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.

I just sold this House at 941 Foul Bay Road, Victoria, BC .

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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! 

I just sold this House at 2535 Wentwich Road, Victoria, BC .

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I just finished uploading this Condominium for sale, #207 - 2277 Oak Bay Ave, Oak Bay, Victoria, BC

'The Hamilton' is a well established, mature concrete building and yet this condo is as though it were brand new because it was just designer refurbished! Oak Bay Village is at your doorstep and no stairs to deal with - this is the condo you will compare everything else to. It is the perfect example of quality, taste, and convenience equalling elegance. New Kitchen Aid Stainless Steel appliances, Hunter Douglas 'Silhouette' window coverings. Secure underground parking...location is everything!

I just finished uploading this House for sale, 1094 Donwood Drive, Saanich East,Victoria,BC, Canada

Wonderful 4.94 acre estate offering park like lawns that gently slope towards a lovely pond and the woods of Blenkinsop Valley. The property contains a superb, impeccably built 3,600 square foot "log" home. A 2,560 square foot, 2-level, fully equiped 4-stall barn, large separate garage and double carport. This really is a dream "Broadmead" estate offering wonderful views of Mt. Doug and the valley, ideally situated just minutes from town, yet in a unique rural setting. Call for full details!

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.

I just sold this House at 586 Michael Place, Victoria, Highlands, BC .

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I just finished uploading this Condominium for sale, A-507 389 Tyee Rd, Victoria West, BC

DOCKSIDE GREEN - SYNERGY is the name of the building! Targeting the LEED Platinum Certification, award-winning Busby Perkins + Will Architects and the entire team at Windmill Developments have researched the latest innovations in green building technology.  Interior Finishing Upgrade. Granite Kitchen and bathroom coutertops, wood cabinetry, bamboo flooring, porcelain tile back splash...Plan C. One bedroom plus TECH NOOK. TOP Floor (of 5 floors - the smaller building of the two) Views towards the Gorge Waterway from the balcony. An open elegant design. Harbour front living and only minutes from downtown. 'Residents only' gym! Launch your kayak and paddle around...bike along the magnificent Galloping Goose Trail.

I just finished uploading this House for sale, 2385 Zela Rd, Oak Bay, BC

A rare find in South Oak Bay! Beautiful character home with 9 ft. ceilings, built in 2005 and situated on a terrific level lot. Well designed two storey family home PLUS ARXX basement construction (insulated concrete) w/8 ft. ceiling height . Hardwood floors, oak & mahogany blinds, Open kitchen concept with a granite island countertop, gas fireplace in the family room which leads to the Southwest facing fenced, private rear yard, garage. Walk to Windsor Park, Schools & Oak Bay Marina.

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)