After 7 months we are still in a stable market with a continuous rise in sales. September saw a 16% increase in sales over September last year, and the third quarter had a 15% increase in sales over the same quarter last year. The market is more predictable for buyers and sellers as we move into fall, for the full article from the Victoria Real Estate Board click here or see below:

Strong Sales and Stable Market Conditions Continue Through September 

October 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for September 2014.

565 properties sold in the region this September - an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.

"Once again we see more houses sold this month than last September," Victoria Real Estate Board President Tim Ayres says. "We haven't seen sales like this in September since 2009. The balanced market conditions we've seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.

"There are some districts in the Victoria area that have seen an increase in their benchmark values, and others that are relatively flat compared to last year," adds President Ayres. "Since there is this difference within the local market, it's important to connect with your local REALTOR® to get an understanding of the market as it relates to your specific neighbourhood."

Bosa Properties has a great new rent-to-own program, helping first time home buyers who have a few more years of renting to save for a down payment. A portion of their monthly rent (up to 15%) will go towards a future Bosa or BlueSky Properties home purchase. For full details see the link below:

BosaEQUITY Program

The Victoria Council has just adopted a bylaw to rezone which will remove liveaboards, float homes and overnight anchorage or moorage from the Gorge waterway. There has already been a public hearing which heard from both sides, see the full article here from the Times Colonist.

It has been 6 months now that we are in a balanced market in Greater Victoria. August saw 609 property sales, over 540 the same month last year, showing a 12% increase in sales. Year to date sales are up 10.5% for 2014 over last year, it is a great market for both buyers and sellers. To view the whole article see the Greater Victoria Real Estate Board:

Victoria Real Estate Market's Summer Season Surpasses Expectations 

September 2, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for August 2014.

609 properties sold in the region in the month of August 2014 - an increase of over 12% compared to the 540 properties sold last year in August.

2014 shows a 10.5% increase in year-to-date sales compared to last year.

"When July numbers came in higher than we expected based on the past five years of sales activity, I think a lot of people were surprised." Victoria Real Estate Board President Tim Ayres says. "But sure enough, the market outperformed last year's sales again in August and we've had the busiest August we've seen in five years."

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core this time last year was $486,900 - this month tracks an increase of just under 1%, which brings the benchmark value up to $491,500. Condominiums and townhouses in Greater Victoria each show a 2.5% increase in value over last year.

"We've seen balanced market conditions for 6 months now," adds President Ayres, "This means we're not in a buyer's or a seller's market, but in an extended term of stable prices due to the ratio of available property for sale to the amount of sales. It's a great place for sellers and buyers."

The Greater Victoria region had higher sales in July over June for the first time since 2003, with 681 sales in July and 680 in June. We saw an increase of almost 17% in year over year sales for July, and a 18% sales to active listing ratio. For the full article from the Greater Victoria Real Estate Board see below:

Surprising Summer Sales for Victoria and Area Real Estate

August 1, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for July 2014.

681 properties sold in the region in the month of July 2014, compared to 583 last year in July - an increase of nearly 17%. June 2014 saw 680 sales.

When compared with year-to-date sales in 2013, 2014 shows a 10% increase.

"I think the activity in July has surprised a few people," Victoria Real Estate Board President Tim Ayres says. "Traditionally the summer market is slower than the spring, but numbers are tracking closely to March and April sales this year. Last year sales in July were 12% lower than in June - and June was the peak of the market in 2013. This year we see slightly more sales in July than in June. This is the first year since 2003 that July numbers have beaten June."

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core area in July was $562,000 - 2% higher than last year’s average value for the same home - $550,900.

"I’m looking forward to August numbers. With the diverse inventory on the market, stable pricing and the reasonable interest rates," adds President Ayres, "I think the busy sales season could last into fall."

This was an interesting read, and I was definitely surprised to find that only 39% of parents planned on passing down the family cottage:

"Garry Marr from the Financial Post writes that children hoping to inherit the family cottage may be in for a surprise, according to a British Columbia financial institution. BlueShore Financial surveyed 498 of its clients between July 7 and 14 and found among those who own cottages 61% don’t plan on passing the property on to their children."

My Greater Victoria Real Estate Market Update is now available for Summer 2014!

"Summertime in Victoria
Victoria is a vibrant city and offers an array of activities and events throughout the summer. Stroll the 55 acres of gardens and enjoy fireworks every Saturday evening at Butchart Gardens. The Victoria Public Market is a popular destination for locals and now every Wednesday they also feature a Farmers' Market, or visit the Moss St. Market in Fairfield every Saturday with over 90 local vendors. There's the Victoria Fringe Festival, Dragon Boat Festival, Rock the Shores, Rifflandia, and even Taste: Victoria's Festival of Food and Wine. Another great way to enjoy the sunshine is the Pickle Pub Crawl, a Victoria Harbour Ferry takes you on a mini tour and stops at a group of local pubs. There's no shortage of options for summer fun!"

The Greater Victoria real estate market continues to see modest growth in June with a 2.4% increase in year over year sales. We had the highest unit sales in May and June since the spring of 2010, with 714 properties sold in May and 680 properties sold in June. For the full article from the Greater Victoria Real Estate Board see below:

A good time to buy or sell in Victoria as steady market conditions continue to create a balanced market.

July 2, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for June 2014.

680 properties sold in the region in the month of June 2014 compared to 664 in June 2013 - an increase of 2.4% year over year. Compared to last month in May, there were 5% less sales, which follows a common seasonal trend as summer approaches. Compared to 2013, 2014 shows an 8.9% increase in year-to-date sales.

"We continue to see slow and steady growth in our overall sales numbers," Victoria Real Estate Board President Tim Ayres says. "May and June represent the top two sales months we have seen since spring 2010."

"Once again we see balanced market conditions in June - as we did in March, April, and May this year," adds President Ayres. "Market conditions track the ratio of sales to available inventory and indicate supply and demand. A balanced market is advantageous to sellers and buyers - pricing is more stable and predictable and there is less pressure on price either way."

The MLS® Home Price Index benchmark value for single family homes in the Victoria Core area for June is $556,200, which represents an increase in value of 1.8% over last year. The most common price range for single family homes in the entire region is $400,000 - $600,000. 48% of sales in June were in this range.

A balanced spring market continues to see a moderate rise in home sales and prices, with an 8% increase in sales year over year for May. A great time for any buyer as there is a variety of properties available, and a wide variety of prices. For the full article from the Greater Victoria Real Estate Board see below:

Spring Sales Continue to Rise in the Victoria Market

June 2, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for May 2014.

714 properties sold in the region in the month of May 2014 compared to 659 in May 2013 - an increase of over 8% year over year. Compared to last month in April, there were 7.5% more sales.

"We are pleased to see sales numbers continue to rise," Victoria Real Estate Board President Tim Ayres says. "The last time we saw this many sales in a month was in 2010, which was also the last time we saw a busy market. The increase may be attributed to the extended period of low mortgage rates we are seeing, and to the great diversity of properties currently available. We saw 19 single family homes sell for over one million dollars this month, and we saw 29 single family homes sell for under $350,000. The market has something for every home buyer right now."

In May 2013 the MLS® Home Price Index benchmark price for a single family home in Greater Victoria was $493,600. This year in May the benchmark home value reached $498,500 - a modest 1% increase year over year. The Peninsula benchmark home value saw a 0.7% increase while the Westshore saw a very minor decrease of 0.1%. Townhouses in Greater Victoria show the most noteworthy change with an increase of 4.2% year over year.

"We’re seeing a modest increase in property values overall in the Victoria area" adds President Ayres, "and the balanced conditions we talked about last month are still in place, which means a steady, predictable market."

Sales and inventory levels were up in April over March, but we are still seeing less inventory over the same time in 2013 and higher sales as we enjoy a steady spring market. The article below is from the Greater Victoria Real Estate Board:

Victoria Real Estate Market is on Track and Steady for Spring

May 1, 2014

VICTORIA BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for April 2014.

664 properties sold in the month of April 2014, compared to 615 in April 2013 - an increase of nearly 8% year over year. Compared to last month in March, there were 15.5% more sales.

New inventory came on to the market; with almost 9% more new listings than last month, which creates more choice for buyers. And though the total inventory level was higher than last month, it was still 4% lower than this time last year - approximately 180 fewer listings.

"We're at an interesting time of the year for local real estate; spring is traditionally a busy season and I think the market is headed in the right direction," Victoria Real Estate Board President Tim Ayres says. "I think people are watching numbers closely to see where house values are going and where demand is headed. But people waiting for a large change are going to be disappointed, because we see a steady market. Pricing is stable, inventory is at a good level, and we're in balanced market territory which is good for both buyers and sellers."

Current MLS® Home Price Index benchmark prices were relatively flat across the region. Single Family homes on the Peninsula showed the largest change in benchmark price with a drop of 2% compared to last year, while the Westshore showed the largest increase with 1.2% compared to last year. Greater Victoria condo benchmark pricing was down 0.5% from last year, but the value in the same area for townhouses increased by 2.4%.

SOLD a beautiful 2 bedroom 2 bathroom with den condo at the new Union building on Pandora and Fisgard, across from Market Square and on the vibrant China Town. This building allows vacation rentals and pets, has secure parking, and is a great opportunity for both investment and first time home buyers with 1 bedroom units starting at $200,000! For information on the building you can visit their website at http://unionvictoria.com/.

My Spring Newsletter is now out and available via http://eepurl.com/P743X.