March 3, 2106 - Victoria BC
Real estate activity during February, 2016: Sales are UP and Inventory is DOWN
The real estate market in Victoria is experiencing the most brisk activity we've seen in years. Listings are selling within a day of hitting the MLS system and the vast majority of homes sold have been going for well above the listed price. This morning the local paper Times Colonist had an article pointing out the changes we are experiencing in our local market:
CLICK HERE TO READ TIMES COLONIST ARTICLE
2016 started with the busiest month of sales in January since 2002!
Sales increase of 53.6 % Inventory down 24.7 %
Translation: It's a Seller's Market
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. Translation: it's a Sellers Market.
For a full report email: firstname.lastname@example.org or CLICK HERE
May you and yours have a wonderful holiday filled with joy!
CREA Says 'Suite' is most popular search
In a recent posting, the Canadian Real Estate Association, CREA, announced that the word 'suite' is the most popular search term for the Victoria BC area when home buyers are looking on the MLS site www.Realtor.ca
Why is ‘suite’ the most popular keyword search?
The reason ‘suite’ is the most popular keyword search term is not hard to understand if one looks at the real estate landscape in large cities like Vancouver, Toronto and even in Victoria, the capital of British Columbia, on beautiful Vancouver Island. In short, it’s expensive!
Average Home Prices
Toronto $1,052,000 – according to Toronto Star
Vancouver $1, 470,000 – according to Globe and Mail
Victoria $608,200 – according to Victoria Real Estate Board
All these cities have large populations that are growing. With the influx of residents comes the need for housing. As the demand for housing increases, so does the price of real estate for the home owner. As the purchase price rises, so does the mortgage for the homeowner, thus, the rise in monthly payments. The homeowner looks at ways to support the monthly mortgage payments and finds that a portion of the home might be rented and the rental income might be applied to the mortgage. If the home does not have an existing suite, the homeowner gets to work modifying a space into a suite (hopefully with proper permits to make the space legal) Thus, a suite is born!
So, if you are a home BUYER looking for a home in Victoria with a suite simply go to:
The site also offers information for:
Whether you are a buyer looking for a suite or a seller that needs to list a property for sale in the Victoria area, don’t go it alone. Call or email and I’d be glad to help in every step of the way!
Bruce McCallum, Realtor®
DFH Real Estate, Victoria, BC
(250) 858-5762 or email@example.com
Real Estate in Victoria, BC: Oct 2015 vs Oct 2014
Home Sales: Up 21.9% ~ 734 vs 602
"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."
Inventory of Listings: Down 19.3% ~ 3,170 vs 3,927
Inventory of homes for sale in Victoria goes through normal seasonal changes. However, looking at the big picture of housing in the area, total number of house listings for sale have been shrinking since 2013; Victoria is leaning toward a Sellers Market.
Benchmark Home Price for Victoria Core:
Up 9.4% ~ $555,900 vs $608,200
Advice to Home Buyers in Victoria
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."
I have listed a new property at 208 3225 Alder ST in VICTORIA.
Absolutely sparkling clean, bright corner unit in a building that was re-built in 2002. This is one of the nicest 1 bedroom condos in the area of Mayfair - unbeatable location close to shopping, restaurants, etc. WALK SCORE 85 Generous sized living room has a wood burning fireplace that has never been used; two spacious balconies to enjoy the nice weather; professionally painted; nothing to do but move in. Guest suite available in building if you have visitors. Rentals are allowed so this could make a great investment. Make your appointment to view ASAP.
I have listed a new property at 50 King George TERR in VICTORIA.
Enjoy living in one of the most desirable Oak Bay neighborhoods. This 1911 custom built 4 bed 3 bath Character home features spectacular panoramic views of the Juan de Fuca Strait, the Olympic Mountain Range & beautiful sunsets year round. This classic home boasts extra high ceilings, spacious living, dining & family rooms, and, sun rooms on both the main & upper levels. Original hardwood floors throughout gives this grand home a warm and cozy feeling. If you enjoy entertaining, this is the home for you. You & your guests can sit in the comfort of the sitting room or sun rooms and watch the start of the Swiftsure Race or the arrival of cruise ships from around the world. Take a short stroll to Gonzales Beach from this wonderful home.
I have listed a new property at 110 Thetis Vale CRES in VICTORIA.
Enjoy living in the award winning Thetis Vale Estates. Close to Thetis Lake, a 1.5 acre children’s park and the Galloping Goose Trail, this home is a perfect fit for an active young family. This 3 bed 2 bath home has been well maintained and on the upper level boasts 2 bedrooms, 1 bath, gleaming wood floors, an open concept design and a cozy living room with a gas fireplace. The lower level has large living area, bedroom and full bath: perfect for teenagers or inlaws! The Juan de Fuca Recreation Centre and all of the surrounding amenities are within close proximity to this special home. Also for commuters, this home is located next to the Island Highway for easy access to your commute. A must see.
NEW LISTING: 50 King George Terrace in Victoria BC
$1,398,000 MLS 356823
An early Victoria Character home built in 1911 and then added on in about 1932. A long-time resident of the home was Major Frederick Victor Longstaff; a Nautical Historian and one of the founders of the Maritime Museum of British Columbia. It was here at his home called 'Seabank' that neighbors would see the Major at his telescope looking across the Juan de Fuca Strait at all the maritime activity in the Gonzales Bay just off the coast.
Character Home: high ceilings, mahogany inlay oak floors, four fireplaces
Entering this grand old home reminds the visitor that they just don't built 'em like this anymore; beautiful oak flooring with mahogany inlay; tons of wood trim with fine detailing, beamed ceilings. Put it all together and it's a grand home for entertaining with tons of warmth and character and there's many large living spaces to spread out comfortably.
Ocean Vista over Gonzales Bay, Juan de Fuca Strait and across to Washington State's Olympic Mountains
The home at 50 King George was built on a high rock outcropping - the perfect place for a million-dollar, unobstructed view of the ocean, mountains and the sunsets over Gonzales Bay. The view is panoramicfrom the east, to south and to the west; few homes in Victoria have such a magnificent vista. Not only can you see this view from the main floor principal rroms but the second floor sitting room off the master is even a better place to just sit and let the view mesmerize you.
Details Including Floor Plans
For more details including floor plans, rooms sizes, tax information:
Bruce McCallum or Paul Arnold
DFH Real Estate
Viewing By Appointment Only
Immaculate Condo For Sale
1 bed, 1 bath, 657 Sq. Ft.
$214,900 MLS 357122
This great little condo for sale in the Mayfair area of Victoria, BC has immediate appeal for the buyer who's looking for a move-in ready place; clean, tidy, just painted by professional painters, two good-sized balconies, fireplace that's never been used. Take a look at some of the photos and the floor plan to see if it fits for you...
Built Recently in 2002
The building was rebuilt in 2002 so the owners are enjoying the all the benefits of a very recent, well-built complex with new building technologies. Adding to that, this fact negates the need for any remediation that's so common in many of the condominium complexes throughout Victoria and Vancouver that were built from roughly 1984 to 1995; suffering from the 'leaky condo' syndrome.
For the investor looking for good cash flow, here's an opportunity you might not see very often; this unit can be rented. Monthly rental income minus a very moderate strata fee of $247 per month (as of October, 2015) and 2015 property taxes of roughly $99 per month can produce nice, healthy return. Speak with your accountant on the tax benefits of owning an income property too.
#208 3225 Alder Street
Located in the Mayfair Area of Victoria BC
Why drive your car if you don't have to? #208-3225 Alder is located in a fantastic location that's close to Mayfair Shopping Centre, restuarants, medical professionals, bus transit, etc. So, forget about trying to find a parking spot when you are out and about; most everything is within walking distance - and that's a healthy alternative to driving as well!
Walk Score 85
Listing Information, Strata Docs, Tax Info, Viewings
For a full infomation package including strata information, bylaws, tax information or of course making an appointment for viewing this great condo for sale in the Mayfair Area see my details below:
Bruce McCallum, Realtor®
DFH Real Estate, Victoria, BC
(250) 477-7291 or firstname.lastname@example.org
Looking For Homes With Suites?
NEW LISTING in View Royal at 110 Thetis Vale Crescent in Victoria, BC
What Is It?
Enjoy living in the award winning Thetis Vale Estates. Close to Thetis Lake, a 1.5 acre children’s park and the Galloping Goose Trail, this home is a perfect fit for an active young family. This 3 bed 2 bath home has been well maintained and on the upper level boasts gleaming wood floors, an open concept design and a cozy living room with a gas fireplace. The lower level features 1 bedroom and 1 full bath with living area that's perfect for teenaged students or inlaws. The Juan de Fuca Recreation Centre and all of the surrounding amenities are within close proximity to this special home. Also for commuters, this home is located next to the Island Highway for easy access to your commute. A must see.
Entering at ground level, to the right is a laundry room and an entrance to the ground level lower area. Bright and sized generously, this are of the home is wonderfully maintained and very comfortable with its own separate entrance through the secure patio doors.
From the entrance up the stairs, you come to the main level with gleaming wood floors throughout the living, dining and kitchen - tastefully designed with high ceilings and a skylight. The balcony is a prefect space to fire up your BBQ and enjoy. The spacious master easily fits a king-sized bed and offers generous closets that enter into the ensuite bath.
high ceilings & skylight
Where Is It?
110 Thetis Vale Crescent is located roughly 15 minutes from downtown Victoria - an easy commute to work and just minutes from the Malahat highway that leads you up Vancouver Island to Mill Bay, Duncan, Nanaimo, Parksville, Qualicum, Campbell River and beyond.
The homes along Thetis Vale Crescent were developed by the Limona Group; formed in 1981 by the joining forces of two local business people who both held the belief that delivering quality homes with excellent customer service would be a solid formula for success. Under the experienced leadership of Michael Baier and John Sercombe their company have built many of the larger single family housing neighbourhoods and waterfront developments on Vancouver Island.
$469,000 MLS Number 356651
And, to see more homes with suites: www.VictoriaHomesWithSuites.com
August 1, 2015 Victoria BC- "Consumer confidence remains very strong and shows no sign of falling off in the coming months. Interest rates continue to be very favourable; many buyers are taking advantage and making a move," adds President Crozier. A total of 796 properties sold in the Victoria Real Estate Board region this July, compared to the 681 properties sold in the same month last year.
For a full statistical report from Victoria Real Estate Board: CLICK HERE
Not only has the weather been warm but our local market in Victoria has been hot since spring. Contributing to the brisk activity no doubt has been interest rates that continue to fall. Combine that with pent up demand and housing inventory that is falling and you've got a hot market indeed.
Many of my fellow Realtors® and I have participated in multiple offers on a single property. It's living proof that the most attractive homes with good pricing will go very quickly.
Note to Buyers: be prepared! Get all approvals in place, etc. so when you do run across your dream home, you can move quickly to secure the purchase.
Note to Sellers: be prepared! Prepare your home so it shines and the first impression is WOW! Price it to be competitive and you may see offers sooner than expected.
Note to investors or would-be landlords: Read up on the most recent announcement by CMHC that makes it easier for homeowners to count rental income towards financing CLICK HERE.
Looking for a home with a suite? Go to www.VictoriaHomesWithSuites.com
VICTORIA, BC - July 1, 2015 - 910 properties sold in the Victoria Real Estate Board region this June, a 33.8% increase compared to the 680 properties sold in the same month last year.
"The Victoria real estate market has had another big month - and we continue to see consistent year over year sales growth," Victoria Real Estate Board President Guy Crozier says.
What's going on?
Positive market conditions such as the low interest rate along with the diverse mix of properties and price points available have likely helped support this increase in interest in local real estate. The activity in the market may also in part be due to pent up demand from the past six or seven years. The market cooled off around 2008, and with the US markets improving and our local economy showing strength, consumer confidence is improving. Those that may have been hesitant to move over the last few years are making a change now."
Benchmark home price up 4.61%
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800.
For a full report on home sales in Victoria, BC: www.VREB.org
Victoria Home Chat
Real estate info for buyers & sellers from Bruce McCallum, DFH
Month-End report for May, 2015
Active Listings DOWN 13.4%
VICTORIA BC - June 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity during the month of May, 2015.
Click here for full report from VREB
"May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties," Victoria Real Estate Board President Guy Crozier says. "Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price."
The Multiple Listing Service®Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. This month the benchmark value increased 3.98% to $593,200.
The Sales to Active Listings Ratio
- below 14%, there is downward pressure on prices (buyers' market)
- above 20%, there is upward pressure on prices (sellers' market)
- 14-20% range, there is little pressure either way (balanced market)
The Province of BC launched a new website featuring helpful information for strata owners or those looking to buy into a strata.
- Living in a Strata
- Bylaws & Rules
- Buying & Selling a Strata
- First Time Strata owners
Check it out by going to: www.gov.bc.ca/strata
Click here for the Strata Property Act
Do you have oil heat in your home? Did you at one time have an oil furnace?
If the answers are 'yes', 'maybe' or 'I don't know' you should be aware that there might be a buried oil tank on your property and it might be contaminating the surrounding soil if it wasn't decommissioned properly.
Bottom-line, the home owner and all previous owners of the subject property might be on the hook for any environmental damages and related costs. And the costs can be significant.
What to do? First, find out any history of your home's heating system from your municipality or the local fire hall. If there's no history, contact a scanning company that uses metal detection and/or ground penetrating radar to search the property. If a buried tank is found, the best strategy is to remove it and make sure the surrounding soil is not contaminated. By doing so, you might avoid large remediation costs in the future.
For more detailed information on this subject, go to:
If you are planning to sell your property, all of the above still applies; you might still be on the hook even after the new owners move in.
Contact me if you would like more information @ 250-477-7291
You have a web site, right? Do you know if it's "mobile-friendly"? Google has been changing things around and, as I'm not a geek, I understand it to be a change in the way search picks up mobile-friendly sites.
To see if your web site is "mobile-friendly" or not, click on this link:
VICTORIA BC MARCH 2015 - Along with the weather, the real estate market in Victoria heated up in March.
For the report, just click on the image below.
Many home buyers are looking for homes in Victoria, BC that have suites and additional accomodation for perhaps a mortgage helper or student rental...
To make the search easy, I've developed a new website:
Check it out and let me know if it's helpful for you!
Every January homeowners in Victoria, BC receive a letter from BC Assessment (I just got mine yesterday) indicating assessed values of properties – and in recent years, many owners have seen their property assessment go down. And then again, some go up. Should you as an owner be concerned?
Q: Is this a bad thing that my assessed value went down?
A: Not necessarily. It could mean that your taxes went down as well. That’s good!
Q: Does this reduce the market value if I choose to sell?
A: Not necessarily. Your perception may be that a home is worth less but in actual practice, a buyer will pay what he or she feels the property is worth – regardless of what the assessment says. For example, the home might have many upgrades and is in tip-top shape compared to others in the area. And, because of this and other factors, might be very attractive to the right buyer who falls in love with the home and just has to have it. Sometimes with more than one buyer, there might even be a bidding situation which drives the price up. It’s the law of supply and demand. So, take the assessed valuation with a grain of salt.
Q: So if assessment goes down, what can I do to get the most money when I sell?
A: Repair, renew and relax. Seriously, it’s most important to repair all those things you’ve been meaning to do, large and small. Clear the clutter, clean thoroughly, paint, tidy up landscaping; make the home the best it can be within your budget. You only have one chance to make a first impression! Then, with confidence, list your home at a competitive price that’s based on actual recent sales figures and not necessarily assessed values.
Q: If my assessment went up can I get more money when I sell?
A: Not necessarily. Your assessment might have gone up but ask yourself: is your home in better shape than other comparable properties in the area? If not, then it should be - to get the most when you sell. Again, your home is worth what a buyer is willing to spend. So make it appear as the best in the neighborhood!
Q: As a buyer, will I get a deal if assessments go down or have to pay more if they go up?
A: As a buyer, the best thing to do is to research similar properties thoroughly and compare recent sold prices. Then, negotiate the best price you can.
As a licensed Realtor®, I can help you with all these questions and more.
For more information from the BC Assessment Office: