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.
Showing posts with label tax. Show all posts
Showing posts with label tax. Show all posts
Thursday, 9 October 2008
Wednesday, 3 September 2008
Victoria BC Real Estate Update
Real Estate In Victoria BC - Monthly Update
Real Estate sales in the Greater Victoria area followed the expected trend and softened a bit last month as many people enjoyed vacation time with family and friends. The prices also moderated somewhat. There was a total of 517 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). Last year we had 616 sales in July and 846 sales in August.
Bill Ethier and Properties In Victoria Professionals, note that today’s buyers now have more properties from which to choose than at any time since 1996. This is great for all buyers. The number of properties available for sale is now at the highest level in over 12 years, increasing in August to 4,657. That represents a 39 per cent increase compared to August of last year.
The prices moderated last month with nearly 46 per cent of single family homes selling for under $500,000. The average price of single family homes in Greater Victoria Real Estate Area last month was $549,914, down from over $578,000 in July. If we look at the six-month average, it was $592,582. Further the median price in August was considerably lower at $512,000. How about the more prestigious and luxuary homes? Well, eleven single family homes sold for over $1 million in August, including two sales on the Gulf Islands.
The average price of all townhomes sold last month was $413,994, down from nearly $455,000 in July. The six month average was $435,309. The median price for townhouses in August was $382,000. The condo market last month was just about unchanged from July with an average price of $302,200. The average for the last six months was $319,825. The median price for condominiums in Victoria in August was $280,000.
Total MLS® sales last month in the greater Victoria real estate area included 269 single family homes, 160 condominiums, 53 townhomes and eight manufactured homes.
If you would like to have some more info here are some graphs that might be of interest.
Summary Report and Graphs
Victoria Real Estate Monthly Sales Summary
Victoria Real Estate Average Selling Price Graphs
Victoria Real Estate Active Listings, New Listings and Sales Graphs
What do you think the real estate market will do in the next year? Write some comments below and let us know. Further, to Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter. If you 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.
Real Estate sales in the Greater Victoria area followed the expected trend and softened a bit last month as many people enjoyed vacation time with family and friends. The prices also moderated somewhat. There was a total of 517 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). Last year we had 616 sales in July and 846 sales in August.
Bill Ethier and Properties In Victoria Professionals, note that today’s buyers now have more properties from which to choose than at any time since 1996. This is great for all buyers. The number of properties available for sale is now at the highest level in over 12 years, increasing in August to 4,657. That represents a 39 per cent increase compared to August of last year.
The prices moderated last month with nearly 46 per cent of single family homes selling for under $500,000. The average price of single family homes in Greater Victoria Real Estate Area last month was $549,914, down from over $578,000 in July. If we look at the six-month average, it was $592,582. Further the median price in August was considerably lower at $512,000. How about the more prestigious and luxuary homes? Well, eleven single family homes sold for over $1 million in August, including two sales on the Gulf Islands.
The average price of all townhomes sold last month was $413,994, down from nearly $455,000 in July. The six month average was $435,309. The median price for townhouses in August was $382,000. The condo market last month was just about unchanged from July with an average price of $302,200. The average for the last six months was $319,825. The median price for condominiums in Victoria in August was $280,000.
Total MLS® sales last month in the greater Victoria real estate area included 269 single family homes, 160 condominiums, 53 townhomes and eight manufactured homes.
If you would like to have some more info here are some graphs that might be of interest.
Summary Report and Graphs
Victoria Real Estate Monthly Sales Summary
Victoria Real Estate Average Selling Price Graphs
Victoria Real Estate Active Listings, New Listings and Sales Graphs
What do you think the real estate market will do in the next year? Write some comments below and let us know. Further, to Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter. If you 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.
Sunday, 24 August 2008
Victoria BC Luxury Real Estate - Hot New Property for Sale!
Properties in Victoria Professionals are proud present a wonderful Broadmead home!
Enjoy the peaceful setting of this fantastic home in the heart of Broadmead. Wonderful south facing deck (with electric awnings for shade), with views of the Sooke Hills to enjoy your morning coffee, reading or summer BBQs. This fabulous home rests on just over 20,000 sqft of treed and well maintained land that will impress you with its beautiful rhododendrons and tranquil landscape. A bonus is the 1000 sqft 8 foot ceiling unfinished basement with own entrance.For more information on this property or any othe property on the Victoria MLS® system please contact us at 250-920-7000 or at info@propertesinvictoria.com or visit our website http://www.prestigiouspropertiesinvictoria.com/
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, 8 August 2008
Victoria BC Real Estate - July Shows Little Change
Sales of real estate in the Greater Victoria area softened last month though prices for single family homes and townhomes showed little change. The average price for condominiums moderated somewhat. A total of 616 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 723 sales in June. Going back a year to July of 2007 we had 922 sales.
Bill Ethier of Properties In Victoria Professionals, notes that today’s balanced market and a larger inventory of real estate for sale give buyers more choice and flexibility. The number of properties available for sale increased modestly from the previous month rising to 4,557. That represents a 34% increase compared to July of last year and inventory now stands at the highest level since May, 1998.
Bill notes that prices remain stable through out the Victoria Real Estate Area. The overall average price of single family homes and townhomes showed little movement last month. The average price of single family homes in Greater Victoria real estate area last month was $578,177; the six-month average was $596,659 though the median was lower at $529,900. On the more so prestigious side, there was eighteen single family homes sold for over $1 million, including three sales on the Gulf Islands.
Let’s look at the rest of the real estate; the average price of all townhomes sold last month was $454,918 and the six month average was $435,786. The median price for townhomes was $417,450.
The overall average price for condominiums at $302,536 moderated last month, the lowest monthly average since May, 2007. This is not uncommon for this time of year since a lot of parents are purchasing condos for their kids to attend collage and university and these condominiums seem to be on the lower end of the price scale. The average for the last six months was $324,583 showing little change from the $326,904 six month average at the beginning of the year. The median price for condominiums in July was $285,000.
MLS® sales last month included 359 single family homes, 168 condominiums, 52 townhomes and 10 manufactured homes.
Here are the Victoria real estate summary Report and Graphs for your convenience
Victoria BC Real Estate Monthly Sales Summary
Victoria BC Real Estate Average Selling Price Graphs
Victoria BC Real Estate Active Listings, New Listings and Sales Graphs
These documents are stored in PDF format. 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 download here.
To Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter.
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.
Bill Ethier of Properties In Victoria Professionals, notes that today’s balanced market and a larger inventory of real estate for sale give buyers more choice and flexibility. The number of properties available for sale increased modestly from the previous month rising to 4,557. That represents a 34% increase compared to July of last year and inventory now stands at the highest level since May, 1998.
Bill notes that prices remain stable through out the Victoria Real Estate Area. The overall average price of single family homes and townhomes showed little movement last month. The average price of single family homes in Greater Victoria real estate area last month was $578,177; the six-month average was $596,659 though the median was lower at $529,900. On the more so prestigious side, there was eighteen single family homes sold for over $1 million, including three sales on the Gulf Islands.
Let’s look at the rest of the real estate; the average price of all townhomes sold last month was $454,918 and the six month average was $435,786. The median price for townhomes was $417,450.
The overall average price for condominiums at $302,536 moderated last month, the lowest monthly average since May, 2007. This is not uncommon for this time of year since a lot of parents are purchasing condos for their kids to attend collage and university and these condominiums seem to be on the lower end of the price scale. The average for the last six months was $324,583 showing little change from the $326,904 six month average at the beginning of the year. The median price for condominiums in July was $285,000.
MLS® sales last month included 359 single family homes, 168 condominiums, 52 townhomes and 10 manufactured homes.
Here are the Victoria real estate summary Report and Graphs for your convenience
Victoria BC Real Estate Monthly Sales Summary
Victoria BC Real Estate Average Selling Price Graphs
Victoria BC Real Estate Active Listings, New Listings and Sales Graphs
These documents are stored in PDF format. 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 download here.
To Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter.
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.
Wednesday, 30 July 2008
Victoria BC Real Estate - New Tools to Help Buyers Navigate Through Presales
Homebuyers are Given a New Tool to Help Them With Presales of Real Estate
Buying real estate can be very stressful for many people and buying real estate that has not yet been built can be even more stressful. It also come with some risks. The disclosure statement that the developer gives you, most of the time allows the developer to do changes, and even cancel the project if they do not get enough presales. We always recommend that you have your lawyer read the disclosure statement and discuss the details with you.
This applies to all types of real estate that is presold; from a small bachelor suite to a prestigious penthouse, so talk to us or your favourite lawyer before taking the plunge.
The British Columbia Real Estate Association (BCREA), the Canadian Home Builders’ Association of BC (CHBA BC) and the Urban Development Institute (UDI) are pleased to introduce a new tool to assist homebuyers in the purchase of homes under development, also known as presales.
“Over the years, thousands of British Columbians have entered into contracts to buy new homes before the construction of their homes had begun or during the construction period,” said BCREA President Scott Veitch. “The Presale Cross Reference List helps ensure homebuyers are aware of the unique considerations involved in purchasing these properties.”
The Presale Cross Reference List is intended as a starting point for homebuyers to determine whether enquiries, advice or clarification is needed when navigating the purchase of a home in a multifamily development under construction. Buyers unfamiliar with such projects may require extensive consultation with knowledgeable professionals who have experience with presale investments.“Presales are an excellent vehicle for purchasers to buy a new home and often result in cost savings for the purchaser. However, as with any investment, consumers need to understand what the opportunities and risks are to make an informed decision,” said Maureen Enser, UDI Executive Director.
“CHBA BC is pleased to partner with BCREA and UDI and be a part of this great tool that will assist REALTORS® in disseminating reliable information about presales to consumers who purchase products that our members build,” added M.J. Whitemarsh, CHBA BC Chief Executive Officer. “This joint effort is the culmination of extensive work by industry to enhance consumer confidence and further raise the bar of professionalism within residential construction.”
For the complete article please folow this link: http://www.bcrea.bc.ca/news_room/2008-07-24Presales.pdf.
If you are thinking of buying into the presale market in Victoria or have questions in general about real estate in Victoria Bc please do not hesitate to contact us.
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.
Buying real estate can be very stressful for many people and buying real estate that has not yet been built can be even more stressful. It also come with some risks. The disclosure statement that the developer gives you, most of the time allows the developer to do changes, and even cancel the project if they do not get enough presales. We always recommend that you have your lawyer read the disclosure statement and discuss the details with you.
This applies to all types of real estate that is presold; from a small bachelor suite to a prestigious penthouse, so talk to us or your favourite lawyer before taking the plunge.
The British Columbia Real Estate Association (BCREA), the Canadian Home Builders’ Association of BC (CHBA BC) and the Urban Development Institute (UDI) are pleased to introduce a new tool to assist homebuyers in the purchase of homes under development, also known as presales.
“Over the years, thousands of British Columbians have entered into contracts to buy new homes before the construction of their homes had begun or during the construction period,” said BCREA President Scott Veitch. “The Presale Cross Reference List helps ensure homebuyers are aware of the unique considerations involved in purchasing these properties.”
The Presale Cross Reference List is intended as a starting point for homebuyers to determine whether enquiries, advice or clarification is needed when navigating the purchase of a home in a multifamily development under construction. Buyers unfamiliar with such projects may require extensive consultation with knowledgeable professionals who have experience with presale investments.“Presales are an excellent vehicle for purchasers to buy a new home and often result in cost savings for the purchaser. However, as with any investment, consumers need to understand what the opportunities and risks are to make an informed decision,” said Maureen Enser, UDI Executive Director.
“CHBA BC is pleased to partner with BCREA and UDI and be a part of this great tool that will assist REALTORS® in disseminating reliable information about presales to consumers who purchase products that our members build,” added M.J. Whitemarsh, CHBA BC Chief Executive Officer. “This joint effort is the culmination of extensive work by industry to enhance consumer confidence and further raise the bar of professionalism within residential construction.”
For the complete article please folow this link: http://www.bcrea.bc.ca/news_room/2008-07-24Presales.pdf.
If you are thinking of buying into the presale market in Victoria or have questions in general about real estate in Victoria Bc please do not hesitate to contact us.
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, 10 July 2008
Victoria BC Real Estate - Canadian Government Changes Some lending Practices
Canadian Housing and Mortgage Corp adjust long term mortgages to protect the housing market.
The Government of Canada announced yesterday adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The new measures include:
Fixing the maximum amortization period for new government-backed mortgages to 35 years;
Requiring a minimum down payment of five per cent for new government-backed mortgages;
Establishing a consistent minimum credit score requirement; and
Introducing new loan documentation standards.
Yesterday's announcement marks a responsible and measured approach by the Government to ensure Canada’s housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada.
The new limits are planned to take effect October 15, 2008. This would allow existing mortgage pre-approvals with the common 90-day duration to be used or expire. Certain exceptions would also be permitted after October 15. The Government will work closely with all stakeholders to ensure timely and effective implementation of these measures.
As these measures relate only to new, government-backed insured mortgages, Canadians who already hold mortgages will not be affected by this announcement.
The measures announced today will build on the strength of Canada’s housing market. According to the International Monetary Fund, the increase in house prices in Canada is based on sound economic factors such as low interest rates, rising incomes and a growing population. A recent Statistics Canada report concluded that home ownership is at record levels, with over two-thirds of Canadians owning their own home.
Mortgage arrears—overdue mortgage payments—have also remained low. In recent years, the percentage of mortgages in arrears for three months or more continues to be at low levels not seen since 1990.
For more information the real estate market in Victoria BC feel free to contact us at 250-920-7000 or through our website www.PropertiesinVictoria.com
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 Government of Canada announced yesterday adjustments to the rules for government guaranteed mortgages aimed at protecting and strengthening the Canadian housing market. The new measures include:
Fixing the maximum amortization period for new government-backed mortgages to 35 years;
Requiring a minimum down payment of five per cent for new government-backed mortgages;
Establishing a consistent minimum credit score requirement; and
Introducing new loan documentation standards.
Yesterday's announcement marks a responsible and measured approach by the Government to ensure Canada’s housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada.
The new limits are planned to take effect October 15, 2008. This would allow existing mortgage pre-approvals with the common 90-day duration to be used or expire. Certain exceptions would also be permitted after October 15. The Government will work closely with all stakeholders to ensure timely and effective implementation of these measures.
As these measures relate only to new, government-backed insured mortgages, Canadians who already hold mortgages will not be affected by this announcement.
The measures announced today will build on the strength of Canada’s housing market. According to the International Monetary Fund, the increase in house prices in Canada is based on sound economic factors such as low interest rates, rising incomes and a growing population. A recent Statistics Canada report concluded that home ownership is at record levels, with over two-thirds of Canadians owning their own home.
Mortgage arrears—overdue mortgage payments—have also remained low. In recent years, the percentage of mortgages in arrears for three months or more continues to be at low levels not seen since 1990.
For more information the real estate market in Victoria BC feel free to contact us at 250-920-7000 or through our website www.PropertiesinVictoria.com
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.
Monday, 23 June 2008
Victoria BC - Real Estate Update: Highers Costs Affecting the Real Estate Market
Fuel and Food Prices Impacting Real Estate.
As gasoline prices continues to rise, driving up the costs of food and other staple products discretionary buying will slow, and we are starting to see it. Car sales are falling and now it looks like secondary/vacation homes are starting to take a hit. In Victoria BC we are seeing a definite slow down in the market, but feel with such a strong economy and a very desirable place to live the slow down will be limited. Please read the article below from Cam Muir the BC Real Estate Association chief economist.
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 27 per cent to $3.85 billion in May, compared to May 2007. Residential unit sales fell 31 per cent to 8,101 units during the same period. The average MLS® residential price in the province reached $475,656, up 6 per cent from May 2007.
“Rising fuel and food prices are impacting the housing market, as many potential homebuyers take a wait and see approach out of concern for their household budgets,” said Cameron Muir, BCREA Chief Economist.
While BC has one of the best performing economies in the country, slower economic growth and a spate of bad news stemming from the US housing recession is also eroding consumer confidence, causing some consumers to delay major purchases.
“Despite strong demographic fundamentals, amenity markets in the province are bearing the brunt of reduced demand as second home purchases by recreation and investor buyers are more easily delayed,” added Muir. “However, higher inventory levels may soon edge lower as homes priced in relation to the accelerating conditions of the past are either pulled off the market or re-priced and sold according to today’s market realities.” For the remainder of the article please log onto http://www.bcrea.bc.ca/news_room/2008-05.pdf
Please contact us if you would like more information on the market here in Victoria BC and visit our website and log onto Victoria Market update to stay informed on current trends.
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.
As gasoline prices continues to rise, driving up the costs of food and other staple products discretionary buying will slow, and we are starting to see it. Car sales are falling and now it looks like secondary/vacation homes are starting to take a hit. In Victoria BC we are seeing a definite slow down in the market, but feel with such a strong economy and a very desirable place to live the slow down will be limited. Please read the article below from Cam Muir the BC Real Estate Association chief economist.
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC declined 27 per cent to $3.85 billion in May, compared to May 2007. Residential unit sales fell 31 per cent to 8,101 units during the same period. The average MLS® residential price in the province reached $475,656, up 6 per cent from May 2007.
“Rising fuel and food prices are impacting the housing market, as many potential homebuyers take a wait and see approach out of concern for their household budgets,” said Cameron Muir, BCREA Chief Economist.
While BC has one of the best performing economies in the country, slower economic growth and a spate of bad news stemming from the US housing recession is also eroding consumer confidence, causing some consumers to delay major purchases.
“Despite strong demographic fundamentals, amenity markets in the province are bearing the brunt of reduced demand as second home purchases by recreation and investor buyers are more easily delayed,” added Muir. “However, higher inventory levels may soon edge lower as homes priced in relation to the accelerating conditions of the past are either pulled off the market or re-priced and sold according to today’s market realities.” For the remainder of the article please log onto http://www.bcrea.bc.ca/news_room/2008-05.pdf
Please contact us if you would like more information on the market here in Victoria BC and visit our website and log onto Victoria Market update to stay informed on current trends.
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.
Wednesday, 28 May 2008
Victoria BC - Real Estate: Billion Dollar Colwood Development Receives City Approval to Move Forward
There is some feeling out there with regards to a downturn in new construction; however, you may want to rethink that position if you are holding this position. The city of Colwood about 15 minutes from Victoria has given approval for a billion dollar development. For further information please read the article below from Tartan Publications.
Victoria, British Columbia - The City of Colwood has given fourth and final reading of a bylaw which will permit City Centre Colwood, the $1-billion development on 13 acres on the West Shore of Vancouver Island, to proceed. The project when completed will include over 3.5 million square feet of commercial, residential and amenity space and will give the region a new city centre."City Centre Colwood will be a contemporary work and live place on a scale never before achieved in the Greater Victoria area," said developer Les Bjola of Turner Lane Development Corporation. "It will have a significant impact on economic growth in the region, attracting new companies and residents from across our country and others. We plan to achieve the highest standards in social, economic and environmental sustainability in this progressive new community."
When completed, the development will include new office and residential buildings, a shopping, dining and entertainment district, and substantial underground parking. The on-site work/live population will have easy access to public transportation, pedestrian ways and major highways.
"Our goal is to create a modern, urban centre which will meet the needs of the community and the growing interest in the West Shore - something of which we can all be proud," said Les Bjola. "We already know people want the type of lifestyle Island-living provides, and attracting new companies will bring the employment opportunities which will allow people to live, work and play here."
The development will include a mix of low and high-rise buildings, which will be built in phases with construction expected to start early next year.
"We are experiencing a great deal of interest in this project from British Columbia and beyond," said Adam Gant, CEO of League Assets, the company managing the financing for the development. "The vision for this project is spectacular and investors are recognizing long-term benefit of doing something different in this community."
Over the past 18 months, Bjola and his project team have undertaken an intensive public consultation process to gather input from community members and stakeholders that included surveys, open houses and public meetings. The culmination of this process was the final approval of the bylaw by the City of Colwood council last night.
For more information on real estate in the Great Victoria area please do not hesitate to contact us
CheersBill
Bill EthierB.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.
Wednesday, 19 March 2008
BC Housing Sales Decline in February
British Columbia home sales fell in February for the second consecutive month. Is it a trend? It is hard to say this early into the year: however, there is a general slow down in the market.
Does this mean price reduction? I do not think so. It means that houses are taking a little longer to sell, more possibilities for buyers to chose from unlike a few years ago when there were more buyers then sellers. We are heading toward a more balance market, and I feel a more stable market. Not everything goes up for ever. You may be asking yourself if this mean that we will see a sell-off like the US. This I do not see as the fundamentals in Canada are sound and the economy, particularly in BC is very strong. This in conjunction with lowering interest rates in Canada will help to maintain a healthy market for 2008.
For more information on the recent sales in BC please read the article below from the British Columbia Real Estate Association.
Vancouver, BC – March 17, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC rose 4.5 per cent to $3.26 billion in February, compared to the same month in 2007. Residential unit sales dipped 9.8 per cent to 6,822 units during the same period. The average MLS® residential price in the province reached $478,172 in January, up 15.8 per cent from February 2007.
“BC home sales fell for the second consecutive month, marking the slowest start to a year since 2003,” said Cameron Muir, BCREA Chief Economist. “While it’s still too early to call a trend, fewer home sales and an increase in active listings may be pulling the BC housing market toward balanced conditions.”
“Strong employment and wage gains over the last year continue to underpin housing demand,” said Muir. The number of unit sales recorded in the month was 13 per cent above the February average from 1998 to 2007. “However, continued erosion in housing affordability may be taking a toll on the ability-to-pay for some buyers.”
Additionally, a weak US economy and lower demand for BC lumber is negatively impacting BC’s forestry industries and local resource communities, while current economic volatility may also be impacting the confidence for some would-be buyers.
For more information, please contact:
Cameron MuirChief EconomistDirect: 604.742.2780Mobile: 778.229.1884Email: cmuir@bcrea.bc.ca
For more information on the market in Victoria feel free to contact us or long onto our website and click on the Victoria Real Estate Market Update.
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.
Does this mean price reduction? I do not think so. It means that houses are taking a little longer to sell, more possibilities for buyers to chose from unlike a few years ago when there were more buyers then sellers. We are heading toward a more balance market, and I feel a more stable market. Not everything goes up for ever. You may be asking yourself if this mean that we will see a sell-off like the US. This I do not see as the fundamentals in Canada are sound and the economy, particularly in BC is very strong. This in conjunction with lowering interest rates in Canada will help to maintain a healthy market for 2008.
For more information on the recent sales in BC please read the article below from the British Columbia Real Estate Association.
Vancouver, BC – March 17, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC rose 4.5 per cent to $3.26 billion in February, compared to the same month in 2007. Residential unit sales dipped 9.8 per cent to 6,822 units during the same period. The average MLS® residential price in the province reached $478,172 in January, up 15.8 per cent from February 2007.
“BC home sales fell for the second consecutive month, marking the slowest start to a year since 2003,” said Cameron Muir, BCREA Chief Economist. “While it’s still too early to call a trend, fewer home sales and an increase in active listings may be pulling the BC housing market toward balanced conditions.”
“Strong employment and wage gains over the last year continue to underpin housing demand,” said Muir. The number of unit sales recorded in the month was 13 per cent above the February average from 1998 to 2007. “However, continued erosion in housing affordability may be taking a toll on the ability-to-pay for some buyers.”
Additionally, a weak US economy and lower demand for BC lumber is negatively impacting BC’s forestry industries and local resource communities, while current economic volatility may also be impacting the confidence for some would-be buyers.
For more information, please contact:
Cameron MuirChief EconomistDirect: 604.742.2780Mobile: 778.229.1884Email: cmuir@bcrea.bc.ca
For more information on the market in Victoria feel free to contact us or long onto our website and click on the Victoria Real Estate Market Update.
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.
Monday, 10 March 2008
Victoria Real Estate - Housing Starts Surprise
The latest housing starts were released last week and show a surprisingly strong performance that surprised more then a few. This along with the strong employment numbers that were released for February show a fairly resiliant Canadian economy.
On the surface it looks like Canada and the US are going in two different directions. The US heading down on poor economic numbers caused by the credit crunch, low consumer demand and some may say an unpopular war. Canada on the other hand, with the crippling high dollar taking its toll on the manfacture centre in central Canada is still adding more jobs to the work force, a fairly positive feeling from consumers, and strong demand for real estate. Will it last? That is the big question. Many say it can't maintain the pace without its largest trading partner buying up our commodities other than oil. Maybe Canada is just behind on the curve and all the gloom and doom that is out there will finally coming knocking on its door.
Our economy is definately on slow down and that may good. Allow a breather, but not a gasp before it ticks up again. I feel this may good for house prices in the long run. The slow down in rising prices may give a chance for real wages to catch up and that accompanied with low interest rates now and into the immediate future will definately keep the real estate market in Victoria ticking along as well as its economy. This will make it a more balanced market.
For more information on the latest housing starts feel free to contact us or read the latest article from the Globe and Mail by following this link
If you are looking for some hardworking and dedicated Real Estate Agents in Victoria BC, who put you first please do not hesitate to contact us.
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.
On the surface it looks like Canada and the US are going in two different directions. The US heading down on poor economic numbers caused by the credit crunch, low consumer demand and some may say an unpopular war. Canada on the other hand, with the crippling high dollar taking its toll on the manfacture centre in central Canada is still adding more jobs to the work force, a fairly positive feeling from consumers, and strong demand for real estate. Will it last? That is the big question. Many say it can't maintain the pace without its largest trading partner buying up our commodities other than oil. Maybe Canada is just behind on the curve and all the gloom and doom that is out there will finally coming knocking on its door.
Our economy is definately on slow down and that may good. Allow a breather, but not a gasp before it ticks up again. I feel this may good for house prices in the long run. The slow down in rising prices may give a chance for real wages to catch up and that accompanied with low interest rates now and into the immediate future will definately keep the real estate market in Victoria ticking along as well as its economy. This will make it a more balanced market.
For more information on the latest housing starts feel free to contact us or read the latest article from the Globe and Mail by following this link
If you are looking for some hardworking and dedicated Real Estate Agents in Victoria BC, who put you first please do not hesitate to contact us.
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.
Tuesday, 4 March 2008
Victoria Real Estate - Average House Prices Drop
The latest stats from the Victoria Real Estate Board have just been released and they point to a drop in the average house price from January ’s $606, 449. Does this mean we are on a down ward trend? Maybe the average price has dropped, but this is definitely not the best statistical measurement for house prices because of the skewing by some very expensive homes that can greatly affect the average price. The best indicator statistically is the median price - the middle number if you will, and this number has gone up from January’s 530,200. Maybe the very expensive homes are not selling as fast but the median price homes in Victoria are very hot right now. For more on last months statistics please see below.
The number of sales of homes and other properties in the Greater Victoria area moderated in February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales in January.
Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with strong demand for homes that are realistically priced coupled with a growing selection of available properties for sale. “The total number of properties available for sale rose to 3,311 in February - a 13 per cent increase over February of last year,” noted Joe.
Last month over 27 per cent of single family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under $275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria and one sale on the Gulf Islands of over $1 million.
The average price of single family homes sold in February in Greater Victoria was $587,295; the median price was $543,500. The six-month average for single family homes was $588,826. The average price of all condominiums sold in February was $333,408; the average for the last six months was $334,577. The median was again lower at $299,450. The average price of all townhomes sold last month was $422,607; the six month average was $426,685. The median price was $395,000.
MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and 13 manufactured homes.
If you have any questions or would like more information on these statistics please visit our website or the Victoria Real Estate Boards site for the latest stats and all the historical as well.
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 sales of homes and other properties in the Greater Victoria area moderated in February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales in January.
Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with strong demand for homes that are realistically priced coupled with a growing selection of available properties for sale. “The total number of properties available for sale rose to 3,311 in February - a 13 per cent increase over February of last year,” noted Joe.
Last month over 27 per cent of single family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under $275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria and one sale on the Gulf Islands of over $1 million.
The average price of single family homes sold in February in Greater Victoria was $587,295; the median price was $543,500. The six-month average for single family homes was $588,826. The average price of all condominiums sold in February was $333,408; the average for the last six months was $334,577. The median was again lower at $299,450. The average price of all townhomes sold last month was $422,607; the six month average was $426,685. The median price was $395,000.
MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and 13 manufactured homes.
If you have any questions or would like more information on these statistics please visit our website or the Victoria Real Estate Boards site for the latest stats and all the historical as well.
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.
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.
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