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Victoria Real Estate Market demand surges against limited supply
 
A total of 863 properties sold in the Victoria Real Estate Board region this February, 53.3 per cent more than the 563 properties sold in February 2020 and 33.6 per cent more than the previous month of January. Sales of condominiums were up 65.7 per cent from February 2020 with 290 units sold. Sales of single family homes were up 43.9 per cent from February 2020 with 390 sold.
 
"Our early spring market is in full swing carrying on from a fast start in January,” said Victoria Real Estate Board President David Langlois.  “Our market remains one with tightly constrained inventory and high demand. The good news is that we have seen some stabilization in listings and condo pricing between January and February, but we continue to see huge pressure on single family homes – new listings are snapped up as soon as they are listed. As a result, the pressure on single family homes continues to ramp up. There is significant competition for desirable homes – and in our marketplace most homes are desirable – and people competing for properties pushes prices up.”
 
There were 1,318 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2021, 38 per cent fewer properties than the total available at the end of February 2020 and three properties fewer than the 1,321 active listings for sale at the end of January 2020.
 
­­“The theme for 2021 is going to be inventory - where does it come from and how much new supply can be approved - so that this situation does not persist,” adds Langlois. “We’ve seen the government attempt to influence the housing market in hopes of dampening the demand for home ownership. The foreign buyer tax has changed nothing – our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust. Demand-suppression measures have not worked and their failure to moderate housing prices in our community has only exacerbated the pressure on the supply that was constrained ten years ago but is now at historically low levels. If you are concerned about housing prices and availability of housing in general in our community, please support development in your municipality. Be vocal with your local council or neighbourhood association – these stakeholders hold the power in these negotiations - and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 per cent to $948,200, a 1.7 per cent increase from the previous month of January. The MLS® HPI benchmark value for a condominium in the Victoria Core in February 2020 was $525,600, while the benchmark for the same condominium in February 2021 remained close to last year’s value at $525,400, a 0.38 per cent decrease.
 
 
 
The release and the full statistics package will be posted to the VREB website at www.vreb.org/current-statistics later this afternoon.
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Released to media today:
 
Victoria real estate market sees strong start to 2021
 
A total of 646 properties sold in the Victoria Real Estate Board region this January, 57.2 percent more than the 411 properties sold in January 2020 and 2.4 percent more than the previous month of December. Sales of condominiums were up 83.1 percent from January 2020 with 216 units sold. Sales of single-family homes were up 48.5 percent from January 2020 with 297 sold.
 
“Our bustling market continues to be fueled by strong consumer demand to own a home in Greater Victoria, driven in part by low-interest rates and by the overall desirability of our larger community,” said Victoria Real Estate Board President David Langlois. “This continuing demand, coupled with our record low inventory, has resulted in competition for desirable properties. The competition for sparse inventory has pushed both pricing and activity up and has created the very fast-paced market that we’ve been experiencing for the past several months.”
 
There were 1,321 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2021, 32.5 percent fewer properties than the total available at the end of January 2020 but a 3.3 percent increase from the 1,279 active listings for sale at the end of December 2020.
 
­­“The luxury home market continues to significantly outpace previous years,” adds Langlois. “For example, in January 2020, four homes over two million dollars sold. This January, twenty-five sold. We also see continued strengthening in the condominium market across all price points. Right now, navigating both the buying and selling process is challenging. With many moving pieces and in such a fast-paced market it’s important to leverage the experience and expertise of your trusted local REALTOR®.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2020 was $860,700. The benchmark value for the same home in January 2021 increased by 8.3 percent to $932,000, a 1.8 percent increase from the previous month of December. The MLS® HPI benchmark value for a condominium in the Victoria Core in January 2020 was $523,400, while the benchmark for the same condominium in January 2021 remained close to last year’s value at $518,800, a 0.9 percent decrease.
 
 
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I have sold a property at 903 Deal St.
Prepare to be impressed with this fully renovated (by Icelandic Carpentry) home that sits proudly on a private 17,055 sq. ft lot at the end of a cul-de-sac in south Oak Bay. The centre staircase is adorned by a glass roof that provides an abundance of natural daylight throughout the open concept heart of the home. The living room is cozy for two yet large enough to entertain with ease. The dining room features a vaulted ceiling to delineate it from the brilliantly planned kitchen that features quartz countertops & backsplash, high quality appliances & cabinetry. The master bedroom is enhanced with the hot tub on the patio & luxurious ensuite. The second bedroom on the main floor also features it’s own ensuite bathroom. Work from home with ease in the main floor office/3rd bedroom. Downstairs boasts a family / recreation room, 4th bedroom, 4th bathroom, laundry & storage. Heat & cool economically with the heat pump. Walk to the VGC, the Village, Marina, OB Beach Hotel, promenade etc.
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The 2020 Victoria real estate market year in review
 
A total of 631 properties sold in the Victoria Real Estate Board region this December, 57 per cent more than the 402 properties sold in December 2019 and a 20.6 per cent decrease from November 2020. Sales of condominiums were up 61.2 per cent from December 2019 with 195 units sold. Sales of single family homes increased 58.6 per cent from December 2019 with 314 sold.
 
A grand total of 8,497 properties sold over the course of 2020, 17.1 percent more than the 7,255 that sold in 2019. 2020 sales came in close to one thousand sales over the ten-year average of 7,329 properties.
 
“This has been an unexpected year on many levels,” says 2020 Victoria Real Estate Board President Sandi-Jo Ayers. “The onset of the COVID-19 pandemic in March and April quickly swept away any illusions that our normal seasonal market patterns would persist. Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations. The combination of the ongoing pandemic, historically low interest rates and a shift in consumer priorities towards properties that cater to a more home-based work / life / retirement balance resulted in record setting sales for the last several months of 2020.”
 
There were 1,279 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2020, a decrease of 29.5 per cent compared to the previous month of November and a 34.5 per cent decrease from the 1,952 active listings for sale at the end of December 2019. This represents the lowest inventory of active listings at month-end in at least the last 25 years.
 
“The other side of our local story was the inventory,” adds Ayers. “We ended the year on a record low of properties available in Greater Victoria. This means that the huge demand we see for homes in our area is not being met by supply and prices are being pushed upwards as buyers vie for homes. Even historically lower-priced markets like the Highlands and the Westshore are seeing pressure as buyers adjust what suits their needs and focus on home ownership. What remains consistent is that in this complex market, your REALTOR® can help to navigate one of the biggest purchases most will make in their lifetime." 
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2019 was $857,200. The benchmark value for the same home in December 2020 increased by 6.8 per cent to $915,100, slightly more than November’s value of $903,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2019 was $520,100, while the benchmark value for the same condominium in December 2020 decreased by 0.9 per cent to $515,600, slightly less than the November value of $516,600.
 
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I have sold a property at 32 4355 Viewmont Ave.
“The Reeve" - Royal Oak's newest townhouse development consisting of 36 exclusive 3 Bedroom plans, ranging from 1,443 to 1,543 finished sq. ft. featuring solar voltaic panels on each home, central heating & air conditioning and on-demand hot water. Electric vehicle charging in every garage & driveway parking for your second car. 2 luxurious colour schemes to choose from, gourmet kitchens with high-end stainless appliances, quartz countertops and gas BBQ. Some plans offer fenced backyards and all include spacious patios and decks. Bring your pets! Centrally located next to Brydon Park, within walking distance to Royal Oak Shopping Centre, restaurants & bus exchange. Another quality project brought to you by Mike Geric Construction Ltd. Most homes are now ready for immediate possession & the rest will be ready in early 2021. Only $10,000 deposit required. VIRTUAL TOUR AVAILABLE!
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Strata insurance update
 
As of January 1, the practice of "best terms" pricing is to end in BC. This will help moderate the high cost of insuring stratas in our province.
 
The B.C. Financial Services Authority had in its interim report released this summer identified "best terms" as one of the reasons the cost of strata insurance was under high pressure.
 
For further detail and an explanation of how "best terms" works, visit this Vancouver Sun article.
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The federal government has announced increases to the First-Time Buyers Incentive in three special markets - Toronto, Vancouver, and Victoria.
 
Since its inception in 2018, the maximum home price to be eligible for the shared equity mortgage program was 4 times household income. As of Spring 2021 this is increasing to up to 4.5 times household income. The buyer’s income threshold is being raised from $120,000 to $150,000. These changes mean the maximum home price for eligible first-time buyers in the three markets goes from $505,000 to about $722,000.
 
Information on the current program can be found here.
 
If you want to speak to a member of our team, please contact us.
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Victoria real estate market continues to experience strong demand, low supply
 
A total of 795 properties sold in the Victoria Real Estate Board region this November, 37.8 percent more than the 577 properties sold in November 2019 but 19.7 percent fewer than the previous month of October 2020. Sales of condominiums were up 62.7 percent from November 2019 with 262 units sold. Sales of single-family homes were up 21.8 percent from November 2019 with 375 sold.
 
Once again, we’ve tracked an unexpectedly busy month for the Victoria area real estate market,” said Victoria Real Estate Board President Sandi-Jo Ayers. “With near 800 total sales last month, we came close to the record for sales in November - which was 892 sales in 1989."
 
There were 1,813 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2020, 24.4 percent fewer properties than the total available at the end of November 2019 and a 14.6 percent decrease from the 2,122 active listings for sale at the end of October 2020.
 
“I expect the question on most people’s minds is – how long does this last, and is this sustainable,” adds Ayers. “The fact is, the market has outperformed anyone’s expectations in the midst of this pandemic. There is a chance we will see a slow leveling of activity over the winter – which is what we would expect seasonally. However, because of our consistently low inventory, pressure on pricing and multiple offer situations will likely continue as we remain in a demand-heavy environment.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in November 2019 was $857,600. The benchmark value for the same home in November 2020 increased by 5.3 percent to $903,100, a 2.7 percent increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2019 was $517,400, while the benchmark for the same condominium in November 2020 remained close to last year’s value at $516,600, a 0.2 percent fluctuation.
 
 
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I have sold a property at 302 1725 Cedar Hill Cross Rd.
15 Min walk to UVIC and shopping center. This affordable, top floor, two bedroom is walking distance to the University of Victoria and Camosun College. Ideal for students or faculty. This bright, clean and spacious unit features in suite laundry, large pantry, wood burning fireplace, two bedrooms, including a huge master bedroom with 2 piece en-suite, ample closet space and in suite storage, as well as an enclosed balcony/sunroom with a view of Horner Park and Mount Baker . Underground parking with plenty of visitor parking and a large separate full size storage room. Superb Mt. Tolmie location, just a short walk to parks, trails, gym/rec centre, bus routes and all amenities. Bring your decorating ideas. Easy Showings. Fantastic Value, this won’t last.
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Excited….!!! Going to buy and get into Homes for Sale Victoria BC? Then, BC Home Group is ready to show you the best houses in the town. We have amazing and beautiful houses and condos for the home buyers who are willing to buy a house in victoria. Our lists of Homes for Sale Victoria BC are simply the best and we also help with the process of selling, we try to fulfill the requirements of home buyers as we care about our customers' needs. And this is the vision for our luxury real estate services. Our customers are first and a priority for us. 


As you see, Canada most specifically Victoria is known for its warm environment, that is why Victoria BC is an amazing place to buy a house and to spend an amazing luxury life here. The city is full of beautiful ocean and mountain scenery which is amazing for taking a deep breath when you need your peace. Also, the city is famous for outdoor activities such as zip-lining, biking, and golfing and this beautiful scene of victoria makes it the best place to settle down if you are looking for a location in Canada. BC Home Group has lots of Homes for Sale Victoria BC for the home buyer who is eagerly willing to set up without taking any delay in getting ready to buy in this hot housing market.


What Homeownership benefits you the most?


Homeownership places the owner in a better place in terms of financials compared to renters, who prefer to pay the monthly rent. And this is the reason BC Home Group is here with the amazing offers on Homes for Sale Victoria BC and an amazing opportunity for the people who want to be the owner of a house here in Victoria BC. 


Helping your investment grow, the homeowner can live without any hassle of shifting contracts and can live according to its owner's needs, which means the owners get the freedom to do whatever they want to do at their own pace. Also, the house owner can rent their house to earn extra money as a great revenue stream. 


Why Choose BC Home Group?


We have real estate experts who have all the knowledge about the process of homebuying step by step and they will guide you properly & be with you throughout the entire process to help you. Our experts also make a list of your requirements while contacting you to make sure you will visit the best houses among all the Homes for Sale Victoria BC in our list of selling. Our prices are also up-to-date and the best in the market so our customers will get the full benefits of connecting with us.


We help the home buyers to make a checklist of home buying needs and then we choose the best homes from the list of our Homes for Sale Victoria BC and then take you on a tour of the location and home to ensure it's good to go for our customer’s needs. If the house meets the checklist then we bring our customers we walk you through the process of writing an offer. 


Our Homes are great and best-in-class and good to go to if you want to settle in Victoria BC and we want you to feel like you can live comfortably in beautiful BC. You can contact us anytime to see the list of our Homes for Sale Victoria BC and we will never let your hopes down when you connect with us.


Stay tuned with us for the best houses and condos in victoria BC and relax, enjoy,  this beautiful location, city, island with your family.









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Are you looking for the beautifully designed Victoria Condos?


The BC Home Group has so many options for you. We are selling amazing condos in different victoria locations. Our buyers love VIctoria as it is one of the most desired locations to buy a condominium or live. We have so many options for buyers who want to settle in Victoria and want to buy amazing offers.



As we all know Victoria is a beautiful location located in the heart of the country and it is the capital city of British Columbia. This city comes in the list of most beautiful locations throughout the country. Buying a condo here will make you feel like you are living in one of the most people places in the world. So if you are planning to settle in Victoria or want to buy in this location, beautiful town, city, you name it... then we have so many options on our list for you. You can contact our team of real estate experts who will guide you in the buying process and also suggest you the right option among many which meet your needs and requirements. 



We have the real estate experts in the BC Home Group team who have deep knowledge about the Victoria Condos  Market and all condos which we have for sale and we also know about the locations which help you to understand the culture in the different neighborhood and the stats of the condos. You can take the financial advice from them as well as they are the specialist in this as well.



Why choose Condos in Victoria?



If you are buying Victoria Condos then you don’t need to mow for the grass or shovel the snow (if there are any), do not worry about the garden. You will get included living amenities, such as fitness centers and pools, as the locations of the condominium are near urban areas which will be the best amenities available when you do buy one of our Victoria condos.



You can save your time and money when you buy condos as the condominiums are less maintenance and hassle compared to the maintenance required while you are living in a house. For those living in a condo is easy, you will save your more time and money. Besides these points, you can save some extra money by buying Victoria condos, as they are cheaper than homes. Buying a condo in Victoria BC will be easy if you choose BC Home Group to serve you and to help you make the best choices in Victoria. 



The Points we make sure we take care of for you: 



  • We will make sure we review necessities for the living such as parking space, storage space, and amenities that are near to you and your condominium.
  • We will inform you about the monthly fees, strata fees that is which are given by the strata and building management, these fees typically include insurance and maintenance, and it may also cover landscaping, utilities, and garbage collection. 
  • We also make sure you know if there are any special assessment fees if there are any upcoming. These fees can be important as sometimes these levies are a special assessment to cover a major expense, such as a new roof or a structural repair. 
  • Each condo has different rules or as we call them bylaws. We will make sure you know about these rules for any condo you are going to buy.



Our team will help you know about each and everything you need to know about the Victoria condos which you are choosing to live in. And we also help throughout the buying process to ensure that you will not face any issues during the whole process. Also, you will find us to be the best while you search for victoria condos for your living and help you find the best in this beautiful town of Victoria.



So now it's time to shift and make your move by taking advantage of the amazing offers on Victoria condos which we are giving away and we provide exclusively to our clients. Contact us now.

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Are you looking for the best and new Luxury Real Estate Properties for sale or buy? Then you must at the right place as we are looking to be every client's best seller and buyer for all the best Luxury homes and real estate for sale. You will find us to be best and our services are one of the best-in-class and our experience is extensive as we are a real estate experts company. 


With our team of luxury real estate experts, we are leading in the marketplace and selling and buying houses at a great price and we make sure it suits the budget of our clients. Our experts are 24x7 available to help advise clients who are looking for the best Luxury home real estate properties and also we like to consult on every step related to selling houses & ensure we offer the best prices in the marketplace to help our clients feel they are making the right decision.


How Do We Help Choose the Right Luxury Home or Real estate Property?


We directly deal with home buyers or sellers to ensure that they don’t need to pay any commission or extra fees for their houses. And also if anyone is in confusion and not being able to take the decision then we have the expert who you can consult and resolve their confusion. Our experts give the right solutions for the investment.


The big main thing is we believe in integrity and during the buying process of a luxury house with cash, we will offer the sellers the best market price and value. Also, we complete all the legal documents and follow all processes of formality for the house selling. We follow the guidance of the expert Luxury Real Estate advisors to ensure that you will not feel there are any issues or problems during the process and get the cash as soon as the transaction completes.


We also follow the same process for the home buyers, we show the Luxury Real Estate properties or houses to the buyers and make sure that we provide the best options for the buyers to help them choose their best option. We have all kinds of properties and houses according to the home buyers' requirements and show them the best in the marketplace. Also, we have expert financial advisors in our team to make sure that you will be able to buy the best Luxury home real estate property for your family and your needs.


Before showing the houses and places to the home buyers we inspect the places with experts to check sure that the property or house we are going to show our clients will meet their needs. And then we take you to the luxury homes and real estate and ensure you consult the experts to help our clients know about all the information which you need to make the right decision.


Why Choose Us for luxury real estate?


We have years of experience and a team of experts who know how to make deals happen, as well as help you through any questions or doubts you may have about making the decisions of house buying and selling in Victoria's luxury market. We guide you as best as we can, and help our clients according to their needs and help make sure they are looking at real estate that they are looking for and meets their bucket list.


We help the sellers by offering them the best prices as we have a great list of good investors who are looking at what we sell in the Luxury home real estate market.  We complete all the process of selling luxury homes as soon as you require it. This is all part of our commitment to you and we make sure that our clients looking for the best service for luxury real estate, by clients we mean sellers and buyers for the Victoria market.


Now if you want to know more about our amazing deals and luxury home real estate properties and houses that are available, then connect with us now! 


Waiting for you to knock on our door for the best solution for your luxury real estate services needs and guidance in the luxury real estate market of Victoria BC

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Victoria Real Estate Market continues to outperform in unpredictable times
 
A total of 990 properties sold in the Victoria Real Estate Board region this October, 59.9 per cent more than the 619 properties sold in October 2019 and 0.1 per cent more than the previous month of September 2020. Sales of condominiums were up 70.8 per cent from October 2019 with 304 units sold. Sales of single family homes were up 53.1 per cent from October 2019 with 487 sold.
 
"Once again, another month concluded with numbers that surprised many of us,” said Victoria Real Estate Board President Sandi-Jo Ayers. “Sales for October broke the record for the month and inventory continues to be snapped up quickly. Due to this high demand, low supply environment, we are seeing many multiple offer situations. Condos and single family homes both continue to be popular choices for buyers.”
 
There were 2,122 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2020, 19.7 per cent fewer properties than the total available at the end of October 2019 and an 11.2 per cent decrease from the 2,389 active listings for sale at the end of September 2020.
 
“We have mentioned previously the pent-up demand – how sales that were depressed over the spring because of the pandemic occurred later during the summer. These delayed sales resulted in higher than average numbers for our summer and early fall market,” adds Ayers. “We may also be seeing some brought-forward demand – where people are making their future moves now. In part this may be to take advantage of lower mortgage interest rates. It may also be because of our current public health situation. Some people may be anticipating a slow down in general activity over the winter months due to the course of the pandemic and so are accelerating their plans. This may mean continued heightened sales activity through the fall and early winter, which is contrary to our normal market trend. In a normal year, we would see a tapering off of activity leading to the winter season, but thus far we have seen sustained sales and demand through October. Check in with a local REALTOR® to ascertain the to-the-minute market environment if you are considering buying or selling a property.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2019 was $859,900. The benchmark value for the same home in October 2020 increased by 2.3 per cent to $879,600, virtually the same value as listed in September. MLS® HPI benchmark value for a condominium in the Victoria Core in October 2019 was $512,500, while the benchmark for the same condominium in October 2020 remained close to last year’s value at $512,300, 0.3 per cent more than the September value of $510,600.
 
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Are you looking to buy homes in Victoria BC? So we have some exclusive homes for sale in Victoria BC, Which you cannot say no to. With a single look you will love these homes as we have amazing offers of homes in your budget. 


Now if you want to know what to expect on the home buying journey? 


Then, let us discuss the important points which you must know before buying homes in Victoria. 


  • It is important to learn about the market and know about the areas where there are homes for sale in Victoria BC and what you need to have in those areas.

  • Make sure you contact the experts,  who know the home buying process.

  • Check the environment near the house you are looking for to settle in and talk with the neighbors to better know about the place and area you are looking to live in.


Now let’s dive into some points to know what are the benefits of these checkpoints and how they can help you to make your home buying journey smoother. 


Know the prices of the land and comparables-


If you are looking for the homes for sale in Victoria BC, then check out the land prices of the area where you want to make buying your dream house. And contact the brokers and real estate agents of the area to know the home valuation before you decide on buying. Do some homework on the area as this will help you to know key points about the place and the location. 


If the market price of the area excites the sellers, or Buyers Or the real estate agents. This means the valuation of the land is good and there is a high growth opportunity. You can check recently sold houses and research about the conditions of the houses and their selling prices to understand home values. 


Take Advice with the People with Knowledge-


We have many people and relatives who have the knowledge of buying real estate and they know how to deal with the clients during the home buying process. It is always encouraged to consult friends and family and ask about the different neighborhoods you are interested in buying in.


The experts with good knowledge about the home buying and selling process will give you the right advice, make sure you work with them.


Take a tour of the Area-


Everyone wants a place full of peace and a healthy environment. So if you want to make an offer on a  home for sale in Victoria BC then taking a tour of the area will help you to know about the place better. You can talk with the neighbours which will help you confirm any decisions you may have about buying a home.


Some points which you have to check on before home buying are:


  • Research and check the list of homes and land for sale

  • Contact with the expert agents in the area

  • Visit the homes to check the condition of the subject property.

  • Inspect the property and the home

  • If the house needs to be repaired then you can make sure you consult a contractor


With some of the points above, you can check the entire homes for sale in Victoria BC, and choose the one which will help you make your home buying journey smooth and give you the best home buying experience. Knowing about the process helps you make sure about these deicions or any issues, questions, or concerns you may have. Buying with an expert will just help home buying smoother.


And if you want to know more about the homes for sale in Victoria BC and the process of home buying and selling, we are always happy to help and contact us anytime. 


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Consumer interest in homeownership in Victoria unwavering over course of pandemic
 
A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month of August 2020. Sales of condominiums were up 26.7 per cent from September 2019 with 280 units sold. Sales of single family homes were 91.9 per cent from September 2019 with 539 sold.
 
"Another month has passed where we have seen surprisingly high sales numbers - which included quite a few higher end properties," says Victoria Real Estate Board President Sandi-Jo Ayers. "I don't think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent up demand from dampened sales in April and May would result in this level of market activity. There's no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market."  
 
There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.  
 
"We had some much-needed new inventory enter the market over the course of September," adds Ayers. "But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time."  
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2019 was $849,100. The benchmark value for the same home in September 2020 increased by 3.5 per cent to $879,200, 1.1 per cent less than August's value of $889,200. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2019 was $512,500, while the benchmark value for the same condominium in September 2020 decreased by 0.4 per cent to $510,600, 0.6 per cent less than the August value of $513.900.
 
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Homes at Tresah a new condo Pre- Sale Project in Victoria BC



A celebration of local craftsmanship, neighbourhood diversity, and sustainability, Tresah is a great opportunity for early investment in this vibrant neighbourhood. Close to downtown Victoria BC.

Tresah is located in the heart of the Mayfair District and consists of two multi-family residential buildings characterized by richly coloured brick-clad bases and luminous warm white facades over one level of underground parking.

The West building is a 12-storey Mass Timber market mid-rise containing 179 homes, with condos starting from $329,000. This building is 20% RESERVED.

The East building is a 6-storey wood-framed building with 66 homes, with new condos starting as low as $289,000. This building is now 50% SOLD.


For more information please call us at 1-778-401-9545 or e-mail INFO@BCHOMEGROUP.CA

 
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Contracts and claims

One of the most important services trading licensees provide to their clients is the ability to draft a legally enforceable contract.

In the case of Russell V Wispinski [1] the judge stated:

“A real estate agent in this province must be qualified and licensed. He and his brethren have a statutory monopoly with all the advantages and burdens that that status bestows. He, in my view, holds himself out as having some special skills and not the least of this is some ability to draft legally enforceable documents relating to his business.”

Reviewing a contract

There are, of course, limits on what is expected of licensees in drafting contracts. Drafting some clauses may be beyond the standard of care of a reasonably prudent licensee, but once a licensee takes on the task, they must do it properly[2].

The key is in knowing when something is beyond your expertise and referring your client to the appropriate expert, likely a lawyer, to draft the clause or contract or generally offer legal advice.


This issue of the Risk Report features Scott Twining’s article, The pitfalls of the poorly drafted contract. He offers several loss-prevention tips on how to avoid claims related to negligence in preparing and reviewing contracts.

Claims for negligence relating to contracts of purchase and sale make up 19% of (now closed) claims that have been reported to E&O since 2010. Watch for these top five problem areas:

  1. Subject clauses
  2. Taxes/GST
  3. Deposits
  4. Strata documentation
  5. Parties to a contract… tied with… fixtures/chattels

Here are some examples of the types of claims made against licensees in each of these categories.

Subject clauses

  • Failing to explain the risks of a subject-free offer
  • Failing to remove subject clauses on time
  • Failing to recommend appropriate subject clauses
  • Drafting unenforceable or ambiguous subject clauses

Taxes/GST

  • Misrepresenting who will pay the GST on the transaction
  • Misrepresenting that GST or other taxes are not applicable on the transaction
  • Misrepresenting the amount of taxes payable
  • Failing to ensure the contract sets out who will pay GST
  • Failing to advise a client that the foreign buyer’s tax applies

Deposits

  • Advising a buyer that their only risk if they failed to complete would be losing the deposit
  • Representing that a deposit had been received when this was untrue
  • Losing a deposit cheque or bank draft
  • Paying out deposit funds without instructions or proper authority

Strata documentation

  • Failing to obtain Form B
  • Failing to provide the complete set of strata documents requested by the buyer
  • Failing to provide minutes or other documents that contain key information such as an upcoming assessment or engineering report
  • Failing to discover and disclose information that makes the strata unsuitable for the buyer (e.g. age or pet restrictions)

Parties to a contract

  • Failing to ensure you as licensee were dealing with a properly authorized person
  • Failing to ensure the instructing party had a valid power of attorney
  • Drafting a contract with the incorrect name for the seller
  • Forging a signature to a contract

Fixtures/chattels

  • Failing to ensure a hot tub or other items are included in the sale
  • Wrongfully removing fixtures
  • Misrepresenting a heat pump as an air conditioner
  • Misrepresenting the age or condition of appliances.
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I have sold a property at 206 1335 Bear Mountain Pkwy in Langford.
LOVE WHERE YOU LIVE in BEAR MOUNTAIN - Victoria's #1 Destination - Best Value for 1 Bedroom 1 Bathroom Condo - awesome condo w/9 FT Ceilings, Super Huge Bedroom holds 2 Double Beds, Functional & Spacious Kitchen w/Cherry Wood Cabinetry & Eating Bar & SS Appliances, NEW FRIDGE & STOVE, Marble Tiled Entry, hard wood floors, Security System, Cozy Fireplace + Washer & Dryer. Sunny South/west exposure, great little patio BBQ area, separate storage, secure underground parking & bike lock up. Strata Fees includes water, garbage + recycle, insurance + property management. Awesome trails, local transit, restaurants, gym, spa & more to enjoy. RENTALS & PETS OK -no size or weight restriction! Ask about the parking and the double storage!
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Distributed to media today:
 
Victoria real estate market experiences an active summer
 
A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold. Sales of single family homes were up 45 per cent from August 2019 with 509 sold.
 
"Once again we saw a very active month in terms of property transactions," says Victoria Real Estate Board President Sandi-Jo Ayers. "And once again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation. It is a challenging time to define what is happening in the market given so many factors that don't exist in a normal year. We have been surprised by the pace of the summer market and are grappling with the evolving socio-economic effects of the pandemic and how these underlying factors will influence our fall real estate market."
 
There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9 per cent fewer properties than the total available at the end of August 2019 and a 2.6 per cent decrease from the 2,653 active listings for sale at the end of July 2020.  
 
"What I do know is that our business has changed a lot in recent months," adds Ayers. "REALTORS® have adapted to health and safety requirements and much more technology is being leveraged to facilitate all aspects of the housing transaction. We can also see that though demand is up, there are fewer listings on the market, which increases demand on desirable properties even more. This is why we saw a lot of competition and multiple offers over the summer. Will this continue into fall? That will depend on how much new inventory comes into the market and how our community continues to manage the impact of COVID-19. This is an evolving and nuanced market. As always, it is a good time to connect with your Realtor if you're considering selling or buying. If you need us, we are here."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 per cent to $889,200, 2.3 per cent less than July's value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 per cent to $513,900, 3.2 per cent less than the July value of $530,800.
 

 
Stats will be posted on the VREB website later this afternoon. 
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I have sold a property at 1563 Mt. Newton Cross Rd in Central Saanich.
Escape to your 30 acre, self-sustainable hobby farm. Lavish estate is the perfect union of rustic & natural elements with modern comforts. Enter to discover a dramatically high vaulted ceiling, and generous living space. Chef’s kitchen with Viking appliances, granite counters & lots of prep space. Open dining & living rm’s with statement FP. Regal master with 5pc ensuite, walk-in, & FP. 2 more bedrooms with ensuites. Above a loft with 2pc bath & balcony. Below, a media rm, studio & hobby rm’s & tons of storage. Outside sprawling patios with covered sections & FP. Epitome of farm to table living with a large greenhouse & Quonset hut allowing produce production year round. Set up for livestock, enjoy farm fresh eggs or the joy of riding your expansive property on horseback. Set in beautiful Central Saanich positioned in the middle of the Saanich Peninsula, with Island View Beach on the east & the Saanich Inlet on the west. Charming amenities of Brentwood Bay nearby
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