I just sold this Fairfield House located in at 610 Normanton Court, Victoria, BC.

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I just sold this House at 812 Intervale Avenue, Victoria, BC.  During the month of July in Esquimalt there was fifteen single family homes sold and year-to-date a total of seventyseven.   The price range of sales in July were between $300,000. - $649,000. in Esquimalt.  Currently there are over five thousand listings on MLS® in Victoria.  I don't remember having this amount of inventory for buyers since 1995. Statistically, September will be more active with Victoria properties selling.

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Uplands Real Estate: This home that I sold is located in the Uplands, which is part of the Oak Bay 'map area'.  This home is located at 3035 Uplands Road.

In Oak Bay for the month of June there were a total of 19 homes sold. Five out the nineteen sold start at $1,000,000. price range.  The total homes sold year-to-date in Oak Bay is 142.  If you have any questions regarding Victoria real estate please contact me direct at 250.744.4556 or email: brenda@brendarussell.ca  twitter:brussell6  Licensed since 1990 - be happy to help.

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Below is a photo of Oak Bay Secondary School located on Cranmore Road.

Media Release from PacWest on Real Estate June 30, 2011

James McNaught, President of PacWest International, sent this information to me which I thought was very interesting and wanted to share with you. 

 

Located in the Portage Inlet, I just sold this waterfront House at 2832 Murray Drive, Victoria, BC.

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Where are the Chinese Buying Overseas Property in 2011?

PacWest China-Beijing

On a sunny Saturday in early June, Larry Zhou strolled the floor of a property exhibition in Hong Kong, wondering whether it was time to buy another home -- not in the city, where residential prices have soared 50 percent in the past two years, but maybe in Thailand or Malaysia. “My wife and I have been thinking about investing outside of the country since we already own an apartment in Shanghai, “Zhou, a 38-year-old civil engineer, said in an interview at the Hong Kong Convention & Exhibition Centre before wrapping up a business trip and returning home. “I’ve known people in Shanghai who like to bring their money and invest in Hong Kong properties, but I think Hong Kong is way too expensive.”

Investors are grabbing everything from $68,000 foreclosed condominiums in Florida to $2 million beachfront villas in Vietnam; a buying spree fuelled by China’s surging wealth that mirrors the country’s expanding influence in markets for gold, oil and food. The search for overseas property accelerated in the past seven months as the governments in Hong Kong and Beijing imposed purchasing and financing limits, steps that are starting to cool off domestic markets.

In North America, moderate weather, good schools and established Chinese communities are drawing buyers to cities such as Vancouver, which had the third-highest housing costs among English-speaking cities worldwide in 2010, according to Canada’s Frontier Centre for Public Policy. Hong Kong and Sydney were first and second.

The Chinese are usually in a hurry when they shop, often buying at least two houses per visit, paying cash because they don’t have time to take out a mortgage. Amanda Sun bought three houses in Australia's coastal city of Gold Coast after visiting the town just once as a tourist. The 33-year-old owner of a small trading firm is one of thousands of Chinese who are beginning to export China's house price inflation abroad by piling into property markets overseas. Stifled by a clampdown on property speculation at home, cash-rich Chinese are buying up homes in Australia, the United States, Britain and Canada instead, countries popular with Chinese students studying abroad.

Property developers are courting the international rise of the wealthy Chinese home buyer with ardour, marketing their projects in Shanghai and Beijing. CB Richard Ellis has set up a special arm to help Asian buyers purchase homes abroad. China's biggest real estate website, Soufun Holdings, has been bringing Chinese investors to tour Western cities in the past two years

"The Chinese are my most important clients now," said Cindy Chan, chairman of AGC Property Centre Pty Ltd, Sun's property agent in Australia. "The number is growing very fast." Business is so good that Chan visits China every other month to showcase homes on sale in Australia. She plans to start an office in Shanghai in May.

Chinese interest has also flooded the U.S. market, with a high increase on the number of enquiries received from Chinese buyers. Although there is an abundance of discounted property on the U.S. market, it is the lifestyle that Chinese investors desire from the States and that is what attracts their interest. Since the recession there has been a drastic drop in the number of Chinese investors, but industry experts are predicting 2011 to be the year they return.

Canada’s real estate market has always attracted Chinese buyers, but experts in the country have stated that the Chinese buyers are flooding into Vancouver and Toronto, while in the past they were generally only interested in the Richmond real estate market.

Chinese investors are used to the steep prices offered in Canada as the prices represent what’s on offer at home for them, so Vancouver and Toronto house prices are more affordable for many Chinese investors, which has created an increased interest from mainland China. As with the U.S., Chinese investors are drawn in with Canada’s stability and favourable lifestyle.

These are just a few of the markets Chinese buyers are entering; because of restrictions of ownership in China, investors are looking at alternative real estate markets to buy into, targeting markets that offer stability and high-end properties. The annual “Spring of Shanghai” Real Estate Expo reported an expanding enthusiasm for investing in property overseas, with the exhibition noting that Chinese buyers are interested in investing in countries they can send their children to study in, typically targeting English-speaking communities.

But while Chinese buyers, or any buyers for that matter, may be welcome in severely depressed property markets such as those in the United States, the UK or parts of Europe, the inflows of Chinese money are causing headaches for economies elsewhere which are growing at a much faster clip. Singapore and Hong Kong, for example, have found it tough to keep a lid on surging home prices amid strong demand from Chinese nationals, despite government efforts to cool the market and stave off destabilising asset bubbles.

Shut Out in Australia

Australia clamped down on foreign buying of homes in the country last year in a bid to calm buoyant prices. While Chinese buying has provided a welcomed boost to struggling U.S. cities, there has been a backlash in Australia, long a magnet for Asian immigrants. The federal government introduced rules in April 2010 requiring temporary residents to seek approval to buy existing property and sell when leaving. Buyers living overseas can purchase only newly built housing. The changes, which reversed a 2008 easing of restrictions on foreign investments in property, came after local homebuyers and real estate groups blamed demand from overseas investors, particularly Chinese, for inflating prices. Values rose 5.8 percent in 2010 after soaring almost 14 percent in the previous year, government statistics show.  “There’s a whole field of Chinese buyers wanting to buy, but they can’t purchase existing properties here anymore,” said Garth Turnbull, property consultant at City Residential in Melbourne. “There are some sales to parents whose children are studying here. That used to be just part of the market, but now it’s basically all that’s left.”

Capital Controls

Chan and other property agents could be a lot busier if not for China's strict capital controls. Chinese citizens are barred from buying more than $50,000 worth of foreign currencies a year, restricting them to smaller property purchases when they venture abroad. There is talk that the cap may be raised to $200,000, but that is just unconfirmed chatter so far. "The government worries about whether Chinese investors have a good understanding about foreign real estate markets," said Li Wei, an economist at Standard Chartered in Shanghai. To beat the rules, Sun, like many other Chinese, turned to her relatives for help. They pooled their annual quotas together to give her enough foreign currency to put a downpayment on the three houses, which were worth a total Australian $3 million ($3.1 million). Others sneak their money out of China by disguising the funds as import bills. Although the annual limit for Chinese citizens to buy foreign currencies is just $50,000, it’s not proving to be any real obstacle, as many of the wealthiest buyers have located their trade companies or offices in countries without currency restrictions, enabling them to pay through their companies’ offshore accounts. Such cracks in China's capital controls will help feed demand for houses elsewhere. "We think that in a relatively short period of time and in a way that is measurable, Chinese buyers are going to account for something on the order of 10-20 percent of the London market," said Gerald Allison, a director at global real estate agency DTZ in London. So far, there is no official or private estimate on the total amount of Chinese outbound real estate investment. Some developers hope China will relax its capital controls over time, albeit in its characteristic "gently" manner. After all, China needs to slow the rapid build-up of its foreign exchange reserves, which at $2.85 trillion are the world’s largest and a headache for the country. Freeing up Chinese investment overseas can do just that.

Companies Prudent

In contrast to individual Chinese investors, Chinese firms are more cautious about moving abroad. Although some developers including SOHO CHINA have eyed foreign markets over the last two years, they have yet to announce any deals. "It takes time for Chinese companies to understand the rules of the game abroad," said David Chen, a Shanghai-based executive director of CB Richard Ellis for China residential sector. He said Chinese developers would most likely start from small deals and team up with foreign firms. China insurers such as China Life and Ping An Insurance are waiting in the wings as well. Beijing allows insurers to invest 10 percent of their total assets -- 5.2 trillion yuan at the end of February -- in commercial real estate markets, at home and abroad. On the whole, however, insurers can only park 15 percent of their total assets outside China. "They are actively watching (to invest in real estate market abroad) to diversify their investment portfolios, but haven't reached any deals yet," said CBRE's Chen.

We are proud to announce that this Jun 14th, 1:00 PM to 3:00 PM we will be hosting an Open House at 3035 Uplands Road in the Uplands, Oak Bay neighborhood, Oak Bay, Victoria. This is an opportunity to visit this excellent House for sale in beautiful Uplands, Oak Bay.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Uplands, Oak Bay House for sale.

As always please do not hesitate to give me a call at 250.744.4556 if I can answer any questions before the open house, or if you would like to book a private showing.

Brenda Russell
Royal Lepage Coast Capital Realty Oak Bay

Oak Bay Tea Party - 2011

Located at Willows Beach in North Oak Bay. 2011 celebrates the fourtynineth anniversary of the Oak Bay Tea Party.  The Oak Bay Tea Party begins with a traditional parade begining at 10:30 am along Oak Bay Avenue from Windsor Park to Willows Park.  The midway is set up and opens at 11-9 pm Saturday and 11-7 pm Sunday.

Run by volunteers, the Tea Party is proud to assist the following non-profit organizations raise money for their charitable causes;  Oak Bay Kiwanis, Rotary Club of Oak Bay,  Oak Bay Sea Rescue Society, Girl Guides of Canada, Royal Oak Lions CLub and the Capital City Lions Club. 

Annual pancake breakfast Saturday and Sunday at Willows Park, 7-11:00 a.m.
Delicious corn on the cob Saturday and Sunday next to the Baron of Beef Booth.
Candy floss and popcorn for sale in the park. Oak Bay Kiwanis Pavilion in Willows Park is always open for business on the Tea Party weekend.  And what Tea Party would be complete without tea? The oldest corporate sponsor, Tetley Tea will have girl guides serving tea on Saturday and Sunday in the Tetley tea tent.

Growing up in Oak Bay, I remember playing my saxophone with the Oak Bay Concert Band right after the Tea Party Opening Ceremonies at Willows Park.  Mr. Dave Dunett was our band teacher at Oak Bay High School.  He was the best...

Entertainment Schedule for Saturday

Noon - Oak Bay High Concert Band
12:30 - Opening Ceremonies
1:00 - Oak Bay High Jazz Bands
2:00 - Victoria Children's Choir
2:45 - Paul Kilshaw, Magician
3:15 - U-JAM Young All Stars
4:00 - The Fascination Band
4:45 - Buckets of Fun with Angie Carter
5:30 - Rukus
6:30 - Vic High Rhythm and Blues
7:30 - Harris Gilmour and The Mojos

Entertainment Schedule for Sunday

Noon - The Rig-A-Jig Band
3:15 - "Jazzercise"
3:30 - Ladies Nail Driving
4:30 - Commodores Big Band
6:00 - Oak Bay Tea Party Raffle Draw

Willows Beach Bathtub races start at 1pm on Sunday. Arriving from Vancouver, Surray, Nanaimo, Abbotsford...

Willows Beach is an active Park and beach in the Municipality of in Oak Bay.  Set up your volleyball and have some fun this weekend.

I hope you found this helpful.  If you find that Oak Bay may be an area you wish to live in - be happy to help.  Licensed since 1990 and grew up in Oak Bay. Call direct at 250.744.4556, join me on twitter @brussell6 or send me an email: brenda@brendarussell.ca
Here is an example of my new listing offered for sale located in the Uplands area of Oak Bay on Uplands Road.  Please stay tuned for more Oak Bay updates, and that's Oak Bay.

I just sold this James Bay Condo at 1409 620 Toronto Street, Victoria, BC.

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Located in Roberts House, this renovated condo offers quality and taste, comfort and urban style all in the convenience of James Bay which means it's a walk to Beacon Hill Park or the Inner Harbour and Downtown.  Floor to ceiling windows and a South Eastern exposure make for some very beautiful mornings with views toward the Olympic Mountains and the blue waters of the Strait.  And if that's not your cup of tea, wait until night and catch the City Lights Show.  Either way, you can just relax and enjoy some of Victoria's nicest views from your balcony.
Inside, the features include maple cabinets form Swiftsure Kitchens and a new bathroom and laminate flooring throughout.  The fridge, stove and dishwasher remain.  Underground secure parking and a storage locker.  All in the sturdy construction of a concrete building.  Roberts House allows Pets and Rentals in this well run complex. If the James Bay lifestyle might be for you then this condo should be seen.

Roberts House was built in 1973 by Victoria famous Farmer Construction. I believe this building is the second tallest building in Victoria (59 m) showing off twentyone floors and one hundred and ninety suites.
Farmer Construction is a privately owned family business. Incorporated in 1951, working throughout British Columbia with their head quarters located in Victoria. A few examples of buildings they have constructed are; a twenty million, six story high tech building at the University of Victoria "The Engineering Computer Building", The Royal Jubilee Diagnostic Center, The Royal British Columbia Museum, Harbourside Coast Hotel, a thirty room 5 star Wickaninnish Inn located in Tofino, BC exclusive Relais and Chateaux chain of Inns to name a few. 

I just finished uploading this House for sale, 812 Intervale Avenue, Victoria, BC

Located in the Esquimalt area of Victoria BC. This 1940's house has proven its quality with the test of time and along with additions over the years has become a very nice private home. A three bedroom home, updated bathroom with a soaker tub, a large bright kitchen with an eating area, vinyl thermal windows, wood burning fireplace (chimney has been cleaned), spacious laundry/mud room, large SUNDECK, eleven year old roof. A place of piece and comfort with the bonus of a fenced in yard (pet friendly). Add to that the advantage of being very convenient to everything from seven minutes to Downtown to golf to the Military Base with parks and schools being a five minute walk and you have yourself a gem of urban housing in the unexpected metro Victoria area. Nicely priced and well situated. Offered at $405,000. Immediate possession is available. 

Canadian Forces - Esquimalt

I just finished uploading this Condominium for sale, 907 737 Humboldt Street, Victoria, BC

The Aria offers different floor plans. This suite is 1340 sq.ft. a generous size that sets it apart from much of the competition. The ultimate in luxury and location. This suite is located on the ninth floor. Two bedrooms plus a den. Facing South to the Olympic mountains, ocean, and Beacon Hill Park. surrounded by views of the Crystal Garden, Fairmont Empress Hotel, Royal BC Museum. St. Ann's Academy is a minute away. Located in the heart of Humboldt Valley, downtown Victoria. One of Victoria's newest and most luxurious condominiums.

The architecture combines traditional links to historic Victoria with a contemporary design creating a new expression in urban downtown elegance. The exterior is finished in brick and concrete with low e glazed windows including Rainscreen Technology for complete weather protection.

Recessed corner balconies designed to take advantage of the surrounding parks and waterfront will create a myriad of magical shapes with shadows and light. The main entrance lobby is situated amidst residential amenity and commercial spaces. Pedestrian walkways and promenade provide easy access to everything or an opportunity to stroll leisurely and ponder the day or evening as it strikes you.

The Aria main entrance lobby is 25 ft. high with its water feature to the fitness centre, lounge / meeting space, ample owner and visitor parking and secure individual storage no detail has been left out.

There is a full time resident caretaker, 24-hour digital video surveillance of entry points, video interphone system and concierge service. Restricted floor access for elevators, secured brightly lit underground parking with remote to activate access, touch key entry system in the lobby and common areas all add to the safety of the residents.

I just sold this executive House at 1530 York Place, Oak Bay, Victoria, BC.  Great Oak Bay location offering Oak Bay Village just around the corner.

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