC. It has been a cold and snowy end to the Month of February but with it brings what I think can be called some stabilizing of our Real Estate Market here in Victoria.

The number of property sales throughout Greater Victoria rose in February. Prices remained mixed while the number of properties available for sale also rose. A total of 488 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up from the 339 sales in January. There were 621 sales in February of last year.

Victoria Real Estate Board President, Dennis Fimrite, commented that the increase in February was not unexpected, "It is common to see the market pick up following the December - January holiday period and last month’s significant increase in sales along with relatively stable prices demonstrates ongoing confidence in the market by both buyers and sellers." Fimrite added that although February’s sales were below the sales totals for February of a year ago, the beginning of 2010 was marked by an unusually strong market that softened as the year progressed. He noted that inventory levels also rose in February, "There were 3,714 properties available for sale at the end of February - up from 3,283 properties available at the end of January. Inventory levels are currently 13 per cent higher than a year ago."

Fimrite added that despite ongoing concerns about affordability, it’s important to note that a substantial number of homes are selling in the mid-priced range, "Nearly half of the single family homes that sold last month went for under $550,000 while 46 per cent of condominiums last month sold for under $275,000."

Single Family Homes

The average price for single-family homes sold in Greater Victoria last month was $610,975 up from $603,401 in January. The median price, however, declined to $564,950. The six-month average rose slightly to $623,389.

There were 14 single family home sales of over $1 million in February including one on the Gulf Islands.

Condominiums

The overall average price for condominiums was $323,844 last month, up slightly $323,002 in January. The average for the last six months also rose slightly to $320,717.

The median price for condominiums in February, however, declined to $285,444.

Townhomes

The average price of all townhomes sold last month declined to $415,591 from $447,792 in January. The median price also declined to $393,000 while the six month average declined slightly to $432,194.

MLS® sales last month included 264 single family homes, 134 condominiums, 52 townhomes and 17 manufactured homes.

And there we have it....see you soon!!

Jan 2011 Victoria Real Estate Market Report

Mon, 07 Feb 2011 15:34:51 GMT

Hi folks, well here it is, the beginning of February and time to recap the last month in the Real Estate Market here in Victoria BC. I have some cool new graphs to show you along with the less "pretty" graphs that are provided by the Victoria Real Estate Board!

This is a graph of the action in the Victoria Real Estate Market in the past 7 days!

Here is what has happened over the Month of January courtesy of the Victoria Real Estate Board

January Real Estate Sales and Prices Steady
February 1, 2011

The number of property sales throughout Greater Victoria showed little movement in January while overall prices remained stable. A total of 339 homes and other properties sold in January through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down slightly from the 349 sales in December. There were 418 sales in January of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that January’s figures reflect the continuation of the return to a stable and balanced market that began last year, "Historically, the winter months are usually a slower time for real estate sales and we anticipate market activity will pick up as we head toward spring." Fimrite noted that inventory levels showed little change in January. "There were 3,283 properties available for sale at the end of January - a slight increase compared to the 3,252 properties available at the end of December," he added.

The average price for single-family homes sold in Greater Victoria last month was $603,401 down from $647,063 in December. The median price, however, rose slightly to $576,000. The six-month average was virtually unchanged at $619,875. There were 12 single family home sales of over $1 million in January including one on the Gulf Islands.

The overall average price for condominiums was $323,002 last month, up from $301,671 in December. The average for the last six months was virtually unchanged at $320,108. The median price for condominiums in January rose to $293,000.

The average price of all townhomes sold last month rose to $447,792 from $434,783 in December. The median price also rose slightly to $418,050 while the six month average rose to $435,749.

MLS® sales last month included 178 single family homes, 90 condominiums, 39 townhomes and 11 manufactured homes.

And there we have it....see you soon!!

RBC Mortgage News

Tue, 25 Jan 2011 11:37:04 GMT

This just in from Julie Cookson of RBC!

RBC is launching two new default insured mortgage programs that will offer your clients more options for purchasing a home.

CMHC Non-Traditional Source of Equity
Genworth Cashback Equity

These two programs allow new home buyers who have above average credit scores and good cash flow, but not enough funds for a down payment, to use borrowed funds or Cashback to purchase a home.

Through these two programs, and subject to mortgage default insurer approval, clients with good credit can use available Cashback or borrowed funds toward the 5% minimum down payment for a home purchase. Clients must also qualify under RBC standard credit criteria for both the mortgage and any loan included in debt servicing calculations.

Other key details of these programs:

Available only for home purchases
Property must be a owner occupied primary residence and all applicants must reside at the property
Cashback and funds borrowed for down payment cannot exceed 5% of purchase price
Loan can be a unsecured Credit Line or Term Loan, and I can help with arranging this
Available to clients for one mortgage only

Please let me know if I can offer assistance to you or your clients with this or any other home financing products.
Kind regards,
Julie

http://mortgages.rbcroyalbank.com/julie.cookson