February saw a great start to the spring market with over 50% more sales than January, and a year over year increase of 31.6%. There were lots of multiple offers happening with limited inventory, making it a great time to list your property. For the full article from the Victoria Real Estate Board see below:

Spring sales start early in the Victoria BC real estate market

March 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for February 2015.

542 properties sold in the Victoria region this February, a 31.6% increase compared to the 412 properties sold in the same month last year and a 54.4% increase compared to the 351 properties sold last month in January.

"The trees bloomed early in Victoria, and so did local real estate. February was a busy month with numbers closer to what we would expect to see in the spring season." Victoria Real Estate Board President Guy Crozier says. "285 single family homes sold over the course of the month. We've not seen that many single family homes sell in a February since 2008 when we tracked 295 transactions. Though buyers are already in spring purchase mode, the amount of available inventory may not be quite up to the pace. We continue to track the trend of higher year-over-year sales, and lower year-over-year active listings that we started to see in mid-2013."

There were 3,480 active listings for sale on the Multiple Listing Service® at the end of February, 7.7% fewer than the 3,770 active listings in February 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $549,700. The benchmark value for the same home this month has increased by 1.33% to $557,000.

"The Board certainly anticipated an increase in sales for spring, but the increase we've seen exceeded my expectations," President Crozier adds. "The early spring combined with available low interest rates will likely create more demand for Victoria real estate as the rest of Canada digs out from winter."

January 2015 saw an increase in sales of 2.6% compared to January last year, the increase is slight but we saw 95 homes sell under $500,000 and there are lots of active buyers out there looking for the right home. For the full article from the Victoria Real Estate Board see below:

Victoria Real Estate Market continues 2014’s upward trend

February 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for January 2015.

351 properties sold in the Victoria region this January, an increase of 2.6% when compared to the 342 properties sold in the same month last year.

"We don't expect to see big numbers in January. It's a slower month traditionally for real estate," Victoria Real Estate Board President Guy Crozier says. "Even this slight increase after the 11.67% year over year increase in sales we saw in 2014 shows the continued stability of our market. There's also a good balance of inventory available for sale, which will likely appeal to buyers as the spring season hits. Last month while we saw 10 single family homes sold for over a million dollars, there were also 95 homes sold for under $500,000."

At the end of January there were 3,283 active listings for sale on the Multiple Listing Service®, a slight decrease from the 3,489 in January 2014. This continues a trend that started in mid-2013 where there are fewer listings in the market than there were in the same month of the year previous.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $548,500. The benchmark value for the same home this month has increased by 2.39% to $561,600.

"With the change in mortgage rates surprising some, and the continuing low oil prices and Canadian dollar, the spring real estate market should be an interesting one to watch," Crozier adds.

The Bank of Canada announced today it has cut its key overnight lending rate by 0.25%, primarily due to the plunging oil prices and what affect that will have on the economy. Right now is a great time to look at locking in a low interest rate for purchasing this spring! Click here for the full article from the Globe and Mail. 

Just re-listed this beautiful Shawnigan lake home at $1,299,000! This gorgeous lake front property features a large boathouse and dock, with a potential day cottage on the water. With almost 5,000 square feet of living space, a large private deck and hot tub, and the Trans Canada Trail bordering the lot, it's the perfect location for enjoying water sports, hiking, biking and relaxing.

It was a great end to 2014 and start for 2015, I made the Top 25 Producers for Royal LePage in December. Thank you to all my amazing clients and friends for being so supportive! 

Sold this beautiful South Oak Bay home at 1162 Hampshire Road just a short stroll from Oak Bay Avenue. This attractive lot has South West exposure and over 8,400 square feet. Tons of character throughout with the original built ins and over 3,500 square feet of living space. With only 10 homes under $1,000,000 in Oak Bay right now it is a great time to look at selling. If you have any questions about the market or would like a free market assessment on your home you can contact me at any time. 

2014 was a great year for the Greater Victoria real estate market, hopefully 2015 continues the trend with an active marketplace as inventory is very low in many neighbourhoods. For an article on our market from the Victoria Real Estate Board see below:

Will real estate sales in Victoria continue the upward trend into 2015?

January 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for December 2014.

389 properties sold in the Victoria region this December, an increase of 9.6% when compared to the 355 properties sold in December last year. Overall, 2014 saw 11.67% more sales than in 2013.

"I think the increase in sales we saw in 2014 surpassed a lot of people’s expectations. To see growth of over 10% - that shows consumer confidence and interest in our market," Victoria Real Estate Board President Guy Crozier says. "Of course one factor that helped sell houses this year was the low mortgage rate. That, combined with balanced market conditions, created a steady, consumer-friendly environment in which to purchase and sell properties."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $542,800. This month the benchmark value rose 2.9% to $558,500. Over the course of 2014, 6.2% of single family homes (238) sold for over one million dollars.

"There are two indicators to track in the New Year - the number of sales, and the amount of inventory currently available on the market. In 2014 we saw less inventory available than in previous years but more sales. With job growth predicted and consumer confidence increasing in our area, it will be interesting to watch these numbers as 2015 sales unfold."

The Greater Victoria Real Estate market has already had more sales in 2014 to date than in all of 2013, with one month still left in the year. After 9 months we are still in a balanced market, and can look ahead positively for 2015 with limited inventory and lots of active buyers. For the full article from the Victoria Real Estate Board see below:

Steady Real Estate Market in Victoria Continues as 2014 Sales Surpass 2013 Numbers

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

465 properties sold in the Victoria region this November, an increase of 12.9% when compared to the 412 properties sold in November last year.

"This year has been great for Victoria real estate, we've seen a friendly market for buyers and sellers thanks to steady pricing and low mortgage rates," Victoria Real Estate Board President Tim Ayres says. "By early last month sales in the Victoria area met the number of total sales we saw for the entire year of 2013, and now we are 5.18% over last year's sales with another month to go before year end."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $482,300. This month the benchmark value increased 1.4% to $489,000.

"Another statistic to watch is the number of active and new listings," adds President Ayres. "682 properties were listed this November, and the total number of properties listed for sale including those newly listed was 3,631. That's 9.6% fewer properties for sale than November last year."

The Empress now has a skating rink, and it is officially open to the public TODAY at 5:00pm! This beautiful rink is on the front lawn overlooking the Inner Harbour and will be open until the middle of January. It really does not get any more festive at The Empress, when you take in the Festival of Trees, a warm hot chocolate and enjoy skating under the twinkling lights. Happy Holidays!

http://www.huffingtonpost.ca/2014/11/17/fairmont-empress-skating-rink-photos_n_6173460.html

A decrease in active listings, and consistently more sales each month over 2013. We are seeing inventory decreasing, and are in a stable balanced market. See below for the full October report from the Victoria Real Estate Board:

Strong Victoria Real Estate Market Again in October 

November 3, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for October 2014.

602 properties sold in the Victoria region this October, an increase of 17.6% when compared to the 512 properties sold in the same month last year.

"Here we are again, a month in 2014 ending with more sales than in 2013," Victoria Real Estate Board President Tim Ayres says. "This year has been a solid year for local real estate - indeed we are only 154 transactions away from meeting the total number of sales from 2013 - and there are two more months left in the year!"

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $547,800. This month the benchmark value increased to $553,900.

"All year we've seen a decrease in the number of active listings and increase in sales compared to 2013 numbers," adds President Ayres. "Last year at the end of October we saw 4,322 active listings, and this year we see 3,927 active listings, that's a 9.1% change."

I just listed a property in the beautiful and quiet Latoria area of Colwood. Red Barn Market, walking trails, the golf course, and many more ammenities are all close by or within walking distance. This large family home has a flexible floor plan, vaulted ceilings, and much more! 

Click here to view 624 Granrose Terrace! 

My Fall Market Update E-Newsletter is now available, I hope everyone enjoyed their Thanksgiving weekend!