Victoria real estate sales declined in 2008 and so did the rest of the province. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 31 per cent to $31.3 billion in 2008, compared to 2007. Residential unit sales declined 33 per cent to 68,923 units last year, the lowest level since 2000, when 54,179 transactions were recorded. The average MLS® residential price in 2008 was $454,599, up 3.5 per cent from 2007.
“The housing market came in like a lion and went out like a lamb in 2008,” said Cameron Muir, BCREA Chief Economist. “Home prices reached a record high in March, but edged lower during the balance of the year.” The average residential sales price hit $483,291 in March and ended the year at $429,210, an 11 per cent decline in nine months.
“The global financial crisis, a sharp correction in the equity markets and a recessionary environment in Canada has wreaked havoc on consumer confidence,” added Muir. “While it’s difficult to predict when consumer confidence will strengthen, home affordability is quietly improving as lower prices and mortgage interest rates increase the buying power of BC households.”
December MLS® residential sales dollar volume in the province declined 52 per cent to $1.05 billion, compared to December 2007. Provincial MLS® sales were down 49 per cent to 2,456 units, while the average residential price declined 6 per cent to $429,210 over the same period.
For all the fine print and all the graphs turn your browser to BCREA’s website.
If you are planning to purchase real estate in 2009, just let us know. Our team of professionals has the knowledge and know how. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their two Victoria Real Estate websites www.PropertiesInVictoria.com or www.PrestigiousPropertiesInVictoria.com or just email Bill and Dave .
Cheers,
Bill
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, 18 January 2009
Monday, 3 November 2008
Victoria BC Real Estate Update - Prestigiuos Property for Sale in the Great Victoria Area
We, the Properties in Victoria Professionals, are proud to announce another Hot Property for Sale in the Greater Victoria area.
One of Mill Spring's finest homes, this exceptional 3 level home sits high up on a .72 acre lot to take advantage of the panoramic ocean vistas highlighted by Mt Baker, Saltspring Island, Saanich Inlet & beyond. Long private driveway leads up through the lot to a huge triple garage and main level living featuring a wonderful kitchen and living room with high ceilings and massive windows to take in the views. Seperate formal dining room adjacent to main level family room too. Up are 3 well appointed bedrooms, [office on main could be 4th], & 2 ensuites, a second family room down. Lots of storage. Very private. Easy commute to either Duncan or Victoria. For more information on this home or any other MLS 0174 listing in the GReater Victoria area please visit our webiste http://www.propertiesinvictoria.com/ or contact us directly.
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, 9 October 2008
Victoria BC REal Estate Update - Victoria Prices Up Stay Steady
Victoria Real Estate Market is Strong
The number of property sales and overall prices throughout Greater Victoria real estate area remained steady in September and showed little change from August.
There was a total of 512 homes and other properties sold in September through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). This is down minimally from the 517 sales in August of this year. Last year in September there were 632 sales. The total number of properties available for sale at the end of September was 4,754, up 41 per cent compared to September of last year.
Despite the recent global economic uncertainty, the latest sales and price figures are encouraging. These figures attest to the continuing stability and strength of the local real estate market despite the troubling economic news that we hear about in the media everywhere. The average price of single family homes sold last month was virtually unchanged from August and the average price for town homes dropped some what, however the average price of condominiums sold increased last month in Victoria.
The average price of single family homes in the Greater Victoria real estate area last month was $549,284 compared to $549,914 in August, virtually unchanged. The six-month average was $585,643 and the median price in September was dramatically lower at $500,000.
What happened in the luxury home market? Well, last month there were 18 single family homes that sold for over the $1 million dollar mark. This includes three on the Gulf Islands.
The average sale price of all Victoria town homes sold last month was $405,287, down from nearly $414,000 in August; the six month average was $427,207. The median price in September was $370,000. Now the interesting part is that the overall average price for Victoria condominiums went up at $319,562 last month from just over $302,000 in August. The average for the last six months was $318,315. The median price for condominiums in September was $276,000.
MLS® sales in the Greater Victoria Real Estate Area last month included 309 single family homes, 111 condominiums, 53 town homes and 12 manufactured homes.
Summary Report and Graphs
Victoria BC Monthly Sales Summary
Victoria BC Real Estate Average Selling Price Graphs
Victoria BC Real Estate Active Listings, New Listings and Sales Graphs
If you are buying and are looking for a specific type of property like a small condo or a prestigious ocean front estate, we have the tools to make your search easy.
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.
The number of property sales and overall prices throughout Greater Victoria real estate area remained steady in September and showed little change from August.
There was a total of 512 homes and other properties sold in September through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). This is down minimally from the 517 sales in August of this year. Last year in September there were 632 sales. The total number of properties available for sale at the end of September was 4,754, up 41 per cent compared to September of last year.
Despite the recent global economic uncertainty, the latest sales and price figures are encouraging. These figures attest to the continuing stability and strength of the local real estate market despite the troubling economic news that we hear about in the media everywhere. The average price of single family homes sold last month was virtually unchanged from August and the average price for town homes dropped some what, however the average price of condominiums sold increased last month in Victoria.
The average price of single family homes in the Greater Victoria real estate area last month was $549,284 compared to $549,914 in August, virtually unchanged. The six-month average was $585,643 and the median price in September was dramatically lower at $500,000.
What happened in the luxury home market? Well, last month there were 18 single family homes that sold for over the $1 million dollar mark. This includes three on the Gulf Islands.
The average sale price of all Victoria town homes sold last month was $405,287, down from nearly $414,000 in August; the six month average was $427,207. The median price in September was $370,000. Now the interesting part is that the overall average price for Victoria condominiums went up at $319,562 last month from just over $302,000 in August. The average for the last six months was $318,315. The median price for condominiums in September was $276,000.
MLS® sales in the Greater Victoria Real Estate Area last month included 309 single family homes, 111 condominiums, 53 town homes and 12 manufactured homes.
Summary Report and Graphs
Victoria BC Monthly Sales Summary
Victoria BC Real Estate Average Selling Price Graphs
Victoria BC Real Estate Active Listings, New Listings and Sales Graphs
If you are buying and are looking for a specific type of property like a small condo or a prestigious ocean front estate, we have the tools to make your search easy.
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.
Friday, 12 September 2008
Victoria BC Real Estate Update - Prestigiuos Property for Sale in Victoria
We, the Properties in Victoria Professionals, are proud to announce another Hot Property for Sale in Victoria BC.
Enjoy all the luxuries of this bright 2 bedroom 2 bathroom South West corner suite, in the environmentally conscious Dockside Green, including: Bamboo flooring, wood cabinetry, granite & marble countertops, pot lighting & exceptional appliances. This is a lifestyle you will want to choose. Walk along the waterfront to beautiful downtown Victoria. Cafe’s, grocery store, gym’s walking & cycling trails all at your doorstep. Quality steel & concrete construction. For more information this condo click hereHarnessing the latest innovations in green building technology, the buildings at Dockside Green are targeted to exceed the level of energy-efficiency required by the Model National Energy Code by over 50%. Contributing factors include double-glazed, low-emittance windows, high-insulating walls, and external shading devices that also help maintain comfortable indoor temperatures.
For more information on this development log onto their website at http://www.docksidegreen.com/ or feel free to contact us.
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.
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