Surprising summer sales for Victoria and area real estate

 

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

681 properties sold in the region in the month of July 2014, compared to 583 last year in July - an increase of nearly 17%. June 2014 saw 680 sales.

When compared with year-to-date sales in 2013, 2014 shows a 10% increase.

"I think the activity in July has surprised a few people," Victoria Real Estate Board President Tim Ayres says. "Traditionally the summer market is slower than the spring, but numbers are tracking closely to March and April sales this year. Last year sales in July were 12% lower than in June - and June was the peak of the market in 2013. This year we see slightly more sales in July than in June. This is the first year since 2003 that July numbers have beaten June."

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core area in July was $562,000 - 2% higher than last year's average value for the same home - $550,900.

"I'm looking forward to August numbers. With the diverse inventory on the market, stable pricing and the reasonable interest rates," adds President Ayres, "I think the busy sales season could last into fall."

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the July 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.

About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs intended to enhance the professionalism and community standing of REALTORS®. More than 1,200 local REALTORS® are currently members of the Victoria Real Estate Board.

A good time to buy or sell in Victoria as steady market conditions continue to create a balanced market. 

July 2, 2014, Victoria BC – The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for June 2014. 

680 properties sold in the region in the month of June 2014 compared to 664 in June 2013 – an increase of 2.4% year over year. Compared to last month in May, there were 5% less sales, which follows a common seasonal trend as summer approaches. Compared to 2013, 2014 shows an 8.9% increase in year-to-date sales.

“We continue to see slow and steady growth in our overall sales numbers,” Victoria Real Estate Board President Tim Ayres says. “May and June represent the top two sales months we have seen since spring 2010.”

 “Once again we see balanced market conditions in June – as we did in March, April, and May this year,” adds President Ayres. “Market conditions track the ratio of sales to available inventory and indicate supply and demand. A balanced market is advantageous to sellers and buyers – pricing is more stable and predictable and there is less pressure on price either way.” 

The MLS® Home Price Index benchmark value for single family homes in the Victoria Core area for June is $556,200, which represents an increase in value of 1.8% over last year. The most common price range for single family homes in the entire region is $400,000 - $600,000. 48% of sales in June were in this range.

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the June 2014 report and the MLS® HPI is available from the Victoria Real Estate Board. 

About VREB - The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry. 

Spring sales continue to rise in the Victoria market

June 2, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for May 2014.

714 properties sold in the region in the month of May 2014 compared to 659 in May 2013 - an increase of over 8% year over year. Compared to last month in April, there were 7.5% more sales.

"We are pleased to see sales numbers continue to rise," Victoria Real Estate Board President Tim Ayres says. "The last time we saw this many sales in a month was in 2010, which was also the last time we saw a busy market. The increase may be attributed to the extended period of low mortgage rates we are seeing, and to the great diversity of properties currently available. We saw 19 single family homes sell for over one million dollars this month, and we saw 29 single family homes sell for under $350,000. The market has something for every home buyer right now."

In May 2013 the MLS® Home Price Index benchmark price for a single family home in Greater Victoria was $493,600. This year in May the benchmark home value reached $498,500 - a modest 1% increase year over year. The Peninsula benchmark home value saw a 0.7% increase while the Westshore saw a very minor decrease of 0.1%. Townhouses in Greater Victoria show the most noteworthy change with an increase of 4.2% year over year.

"We're seeing a modest increase in property values overall in the Victoria area" adds President Ayres, "and the balanced conditions we talked about last month are still in place, which means a steady, predictable market."

 

Victoria Real Estate is on track and ready for spring

The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for April 2014.

664 properties sold in the month of April 2014, compared to 615 in April 2013 - an increase of nearly 8% year over year. Compared to last month in March, there were 15.5% more sales.

New inventory came on to the market; with almost 9% more new listings than last month, which creates more choice for buyers. And though the total inventory level was higher than last month, it was still 4% lower than this time last year - approximately 180 fewer listings.

"We're at an interesting time of the year for local real estate; spring is traditionally a busy season and I think the market is headed in the right direction," Victoria Real Estate Board President Tim Ayres says. "I think people are watching numbers closely to see where house values are going and where demand is headed. But people waiting for a large change are going to be disappointed, because we see a steady market. Pricing is stable, inventory is at a good level, and we're in balanced market territory which is good for both buyers and sellers."

Current MLS® Home Price Index benchmark prices were relatively flat across the region. Single Family homes on the Peninsula showed the largest change in benchmark price with a drop of 2% compared to last year, while the Westshore showed the largest increase with 1.2% compared to last year. Greater Victoria condo benchmark pricing was down 0.5% from last year, but the value in the same area for townhouses increased by 2.4%.

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the April 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.

About VREB - The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry.

XX1

 

 April 1, 2014  

March 2014 real estate activity in Victoria  

The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for March 2014.  
575 properties sold in the month of March 2014, compared to 483 in March 2013 – an increase of nearly 20% year over year. However, the average sales for the month of March over the past five years is 607 properties per month, so though 2014 is stronger than the year previous, sales have not yet returned to the longer term average.  

Victoria Real Estate Board President Tim Ayres says, “This time last year sales weren’t outstanding – the market was sluggish. Tightened mortgage amortization rules resulted in slower sales as buyers adjusted to the new requirements. Property values were stable, but inventory didn’t move quickly. This year we see more sales than last March.” 

The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on property values. The MLS® HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Through the analysis of ten years of Victoria Real Estate Board MLS® sales data, the MLS® HPI defined benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.  

Current MLS® HPI composite (inclusive of all single family homes, condos and townhomes sales) for the Victoria Real Estate Board area is 139.3 – compared to 139.1 this time last year. While these overall numbers indicate little change in the last 12 months, some areas have changed more than others. Local REALTORS® can interpret what this means to specific neighbourhoods in the region.  

President Tim Ayres explains what this means to the local market, “The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market.” 

 

575 properties sold in the month of March 2014, compared to 483 in March 2013 – an increase of nearly 20% year over year. However, the average sales for the month of March over the past five years is 607 properties per month, so though 2014 is stronger than the year previous, sales have not yet returned to the longer term average.  
Victoria Real Estate Board President Tim Ayres says, “This time last year sales weren’t outstanding – the market was sluggish. Tightened mortgage amortization rules resulted in slower sales as buyers adjusted to the new requirements. Property values were stable, but inventory didn’t move quickly. This year we see more sales than last March.” 

The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on property values. The MLS® HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Through the analysis of ten years of Victoria Real Estate Board MLS® sales data, the MLS® HPI defined benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.  

Current MLS® HPI composite (inclusive of all single family homes, condos and townhomes sales) for the Victoria Real Estate Board area is 139.3 – compared to 139.1 this time last year. While these overall numbers indicate little change in the last 12 months, some areas have changed more than others. Local REALTORS® can interpret what this means to specific neighbourhoods in the region.  

President Tim Ayres explains what this means to the local market, “The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market.” 

 

Victoria Real Estate Board President Tim Ayres says, “This time last year sales weren’t outstanding – the market was sluggish. Tightened mortgage amortization rules resulted in slower sales as buyers adjusted to the new requirements. Property values were stable, but inventory didn’t move quickly. This year we see more sales than last March.” 
The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on property values. The MLS® HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Through the analysis of ten years of Victoria Real Estate Board MLS® sales data, the MLS® HPI defined benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.  

Current MLS® HPI composite (inclusive of all single family homes, condos and townhomes sales) for the Victoria Real Estate Board area is 139.3 – compared to 139.1 this time last year. While these overall numbers indicate little change in the last 12 months, some areas have changed more than others. Local REALTORS® can interpret what this means to specific neighbourhoods in the region.  

President Tim Ayres explains what this means to the local market, “The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market.” 

 

The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on property values. The MLS® HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Through the analysis of ten years of Victoria Real Estate Board MLS® sales data, the MLS® HPI defined benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.  
Current MLS® HPI composite (inclusive of all single family homes, condos and townhomes sales) for the Victoria Real Estate Board area is 139.3 – compared to 139.1 this time last year. While these overall numbers indicate little change in the last 12 months, some areas have changed more than others. Local REALTORS® can interpret what this means to specific neighbourhoods in the region.  

President Tim Ayres explains what this means to the local market, “The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market.” 

 

Current MLS® HPI composite (inclusive of all single family homes, condos and townhomes sales) for the Victoria Real Estate Board area is 139.3 – compared to 139.1 this time last year. While these overall numbers indicate little change in the last 12 months, some areas have changed more than others. Local REALTORS® can interpret what this means to specific neighbourhoods in the region.  
President Tim Ayres explains what this means to the local market, “The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market.” 

 

President Tim Ayres explains what this means to the local market, “The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market.” 

 

FOR IMMEDIATE RELEASE

February 3, 2014

JANUARY REAL ESTATE MARKET STARTS ON SOLID GROUND

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               

 

VICTORIA, BC – Victoria’s real estate market had a solid start in January, re-establishing momentum after the holiday season.

Total MLS® sales in January were 342, a 16.3% increase over January 2013 when 294 units sold. January sales were close to the 355 sales reported to the Victoria Real Estate Board (VREB) in December 2013.

2014 VREB President, Tim Ayres cautioned, “While we’re pleased with the number of sales this January and the percentage increases over January 2013, it’s important to remember that the market last January was restrained under tightened mortgage amortization rules imposed in July 2012.”

The MLS® HPI single family home benchmark price for the entire Greater Victoria region was $481,200 in January, a 1.7% decrease when compared to the January 2013 value of $489,400.

“Market activity increased as the month progressed,” notes Ayres. “With REALTORS® reporting that attractively-priced and well-presented properties are moving quickly.”

At the regional level, the MLS® HPI benchmark price for the single family benchmark home in the Core municipalities was $546,300, an increase of 0.6% over the previous month and a 0.5% decrease over January 2013. In Westshore, the MLS® HPI benchmark price for the single family benchmark home was $404,800, virtually unchanged from December 2013 and a 1.5 per cent decrease compared with January 2013. The MLS® HPI benchmark price for the single family benchmark home on the Peninsula was $497,200 for January, a decrease of 0.5% over the previous month and a 4.9% decrease year-over-year.

There were 3,489 active listings at the end of January, a 10% decrease over January 2013. “Available inventory slowly declined for most of 2013,” says Ayres. “We will continue to monitor this trend and the impact on the market as 2014 unfolds.”

There were 92 condominium sales in January 2014, the same as December 2013 and 81 in January 2013. The region-wide MLS® HPI benchmark price in January for condos was $276,800, down 1.7% from $281,600 from one year ago.

For townhomes, 30 sold in January compared to 32 in December 2013 and 40 in January 2013. The region-wide MLS® HPI benchmark price for townhomes was $398,000, up 0.7% from $395,400 in January 2013.

Total waterfront single family homes sold in January:                      7
Total non-waterfront single family homes sold in January:            186
Total single family homes sold over $1 million in January:               10 (1 over $3 Million)

At the heart of the MLS® HPI is the concept of the “benchmark” home, a notional home that has the most common features of a typical home in a given area. The benchmark home does not represent any actual house, condominium or townhome, but merely provides an identical example to track changes in market value. There are separate benchmark houses, condominiums and townhomes in each distinct area of Greater Victoria, enabling the tracking of values on a variety of geographic levels.

For more information on the MLS® HPI benchmark prices and index values, visit www.vreb.org. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has more than 1,225 Members working in more than 80 Brokerages.

Sales Bostered By Proper Pricing in the Greater Victoria Market

Article linked below.

VREB Sept 2013

STRONGEST SUMMER IN FIVE YEARS FOR PROPERTY SALES IN GREATER VICTORIA

 

VICTORIA, BC–Summer-time real estate sales numbers were the best they’ve been in Greater Victoria in five years. There was a total of 1,787 sales in June, July and August.

 

On a monthly scale, total real estate sales in Greater Victoria were up 16.8 per cent in August 2013 over August 2012, the Victoria Real Estate Board reports. A total of 540 properties sold in August, finishing off a strong summer market.

 

“I’m very pleased with the August results. MLS® sales are strong and, with 4,593 active listings in all categories at month end, we remain on the cusp of a balanced market,” says Shelley Mann, President of the Victoria Real Estate Board.

 

The BC Real Estate Association defines a balanced market as when the ratio of sales to active listings is between 15 and 20 per cent. At month end, Victoria’s ratio for residential properties was 14 per cent.

 

There were 308 single family homes sold in August, an increase of 28.3 per cent over August 2012, while the median price of $529,950 is up less than one per cent year over year from $526,250. There were 125 condominium sales with a median price of $287,000 and 70 townhomes sold at a median price of $415,000.

 

“Overall, pricing remains flat and our provincial economist predicts the trend will continue for another year. That said, the year-over-year median price of condos is up 9.2 per cent and the median of townhomes is up 12.5 percent,” Mann says. “This will vary between neighbourhoods, which is why I always recommend that consumers consult a REALTOR® for local pricing.

 

“With interest rates starting to increase, many buyers are locking into preapproved mortgages. These consumers should be purchasing in the next three to four months, so I believe the market will remain steady,” Mann says.

 

Total Waterfront Single Family Dwellings sold:                      20, up 7 over August 2012

Total Non-waterfront Single Family Dwellings sold:          288, up 61 over August 2012

Single Family Dwellings sold over $1 million:                         17 (2 over $2 million)

 

August 2013, MLS® Real Estate Sales, and Average and Median Prices, Greater Victoria

 

	2013 - August			2013 - July			2012 - August
	No of Sales	Average Price $	Median Price $	No of Sales	Average Price $	Median Price $	No of Sales	Average Price $	Median Price $
SFD Gr. Victoria	258	592,939	540,000	309	596,445	529,500	215	590,843	530,000
SFD Other Areas	50	446,681	408,000	36	446,542	390,000	25	565,418	460,000
Total SFD All Areas	308	569,196	529,950	345	580,802	521,000	240	588,195	526,250
Condos	125	343,343	287,000	127	300,037	265,000	127	320,650	262,900
Townhomes	70	419,030	415,000	70	395,893	360,750	47	432,459	369,000
Mfd. Homes	16	86,638	65,000	17	203,765	118,750	16	131,069	106,450
TOTAL RESIDENTIAL	519			559			430
TOTAL SALES	540			583			462
ACTIVE LISTINGS	4,593			4,772			5,034

SFD = Single-family Dwelling

 

August 2013, MLS® Real Estate Sales and Six-Month Average Prices over July 2013

* All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island.

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,222 Members. 

 

Please click on the link for a full report in pdf format.

VREB 07.13

I was pretty excited when I heard KISS was coming to Victoria.  I've been a fan of their music for a long time and they were the first big concert I ever saw, during the Hot In The Shade Tour of 1990.  I'd never seen anything like it.  They had a floor to ceiling Sphinx and all kinds of special effects and pyrotechnics.   I left that concert completely hoarse and my ears were ringing for days.  I was awestruck.

There was never a question that I was taking my wife to see KISS in Victoria.  My wife wasn't so sure.  She didn't know much about KISS music, or so she thought.  I told her she would be surprised how many songs she knew - and I was right.  

My wife and I hate sitting at concerts - or more to the point - hate the complaints from those sitting behind you when you stand up to dance along to a good song.  So we've been buying floor tickets for years to enjoy the ability to stand up, dance around, shove our way to the stage if we want, etc.  My wife is short but most bands have great visual displays so she doesn't miss the action.  I knew this concert would sell out quickly so I joined the KISS Army (fan club) to take advantage of the early sales and ensure I would get the coveted floor tickets.  

We arrived at the arena and stood in the long line to get in, soaking up the KISS culture and fans with great makeup.  Once inside, half hour later, we waited in separate line ups for T-shirts and beer while the opening band was playing.  It amazes me how inefficient the service is at this and any venue I have been too.  45 minutes for a beer!  Come on!  Anway, we got our T-shirts and drinks just in time to see the last song of the opening act.  

I was really unhappy to see the seats on the floor.  I had no idea.  But this was replaced with sheer bliss when I looked at my tickets and saw Row 1, Seats 40 & 41.  Front row, just off the to right of the stage.  We couldn't ask for anything better.  We were right up at the front and no one was pushing us around.  Awesome!  No one expected us to sit in our chairs either.

Why is my leg getting wet?  What?  My beer is leaking!  I waited that long in line for a beer and it's leaking!  Had no choice but to guzzle it and go for another.  Another 45 minute line up that is...  Chatting with people around us in the line up, all worried we were going to miss the opening of the main act.  And we did, by a few minutes.  Managed to get back to the front for the last half of the first song.  But, seriously, how hard is it to pour and sell beer quickly.  Someone needs to put me in charge of this.  I just moved and managed to sell three properties during my move, I think I can handle a beer lineup.

I don't know how anyone could stay seated at a KISS concert.  Paul Stanley knows what I'm talking about.  Here's a video of him stopping near the end of Say Yeah and telling the crowd to stand up if they believe in Rock And Roll!   http://youtu.be/VYmzZaSZMRw

I remember back to that concert in 1990 and how Paul and Gene would throw guitar picks out into the audience.  That hasn't changed, picks were flying everywhere.  I looked at my wife as Paul Stanley was walking up to us and said "you have to get me a pick".  I love my wife for this, she pulled down the top of her dress and gave him something to shoot at.  He tried a few times, missing, and then sat down on the edge of the stage to keep trying.  I managed to catch a wayward pick but didn't let either of them know.   Keep shooting, Paul, this is golden.  He never did land one in the coveted cleavage but I still walked away with my momento.  

Apparently Paul was impressed with my wife.  They had a moment when I went for another beer.  He showed her his moves and that his tongue is nearly as good as Gene's.  

My wife is now a KISS fan.  She puts it best, "I've been KISS'd".

What a great band.  I'm so happy they came to Victoria.  Come back, anytime, and we'll Rock And Roll All Nite.  http://youtu.be/ZhNk6NdzVhA

 

GREATER VICTORIA REAL ESTATE MARKET REBOUNDS IN SECOND QUARTER 

I moved from a house to a condo this year.  I haven't had to mow a lawn once in 2013.  I haven't had to pull a weed.  I hate weeds - really, really hate them.   With the extra time I have in the condo, time previously spent in my garden or maintaining all the little projects with house ownership, I have pondered the war I waged and lost with weeds and dandelions.  

I've always been environmentally respectful.  I didn't use week killer for the dandelions on the lawn.  I'd pluck them out with my garden claw, smartly choosing to do so after a rain so the Gordon Head clay would give me an extra inch of root.  But no matter what you do, it is a losing battle.  So please join in raising the white flag.  You win, dandelion - well played.  

It will feel very rewarding when you finally give up on the already lost battle.  No more chemicals sprinkled around like fairy dust on your immaculately coiffed green pelt, trickling into our streams and oceans, tracked inside on your pets' paws (to be licked off later), no more inhaling the toxic fumes.  Studies are underway worldwide looking at the harmful effects of our common weedkillers - harmful to humans, pets, marine life, and more.  So why do we do it?  Is a perfect lawn that necessary?  Shouldn't we grow a vegetable garden instead?  Look at what Switzerland is doing...


 
Makes me hungry just looking at it.  Having a sustaining vegetable and fresh fruit garden is much more rewarding than a perfect lawn anyday.  And it will stop you from wasting fertilizer, gas, time, poisons, and energy on a useless patch of grass.

Remember when we were kids and dandelions were considered flowers, playfully plucked from someone's imperfect lawn and handed to your mother as a doting gift?  And how she would clutch those dandelions like you had just given her a dozen roses?   Why can't we find them beautiful now?  

From this moment forward, I'm making the mental decision to consider dandelions beautiful.  They are starting to come out in blankets among the high grasses of Beacon Hill park and they do look as nice as the early spring wildlowers.  I may even start picking them up and blowing the dry seeds around like bubbles again, just for the hell of it (and to spread the seeds around until it makes more people raise the white flag).

Not only are they beautiful, they are nutritious.  Now, I've never eaten one.  I've had a chamomile tea with a dandelion component.  But there is a lot of data documenting their abundance in vitamins, minerals, and antioxidants.  Not only should we find them beautiful, we should find them delicious!  Here's a good article on eating dandelions.    http://www.care2.com/greenliving/eating-dandelions.html

Wrapping up, how about I leave you with an incredibly beautiful photo.  Have a great summer, everyone.  Don't sweat the small stuff, like dandelions.



 

http://www.realtorlink.ca/portal/server.pt/document/3655435/2013-05_vreb_statistics__statistical_news_release

GREATER VICTORIA RESIDENTIAL REAL ESTATE
TRANSITIONS TO A BALANCED MARKET

Weighing in on the best April since 2010, Shelley Mann, President of the Victoria Real Estate Board, is cautiously optimistic that the Greater Victoria is back into a balanced market. 

“Consumer confidence is increasing,” Mann says. “Our total number of sales for April is 615, a 5% increase compared to April 2012 with 586 sales. On the residential side, more properties are selling, and slightly fewer are entering the market, so we are moving from a buyers’ market to more balanced market conditions.” 

Mann’s cautions that one month doesn’t indicate a market trend, but is encouraged by increased showings by REALTORS®, the number of sales, and comments from other REALTORS® about multiple offers on properties. 

Prices remained relatively flat, as predicted by Cameron Muir, Chief Economist of the BC Real Estate Association. There were 367 single family homes sold in April at a median price of $540,000, a 16% increase of homes sold over April 2012. Condominium sales were 149 at a median price of $265,000 and with 62 townhomes sold at a median price of $415,450. There are 4,585 active listings. 

Total Waterfront Single Family Dwellings sold: 15, up 2 over April 2012 
Total Non-waterfront Single Family Dwellings sold: 352, up 36 over April 2012 
Single Family Dwellings sold over $1 million: 30 (5 over $2 million) 


While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®.

I think REALTORS® get a bad rap.  I don't think the public understands how hard we work to make it in this industry.  It's a job that requires your attention every day, every waking hour and minute.  I don't get regular days or weekends off.  I haven't had a summer vacation in 7 years.

I also don't get sick days.  In 2008, I had a severe case of Bell's palsy and had to work through it.  I was slurring my words and in significant facial pain but I remember selling a house during the worst week of it.  The first call I had from the buying agent, I had to state that I wasn't drunk in the afternoon, my lips just weren't cooperating.

Two and a half weeks ago, I came down with my first ear infection - ever!  It was a weird thing as I have never had them as a child either.  I just woke up with it on a Saturday.  I couldn't understand why I was deaf and in so much pain.  I went to a walk in clinic and got started on antibiotics.  Days later it was worse.  I wasn't sleeping.  The pain was immense and barely controlled by over the counter pain relief.  My ear was throbbing and ringing.  And then I got the symptoms I experienced pre-Bell's palsy in 2008 - my hair on the right side felt like it was on fire and my jaw was aching like I had a horrible tooth infection.  My doctor put me on stronger antibiotics and steroids and antivirals, the cocktail all Bell's palsy patients get.  Luckily, this time the palsy didn't happen but I think I just dodged a bullet.

Now I'm on my third course of antibiotics and my ear is still plugged, but far less painful.  During this time I have worked on 3 very demanding offers and started a new listing.   Two of the offers tanked and that work was for nothing.  

REALTORS® do a ton of work for nothing!  That's right, for free.  We only get paid if the deal completes.  An agent called me yesterday, to book a viewing on my listing, and was venting about a buyer that she was working with for two years.  The buyer just wouldn't get off the fence and commit to a purchase.  I didn't tell her that I had her beat.  I've been working with a couple for six years now.  I'm a patient guy.   I don't like to rush my sellers or buyers into the biggest decision they may ever make.  Financial motivation doesn't play into the equation.

I'm losing a listing in a condo complex.  I've worked incredibly hard  to sell this condo but the complex has issues with water ingress and substantial special assessments over the next 5 years.  Nothing has sold there since 2011.  Five condos are listed and I was the only one having any sort of luck at all.  When I mentioned to the seller that I had $1000 invested already, he said, "that's why you get paid so well when things sell".  I was aghast.  Why are people so hard on this profession?  In addition to the financial burden, I have put over 100 hours of work on this listing.  I had open houses once or twice each weekend.  I would drop everything to show it to a prospective buyer on a moment's notice.  I'd come close to offers three times, but this potential was thwarted by other issues (no pets, no rentals, and an antiquated flooring bylaw not allowing laminate being the biggest).  

What makes the public so quick to throw away our time, money, and effort?   I don't get it.   Allow me to let you in on a little industry secret - if it is priced right, it will sell.  Assuming that you have decent photos, accurate representation, and an agent that answers all calls and queries quickly, it boils down to price.  

Last month, I interviewed for a listing in Strawberry Vale and the seller had been on and off the market since 2004.  She's had 12 LISTINGS AND 11 AGENTS!  Can you believe it?  And, more often than not, she relists it is for a higher price each time!  I told her what price the house should be listed at to sell and she said: "Oh, no, it's worth much more than that.  I can't list with you."  I didn't want it anyway.  Assuming the other agents advertise like I do, she has already wasted $12,000 of someone else's money to try and sell her overpriced house.  

So next time you are giving real estate agents a bad rap, remember that we do a lot of work for no pay at all.  We spend our dollars, not yours, with hopes that you will sell or buy your property while working with us.  We work every day with no regular days off. We are slaves to our phones and computers in this time sensitive industry.  So give us a break won't you?  And if your agent is doing everything they can to sell your listing but it isn't happening - relist at a better price with the same agent.  They deserve that basic amount of respect.   

MARKET ACTIVITY FOLLOWS TRADITIONAL REAL ESTATE CYCLE IN GREATER VICTORIA

VICTORIA, BC–Greater Victoria’s real estate market is following tradition with a spring upswing in activities with month-over-month increases in showings, new listings and total sales. 

 

The Victoria Real Estate Board reports a total of 483 sales processed through the Multiple Listing Service (MLS®) system in March 2013, an increase of 23% over the previous month. Sales figures are 15% lower than March 2012’s 570 sales.

 

“The market continues to unfold as predicted,” says Shelley Mann, President of the Board. “March resulted in the highest number of sales since July 2012 when the lending rules changed. With sales below the historical norm, there is potential pent-up consumer demand developing in the market. We expect quarterly activity to increase over the next two quarters.

 

“The real estate market peaked in 2008, and then the market adjusted during the global economic crisis. The first six months of 2012 were reasonably strong, and then mortgage amortization rules changed in July. The revised lending rules affected buyers’ abilities to qualify for mortgages and we are still feeling those effects on the market,” Mann explains.

 

“With different lending rules in effect, it is challenging to compare the first six months of 2013 with 2012,” she adds.

 

The median price of a single-family home is $510,777 compared to $555,000 in March 2012, a decrease of 8%. The six-month average shows a decrease of less than one percent month-over-month. Annual differences are skewed by four single-family home sales over $2 million in March 2012.

 

There were 121 condominium sales in March, with a median price of $265,000 – down 3.3% year-over-year and 2% over last month. Townhouses saw increased sales in the past month with a median price of $384,450, an increase of 2.86% year-over-year and 13.91% since February 2013. Current active listings at the end of March were 4,333.

 

Total Waterfront Single Family Dwellings sold:                     13, down 1 over March 2012

Total Non-waterfront Single Family Dwellings sold:          264, down 47 sales from March 2012

Single Family Dwellings sold over $1 million:                                         15 (1 over $2 million)

 

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®.

SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC

The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in single-family homes and condominiums. Compared to February 2012, sales were down by 18.26%.

Shelley Mann, President of the Board, says it’s more important to look at monthly trends and compare monthly buying behaviour year-over-year. “The trend lines for November, December and January are the same for the last three years. “We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 2-4% sales increase in 2013,” Mann says. “The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern regarding the value of their homes,” Mann says. “However, if a house is priced properly, within the market value range, it will likely sell more quickly.”

The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month. “In other words, no change,” Mann adds.

There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 2013.

Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% year-over-year and 10.82% since January 2013.

Current active listings at the end of February were 4,072. 

Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012 

Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012 

Single Family Dwellings sold over $1 million: 11 (3 over $2 million) 

As many of you know, I recently moved from Gordon Head to James Bay.  Don't get me wrong, I loved Gordon Head.  It still only took me 20 minutes to walk to the beach, which is somewhere I really like to be.  But James Bay has been surprising me daily with its wonderful beach walk and friendly people.

Last week we met Mitzy, a sweet little dog from Victoria Adoptables.  My wife and I were sitting on the bench when Mitzy came over to check us out.  She is a really small dog, maybe a chihahua/dachshund cross.  I tried to pet her but she was skittish and dodged away.  Until her caretaker explained that Mitzy had been in their care for two years and they were trying to teach her to trust people again.  She said Mitzy could sense we were good people.  So she gave us each a treat to give Mitzy and we got to pet her a bit.  

My friend from Barrie, Ontario, just visited this past weekend and we walked the beach almost daily.  This was the first time I've attempted to scale the rocks all the way from the breakwater to Clover point but I did it.  A couple of sections were dicey but I didn't drop the 10 feet to the frigid waters below so...  As we rounded one point, there was a party on the beach with a DJ, people dancing - what?  Another random but wonderful Victoria moment was unfolding.  We found out it was someone's 63rd birthday party.  We stayed and hung out, the weather was great and the music and vibes too.  What a great way to spend your birthday!  Only in Victoria could something like this occur so spontaneously, so peacefully, and not get shut down.  My friend and I returned that night and the party was still going with a cool light show and DJ's alternating every hour.  

No matter how long I live here, I still get surprised and my love for Victoria gets rekindled to a brighter flame than before. We are so lucky to live here.

Photos from February and the party can be seen on my I Love Victoria Facebook page (www.facebook.com/welovevictoria).  I don't like posting photos on my realty site as it limits the size and quality.  I've posted a link to the photos below.  Become a fan of the page if you haven't already.  I share a lot of photos from great photographers who use Victoria as their muse.  K

http://www.facebook.com/photo.php?fbid=418067334952544&set=a.418067331619211.95934.113649412061006&type=3&theater 

I am driving every day, it comes with the job.  However, I am far from an aggressive driver.  I actually chauffeured a BC Transit driver around to look at several properties and he commented on how good a driver I was. That seemed like a qualified endorsement for my good driving.  I haven't had  a speeding ticket enforced since coming to Victoria.  More on the "enforced" part of that statement later.

A few days ago, I was driving down the right lane of Pandora street with my wife when a van merged from the left lane and cut off the small red car in front of me.  The van obviously realized, a bit late, that  he needed to turn right on Blanshard.  I was carrying on straight so I pulled into the left lane, so did the red car in front of me.  We both accelerated fast, I was trying to make the green light and I thought the red car was doing the same.  But the red car slammed on his brakes, with a clear lane and a green light in front of him.  I had to slam on the brakes and lean on my horn.  The male driver of the red car had stopped across from the van to yell at the van's driver!  I almost rear ended the red car - so close!  He had a passenger in the rear seat and I think it was a kid.  I couldn't believe it.  Was it worth it?  Did he even realize that he almost caused an accident and potential injuries to his passengers?  I don't think so - he was blinded by rage at that point.  That accident would have been fun to try and explain to ICBC.  

My favourite part of Victoria is the pace of life here.  Having traveled to many small islands in the tropics, I love the "No Problem" mantra and easy going lifestyle that comes from living on islands.  It's contagious!  When I first moved here from Vancouver, John Denver's "Country Roads" kept playing over and over in my head each time I got into the driver's seat. 10 years later, I still enjoy driving here but I'm seeing too much road rage creep into our easy going commutes.   The best bumper sticker I have ever seen said: "Slow Down! This Isn't The Mainland!"  I couldn't believe it when I signaled for a lane change and the traffic would open up to let me in.  What?  That would never happen in Vancouver.  

So this is your friendly reminder to drive safe and be courteous.  Let you island pride shine.  Let someone in when they are changing lanes, even if it is a hasty decision to do so.  Let a pedestrian cross, even if there is no crosswalk.  If you get cut off, shrug it off.  Don't flip anyone the bird or yell at them - take a deep breath and get over it.  Is that really such a hard thing to do?   Don't be in such a rush - you'll get there when you get there.  

Ok, so I almost got a speeding ticket when I first moved here.  I was driving to the ferry and taking West Saanich road because I like the country drive.  I merged onto the highway at Beacon Ave in Sidney.  Doing the speed limit, I could not get out of the fast lane because so many aggressive drivers were passing me on the right.  It was crazy, it was dangerous, and it was all in front of a cop on the side of the road at McDonald park.  Yay!  This is one of those things you dream about, a cop when you are surrounded by speeders that you want to get caught.  She pulled me over.  I lost my island cool that day and so did my wife.  We yelled at the cop as soon as she approached us.  It didn't go over well and she spun on her heel, went back to her car, and said I could argue it in court if I wanted.  I got off on a technicality, they booked my court date for a date I had told them in advance I would be out of the country.  I wasn't speeding anyway.  I had a reservation for the ferry and had tons of time.  I plan my driving life that way, to never be in a big rush.  

So slow down, Victoria.  Make the tourists and Lower Mainland visitors slow down with you.  Don't let anyone push you into driving aggressively.  This is the island, not the mainland.  

SALES DOWN BUT PRICES HOLD IN GREATER VICTORIA REAL ESTATE MARKET

 

VICTORIA, BC–A slow start to the year in Victoria’s real estate market is evidence that buyers are continuing to wait for prices to drop. Although January 2013 sales are 27% lower than January 2012, the six-month average price for a Greater Victoria home is only down 1% for the same period.

 

“We are realistic and sales are not what we would like to see,” says Shelley Mann, President of Victoria Real Estate Board. “But there are many stories within the market. This week, three houses sold in Sidney that were all newly listed and they sold for over asking price.”

 

Mann adds that she’s spoken to several local REALTORS® who have clients who want to buy, but they are looking for good houses with quality amenities. “One Member told me that he has several potential buyers, but they can’t find anything they like.”

 

In January, 294 houses sold, compared to 372 in January 2012. The median price of a single family home is $482,500 compared to $522,000, a decline of 7.6.%. The six-month average shows a 1.4% decline, year-over-year, but less than one percent over last month.

 

“My basic message is that sales are down, prices are flat and our provincial economist is predicting 2013 will be a transition year,” Mann says. “He believes the economic fundamentals are strong, and as a result the sales volume will increase 4% this year over 2012, but prices will remain flat.”

 

Current active listings are 3,870. There were 81 condominium sales in January, a 24.6% increase over December 2012, while the median price of $238,350 is down 12.1% year-over-year. Townhouses saw increased sales in the past month and a median price of $382,000, up 4.7% year-over-year.

 

Total Waterfront Single Family Dwellings sold:                    9, up 5 over January 2012

Total Non-waterfront Single Family Dwellings sold:          144, down 43 sales from January 2012

Single Family Dwellings sold over $1 million:                         3 (1 over $2 million)

 

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®.