Victoria Real Estate Market's Record Breaking 2016, Demand Likely to Continue in 2017

January 3, 2017, Victoria BC 

A total of 471 properties sold in the Victoria Real Estate Board region this December, 1.3 per cent more than the 465 properties sold in December last year.

Victoria Market Report

 

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Inventory Levels

Inventory levels edged lower than last year, with 1,493 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2016, 40.7 per cent fewer than the 2,517 active listings at the end of December 2015.

 

"As we expected, 2016 broke records in terms of the number of properties sold in our area," notes Mike Nugent, outgoing 2016 President of the Board. "10,622…

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Tortoise Island | Gulf Island Real Estate 

A Virtual Tour of Robert Batemans' Island For Sale

The house was orginally conceived by Hank Schubart and Robert Bateman.. After spending many lovely days...weeks.. dreaming and finding the best spot to place a structure, a cabin was born!

Tortoise Island a retreat for the soul. Owned by Robert Bateman, artist & one of the top 100 environmental proponents of the 20th century.This 2+ acre Island is located within the Gulf Islands National Park Reserve about a 10 minute boat ride from Swartz Bay & moments from the airport and town . Nestled in on a sandstone isthmus is a retreat conceived by both Bateman and famed architect Hank Schubert.Accessed by water and enjoying year round deep water moorage, the…

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Virtual Open House, 1501 Richmond Rd, Victoria BC, Condo for Sale

Get the Price! 

TOP FLOOR SUITE

West facing located at the corner of Oak Bay and Richmond Avenues. Walk to Oak Bay village as well as all of the other excellent amenities incl.OakBay rec, Jubilee Hospital, Uvic etc. 2 bedrooms,den & 2bath. Master with walk-in closet and full 4 piece ensuite. Large kitchen with a bright eating area & skylights,In-suite laundry. Living room features a gas fireplace. Large west facing balcony. New fixtures in kitchen & bath as well as flooring. Other great features: Cats 'n Dogs, BBQ allowed & 1 rental opportunity left! The condo has secure underground parking,separate storage locker. This remediated and well managed complex has a new roof, new…

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2 Bedroom Condo 'Coming Soon'

We are pretty excited to list a great Condo for Sale in Victoria, right off the Oak Bay Village corridor!

 

Details

Bright and spacious west facing TOP FLOOR SUITE with Skylights. Located at the corner of Oak Bay and Richmond Avenue, this freshly renovated suite is close to all amenities, notably the Oak Bay village and all the shopping and restaurants that it offers.

It is also moments from downtown Victoria as well as the nearby Royal Jubilee hospital and education facilities of U.Vic.& Camosun .

Great floor plan has 2 bedrooms,master with a walk-through closet and full 4 piece ensuite, the living room features a gas fireplace and with the gas included in the assessment this suite is very economical to…

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First Time Home Buyers

Premier Christy Clark this morning announced a new program designed to support first time homebuyers.

Meeting the press today, Clark referred to the difficulty first time home buyers experience saving up a down payment. While many first time home buyers qualify for a mortgage, they can't assemble funds required for their initial down payment.

Interest & Payment Free for first 5 Years

The BC Home Owner Mortgage and c contributes to the amount first-time homebuyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.

 

 

During the first five years, no monthly interest or…

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Current Market Statistics

 

 

High Demand Continues as Inventory Shrinks in the Victoria Housing Market December 1 2016,Victoria, BC

A total of 599 properties sold in the Victoria Real Estate Board region this November, 4.5 per cent more than the 573 properties sold in November last year.

Inventory is Down

Inventory levels remain lower than last year, with 1,815 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2016, 38.5 per cent fewer than the 2,952 active listings at the end of November 2015.

"Our current housing market is in a strong cycle due to many factors, including our current positive economic conditions, baby boomers retiring here, millennial buying cycles, a low…

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Foreign Buyer Tax in Victoria? You may recall that late this summer the provincial government rolled out a 15% property transfer tax applicable on homes purchased by foreign buyers. The taxation area was limited to Metro Vancouver only, with the caveat that the government would have the ability to levy the tax on any other area in BC if they saw the need.

This week BC's Ministry of Finance released new foreign buyer data that revealed a month over month increase in foreign buyers into the Capital Regional District (CRD).

The increase in sales in October has brought new attention to the CRD and Minister of Finance Michael de Jong has said he is watching the upward trend closely.

New data also shows that foreign buyers are slowly increasing…

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Competitive Housing Market in Victoria Continues as Inventory Remains Low November 1 2016, Victoria, BC A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.

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Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.

“We continue to…

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The fear following Vancouver’s 15% foreign sales tax was that those buyers would be pushed to Toronto. Has that happened?

The answer may soon be available.

Urbanation released a survey of condo foreign purchasers, which found foreign buyers account for just 5% of Toronto condo sales, compared to 52% of condo sales going to domestic investors.

“The results of this very important survey show a rather limited role of foreign buyers in the GTA new condo market and a very significant overall share of investors,” Shaun Hildebrand, senior vice president of Urbanation, said. “These estimates coincide with the percentages of new condos entering the rental market upon completion, indicating the important role investors play in the GTA housing market.”

…

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Victoria removes rezoning requirements for garden suites

Victoria city councillors decided this week to remove the requirement that a homeowner wanting to build a garden suite has to undergo a rezoning.

Garden suites will be permitted in all of Victoria’s single-family residential areas.

Councillors decided this week to remove the requirement that a homeowner wanting to build a garden suite (also known as a carriage house or laneway house) has to undergo a rezoning.

All of the existing requirements for size, setbacks and height will remain in place, but in order to streamline the process, councillors also agreed to delegate approval of garden suites to city planning staff.

Try our Home Price Estimate tool to see what homes are selling…

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