New Market Figures Just Released!

Click on the below link to view the latest release from Royal LePage on the national average home price for the third quarter of 2008

Q3 National Average Home Price Update

Brenda Russell a Victoria Real Estate agent speaks with the Vancouver Real Estate Channel about the Victoria market and about what makes her unique as a realtor in Victoria specialiizing in Oak Bay real estate.

Victoria Real Estate Update May 2008

 

Today the Victoria Real Estate Board published their News Release outlining the activity for the month of May and comparing it to 2007.

More Choices Now Available for Home Buyers  

 

With a return to a balanced real estate market, home buyers in the Victoria area now have a much 

larger pool of properties from which to choose.  The number of properties available for sale 

increased to 4,332 in May – a 25 % increase over the same month a year ago and the highest level 

since June 1998. 

Victoria Real Estate Board President, Tony Joe, notes that despite this increase, prices and sales 

remain stable although the number of sales is down compared to a year ago.  “There was a total of 

770 sales of homes and other properties in May through the Victoria Real Estate Board’s Multiple 

Listing Service® (MLS®), virtually unchanged from the 768 sales in April but down from the 963 

sales in May of last year.  However, 2007 overall was an exceptional year with the highest number 

of sales since 1991.”  Joe noted that a significant number of new properties came on the market last 

month: “There were 1,850 new listings in May – the highest number for a single month in over 18- 

years”.  Joe added that 24 sales over $1 million had an impact on the overall average price of single 

family homes in Greater Victoria which last month was $601,897; the six-month average was 

$606,985 though median was considerably lower at $545,000.  There were also three sales on the 

Gulf Islands of over $1 million. 

The average price of all condominiums sold in May was $336,157; the average for the last six 

months was $333,208.  The median was again lower at $295,500.  The average price of all 

townhomes sold last month was $435,058; the six month average was $433,854. The median price 

was $394,900.  

MLS® sales last month included 470 single family homes, 168 condominiums, 71 townhomes and 

25 manufactured homes.  

OAK BAY REAL ESTATE UPDATE APRIL 2008

In Oak Bay, we had 31 home sales for the month.  Year to date we have had 79 single family home sales.  Prices started at the $525,000. - $549,999. range with one sale for April and all the way up to $2,000,000. - $2,999,999. showing 2 sales (happy to say one of those sales I helped negotiate...smile)  Sales in the $725,000. - $774,999. price range seemed to be popular showing 4 sales and finishing off with 7 sales in the $1,000,000. - $1,999,999. price range!

Condominium sales showed 6 sales for the month of April and 16 sales year to date.  One being in the $200,000. - $224,999. range another in the $250,000. - $274,999. range, 2 sales between $325,000. - $349,999. 1 sale between $350,000. - $374,999. and finishing off with a sale in the $525,000. - $549,999. price range.  I found this interesting.

Also, if you haven't discovered 'Charelli's' located at 2863 Foul Bay Road you may want to.  It is a fabulous Delicatessen, Cheese Shop and provides wonderful catering.  It is a very special and unique place in Oak Bay.  Today I purchased Onion Cheddar and Mango Stilton...Their web site is www.charellis.com and the phone number is 250.598.4794 - delicious! 

If you would like to discuss real estate in Victoria please call me and stay tuned for more updates.

 

Victoria Real Estate

Tony Joe (Victoria Real Estate Board President) recently held a 'Crystal Ball Outlook' at the Ambrosia Event Centre in January with other presenters and offered a positive outlook for the year.

Tony noted that both sales and overall prices increased moderately last year and there is every indication that, barring unforeseen political or economic circumstances, we can expect a strong, stable and balanced market for the rest of this year.  Tony summarized the situation as follows:  "It's likely that the rate of increase in prices will be in the single digit territory with continued strong demand resulting in healthy sales."  Tony noted that Victoria will always be one of the most desirable places in Canada in which to live, "In the long-term that can only mean a strong and healthy real estate market."

Cameron Muir,  (British Columbia Real Estate Association's Chief Economist) noted that British Columbia is out performing the national average in terms of economic growth; inflation is under control and consumer confidence remains strong.

Lee King, (CMHC Corporate Representative) predicted housing starts would decline slightly this year and noted that rents are rising at about five per cent a year and Victoria has the lowest rental vacancy rate of any metro area in Canada at 0.5 per cent.

If you have any real estate needs or wants please contact Brenda.  I hope this was interesting for you...stay tuned for more updates.

In the latest budget, the provincial government has raised the Property Transfer Tax exemption threshold from $375,000. to $425,000. to help first time home buyers.  Attached please find the latest bulletin from the Ministry of Small Business and Revenue that provides details regarding the Property Transfer Tax.

Canada'a Real Estate Market in 2007

 

Phil Soper, President of Royal LePage announced that Canada's real estate market posted significant gains in the fourth quarter of 2007 and showed little sign of the traditional seasonal slowdown.  Mr. Soper  said "As we move into the new year, activity levels are expected to wane from the frantic pace that many regions of the country experienced in 2007; however, average prices are expected to continue to rise, albeit at a much more moderate pace.  Canadian buyers and sellers can expect healthy, balanced conditions in 2008 - the best environment for a strong and sustainable real estate market."  Please click here to read the full release

The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast.

Royal LePage President, Phil Soper is engaged in media interviews today and throughout the week discussing The Royal LePage 2008 Market Survey Forecast that was distributed to the media this morning.  Nationally, house prices are forecast to increase by 3.5% and unit sales are expected to decrease by 4.0% in 2008. 

I hope you enjoy reading the survey and if there is anything I can help you with please call toll free 1.800.550.0585 or in Victoria, BC call 744.4556

Wishing you a Happy Holiday Season!  Cheers! 

 

Royal LePage posted some interesting facts about the Canadian Real Estate market, below is a brief excerpt of the article.   You can  download the original PDF at the bottom of this post.

 “Much like the Canadian dollar, the Canadian housing market is charting its own course, quite independent from the United States and its currency and housing climate.  The strength of the Canadian dollar, and the fact that the country is adjusting well to its value, will continue to keep interest rates at their existing low-to-moderate levels, boding well for buyers looking to enter the market,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services.  “From coast-to-coast, the country’s rich commodity markets have had tremendous impact on local economies, and there is no indication that this will change anytime soon.” 

 [DOWNLOAD LINK BELOW]
Demand Supports Rising Housing Prices.

Royal LePage posted some interesting facts about the Canadian Real Estate market, you can download the article by clicking here to download the complete PDF article

The City of Victoria's Committee of the Whole is being advised by planning staff to consider reducing the maximum size of a single family home in R1-B zones from 420 sq.m to 300 sq. m (or from 4,521 sq.ft. to 3,229 sq.ft.)

A bylaw amendment providing for this will now advance directly to public hearing, probably in early to mid-September.

According to the staff report written on July 4, "The R1-B Zone is the most common low density zone in the City.  While its area is mainly builtout, many of the existing homes have not maximized their size potential."

The last major review of the R1-B Zone occurred two decades ago.

The current consideration of an amendment to maximum building size results partially from the new changes that allow secondary suites in the zone and fears from neighbours that the change will encourage "teardowns" to make way for monster homes.

The current proposal on maximum size also arises, because, according to the staff report, "New house construction (or major additions) may have a high impact on immediate neighbours because most properties are under-developed in terms of allowable floor area under the R1-B Zone.  As land prices increase, larger construction projects may become more common."

(this is not a complete or official record)