Victoria Real Estate market remains competitive
A total of 577 properties sold in the Victoria Real Estate Board region this November, 15.9 percent more than the 498 properties sold in November 2018 and a 6.8 percent decrease from October 2019. Sales of condominiums were up 5.9 percent from November 2018 with 161 units sold. Sales of single-family homes increased 15.4 percent from November 2018 with 308 sold.
"We continue to see low inventory and strong demand for low to mid-priced properties in our area, which is pushing pricing up on condos and single-family homes that fall within that segment," says Victoria Real Estate Board President Cheryl Woolley. "It is a challenging time for those shopping for properties in that price range as they can often find themselves in a competing offer situation."
There were 2,397 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2019, a decrease of 9.3 percent compared to the month of October, but a 2.3 percent increase from the 2,343 active listings for sale at the end of November 2018.
"The market this year is behaving as we'd expected, in the wake of tighter mortgage requirements and after the rapid pace of price increases we saw two years ago," adds Woolley. "Appropriate pricing and awareness of market trends are essential right now if you want to buy or sell a home in our area. That is why it is important to have a REALTOR® guide you through the process. It's worth getting this professional help, for what likely will be the biggest purchase or sale of your lifetime."
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in November 2018 was $865,800. The benchmark value for the same home in November 2019 decreased by 1.2 percent to $855,400, slightly less than October's value of $857,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2018 was $501,300, while the benchmark value for the same condominium in November 2019 increased by 3.1 percent to $517,000, slightly more than the October value of $511,600.
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Victoria Real Estate market impacted by low inventory, consistent demand
A total of 619 properties sold in the Victoria Real Estate Board region this October, 3.5 percent more than the 598 properties sold in October 2018 and a 0.5 percent increase from September 2019. Sales of condominiums were down 1.1 percent from October 2018 with 178 units sold. Sales of single-family homes increased 10 percent from October 2018 with 318 sold.
"This month's overall numbers are very similar to the numbers we saw last year," says Victoria Real Estate Board President Cheryl Woolley. "It's interesting that last month we saw a large uptick in condo sales, but this month is fairly flat when compared to last year. This shows that we are not yet seeing a trend in property types."
There were 2,643 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2019, a decrease of 6.4 percent compared to the month of September, but a 5.3 percent increase from the 2,510 active listings for sale at the end of October 2018.
"There has been a slight increase in our inventory from October last year," adds Woolley. "The current inventory is likely not enough for homebuyers to feel they have a lot more to choose from - which in turn puts pressure on pricing for homes in desirable locations and price points. It's not uncommon to see multiple offers in many of our market segments. Your local Realtor will be able to help you understand the intricacies of our current market and what you can expect at the time you decide to buy or sell a home."
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in October 2018 was $878,900. The benchmark value for the same home in October 2019 decreased by 2.4 percent to $857,700, slightly more than September's value of $846,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2018 was $503,200, while the benchmark value for the same condominium in October 2019 increased by 1.7 percent to $511,600, the same as September's value.
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Victoria Real Estate Market shows increased interest in condos and townhomes
A total of 616 properties sold in the Victoria Real Estate Board region this September, 15.6 percent more than the 533 properties sold in September 2018 but a 6.8 percent decrease from August 2019. Sales of condominiums were up 48.3 percent from September 2018 with 221 units sold. Sales of single-family homes decreased 1.1 percent from September 2018 with 282 sold.
"September's statistics clearly demonstrate that Victoria continues to have a stable real estate sector and is a desirable place to live," says Victoria Real Estate Board President Cheryl Woolley. "While sales are up compared to the same month last year, our inventory remains low, which may create challenges for people trying to get into the market in certain categories."
There were 2,823 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2019, a decrease of 0.5 percent compared to the month of August but a 6.7 percent increase from the 2,646 active listings for sale at the end of September 2018.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in September 2018 was $878,500. The benchmark value for the same home in September 2019 decreased by 3.6 percent to $846,500, slightly less than August's value of $847,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2018 was $503,600, while the benchmark value for the same condominium in September 2019 increased by 1.6 percent to $511,600, lower than August's value of $518,100.
"We saw increased activity in the condo and townhouse market with an almost 50 percent year-over-year sales increase in condos," adds President Woolley. "It may be too early to call this a trend towards condo purchases, but this is a number to watch through the fall to see if buyers continue opting for condos and townhomes as more new developments are added to the market in highly desirable locations, with price points often lower than a single-family home.
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I keep getting asked what will happen to the Victoria Condo Market in 2019. The simple answer is nothing. If you look at condo prices in Victoria ( that is the price per square foot ) we are still undervalued compared to the rest of Canada. Plus! the market in Victoria has similar rental rates compared to major cities in Canada.
No one has a crystal ball to forecast exactly the condo market, but we do know that in the longtern , the prices are always upward trending.
There is no place on earth like earth. Invest in it!
Talk soon :-)
You’re invited to stop by to preview our upcoming Vancouver Island communities—including our homes at Esquimalt Town Square. We’ll have floorplans and information available for you, while pricing details will follow in early to mid-September.
Starting Saturday August 3rd, we’ll be open daily from 12–5pm (closed Wednesdays and Thursdays). We would also be delighted to secure a private appointment for you in September once detailed pricing information is available.
We look forward to seeing you soon! In the meantime, please do not hesitate to contact me for more details.
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Buying land is considered to be one of the best investments. The land value keeps increasing as days go on, so in the future, this investment long term is profitable. Many people like to purchase properties in other countries or other places. Because it fulfills two purposes, first one, they could enjoy the trip along with their family and the second reason, their purchase in tourist destinations; they could rent and could gain investment money through that property. Before buying any property, the place where the property is going to be bought should be considered, research should be done on the location, you are looking to buy in. Victoria BC is a city, which is situated in the beautiful southern end of Vancouver Island in Canada. Most areas of Victoria, it is possible to catch a glimpse of the beautiful views in Victoria BC. People rush to make a purchase in this city for its weather and its beautiful scenery.
Mostly, people seek the help of a real estate agent to purchase land and houses. There are lots of services available in Victoria BC, which help you to buy the property that will be right for you. As an agent, we listen to the customers' preferences and I put my full effort in order to satisfy my customers. It is better to seek the help of real estate agent services because they will arrange for real estate review sessions through which they will get to know at what type of property, you are looking for in real estate. Newspapers and online will give you the information on the real estate opportunities present in Victoria BC. It is important to first get to know which real estate provides you with most benefits and then you can buy or sell properties through research of this market with the help of an agent. The real estate you purchase will help start you off with with a real estate portfolio, by selling and buying homes or properties in Victoria.
Purchasing a home is one of the most important individual purchases in your lifetime. When purchasing a home, a professional decision must be made, with consideration and understanding of what will fulfill your needs and wishes. You could give preferences on the kind of home you need or that you are looking for, before purchasing, however, it is necessary to have a look at the home, the facilities which are available, the amenities that are close by and to see whether the real estate investment comes under your financial consideration. Condos are apartments which are individually owned and they provide a wide range of options for different real estate price points.
There are some condos which provide luxury accommodation. Life in a condo can make your life better and more enjoyable. Before the purchase of a condominium, it is important to consider the legal and other aspects of owning a condominium.
Townhouses, in general, provide better security and lots of amenities. Townhouses combine the amenities and advantages of both single houses and condos. Investing in those can be beneficial. This will save you your money and at the same time is a profitable investment. Lots of things should be taken into consideration before investing in houses, and the investment made should be an ideal one.
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This project consists of single-family homes that are two floors. The house shares a wall with another townhouse. It is a beautiful project in a fantastic park of Victoria. A must see, please contact us for more details.
Please note as well that, you can find townhomes for sale in Victoria BC. Where property prices are high and the land is in short supply. Often people will look at both condominiums and townhomes for sale.
If you are planning to buy townhomes in Victoria BC and are in the market doing realestate search then BC HomeGroup and Shirin Purewal can help you. Check the listings on our website to find properties that may interest you.
Always here to help, and we can email more information on the Ilaria project above.
A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 percent more than the 708 properties sold in June 2018 but a 12.7 per cent decrease from May 2019. Sales of condominiums were down 6.1 per cent from June 2018 with 216 units sold. Sales of single-family homes increased 10.4 percent from June 2018 with 394 sold.
"June has trended lower than May for the past few years and tends to signal the end of the active spring market," says Victoria Real Estate Board President Cheryl Woolley. "The summer months of July and August generally see less activity than the spring, as people's attention shifts to vacation and away from real estate. This year, we have seen slightly more sales compared to June of last year. We have also seen one hundred fewer new listings enter the market this year, which continues to make a challenging market for buyers who are hoping for more options."
There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019, an increase of less than one per cent compared to the month of May and a 17.1 per cent increase from the 2,595 active listings for sale at the end of June 2018.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in June 2018 was $898,500. The benchmark value for the same home in June 2019 decreased by 4.3 per cent to $859,600, slightly less than May's value of $860,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2018 was $509,000, while the benchmark value for the same condominium in June 2019 increased by 2.97 per cent to $524,100, higher than May's value of $519,300.
"It is possible that some buyers are waiting for the federal government's new first-time home buyer incentive to roll out this September," adds President Woolley. "The program is intended to assist first time buyers with their down payment. It's hard to estimate how many local buyers may take advantage of the incentive, but because of the low threshold for maximum purchase price, the program may only help those in our area who seek to buy condos. This could mean a slight uplift in lower priced properties in the fall, if more buyers are enabled to enter the market. If you are interested in exploring options and strategies for either buying or selling, it would be a good time to connect with a local REALTOR®, who has the expertise necessary to navigate today's market conditions, neighbourhoods and property types."