Local news that affects Real Estate in Victoria and BC.

 Victoria Market Report - Dec.2023



Slower winter markets can benefit buyers and sellers

December 4, 2023 - A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single family homes increased by 6 per cent from November 2022 with 193 sold.

“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower…

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Waterfront LIVING on Vancouver island

Vancouver Island is fast becoming one of the most sought after locations to find waterfront properties, Be it oceanfront or a lakefront property, dive into the realities of waterfront living as I unveil the many considerations that need to be taken in owning a shoreline home.

Wilderness At Your Door

Living on a waterfront property on Vancouver Island in British Columbia is a dream for many. The stunning views, the variety of wildlife at your doorstep, the soothing sounds of the water lapping the shoreline and the promise of a unique lifestyle.

Considerations for Ownership

Prospective buyers should take into account a variety of factors associated with owning seaside or lakefront real estate in this…

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VICTORIA MARKET REPORT - Nov. 2023



Interest rates a large factor in Victoria market


November 1, 2023 -A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold. 

“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of…

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Upcoming New Legislative Changes

There are new provincial and municipal legislative changes coming soon related to short-term rentals. The province defines short-term rentals as accomodations rented out for a period of less than 90 consecutive days. The new rules will apply to cities with a population of 10,000 or greater. British Columbia's provincial rules allow each municipality to determine their specific regulations and bylaws.

There is much debate about whether tightening the current rules in place will improve the rental market situation. 

The BC goverment issued a news release on Oct.16th, 2023 regarding the introduction of legislation to regulate the short term rental market. The purpose for this amendment is an attempt to alleviate…

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Rural Real Estate

As the charming coastal city of Victoria continues to capture the hearts of homebuyers and investors, the spotlight has begun to shine on the hidden gems nestled in the rural outskirts of this vibrant city. Victoria, known for its historic architecture, picturesque gardens and bustling cultural scene, is surrounded by the natural beauty of Vancouver Island. A unique opportunity awaits those seeking a tranquil escape without sacrificing the conveniences of urban living.

Serene Scenery and Abundant Nature

One of the primary draws of the rural properties in Greater Victoria is the breathtaking natural beauty that envelops these areas. From sprawling acreages to waterfront properties offering panoramic views of the Pacific Ocean,…

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VICTORIA MARKET REPORT - Oct. 2023


While value of homes in Victoria remains stable,
the cost to own continues to rise

 

October 3, 2023  A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 percent more than the 410 properties sold in September 2022 and a 9.4 percent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 percent from September 2022 with 228 sold.

 

“What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall,” said Victoria Real Estate Board Chair Graden Sol. “We have seen a slight return to a more balanced…

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Stephen Foster's - 'Homes For Sale'


I am pleased to highlight my currently active listings for sale on Vancouver Island and the Gulf Islands below.

If you're a home buyer or you just want to browse through my homes for sale, simply click on the listing photos to learn more about each property.



You can also check out my latest YouTube videos for the full virtual tours of my current listings at the link below. Hit the 'subscribe' button to watch my new tours as soon as they're published.  

Click on the logo to view


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VICTORIA MARKET REPORT - Sept. 2023

Victoria real estate market needs better mix of housing supply to help restore balance

September 1, 2023  A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

"Real estate activity this month reflected what we'd expect to see in an average late summer housing market," said Victoria Real Estate Board Chair Graden Sol. "The beginning of the month was reasonably slow, and sales ramped up through the last half of the…

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Is your home READY for extreme weather?


BC experiences annual recurrent wildfires and floods. Approximately 60% of the wildfires are from natural causes, while extreme weather and mass flooding causes significant damage to communities and hundreds of homes in the province.

Climate change is a major concern for many British Columbians and preparing for as well as mitigating the climate change disasters was a significan focus during the last federal election.

It is crucial to be aware  of how extreme weather events like wildfires and flooding can impact decisions when buying or selling homes.  Equipping yourself with knowledge will allow you to make well informed choices.

To help you prepare for unforeseen disasters, here are some valuable…

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Victoria Market Report - August 2023

Victoria real estate sales reflect summer trends

August 1, 2023  A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 per cent more than the 510 properties sold in July 2022 and a 15.6 per cent decrease from June 2023. Sales of condominiums were up 16.3 per cent from July 2022 with 200 units sold. Sales of single family homes increased 15.4 per cent from July 2022 with 293 sold.
"We talked about the return to seasonal norms last month," said Victoria Real Estate Board Chair Graden Sol. "The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity as the summer season set in. This dip in activity doesn't come as a surprise - it…

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