Greater Victoria and Vancouver Island Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

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Current Market Stats from the Victoria Real Estate Board

Sept. 19, 2022

This week in the real estate news, Older Homes & More!

WHAT TO WATCH FOR WHEN VIEWING OLDER HOMES

Buying an older property definitely has its advantages. The neighbourhood will already be well-established, so you’ll be able to get a sense of the community. The trees will be grown. The area will have a defined character. This combination of an older home and established community may be something you like, or even love.

However, when you’re viewing an older home for sale, there are a few extra things you need to be sure to check. Here are the most important:

Needed replacements. Nothing lasts forever. In any home, there are items that will eventually need to be replaced. The most common include roofing shingles, furnace, water heater, air conditioner, windows, deck, and fencing. When viewing an older property, ask about the age of each of these items. You’ll get an idea of probable upcoming replacement expenses.

Building issues. Homes were built differently decades ago than they are today. So, there may be issues that need to be addressed by a new owner. Some can be serious, such as water leakage and structural problems. Others, less so, such as old electrical outlets that need to be updated. If there are issues like these, they’ll likely be identified during the professional home inspection.

Drafts. Drafts are common in older homes. Of course, that doesn’t mean they shouldn’t be fixed. Even modest infiltration of air through an old window or door with worn weatherstripping could add hundreds of wasted dollars to your energy bill each year. Look for signs of drafts when viewing a home.

The good news is, the overwhelming majority of these issues can be fixed easily. Don’t let them dissuade you from buying an older home you otherwise like.

SEARCH HOMES FOR SALE VICTORIA & VANCOUVER ISLAND
HEADLINE HIGHLIGHTS


"Early signs" that Canada's housing market adjustment is ending: CREA

Housing supply crisis: Time for "alarm bells," says RE/MAX president

Canadian housing inventory drops below 10-year average

Canadian pandemic homebuyers have zero regrets, survey shows

Canadian households have lost billions in real estate cool-down

National Average Rents Climbed Nearly 17% in August, Topping the 2019 Peak: Report

Douglas Todd: In B.C., housing is like a religion

Gas stoves aren’t just bad for the environment. They pollute your indoor air, too

Falling housing prices may not be leading to widespread buyers' remorse the way you think

Canadian cities facing housing supply crisis, Re/Max report says

FP Answers: Pros and cons of fixed vs variable mortgages as borrowing rates rise


Posthaste: A third of Canadians worry about covering 'daily living expenses,' survey finds

WHAT IS MY HOME WORTH IN TODAY'S MARKET?
FOOD MOMENT

Love food? Me too!!

Click on the photo for this weeks selection.

Very Delicious Baby!

 

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QUESTIONS?

Have you ever had a question about real estate and struggled to find the answer?

Perhaps you Googled the question and got inundated with hundreds of pages of content, much of it unhelpful. Or, maybe you asked friends and neighbours and received conflicting answers.

It can be frustrating – especially when all you really want is an answer that’s accurate and relevant. For example, you might be wondering, “How much are homes going for in this area?”

The good news is, there is a source of information available that you’re going to find very helpful.

Me!

I have the latest data and insights into the local real estate market. So, when you have a question, I can usually get back to you with an answer that will be up-to-date and useful.

You don’t have to dig for information and then worry about whether it’s correct. Get in touch, I’m happy to provide you with the facts and advice you need.

Best regards,

Diana Winger eXp Realty

ON YOUR TEAM!

 
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Sept. 2, 2022

Less Pressure on Buyers in August in the Victoria Real Estate Market

 
VICTORIA REAL ESTATE BOARD MLS® STATISTICS

Less pressure on buyers in August in the Victoria real estate market

September 1, 2022  A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022. Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold. Sales of single family homes decreased 30.3 per cent from August 2021 with 249 sold.

"August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception," says Victoria Real Estate Board President Karen Dinnie-Smyth. "After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing." READ MORE
SINGLE FAMILY HOME % CHANGE FROM LAST MONTH
CONDO % CHANGE FROM LAST MONTH
SALE TO LISTING RATIO
WHAT IS HPI ?
SINGLE FAMILY HOME VALUES YEAR OVER YEAR
CONDO VALUES YEAR OVER YEAR
BENCHMARK PRICE OVER TIME
7 DAY MARKET WATCH VICTORIA REAL ESTATE
SEARCH MLS® LISTINGS VANCOUVER ISLAND
HEADLINE HIGHLIGHTS

One in four Canadian millennials believe they will never own a home, survey finds

Here's what to expect from Canada's real estate market as it cools this fall

Sean Cooper: What happens to a HELOC if the value of your home drops?

Which markets will be hardest hit by the housing slowdown?

Where are interest rates headed for the rest of 2022?

Canada’s housing market appears to be cooling. Is this the right time to buy? 

Canadian home prices could drop up to 25% by early 2023: TD

17,000 new homes to be built as part of $2B plan to ease housing crunch, Trudeau says

Canada to fund 'rent-to-own' program under $2-billion housing plan

Posthaste: Bank of Canada could put rate hikes on pause after September, CIBC says

FIND OUT HOW MUCH IS YOUR HOME WORTH
MUSIC MOMENT

Love music? Here is this weeks selection. Very Groovy Baby!

Have an awesome weekend!
 

Diana Winger PREC | eXp Realty

CNE, SRS, SRES, ABR

HomeVictoria.com | 250-588-8839

Connecting People & Property

 
 
 

 
Aug. 26, 2022

Buy a Home Now or Wait?

HEADLINE HIGHLIGHTS - this week in the news

56% of Canadians say they can't keep pace with high cost of living, according to survey

 

Rate hikes will end sooner than markets think: Rosenberg

 

Canadian Home Prices Fall 5% in July, Down 23% Total From Market Peak

 

Canadian Housing Affordability Hits Worst Level In 30 Years

 

RBC cites two factors that will “protect against a full blown housing crash”

 

Should I Buy A Home Now Or Wait?

 

Bank of Canada will end its rate hike cycle at September meeting: CIBC strategist

 

Canada’s real estate market is slumping, but experts say it won’t crash — here’s why

 

B.C. still undecided on annual allowable rent increase for 2023, but commits to below inflation

 

Search MLS® Listings in Greater Victoria and Vancouver Island

 

 

Search MLS® Listings in Greater Victoria and Vancouver Island

 

Victoria Real Estate Board 7 Day Residential Market Watch

 

Victoria Real Estate Board Market Watch

 

5 Ways to Add Fun to the Selling Process

 

When you think about selling your property, do you dwell on the possible work and stress involved?

You’re not alone. Many homeowners share the same concerns. But it doesn’t have to be that way.

In fact, there are plenty of ways to add some fun, anticipation, and even a sense of adventure to the selling process. Here are just a few ideas:

  1. Plan fun things to do when your home is being shown. That can include walks, sports activities, or trying something you and your family have never done before.
  2. Declutter for your own benefit. Instead of thinking about decluttering as a chore required for the sale, focus instead on how much more comfortable your home will be after decluttering. Studies consistently show that less clutter reduces stress and increases a sense of well-being.
  3. Get everyone in your home anticipating the move in a positive way. Put pictures of your next home, including neighbourhood shots, on the fridge door. Sit together on the computer and explore your new neighbourhood’s features and amenities.
  4. Celebrate milestones in the selling process. For example, when you’re finished preparing your property for sale, go out to celebrate. Make a checklist of milestones and how you’ll celebrate each one.
  5. Get the help you need. A big part of the stress of selling is the anticipated work involved. Remember, you don’t have to do it all yourself. Much of what needs to be done can be handled by contractors and other professionals.

There are many other ways to make selling your home a positive and turbulent-free experience. Call today if you’d like more ideas and suggestions.

 

How to Determine the Best Features of your Home

What is it about your property that stands out? What will buyers like most about it?

What are your home’s most enticing characteristics? Answering those questions will help you determine which features to emphasize when selling your home. After all, you want buyers to notice and appreciate your property’s best attributes.

But here’s the challenge...

It can be difficult for homeowners to determine which features of their home are particularly desirable to buyers. After all, you live there! So, there might be a fantastic characteristic of your property that you’ve become so used to, that you don’t even realize its value.

One way to gain perspective is to ask friends, “What is it about our property that you like most? What stands out to you?” Ask them to be candid. Often, they’ll reveal characteristics about your home that may surprise you. You’ll definitely gain insights that will help you when listing.

Another technique is to compare your property to others in the neighbourhood. Buyers often target neighbourhoods, so realizing how your home stands out can be helpful when marketing it. For example, your property might have a larger backyard than most others on the street, or it might have a lot of recent upgrades.

Victoria Real Estate Property Value Realtor

Recycling, Reusing or Disposing of Electronics

The more sophisticated computers, laptops, tablets and smartphones become, the more they are reliant upon rare minerals and sometimes toxic chemicals to perform.

As consumers, it’s something we are not usually concerned about – until it’s time to dispose of them.

When that time comes, you might consider approaching local school organizations or community centres to see who might have a use for unwanted electronics, or contacting charity programs that collect outdated computers, tablets and cell phones for village schools in third-world countries.

If neither of those options is feasible, and you are convinced your devices will be of no use to others, consult with your local municipality to determine where and how to dispose of e-waste. They may have a program in place to safely dismantle and dispose of the equipment and could direct you to a drop-off site. You may also find that some local electronics retailers will accept old items for proper disposal, especially if you are a customer. Regardless of what you decide to do with old devices, make sure you have erased all personal data from the hard drive, memory chip and/or SIM card.

Is your home your most valuable asset?

 

If you’re like most people, your home is your most important investment. On the one hand, it’s a financial asset (and hopefully a growing one!) But, on the other hand, it plays a huge role in your overall lifestyle.

So, ideally, your home should be right for you from both a financial and lifestyle standpoint.

Is it?

That’s a question worth answering.

In fact, I recommend that my clients review the financial and lifestyle values of their property at least once a year. It’s helpful to know what your property is worth on today’s market and it’s absolutely vital to know if your home is still supporting the lifestyle you want. (For example, is it now too big or too small for your needs?)

I can help you with that analysis.

Give me a call. I’d be happy to arrange a visit and do an “Annual Checkup.” I can give you a good idea of what your home would likely sell for on today’s market - and help you determine the degree to which your home is fitting the lifestyle you want. Reach out to me anytime.

Best regards,

Diana Winger Personal Real Estate Corporation | eXp Realty

CNE, SRS, SRES, ABR

HomeVictoria.com | 250-588-8839

Connecting People & Property

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Aug. 11, 2022

Ottawa's new Tax-Free First Home Savings Account is coming: What you need to know

Ottawa's new Tax-Free First Home Savings Account is coming: What you need to know

Aug. 5, 2022

Speculation & Vacancy Tax adds more territory

Speculation & Vacancy Tax adds more territory

More news from the provincial government...

 

The Speculation and Vacancy Tax has been extended to additional regions.

 

The tax will now be implemented in the municipalities of North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay and Squamish.

 

For more information on the how and why of this extension, read the Minister of Finance's announcement here.

Aug. 4, 2022

Homebuyer Protection Plan BC

ICYMI: January 2023 - Homebuyer Protection Plan

Last week the provincial government announced the roll out of their Homebuyer Protection Plan (HPP). This new measure will begin January 2023. Your Board, the other provincial boards and BCREA will continue to work with the BC Financial Services Authority preparing for the introduction and implementation of the HPP.

 

Please note that we do not have full information regarding the roll out and application of the HPP at this time.

 

Per BCREA, here are the details that are currently available:

 

Deposit

if a deposit is held in trust, brokerages may release it upon rescission

rescission fee amount is provided to the seller

the balance (if any) is returned to the buyer, despite what may be provided in the contract. 

 

Exemptions and waivers

The HPP cannot be waived. Narrow exemptions include:

sales subject to a 21 of the Real Estate Development Marketing Act

sales of residential real property located on leased land

sales of leasehold interest in residential real estate

sales at auction

sales under a court order or supervision of a court

 

Defining residential real estate

The policy will apply to the following types of structures:

detached homes,

semi-detached homes,

townhouses,

apartments in a duplex or other multi-unit dwelling,

residential strata lots,

manufactured homes that are affixed to land, and

cooperative interests that include a right of use or occupation of a dwelling.

 

The HPP does not apply to presale properties already subject to a rescission period under the Real Estate Development Marketing Act.

 

Requirements to Inform Consumers

Licensees must provide general information on the HPP to all consumers through the Disclosure of Representation in Trading Services (prescribed content).

 

Service of Notice

Homebuyers must serve rescission notice on the seller in one of the following forms:

registered mail

fax

e-mail with read receipt

Personal service

 

Rescission Notice Content

Rescission notice must contain:

address, PID or description of the property

names and signature of the purchaser

name of the seller(s)

date of notice

 

Additional Disclosure

Licensees must also provide an additional mandatory disclosure at the time of preparing an offer on behalf of presenting an offer to a client, containing the following information:

the HPP cannot be waived,

the rescission period,

dollar amount of the rescission fee,

deposit handling, and

HPP exemptions.

 

Records Retention

Brokerages must retain a copy of a rescission notice that it prepares or receives (enables audit and reporting).

 

To learn more:

Ministry of Finance public announcement

Home Buyer Rescission Period Regulation Order in Council

Disclosure of certain clients of the right of rescission Order in Council

 

Source: Victoria Real Estate Board

Aug. 2, 2022

Shift in Victoria Real Estate market brings more time for buyers and sellers

Shift in Victoria Real Estate market brings more time for buyers and sellers

A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold.

"We’d previously indicated a shift in the local housing market,” said 2022 VREB President Karen Dinnie-Smyth. “This continued be the case in July as sales dipped, and we saw fewer listings come to the market, with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many.”

There were 2,162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 per cent compared to the previous month of June and a 70.2 per cent increase from the 1,270 active listings for sale at the end of July 2021.

“As a result of the higher interest rates and inflation occurring right now, we see fluctuations in price and availability,” adds President Dinnie-Smyth. “Values will rise and fall over time, and historically local real estate values slowly increase over time, which means despite month-to-month variations, if you are buying a home, you have a sound, long-term investment. We need to remember that people don’t buy and sell on a month-to-month basis and that in the larger scheme of things, housing is more than numbers. A property is a place where people live their daily lives, raise their families, etc. It is more than a commodity, and for many it is the most important purchase they make in their lifetime. The government’s recent focus has been on demand-side mechanisms and other market modifiers such as a mandatory three-day cooling off period to start in 2023. A better long-term approach to housing affordability for our future is to address housing supply constraints which will be central to the next round of upward pressure on home prices. Consult with your REALTOR® to keep informed regarding current values and market conditions if you are in the market to buy or sell.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2021 was $1,204,900. The benchmark value for the same home in July 2022 increased by 19 per cent to $1,433,800 but was down 2.1 per cent from June's value of $1,464,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2021 was $502,600, while the benchmark value for the same condominium in July 2022 increased by 27.3 per cent to $639,600, down by 0.5 per cent from the June value of $643,100.

Read the statistics package here.

 

Source: Victoria Real Estate Board

July 22, 2022

Real Estate Victoria... Inflation, Interest Rates, Construction Slows, Delicious Recipes & More!

victoria bc realtors

In this week's newsletter, we will discuss.. Inflation, Interest Rates, Construction Slows, Delicious Recipes & More!

 

Canada Inflation Quickens to 8.1%, Keeping Up Rate Pressure

Real Estate Victoria

Consumer price inflation accelerated in June to the highest level since January 1983, maintaining pressure on the Bank of Canada to continue delivering aggressive interest rate hikes.  READ MORE HERE

 

Search MLS® listings in Greater Victoria and Vancouver Island

 

house for sale victoria bc

 

 

The Bank of Canada Hikes Rates Again By 50 bps

mls listing victoria

Another Jumbo Rate Hike, Signalling More To Come. The Governing Council of the Bank of Canada raised the overnight policy rate by a full 50 basis points once again today, marking the third rate hike this year. The two back-to-back half-point increases are without precedent, but so were the dramatic pandemic rate cuts in the spring of 2020. Indeed, with the surge in Canadian inflation to 6.8% in April, the Bank of Canada is still behind the curve. The chart below shows that inflation remains well above the Bank’s forecasts. Today’s press release suggests they now estimate that inflation rose again in May and could well accelerate further. READ MORE HERE.

 

 

7 Day Residential Market Watch

victoria real estate board

 

Home construction slows with single-detached houses posting biggest decline

homes for sale victoria bc

OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in June slowed compared with May. The national housing agency says the seasonally adjusted annual rate of housing starts came in at 273,841 units for June, down three per cent from 282,188 in May. READ MORE HERE.

realtor victoria

 

Posthaste: Bank of Canada's shock rate hike comes with 'significant risks,' economists warn

victoria bc real estate

Hard landing for housing seen 'inevitable' 

The Bank of Canada explained its 100-basis-point hike that surprised observers last week as front loading that historically has raised the chance of a soft landing for the economy.

The theory is that such aggressive action will curb inflation expectations and ultimately limit how much interest rates will have to rise.

But some analysts have their doubts and worry that the landing Canada faces will be harder than the Bank expects.

“A soft landing here is a bit like trying to parallel park a car at 60 miles an hour,” Mark Wiseman, chair of Alberta Investment Management Corp., said on BNN Bloomberg Television. “You have to be not just a skilled driver, but an extremely skilled driver and a little bit lucky.”  READ MORE HERE.

 

 

Victoria Real Estate Board Current MLS® Statistics

 

victoria real estate board

Click here to see Current and Historical Statistics.

 

 

Recipe of the Week: Instant Pot Recipes

Link to the recipes HERE

 

recipes victorian houses for sale

 

REALTOR Victoria BC

Real Estate Victoria and Vancouver Island, Search Homes for Sale, Houses, Condos, Condominiums, Townhomes, Land, Property, MLS®, REALTOR®. 

 

Victoria, Vic West, Esquimalt, View Royal, Saanich East, Saanich West, Central Saanich, North Saanich, Sidney, Colwood, Langford, Metchosin, Sooke, East Sooke, Oak Bay, Highlands, Mil Bay, Shawnigan Lake, Cobble Hill, Duncan, Cowichan Bay, Cowichan Valley, Ladysmith, Nanaimo, Parksville, Qualicum, Vancouver Island

July 31, 2017

Curious About Local Real Estate?

Receive the Latest Local Market Stats

Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

You can also visit the Victoria Real Estate Board Market Statistics Update Link HERE.