Another home on Haultain St. sold in multiple offers, in the Oaklands area walking distance to all amenities! This rancher has 3 bedrooms, a large South facing fully landscaped yard and the home has been nicely updated. I'm so happy for my clients who found the perfect home for them and their dogs!
A charming character home in the Jubilee area with a South facing backyard and beautiful renovations, this home will be loved for many years!
April 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of March 2016.
A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year.
Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015.
"I think the strong uptick in the market has surprised many of us! The business cycles of real estate are affected by economic drivers and it's clear that this cycle has all possible drivers running at top speed. Many different factors may be contributing to this activity," notes Mike Nugent, 2016 President of the Board. "Pent up demand from the slower years of 2008 to 2013, lower than historic mortgage rates, strong interest from out of town buyers, a buoyant economy that's attracting job seekers and the lifestyle and beauty that Victoria and area offers all contribute to the activity we've seen this year."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.
"Though we represent a relatively small geographic area, there is variation in price and inventory in different neighbourhoods," adds Nugent. "Areas near the downtown core continue to see high demand for houses and condos, as do most areas in the Peninsula. The West Shore has also strengthened considerably but pricing remains lower than in the core because there has been more inventory to meet demand. Further out of town there has been less demand, but overall all areas have now strengthened in sales. More than ever I encourage buyers and sellers to connect with a local REALTOR® to develop a strategic approach in this fast moving market."
The Victoria real estate market is continuing to see increasingly high sales and shrinking inventory. Currently in Victoria there are only 31 single family detached homes available, and in Oak Bay only 33 single family detached homes. We are seeing multiple offers on properties surrounding Downtown, and homes selling well over the asking price. See below for a full update on our market for February from the Victoria Real Estate Board:
March 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of February 2016.
A total of 772 properties sold in the Victoria Real Estate Board region this February, an increase of 42.4 per cent compared to the 542 properties sold in the same month last year.
Inventory levels are lower than the previous year, with 2,562 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February, 26.4 per cent fewer than the 3,480 active listings at the end of February 2015.
"We continue to see the effect of supply and demand on the market," notes Mike Nugent, 2016 President of the Board. "Areas near the downtown core have limited inventory, with less new product coming on to the market. As a result we see more pressure on pricing there, and we see multiple offers. The West Shore and outlying areas have new housing developments coming into the market. Sales are brisk everywhere, but less competition is created in areas like the West Shore because of the area's ability to create supply to meet demand. We'll likely see more first time home buyers look to make purchases in outlying areas. The West Shore benchmark for a single family home right now is $432,600, which makes the area more affordable than the Victoria core, where the benchmark value is $200,000 more for a single family home."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February, 2015 was $557,000. The benchmark value for the same home in February 2016 has increased by 14.7 per cent to $638,700.
"I'd highly recommend that sellers and buyers who are thinking of making a move in the future engage the services of a REALTOR®," adds Nugent. "Your Realtor can help navigate the decision-making process and ensure you have access to information and advice based on current market conditions. In a busy market like we see now, your Realtor's expertise can be the difference between a beautiful new home and a potentially frustrating and costly exercise."
Last week the BC Government announced the 2016 Budget for our province, which included several changes to the Property Transfer Tax Act. These changes will affect the property transfer tax Buyers pay when they are looking at purchasing new homes or homes above $2,000,000. See this link for more information on the newly built home exemption and below for some important things to know about the changes:
1. Changes to the Property Transfer Tax Rate
One of the changes to the Property Transfer Tax Act is a new tax rate of 3% for properties with a fair market value greater than $2,000,000. The Property Transfer Tax (PTT) is now calculated as follows:
1. 1% of the taxable transaction’s fair market value that does not exceed $200,000.
2. 2% of that fair market value that exceeds $200,000 but does not exceed $2,000,000.
3. 3% of that fair market value that exceeds $2,000,000.
2. Property Transfer Tax – Newly Built Home Exemption
Another change to the Property Transfer Tax Act is the addition of a new exemption – the Newly Built Home Exemption. Below are some key points to consider:
1. The exemption applies only to newly built homes.
2. There is a full exemption for qualifying properties with a fair market value of $750,000 or less and a partial exemption for qualifying properties with a fair market value between $750,000 and $800,000.
3. The party claiming the exemption:
a. must be a Canadian citizen or permanent resident.
b. must use the property as a principal residence.
c. does not have to be a first time home buyer.
January saw the highest home sales in 14 years, with 53% higher sales this January compared to the same month last year. There is still a healthy amount of inventory but properties in the Victoria core are in high demand and sell quickly when priced well. See below for the full article from the Victoria Real Estate Board:
Click here for the report on our housing market from Chek News!
February 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of January 2016.
2016 started with the busiest month of sales in January since 2002. A total of 539 properties sold in the Victoria Real Estate Board region this January, an increase of 53.6 per cent compared to the 351 properties sold in the same month last year.
Inventory levels are lower than the previous year, with 2,471 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January, 24.7 per cent fewer than the 3,283 active listings at the end of January 2015.
"Though the ongoing count of properties for sale is low, the number of new listings entering the market is close to what we saw last year," notes Wendy Moreton, 2016 president of the board. "The recent month of January saw 934 new listings, where last year we saw 1,027. The good news for buyers is that there are new properties for sale every day. The good news for sellers is that there appears to be more buyers in the market, so well-priced properties in high demand areas (like the Victoria core) are swift sellers."
"Last year we saw the traditionally busy spring market start early as sales picked up over February and March," adds Moreton. "This year that spring market may be starting even earlier, as our sales numbers for January are close to the numbers we saw last February. We'll watch this trend over the next few months. This busy market is the perfect time to enlist the help of your local REALTOR®. Realtors have access to up-to-date trends for all the different markets across the Greater Victoria area and can best assist buyers and sellers to navigate this exciting market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January, 2015 was $561,600. The benchmark value for the same home in January 2016 has increased by 10.2 per cent to $618,600.
January 4, 2016 Victoria BC - 2015 Victoria Real Estate Board President Guy Crozier confirms that the year’s real estate market ended with a bang. "We wrapped up 2015 with numbers we haven’t seen since 2007. This past year we saw 8,295 transactions on the Multiple Listing Service®, an increase of 23.8 per cent from last year."
A total of 465 properties sold in the Victoria Real Estate Board region this December, an increase of 19.5 per cent compared to the 389 properties sold in the same month last year.
There were 2,517 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December, 21.6 per cent fewer than the 3,210 active listings at the end of December 2014.
Crozier notes that the Victoria Real Estate Board serves more than 1,200 REALTOR® Members. "The great news for our Board’s membership is that in 2015 more than sixteen thousand buyers and sellers hired a local agent to sell or purchase a property. Our profession couldn't be happier about that kind of consumer confidence. With a market that's ever-changing, and with a transaction process that gets more complicated each year, now more than ever buyers and sellers need the expertise of a Realtor. Whether it's pricing a home in this evolving environment, finding a home before others do, or navigating a multiple offer situation through to success, our members are up for the task."
What’s Crozier looking forward to in 2016? "It's hard to imagine 2016 won't bring more of the strong demand we saw throughout 2015. The inventory available for sale lags behind historical levels and if sales continue to be strong, it will be hard for inventory to bounce back. Sales show no sign of slowing this spring and Victoria remains one of the most popular destinations to live in the country. All of this points to a continued strong market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December, 2014 was $560,900. The benchmark value for the same home in December 2015 has increased by 9.4 per cent to $613,600.
I hope everyone is having a great holiday season and had a wonderful Christmas!
My December 2015 Market Update is now available!
Strong Victoria Real Estate Market Continues
November 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity for October 2015. A total of 734 properties sold in the Victoria Real Estate Board region this October, an increase of 21.9% compared to the 602 properties sold in the same month last year.
There were 3,170 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October, 19.3% fewer than the 3,927 active listings in October 2014.
"This is the twenty-ninth month in a row that we've seen monthly sales increase over the year before," Victoria Real Estate Board President Guy Crozier says. "This month we also saw sales numbers surpass the total for last year - in 2014 there were 6,698 sales and as of October 31, 2015 there are 7,257 sales on record with two months to go in 2015! We're looking down the home stretch of 2015 and there is no sign of a market slow down."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in October was $555,900. The benchmark value for the same home in October 2015 has increased by 9.4% to $608,200.
What's President Crozier's advice to buyers shopping for their perfect home? "It's critical to work closely with your REALTOR® to stay on top of the market. With home sales almost at the pace of new listings, the market is moving quickly and some homes in high demand areas like the Victoria Core are selling in days. Working with your Realtor on a plan of what you require over the course of the transaction can remove stress and risk from the process."
SOLD! A wonderful South facing condo at The Wave with partial views and a large open floor plan featuring almost 900 square feet, 1 bedroom, 1 bathroom and a den. This is a great building that offers large suites in a central location!
