Canadians are committed to their winter retreats despite rising prices!
While sunshine states such as Florida and Arizona have long enticed Canadians to purchase their winter retreats in warmer-weathered American cities, the uncertainty clouding the U.S. housing market has many Canadians favouring properties north of the border. In fact, 36 per cent of Canadians who own a winter recreational property or who are considering purchasing one cite they are more inclined to buy a property in Canada than in the U.S. because of the economic uncertainty plaguing our southern neighbours, according to the 2008 Royal LePage Winter Recreational Property Report released today.
The 2008 Royal LePage Winter Recreational Property Report comprises a nationwide research poll of Canadians’ attitudes on the market (conducted by Angus Reid) and an analysis of recreational property prices, trends and activity in selected winter leisure markets across the country.
Sky’s the limit when it comes to buying mountainside For those looking to enjoy their own winter wonderland, Quebec, Ontario, Alberta and British Columbia offer the greatest selection of recreational areas, with real estate prices increasing from east to west. Strong demand combined with limited mountain-based properties has prices ranging from $180,000 to $850,000 in Quebec, $400,000 to $1 million in Collingwood, and $450,000 to $2 million in British Columbia for a standard detached, mountainside, three-bedroom chalet. A shortage of listings in areas of high demand, such as Whistler and Fernie, has led to property prices appreciating by as much as 10 and six per cent, respectively, in the past year.
“High levels of demand combined with limited inventory have pressured winter recreational property prices upward – a trend expected to continue well into the future,” said Lisa da Rocha, vice president, marketing communications, Royal LePage Real Estate Services. “Local buyers and foreign investors alike are taking advantage of Canada’s iconic snowy winters, and realizing winter recreational properties are a sound long-term investment.”
While snowfall levels in North America have decreased over the past few decades; when asked, “Are you less likely to purchase a winter recreational property if a reduced level of snowfall continues?” 66 per cent of Canadians who own a recreational property or are considering purchasing one are clearly committed to the cold climate and answered that regardless of snow, a winter recreational property would still be their winter retreat.
Not so little cabin in the woodsWhile everyone’s idea of a winter retreat may differ, there are a variety of property types available across Canada from rustic chalets to grand lodges to maintenance-free condominiums to satisfy every need. Canadians list their top three features as a traditional chalet structure with a rustic charm, extra rooms for guests and grand fireplaces.
Buyers in areas including Whistler, Vernon and Big White, are demanding luxury properties with features including granite countertops, heated floors and stainless steel appliances.
TOP SEVEN WINTER RECREATIONAL PROPERTY FEATURES*
Rank
1) Winter Recreational Property Features
2) Traditional Structure with Rustic Charm
3) Extra Bedrooms for Guests
4) Grand Fireplaces A Large, Open Great Room
5) Outdoor Hot Tub
6) Office with Internet Access
7) Professional Kitchen
*Among Canadians who own or are in market to buy
Added da Rocha: “Now more than ever, Canadians are placing greater emphasis on their living spaces. We are seeing huge demand for chalets to be outfitted with the highest grade of granite and marble, exotic wood flooring and other high-end features. Real estate is as much about style and comfort as it is bricks and mortar.”
Additional report findings:
More than four-in-ten (43%) respondents find the idea of owning a condo over a chalet attractive. Canadians aged 55 + (46%) find condos more appealing than standard chalets compared to those 35-54 years (38%), presumably for their maintenance-free lifestyle. However, in some markets such as Collingwood, there is an increased pressure on detached residences, versus the traditionally popular condominium.
Eight per cent of Canadians own a winter recreational property or are considering purchasing one in the next three to five years, with residents of British Columbia representing the largest purchaser population (13%) and Atlantic residents making up the smallest (4%). Quebec and Ontario residents comprise nine per cent and seven per cent of winter recreational owners and future buyers, respectively.
Winter recreational markets including Mont Tremblant, Canmore, Whistler and Fernie are increasingly attracting European buyers.
Poll Methodology
Angus Reid Strategies conducted the survey portion of the Royal LePage Winter Recreational Property Report from January 24-25, 2008. The poll was conducted on-line with a randomly-selected, representative sample of 1,455 Canadians survey respondents aged 18 year and older. The results have a maximum margin of error +/- 3.1% 19 times out of 20. The results among Canadians who own, or are considering a purchase of, a winter recreational property are based on a representative sub-sample of 130 respondents, with an associated margin of error of +/-8.6%, 19 times out of 20. The results have been statistically weighted according to Statistics Canada’s most current age, gender and region Census data.
About Royal LePageRoyal LePage is Canada’s leading provider of franchise services to residential real estate brokerages, with a network of over 13,000 agents and sales representatives in 600 locations across Canada operating under the Royal LePage, Johnston and Daniel, and Realty World brand names. Brookfield Real Estate Services Fund, a TSX listed income trust, trading under the symbol “BRE.UN”, manages Royal LePage.
For more information real estate in Victoria BC please feel free to contact us at http://www.propertiesinvictoria.com/
CheersBill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Tuesday 26 February 2008
Monday 25 February 2008
Real Estate Prices Skyrocket in Victoria BC!
Why invest in Real Estate in Victoria, BC? Why invest in Real Estate in British Columbia or any other province? The answer is simple, it is one of the best investment you can make.
First of all if you purchase a property as your principal residence you provide shelter for you and your family. If you have life insurance on your mortgage and if something did happen to you, your family has a home that is paid off. When you go to sell your principal residence, and say you have made a $300,000 profit, this money/profit is tax free. This is a great thing particularily with todays advancing house prices in Victoria
.
If you look back at how the Real Estate prices have increased since 1978 it is pretty incredible, for your convenience we also have it in a graph format thanks to Victoria Real Estate Board.
A recent article in the Times Colonist by Carla Wilson looks at Real Estate prices over the last decade. It reads:
Real estate prices skyrocket, returns rise over past decade
The last decade in Greater Victoria’s real estate market delivered an average 7.8 per cent annual compounded rate of return, said a report from real estate company Re/Max.
Across Canada, the rate was lower at 7.1 per cent, but showed average home prices nearly doubled from $154,606 in 1997 to $307,265 last year. The total number of sales also rose, topping 500,000 in 2007 compared with 331,092 in 1997.
Last month, the average selling price of a house in Greater Victoria was $606,449, with a median price of $530,200. The Multiple Listing Service shows seven properties listed at more than $14.5 million
B.C. prices rose most significantly in the past five years, Elton Ash, executive regional vice-president of Re/Max in western Canada, said yesterday. He anticipates a more balanced market in 2008, resulting in an average increase of about seven per cent.
“Immigration and in-migration have played a serious role in jump-starting residential housing markets, particularly in B.C., Alberta and, to some extent, Saskatchewan over the past decade,” Ash said. Economic strength, low interest rates, low unemployment and consumer confidence have all driven sales.
As prices went up, “There has been huge movement by investors to buy condominiums either to hold for the short term or long term,” he said. The average selling price of a Greater Victoria condominium last month was $349,045, with a median price of $326,904.
Dunnery Best, managing director, portfolio manager and investment adviser with CIBC Wood Gundy in Victoria, recommends taking into account expenses such as taxes, insurance, maintenance and improvements when looking at property value increases.
“If the average goes up by 7.8 per cent, the fact is in many cases you are not netting that.”
Although homes are an important part of many people’s investment portfolios, they should remember that, despite strength in local real estate, markets can also go the other direction for a sustained period, he said. Also, a property may be difficult to sell or not bring in an expected price.
In addition, “the environment of declining interest rates is over,” Best said. He warned that extrapolating from the past decade to the next decade is “faulty logic.”
Although Tony Joe, Victoria Real Estate Board president, would have preferred a bigger move, he said the province’s decision, announced this week, to increase the property purchase tax exemption to $425,000 from $375,000 helps make homes more affordable. It may allow qualifying buyers to spend money on improvements or needed items for their home.
First-time homebuyers in B.C. are choosing condominiums at close to double the rate of buyers elsewhere in Canada, said a report released yesterday by Genworth Financial.
An average of 14 per cent of British Columbians surveyed said they had either bought a condo or were planning to do so.
“The condo markets in Vancouver and Victoria remain vibrant — both cities are estimated to have posted record-high starts volumes in 2007. Condos are filling the need for relatively affordable housing in the province where available land for new home construction is limited …,” said Genworth president Peter Vukanovich. First-time condo buyers in B.C. can expect to pay the highest rate in the country, the report said.
In Greater Victoria, condominium prices range widely, from about $55,000 for fractional ownership typically of vacation units, to more than $1 million for luxury homes.
When it comes to buying condos, out-of-town buyers often prefer the downtown or Songhees near the harbour, while local residents are likely to buy in buildings such as the Strathmore in Langford, said Re/Max Camosun real estate agent Guy Crozier. “We find that our buyers tend to be more local young people getting into the market,” he said.
Remaining units in the Strathmore include a loft for under $300,000. Some buyers are downsizing from larger homes and want features such as granite countertops and hardwood floors, Crozier said.
End of article. Carla Wilson can be reached at cjwilson@tc.canwest.com
If you have any comments on the above or Real Estate questions please drop us a note.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
First of all if you purchase a property as your principal residence you provide shelter for you and your family. If you have life insurance on your mortgage and if something did happen to you, your family has a home that is paid off. When you go to sell your principal residence, and say you have made a $300,000 profit, this money/profit is tax free. This is a great thing particularily with todays advancing house prices in Victoria
.
If you look back at how the Real Estate prices have increased since 1978 it is pretty incredible, for your convenience we also have it in a graph format thanks to Victoria Real Estate Board.
A recent article in the Times Colonist by Carla Wilson looks at Real Estate prices over the last decade. It reads:
Real estate prices skyrocket, returns rise over past decade
The last decade in Greater Victoria’s real estate market delivered an average 7.8 per cent annual compounded rate of return, said a report from real estate company Re/Max.
Across Canada, the rate was lower at 7.1 per cent, but showed average home prices nearly doubled from $154,606 in 1997 to $307,265 last year. The total number of sales also rose, topping 500,000 in 2007 compared with 331,092 in 1997.
Last month, the average selling price of a house in Greater Victoria was $606,449, with a median price of $530,200. The Multiple Listing Service shows seven properties listed at more than $14.5 million
B.C. prices rose most significantly in the past five years, Elton Ash, executive regional vice-president of Re/Max in western Canada, said yesterday. He anticipates a more balanced market in 2008, resulting in an average increase of about seven per cent.
“Immigration and in-migration have played a serious role in jump-starting residential housing markets, particularly in B.C., Alberta and, to some extent, Saskatchewan over the past decade,” Ash said. Economic strength, low interest rates, low unemployment and consumer confidence have all driven sales.
As prices went up, “There has been huge movement by investors to buy condominiums either to hold for the short term or long term,” he said. The average selling price of a Greater Victoria condominium last month was $349,045, with a median price of $326,904.
Dunnery Best, managing director, portfolio manager and investment adviser with CIBC Wood Gundy in Victoria, recommends taking into account expenses such as taxes, insurance, maintenance and improvements when looking at property value increases.
“If the average goes up by 7.8 per cent, the fact is in many cases you are not netting that.”
Although homes are an important part of many people’s investment portfolios, they should remember that, despite strength in local real estate, markets can also go the other direction for a sustained period, he said. Also, a property may be difficult to sell or not bring in an expected price.
In addition, “the environment of declining interest rates is over,” Best said. He warned that extrapolating from the past decade to the next decade is “faulty logic.”
Although Tony Joe, Victoria Real Estate Board president, would have preferred a bigger move, he said the province’s decision, announced this week, to increase the property purchase tax exemption to $425,000 from $375,000 helps make homes more affordable. It may allow qualifying buyers to spend money on improvements or needed items for their home.
First-time homebuyers in B.C. are choosing condominiums at close to double the rate of buyers elsewhere in Canada, said a report released yesterday by Genworth Financial.
An average of 14 per cent of British Columbians surveyed said they had either bought a condo or were planning to do so.
“The condo markets in Vancouver and Victoria remain vibrant — both cities are estimated to have posted record-high starts volumes in 2007. Condos are filling the need for relatively affordable housing in the province where available land for new home construction is limited …,” said Genworth president Peter Vukanovich. First-time condo buyers in B.C. can expect to pay the highest rate in the country, the report said.
In Greater Victoria, condominium prices range widely, from about $55,000 for fractional ownership typically of vacation units, to more than $1 million for luxury homes.
When it comes to buying condos, out-of-town buyers often prefer the downtown or Songhees near the harbour, while local residents are likely to buy in buildings such as the Strathmore in Langford, said Re/Max Camosun real estate agent Guy Crozier. “We find that our buyers tend to be more local young people getting into the market,” he said.
Remaining units in the Strathmore include a loft for under $300,000. Some buyers are downsizing from larger homes and want features such as granite countertops and hardwood floors, Crozier said.
End of article. Carla Wilson can be reached at cjwilson@tc.canwest.com
If you have any comments on the above or Real Estate questions please drop us a note.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Thursday 14 February 2008
Prestigious Real Estate in Victoria BC - Luxury New Listing
The Properties in Victoria Team are proud to announce another hot new prestigious listing in Victoria BC. This gem is located on the very desirable Olive street in South Fairfiled - one of the most desirable areas to live in Victoria. It is within blocks to the Ocean and minutes to all your amenaties. This prestigious house has a west facing private backyard and patio. Professionally landscaped. Interior ready for your casual lifestyle with kitchen renovations featured on the 2006 Young Life's Home Tour with granite counter tops, stainless steel appliances, Gessi Quadro High Tech faucet, Sirius range hood and so much more - new carpet, paint. Flexible spaces 3-4 bedrooms, 2 bathrooms, studio/gym & more.
If you are interested in more information on this property or other luxury listings in the Greater Victoria area please do not hesitate to contact us or log onto our website.
If luxury is not what you are looking for we also have numerous other properties on our website as well as we have access to all the MLS® listings in the Greater Victoria area.
Cheers
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Sunday 10 February 2008
Real Estate in Victoria BC - Vancouver is in the news
Our good friend and exceptional REALTOR® Matt Collinge is at it again. He has posted the latest stats for the Vancouver Real Estate Market. Vancouver, being Victoria's bigger brother, is always a great indicator as to how healthy the Canadian West coast market is and will be.
So with out further delay here is what Matt has to say about his market.
Vancouver BC Real Estate: Housing Starts Up In January
Well its Friday and Fridays are for fun and Vancouver housing starts aren't very fun, but CMHC just released the January housing starts numbers so here we are. Housing starts must for fun for someone. The numbers are good with housing starts for last month in Vancouver keeping pace with January last year. Detached (CMHC calls them "single family homes", seems logical, if not necessary logical in Vancouver) home starts were down slightly, but this was nicely off-set by a slight increase in what CMHC calls multiple unit (condo and townhouse) starts.
There are some nice tables and graphs in the CMHC report but it is a secured pdf so I can't copy them into the post here, but I will attach it below and you can have a look.
My regular fun Friday post is coming up next. Be ready.....
Matthew Collinge: 604homes.com - Royal LePage Westside
If you are interested in more information on the Vancouver market give Matt a call or if Victoria is where you would like to be drop us a line or an e-mail.
CheersBill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
So with out further delay here is what Matt has to say about his market.
Vancouver BC Real Estate: Housing Starts Up In January
Well its Friday and Fridays are for fun and Vancouver housing starts aren't very fun, but CMHC just released the January housing starts numbers so here we are. Housing starts must for fun for someone. The numbers are good with housing starts for last month in Vancouver keeping pace with January last year. Detached (CMHC calls them "single family homes", seems logical, if not necessary logical in Vancouver) home starts were down slightly, but this was nicely off-set by a slight increase in what CMHC calls multiple unit (condo and townhouse) starts.
There are some nice tables and graphs in the CMHC report but it is a secured pdf so I can't copy them into the post here, but I will attach it below and you can have a look.
My regular fun Friday post is coming up next. Be ready.....
Matthew Collinge: 604homes.com - Royal LePage Westside
If you are interested in more information on the Vancouver market give Matt a call or if Victoria is where you would like to be drop us a line or an e-mail.
CheersBill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Sunday 3 February 2008
Victoria Real Estate: 19 Prestigious Sales of over $1 million
There were 19 sales of over $1 million that had an upward impact on the average price of single family homes in Victoria BC. This is becoming more and more common and we are showing homes over a million more and more often. The Luxury Real Estate Market is in demand.
These higher priced homes got Victoria Real Estate off to a solid start in the first month of 2008 pushing the average price to $606,449. There were 464 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in January, up from the 442 sales in the same month a year ago. There were 408 sales in December. Meantime, the total number of properties available for sale rose to 3,027. This is a 14 per cent increase over January of last year (2007).
The Victoria Real Estate market remains very healthy and the strong sales and increase in inventory represent good news for both sellers and buyers. There is a strong demand for homes that are realistically priced and the increase in the number of properties available for sale means more choice for buyers. It should be noted that nearly 29 per cent of single family homes sold for less than $450,000 last month while nearly 37 per cent of all condominiums sold for under $275,000 in January.
The average price of all condominiums sold in January was $349,045, and the six month average was $326,904. The median was of course again lower at $304,450. The average price of all townhomes was $423,774, with a six month average of $419,926 and a median price of $392,950. Total MLS® sales last month in the Greater Victoria Real Estate Boundary included 249 single family homes, 125 condominiums, 43 town-homes and 16 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
These documents are stored in PDF format for your convenience. If your browser already has a PDF plug-in like the Adobe Acrobat® Reader, you’ll probably be able to simply click on the document you’re interested in to view it here online. You can download and install this popular, free software by clicking the link below.
Acrobat Reader
If you have any comments on the above please drop a note below. Further feel free to contact us any time.
CheersBill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
These higher priced homes got Victoria Real Estate off to a solid start in the first month of 2008 pushing the average price to $606,449. There were 464 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in January, up from the 442 sales in the same month a year ago. There were 408 sales in December. Meantime, the total number of properties available for sale rose to 3,027. This is a 14 per cent increase over January of last year (2007).
The Victoria Real Estate market remains very healthy and the strong sales and increase in inventory represent good news for both sellers and buyers. There is a strong demand for homes that are realistically priced and the increase in the number of properties available for sale means more choice for buyers. It should be noted that nearly 29 per cent of single family homes sold for less than $450,000 last month while nearly 37 per cent of all condominiums sold for under $275,000 in January.
The average price of all condominiums sold in January was $349,045, and the six month average was $326,904. The median was of course again lower at $304,450. The average price of all townhomes was $423,774, with a six month average of $419,926 and a median price of $392,950. Total MLS® sales last month in the Greater Victoria Real Estate Boundary included 249 single family homes, 125 condominiums, 43 town-homes and 16 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
These documents are stored in PDF format for your convenience. If your browser already has a PDF plug-in like the Adobe Acrobat® Reader, you’ll probably be able to simply click on the document you’re interested in to view it here online. You can download and install this popular, free software by clicking the link below.
Acrobat Reader
If you have any comments on the above please drop a note below. Further feel free to contact us any time.
CheersBill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
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