Real Estate Blog

Victoria Market Report

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

"It's no surprise that our current market is very different than it was last year," says Victoria Real Estate Board President Kyle Kerr. "Due to recent changes in mortgage qualification rules, many buyers' purchasing power has been reduced. Unfortunately, in our area we have one third fewer single family homes for sale under $750,000 when compared to

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Outside Influences Impact Spring Real Estate Market in Victoria

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

"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and
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Victoria Homes for Sale

Victoria Real Estate Market Adapts to Changing Policy Landscape A total of 545 properties sold in the Victoria Real Estate Board region this February, 19.3 per cent fewer than the 675 properties sold in February last year. The sales of condominiums were down 15.5 per cent from last year in February with 174 units sold. Single family homes were 24.4 per cent down from the year previous, with 260 sold this February.

“We certainly anticipated that we would see some lower numbers this year compared to last,” says Victoria Real Estate Board President Kyle Kerr. “Right now prospective home buyers are met with many hurdles as they start shopping for their new home. They’re in a market that’s experienced long-term low inventory, which

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Victoria Real Estate

February 1, 2018  A total of 431 properties sold in the Victoria Real Estate Board region this January, 9.8 per cent fewer than the 478 properties sold in January last year. The sales of condominiums were down 30.6 per cent from last year in January - with 118 sold. Single family homes were 4 per cent down from the previous year, with 215 selling in the first month of 2018.

Homes for sale

"We expected January to be a bit slower after the increase in activity we saw in November and December, which was likely due in part to buyers entering the market early to avoid the new mortgage stress test," says 2018 Victoria Real Estate Board President Kyle Kerr. "We have yet to see the full effect of the stress test, as many people attained a

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Westbay Quay

The Westbay Quay is probably one of the most aesthetically compelling new real estate developments in the greater Victoria area. This collection of three, low rise buildings features both residential and ground floor commercial space in the heart of the Westbay Marina. The collection features 85 condominiums incorporating the waterfront into the 

lifestyle that so many people are looking for in a city home.

More Info Please
Waterside Living

 

 

Residents of this new home will enjoy the inner harbour walkway that begins at the Quay and runs all the way to downtown Victoria, the harbour taxis, and the many great Westbay Quay lifeamenities that will be featured on-site, such as restaurants and cafe's, to some the many other establishments close by including

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Have you been contemplating purchasing real estate as an investment in Victoria? Perhaps you own other properties here in Victoria or elsewhere and are ready to purchase another. 

The real estate landscape has changed drastically in Victoria over the past few years. Prices and rents have increased, bylaws have changed. It is a sellers market right now, and getting the edge on purchasing an investment property is more challenging than it's ever been. (Don't worry though, that is what we are here for :-) 

So, on to the meat and potatoes of the matter at hand. There are a few things to consider as you look for an investment in Victoria. Those include:

Are you looking for a Vacation Rental?

How do you intend to manage your rental? 

Have you considered

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If you are a family considering a move to the Victoria Area, you may have children who are involved at competitive levels in sports, like swimming or hockey. Schools and sports are two important decisions when you are planning to purchase your next home in the Victoria Area. 

As fellow parents, we can appreciate the consideration that occurs when you are considering relocating to a new area. Many of you may have children involved in Hockey programs. Once they get the the Bantam and Midget levels the stakes become higher, and the requirement to manage academics and sport become a more serious commitment. Victoria Minor Hockey and Saanich Minor Hockey have good information on the various general hockey programs that exist in and around the Victoria region. 

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CURRENT STATISTICS

 

Victoria Real Estate Market Strong to the End of 2017


January 2, 2018  A total of 462 properties sold in the Victoria Real Estate Board region this December, 1.9 per cent fewer than the 471 properties sold in December last year.

A grand total of 8,944 properties sold over the course of 2017, 15.8 percent fewer than the record breaking 10,622 that sold in 2016. 2017 sales came in at 21.7 per cent over the ten year average of 7,349 properties sold.

"Early in 2017 we discussed how the Victoria area housing market would be different than the record breaking year we had in 2016 and that over the course of the year we'd probably see a gradual return to a more balanced market. We did see evidence of this change come early in the year, as

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It’s official. Things are changing (again).

Take the Stress test to see how it may impact you purchasing power or refinancing options.

The Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer. These new parameters will take effect January 1, 2018.

These new guidelines include a stress test for uninsured mortgages (mortgages with more than a 20% down payment or 20% in existing equity).

This new stress test means that borrowers will be qualified based on the greater of their rate + 2% or the five year benchmark rate published by the Bank of Canada, which today is currently 4.89%.Victoria BC Homes for sale

For example if your rate was 3.29% then

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