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Archive for the ‘Around Victoria’ Category
Saturday, January 15th, 2011
 As per the Victoria Real Estate Board report we can expect balanced market conditions to continue in the coming months.
January 4, 2011
Last year was marked by a return to a balanced real estate market in the Greater Victoria area. Sales were strong in the early months of the year, then softened mid-year before regaining strength in the fall. A total of 6,546 homes and other properties sold in 2010 – a decline of 19 per cent compared to 2009 but almost the same number as the 6,519 sales in 2008. The value of all property transactions through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) system also declined by 14 per cent to nearly $3.24 billion.
Victoria Real Estate Board President, Dennis Fimrite, noted that while sales declined last year compared to 2009, overall average prices were stable and showed modest increases across major property types. The overall average price for single family homes increased by nearly 8.5 per cent; the average price for condominiums rose over four per cent and the average price for townhomes rose over three per cent.
Fimrite says the return to balanced market conditions is good news for both buyers and sellers, “We expect balanced market conditions to continue in the coming months and this will give both sellers and buyers a sense of stability when making important decisions regarding their future housing needs. Continued attractive mortgage rates will also contribute to a stable and balanced market.”
Fimrite added that December saw a normal decrease in sales compared to November with some minor fluctuations in prices. There were 349 sales in December, down from 479 sales in November. The average price of single family homes in Greater Victoria last month was $647,063. There were sixteen sales of over $1 million in December, including two on the Gulf Islands. The six-month average was $620,911 while the median price was significantly lower at $574,750. The average price of all condominiums sold in December was $301,671; the average for the last six months was $320,279 while the median was $285,000. The average price of all townhomes sold last month was $434,783; the six-month average was $431,182 and the median was $415,000.
MLS® sales last month included 181 single family homes, 105 condominiums, 29 townhomes and nine manufactured homes.
Fimrite noted that the number of properties available for sale declined further in December to 3,252. However, this was still 25 per cent higher than a year earlier.
Tags: Real Estate Board, VREB Report
Posted in Around Victoria, Real Estate News | No Comments »
Friday, December 3rd, 2010
Sales in November rose slightly with mixed pricing. According to this report from the Victoria Real Estate Board the market is starting to balance out and that is certainly what we are seeing as well.
December 1, 2010
The number of property sales throughout Greater Victoria rose in November. Prices, meantime, remained mixed with gains for condominiums but some declines for single family homes and townhomes. A total of 479 homes and other properties sold in November through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up slightly from the 467 sales in October. There were 604 sales in November of last year.
Victoria Real Estate Board President, Randi Masters, noted that the number of sales has now risen for two consecutive months, “The further increase in sales in November adds more weight to our belief that the market has now returned to a stable, balanced state.” Masters added that with declining inventories, some further increase in sales can be expected next year while prices will likely remain stable. “There were 3,723 properties available for sale at the end of November – a decline of some 300 properties compared to October though still 25 per cent higher than a year ago,” added Masters.
The average price for single-family homes sold in Greater Victoria last month was $636,634, down from $641,780 in October. The median price declined to $530,000. The six-month average also declined slightly to $623,941. There were 20 single family home sales of over $1 million in November including one sale in Oak Bay of over $5 million. There were 12 sales of over $1 million in October.
 Single Family Homes The overall average price for condominiums was $349,512 last month, up from $323,522 in October. The average for the last six months rose to $325,196. The median price for condominiums in November rose to $290,000.
 Condominiums The average price of all townhomes sold last month declined to $416,067 from $446,026 in October. The median price declined to $395,000. The six month average was $430,437.
 Townhomes MLS® sales last month included 264 single family homes, 123 condominiums, 47 townhomes and 17 manufactured homes.
If you have any questions about the these stats, or anything else regarding real estate, please don’t hesitate to contact Komal or Karn Dodd at 250-744-3301 or email info@KomalDodd.com
Posted in Around Victoria, Real Estate News | No Comments »
Monday, September 13th, 2010
The following is the Victoria area update in sales activity for the month of August from the Victoria Real Estate Board.
September 1, 2010
The property market throughout Greater Victoria softened in August with fewer sales and a decline in overall prices for single family homes and condominiums; overall prices for townhomes, however, rose in August.
A total of 425 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 527 sales in July. There were 764 sales in August of last year.
Victoria Real Estate Board President, Randi Masters, noted that a softening of sales this year compared to last year was not unexpected given that 2009 was an exceptional year. “Looking ahead, we anticipate that the market will remain relatively stable as any increase in interest rates in the near future will likely be modest. While there may be some further slowing of sales and moderation of prices compared to the unusual year we had in 2009, we expect such changes to be gradual for the foreseeable future,” said Masters. Masters added that the Canadian experience has been very different from that in the U.S. where the significant correction in home prices is set against a massive oversupply of homes due to distress sales, combined with a drop in housing demand due to high unemployment. “There is no indication at present that we will be faced with a similar situation arising in our market,” commented Masters.
The number of properties available for sale at the end of last month declined to 4,356 but this was still 24 per cent higher compared to the 3,509 available properties in August of last year.
The average price for single-family homes sold in Greater Victoria last month was $586,676 down from $615,004 in July. The median price declined to $548,500. The six-month average declined slightly to $629,272. There were eight single family home sales of over $1 million in August compared to 16 such sales the previous month. The overall average price for condominiums was $320,874 last month, down from $322,905 in July. The average for the last six months was $330,234. The median price for condominiums in August declined to $275,000. The average price of all townhomes sold last month, however, rose to $432,284 from $420,578 in July. The median price rose to $405,000. The six month average was $439,636.
MLS® sales last month included 223 single family homes, 113 condominiums, 43 townhomes and 15 manufactured homes.
Posted in Around Victoria, Buying a Home, Selling a Home | No Comments »
Thursday, August 26th, 2010
Victoria Real Estate Board – July Update
The following is the Victoria area update in sales activity for the month of July from the Victoria Real Estate Board.
Property sales throughout the Greater Victoria area in July returned to the kind of normal level seen in the late 1990s while overall prices declined slightly compared to June. A total of 527 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 625 sales in June. There were 933 sales in July of last year.
Victoria Real Estate Board President, Randi Masters, noted that in the summer months a decade ago there were typically between 450 and 550 sales each month. “Last month’s sales reflect a return to these historically average levels compared to the significantly higher levels seen between 2001 and 2007 when we had a very active market.” Masters added that sales activity is expected to pick up again next year as we return to a more balanced market over the coming months.
 Single Family Homes
The number of properties available for sale last month declined to 4,477 but this was still 23 per cent higher compared to the 3,632 available properties in July of last year.
Masters noted that the steadily rising number of properties available for sale in recent months offers buyers a wide choice from which to choose. “Buyers are in less of a hurry given the higher number of properties available for sale and it’s important for sellers to consult with their REALTOR® in order to price their home realistically in order to attract qualified buyers,” she added.
 Condominiums The average price for single-family homes sold in Greater Victoria last month was $615,004 down from $649,280 in June. The median price showed little change at $560,000. The six-month average declined slightly to $632,283. There were 16 sales of over $1 million including one on the Gulf Islands. The overall average price for condominiums was $322,905 last month, down from $331,131 in June. The average for the last six months was $326,592. The median price for condominiums in July declined slightly to $289,900. The average price of all townhomes sold last month was $420,578 down from $429,549 in June. The median price declined to $388,000. The six month average was $444,228.
MLS® sales last month included 299 single family homes, 136 condominiums, 44 townhomes and 18 manufactured homes.
The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.
Tags: Avg Selling Price, Victoria, VREB
Posted in Around Victoria, Real Estate News | No Comments »
Monday, August 23rd, 2010
Secondary suites are legal in homes within the City of Victoria. Currently, secondary suites are defined by the City as “legal suites, located within a single family detached house [that] cannot be strata-titled”.
City planners recently recommended the City’s policy be amended to allow backyard suites. Under the proposed policy, 7,500 homeowners in Victoria will be eligible to build detached secondary suites on their property.
Size requirements for the suites will be the same as existing regulations for backyard structures to minimize impact on neighbouring properties. Senior city planner Kevin King recommended that the suites be a maximum of 400 square feet and 3.5 metres in height and be no larger than one quarter the size of the back yard.
Only households living in single detached houses, with no secondary suite, will be eligible to build a garden suite.
What’s next?
Once the policy has received approval from council, it will go to public consultation and an open house. Homeowners and residents will be able to engage with City staff to express their concerns and ask questions.
Secondary suites in Victoria
The City of Victoria launched a pilot project in 2005, legalizing secondary suites in a test area around Gonzales. In July, 2007, the City expanded their secondary suite policy to include all of the City of Victoria, incorporating feedback acquired during the two-year test phase. Since the pilot project launched in 2005, 121 secondary suites have been legally registered with the City of Victoria.
In 2008, the City launched an incentive program to encourage people to build secondary suites in their homes. Similar incentives may be considered for garden suites. In 2009, 15 people applied for the renovation grant, and 44 people received permits to build suites.
The recommendation to allow garden suites comes in response to feedback acquired during public information sessions, neighbourhood planning meetings and a survey about secondary suites in Victoria.
Secondary suites are currently legal in the City of Victoria, Langford, Esquimalt, Central Saanich and within a test area in Saanich. Regulations vary among the different municipalities.
What does this mean for homeowners?
Broadening the eligibility criteria for legal secondary suites will increase the stock of safe housing in the Victoria and offer homeowners a variety of benefits. Secondary suites increase the value of a home and can help homebuyers to qualify for, and meet, the monthly obligations of a mortgage.
Homeowners will not be required to provide parking for their tenants which will have an impact on residential parking areas.
http://www.bclocalnews.com/vancouver_island_south/victorianews/news/99129664.html
Resources
City of Victoria – Secondary Suite Grant Program
Canada Revenue Agency – Rental Income
Tags: BC, Garden Suite, Suite, Victoria
Posted in Around Victoria, Real Estate News | 1 Comment »
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