Real Estate Blog

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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Victoria Real Estate Market Experiences a Burst of Activity 

December 1, 2017 

A total of 671 properties sold in the Victoria Real Estate Board region this November, 12 per cent more than the 599 properties sold in November last year. 

Victoria Real Estate Market is busy

"We suggested last month that some buyers may accelerate their purchase timeline to buy a new home in anticipation of the mortgage stress test on uninsured buyers - those with a down payment of 20 per cent or more - that will come into effect on January 1," says Victoria Real Estate Board President Ara Balabanian. "Judging by the sales we saw in November and what I have heard from our REALTOR® members, some buyers have indeed accelerated their purchasing plans to avoid the stress test.

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Moving to a new home is always stressful. Throw in a new neighbourhood, or even a whole new city, and everyone involved is bound to feel anxious. We’ve seen our fair share of house moves within Victoria real estate, and have noticed behaviours that lend to a smooth relocation and behaviours that lend to a not-so-smooth one. Here’s what we’ve found to be the top five savvy tips to make your next move as stress-free as possible. With a little planning and organization, this move could be a breeze (and hey, maybe even enjoyable!)

Make a list

First things first: write down what needs to get done. By getting clear on specific tasks (like “donate lamp in attic” or “clean behind fridge”), you’ll break the daunting moving process down into manageable chunks

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Victoria Real Estate Market Slowly Stabilizing after a Record Breaking 2016

November 1, 2017 A total of 664 properties sold in the Victoria Real Estate Board region this October, 9.7 per cent fewer than the 735 properties sold in October last year.

"As expected, we saw fewer sales than this time last year," notes Victoria Real Estate Board President Ara Balabanian. "Looking at the longer term picture however, sales last month were 17.1 per cent above the ten year average of 567 properties for the month of October, so the market is still very active here in Victoria, and this is in spite of the ongoing low inventory levels."

There were 1,905 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2017, a

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