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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Distributed to media today:
Victoria real estate market continues to adapt in the changing times
A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 per cent more than the 706 properties sold in July 2019 and 21.2 per cent more than the previous month of June 2020. Sales of condominiums were up 11.2 per cent from July 2019 with 239 units sold. Sales of single family homes were up 61.1 per cent from July 2019 with 559 sold.
"If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month areon the higher end of our market for a typical July," says Victoria Real Estate Board President Sandi-Jo Ayers. "But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall."
There were 2,653 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2020, 10 percent fewer properties than the total available at the end of July 2019 and a 1.7 per cent decrease from the 2,698 active listings for sale at the end of June 2020.
"A big factor in our market right now is that we continue to see this very long term, very low supply of inventory which puts pressure on our market and prices," adds Ayers. "Though we had a good number of new listings come to market this month, many of those listings were snapped up by buyers. Our average active listings for July over the past ten years is 3,767 but our current local inventory is more than a thousand properties less than that. Right now we have a lot of demand for single family homes - without the numbers to meet demand - prospective buyers are often entering into multiple offer, competitive situations or are unable to find appropriate properties. It's a challenging market to navigate, but your REALTOR® is standing by to help should you wish to discuss a strategy to buy or sell a home in our current market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2019 was $861,100. The benchmark value for the same home in July 2020 increased by 5.7 per cent to $910,400, 1.6 per cent more than June's value of $896,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2019 was $520,900, while the benchmark value for the same condominium in July 2020 increased by 1.7 per cent to $529,900, 0.8 per cent more than the June value of $525,600.
Victoria real estate market impacted by many different factors in June
A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May 2020. Sales of condominiums were down 3.2 per cent from June 2019 with 209 units sold. Sales of single family homes were up 16.8 per cent from June 2019 with 460 sold.
"This June we saw competing factors from all different sides of the real estate equation," says Victoria Real Estate Board President Sandi-Jo Ayers. "If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC's Restart Plan. Because of the pandemic, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market."
There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3 percent fewer properties than the total available at the end of June 2019 but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.
"Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC," adds Ayers. "This may have pushed some demand forward - although there are alternate suppliers of mortgage insurance. Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers. This may be in part due to the recent strata insurance issues which caused concern for owners and sellers. The government promised this month to begin to address the insurance issue, so there may be some relief on the horizon. These are not normal days for local real estate, nor is this month a signal of a return to normal, regardless of the numbers. That said, buyers and sellers are successfully navigating our market with the help of local REALTORS®, who know how to implement health and safety protocols and understand the complexities of our current market. As always, I recommend you consult your Realtor to understand what is happening in the moment."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4 per cent to $896,200, 1.2 per cent more than May's value of $885,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 per cent to $525,600, 1.6 per cent less than the May value of $534,300.
Recent Court Decision Regarding 647 Michigan Street (Orchard House)
Orchard House is a leasehold property where the landowner/owner, Westsea Construction Ltd., owns title to the freehold property and the tenant/building residents own title to a leasehold interest registered through a lease at the Land Title Office. The lease allows the landlord to charge the tenants Operating Expenses, which are defined in the lease.
On November 20, 2013, evidence led at trial suggested that Westsea Construction Ltd. charged $1.889 million in Operating Expenses to the building residents for the repair and maintenance of windows, patio doors, and exhaust fans to the building residents, being approximately $20,000 for a studio and $27,000 for a one-bedroom. One resident challenged these costs in legal proceedings, arguing that the repair costs were not pursuant to the lease agreement and accordingly should not to be allocated to the building residents.
On October 1, 2019, at the BC Supreme Court, the trial judge concluded that Westsea Construction Ltd. was entitled to undertake the repairs and to charge the building residents their proportionate share of the repair costs as Operating Expenses under the lease agreement. On May 28, 2020, the BC Court of Appeal upheld the Supreme Court decision in favour of Westsea Construction Ltd.
Unlike owners of a Strata Corporation, the owner of a leasehold property is not required to produce a depreciation report, hold annual general meetings or special general meetings to approve certain repair and maintenance work. Leasehold agreements can be complex with significant liability to the building residents or Lesees and it is recommended that your clients obtain legal advice prior to entering into these agreements.
If you have any questions on the above or we can help you with any real estate related matters, please do not hesitate to contact our office at any time.
At a Glance
Proposed units range from affordable 300-sq-ft studios to 1,200-sq-ft 3-bedroom condos. The larger homes will be flexibly designed so that a second bedroom or den can be used as a media room, or as part of a larger space with a movable partition and Murphy bed that can be transformed into a guest room.
As project details can change during the pre-construction phase, you are advised to sign up to our VIP list above for priority updates on Elevate at Bear Mountain. Feel free to contact me today to discuss your particular interest in this opportunity.
Amenities at Elevate
Elevate owners will benefit from the excellent facilities in their building. Atop of the podium, a community hub will feature ponds with walkways, a view terrace with barbeque area, and a clubhouse with large infinity pool, patios, cabañas, various gyms and an indoor-outdoor kitchen. There will also be a concierge service and a dog-washing station.
All Bear Mountain home owners can apply for the Homeowner Card, which offers holders discounts on the hotel facilities, including the pool, restaurant, and Sante Spa. In addition, a wide range of activities are available nearby, including an intense workout at the North Langford Recreation Centre, and hiking and mountain biking on dedicated trails. If boating is more your fancy, nearby Goldstream Boathouse is your launching point for enjoying Saanich Inlet.
Parking and Storage
An underground parkade will provide parking stalls for 287 resident and 4 visitor vehicles, as well as an electric vehichle charging station.
Developer Team for Elevate
Ecoasis provides the expertise, infrastructure, and investment capital to drive the development of sustainable and innovative communities. With a current geographical focus on Hawaii, Whistler, and Victoria, Ecoasis specializes in land acquisition and development of residential and resort real estate — signature properties that are enhanced for the benefit not just of stakeholders but the surrounding communities, as well. By partnering with the most experienced consultants, architects, engineering firms, and construction companies, Ecoasis creates products of high quality and lasting value.
Are you interested in learning more about other homes in Victoria, Saanich, or Langford?
Check out Langford Tower, Belmont Residences, and these great South Island Presales!
In this blog I share five tips for the Best Father’s Day Gift.
Tip number one! Buy your dad an appreciation card. Although Dad‘s do not admit it. They really appreciate receiving a card with kind words and a few reasons why you appreciate them so much. Give examples of what they have done in your life that made you so thankful for them.
Tip number two! Quiet time. Fathers are always working to attending to your family’s need but they also do crave some time to themselves. A time where they can just sit back, quiet time to relax and do the things they enjoy the most e.g. watching TV, watching a movie. A note that this quiet time has to be uninterrupted. Quiet time for themselves to enjoy being alone and having space for themselves.
Tip number three! Food. Steak Dinner. They say the way to a man’s heart is through his stomach, well it is true for dad‘s. They really enjoy certain meals that they do not get all the time so why not make that special meal for them on that special day. It could be bacon and eggs for breakfast or it could be steak dinner or a barbecue. Make sure though that this time they do not have to do any of the work. You make sure, you have everything ready and you and the kids can barbecue and take care of all the cooking details dad usually takes care of. It will show how much you value him for what he does to help the family.
Tip number four! An electronic tape measure. This is a gift that is not very expensive and it’s around $30 on Amazon. The measuring tape is something that dad’s are always using and it’s a tool that is a small, accurate and they can always can keep handy in their truck or even pocket. They will love their new tech measuring tape.
Tip number five! Why don’t you and your kids do a cute video message choreographed with simple words of five reasons why you love him as a dad. These little video clips are the best because he can keep it forever and the message is coming from his loved one of words he does not hear everyday. To create the video message, you can use TikTok or any another video editing app to put the video clips together. Once the video is complete, you can text it to him on Father’s Day and he will really appreciate you and be thankful for your love.
I hope you these tips help you and you all have a wonderful Father’s day with your families!
Best Wishes Always!
On Monday, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of May—the second full month of the COVID-19 pandemic.
While restrictions have begun to lift in many parts of the country, much remains uncertain about the real estate industry. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members.
May was one of those “on the one hand … on the other hand” kind of months for housing data in Canada.
On the one hand, both sales and new listings were up on a seasonally adjusted basis in May compared to April—57% for sales and 69% for new listings—huge percentage increases, albeit from a very low starting point.
On the other hand, sales and new listings are still historically very low at this point.
To give you an idea of where sales are in level terms, if a normal solid year sees about 500,000 homes trade hands via MLS® Systems in Canada, the annualized pace of sales in April was only about 200,000, but May was almost 315,000.
So, the big picture for this data release is things are clearly moving in the right direction, probably faster than many of us would have guessed, but normal is still a ways away.
Interestingly, under the surface what those monthly numbers miss is this improving trend has been going on since mid-April and has continued right up through the first week of June. As such, we’re already closer (though not yet back) to normal than these monthly numbers suggest. The June numbers should show that.
Regionally, since we all reacted to the COVID-19 lockdowns in much the same way, these trends look similar everywhere. That is, a big drop off in sales and new listings in April and a partial rebound in May.
However, there are some notable regional differences.
Several places which saw smaller rebounds in May, also had much smaller declines in April. So, taken the size of the initial drop together with May’s rebound, a lot of the places with the less exciting looking numbers are a lot closer to being back to normal levels of activity than others. This is the case in Saskatchewan, Manitoba and New Brunswick.
Quebec is also doing relatively better, having seen a large decline in activity in April but also the largest rebound in May.
In contrast, British Columbia, Alberta and Ontario are currently the furthest below normal. To blame it all on demand may be putting the cart before the horse in this situation.
In some cases (particularly in Ontario), you must consider there may be supply side constraints pacing the sales rebound. Despite buyers being around and wanting to be active in the market, it might be taking a bit longer for those new listings to be made available for sale again. You can’t buy what isn’t available.
On the price side, the MLS® Home Price Index (HPI) was basically unchanged from April to May, with about half the markets covered seeing prices firm up. This is in line with sale-to-list price ratios which have also been rising again over the last month or so in many parts of the country.
Looking at prices across the country, since the COVID-19 crisis began small declines in prices have been seen in British Columbia while declining trends already in place in Alberta have accelerated a bit.
Further east across the Prairies, where sales have been doing comparatively much better against history than in much of the country, price trends have been stabilizing.
The Greater Golden Horseshoe in Ontario has generally seen its pre-COVID-19 rapidly accelerating prices put into a stall for now, although some of those markets are looking like they’re ready to pick up again.
And even further east in Ottawa, Montreal and Moncton, prices appear to have been able to continue climbing, albeit at a slower pace than before.
The overall MLS® HPI is still up 5.3% year-over-year.
The national average home price has admittedly taken a bit of a hit in the last two months, but for the most part that’s likely because the higher end of the market is currently less active. As of May 2020, the national share of home sales made up by British Columbia and Ontario (the two most expensive provinces by far) hit its lowest level on record. The national average price should recover as these parts of the sales sample return to more normal levels of activity.
To view a more detailed look at May’s national housing statistics, visit creastats.ca.
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We are hoping this finds you healthy, happy, and optimistic about moving forward in your business, while also making plans to enjoy your summer.
With the gradual re-opening of some businesses and loosening of some restrictions, I have noticed that Buyers and Sellers are preparing to revisit their Real Estate goals, and adjust to the new norms of viewing and showing properties.
I am excited to provide Sellers Virtual Open Houses n Victoria that are marketed far and wide, hosted by me, and backed with a Marketing Team that has assisted in some of the most successful Virtual Open Houses to date.
Scroll down to see how I can fill Virtual Open Houses with attendees.
Our phone lines and email remain open to you for all of your Real Estate Administration and Marketing needs, and our business is running as usual to serve our community.
Please take care of yourselves and each other during this time.
**Be healthy **Be happy **Be kind to each other
What if I told you that host over 200+ attendees at a Virtual Open House in Victoria BC?
Our Virtual Open House Support Includes full set up and Real Time on line, LIVE support and Marketing- before, during, and after our Virtual Open House.
Homeowners tend to renovate their houses every few years. With the changing lifestyle, you might want to customize the existing spaces according to your requirements. However, it is also recommended to consider the aspirations of future buyers, in case you want to sell your house after a certain period of time.
Certainly, the house renovation should include house maintenance to expect a good return. However, making a few renovations will ensure the best resale value of the house. According to reports, approximately 58% of new house buyers undergo home renovation. So why not incorporate their probable needs to increase your house value?
Evaluating and shortlisting the areas of improvements can be a time-taking process. You need to prioritize the more valuables than others to optimize your home renovation process in a limited budget. Here we have shortlisted some of the most important areas which can result in the high resale value of your house.
∙ Landscape your garden
The very first space that catches a buyer’s attention is the outdoor green space. It adds to the aesthetic appeal to the house and makes a very good first impression. Also owing to the current situations of lockdown, people would prefer having an excellent outdoor area to spend their time outdoors.
You can plan a patio or deck as a pleasant outdoor sitting or a theme-based landscape garden. It is recommended to consult a professional for landscaping or building a pool to ensure that your garden keeps up to the ongoing garden trends.
∙ Optimize floor area
If you happen to buy a house with differentiated living, dining, and kitchen area, try to eliminate partition walls to optimize the floor area. Moreover, people prefer open plan designs which promote a better visual connection between spaces. Retractable furniture will help you in making your living spaces multi-functional.
Houses with larger and open spaces tend to have a higher value, so plan your house accordingly. Or possibly convert a potential space into a bedroom, since most home buyers are always looking for more bedrooms in the house. This will hike your house value to a very considerable amount.
∙ Modify kitchens and bathrooms
According to Forbes, millennials are most likely to remodel kitchens and bathrooms as soon as they buy a new house. Since these are high- traffic and high-use spaces, buyers have a keen interest in acquiring an up-to-date bathroom and modular kitchen.
You can modify the kitchen by replacing the old flooring with the latest tile or vinyl flooring. Further, you can incorporate new cabinets with built-in appliances to create a trendy kitchen.
As far as bathrooms are concerns, you need to ensure tight sanitary fittings along with all the basic bathrooms accessories.
∙ Roof repair and maintenance
Home renovations must include a strict check on roof conditions. A strong and sturdy roof ensures good house health. If your roof has developed leakage or wear and tear over time, it is time to get it inspected and do the recommended actions to revive its strength.
∙ Get your house inspected
Even after doing all the possible house renovations, it is always recommended to consult a certified home inspector to conduct a thorough house inspection. Professional help will enhance your knowledge towards ideal house health and you can plan your renovation accordingly.
If you plan to sell the house, your house has to go through an examination anyways, so why not do it beforehand? This will ensure your upper hand in front of the potential buyers and depict that you are way ahead of time in maintaining a health house throughout. You can also dodge costly fixes or concessions asked by the buyers.
It is recommended to consult a real estate agent to get real-time updates on the on-going trends and demands of homebuyers in the market. No one can advise you better than the field professional of your city. So appoint an experienced agent to suggest potential home renovation spaces as per the trending requirements in your area.
Also, besides the tips provided, it is always advised to make your house more energy-efficient and maintain cleanliness. This will surely add up to your house value to great extents.
Whether you are looking for renting a property or buying of your own, certain parameters affect your decision to a great extent. Finding a good neighbourhood is certainly one of them. You might want to spend the rest of your life at the same place and your surroundings will surely affect your lifestyle. So why compromise with finding the perfect location for your dream house?
Undoubtedly, choosing the appropriate neighbourhood requires a lot of research before coming to a conclusion. Here we have shortlisted some of the tips to shortlist a comfortable and convenient neighbourhood for you and your family.
∙ Safety first
Besides all the parameters, the safety factor is always a priority. You are not going to enjoy your homestay in an unsafe environment. Some neighbourhoods might have lower rents and house prices but might come with greater risk of theft or mishaps. The value of such a location is prone to decrease with time.
Check online sources to know the crime rates in the locality. Try to visit the place at different times to observe nearby activities. This will give you an overview of the neighborhood and whether you like it or not.
You are most likely to find a place near your office. But it is further recommended to search for a place with a convenient commute within the perimeter. Look whether the locality has easy access to public transport, highways, etc.
Owing to the current scenario, people will tend to opt for traveling via walking or jogging to practice social distancing and maintaining a strong immune system. Hence, besides conventional commuting, check if the locality has active transportation including walking and cycling tracks.
∙ Study topography
The topological location of your house can affect your living experience in a lot of ways. In case you wish to live uphill with a beautiful scenic view, the price of the house is most likely to be high. The same is the case for houses near water bodies, countryside or mountains. Prioritize your choice accordingly.
It is always recommended doing appropriate research if the locality is prone to any natural disaster. Check if the roads are properly maintained at times of snowfall or rainstorms because you would not want to be stuck in traffic at such extreme conditions in the future.
∙ Proximity of amenities
Besides finding a place near your workplace, look for a place that also has grocery shops, general stores, recreational spaces, and green areas in close proximity. According to your lifestyle and family, choose a neighbourhood that satisfies the needs. You might have to look for a good school for your kid in the future. Look for a community with easy access to schools.
∙ Observe your neighbourhood character
Everyone has a different way of living and it is necessary that your neighbourhood complements it. So, it is important that you examine the intangible aspects of the chosen neighbourhood.
The first and foremost way of doing so is by talking to the people. Ask them what they like and dislike about the place, if the community is welcoming enough and if they have face any problem. No one can give you a better insight of the place than the residents. So however awkward the situation may get, don’t forget to take feedback.
The next step is to observe. The type of community you would like depends on your lifestyle. You might like an interactive community with a lot of public events or a neighbourhood with minimal interaction. As per your requirement, observe whether the behaviour of the community suits your way of living or not.
You can also choose a locality according to the type of people living there. Being a family, you might want to live around families which could help you in need. Whereas being a youngster, you would want to be surrounded by youth to hang out with.
∙ Rent before you buy
Following online reviews and talking to local residents might give you a fair sense of the community. But nothing is compared to the full proof assurance and insight you get when you live in the community yourself. It makes even more sense when you move in from far away and are not familiar with the know-how of the place. You would not want to be stuck in a place because of a contract.
This will also enable you to make better home-buying decisions. Though the online buying platform can assist you in shortlisting but when it comes to the final decision, it is better to experience it in person.
Moving to a new neighbourhood might be a very overwhelming process. You might have to leave your loved ones behind and adjust to newer people and communities. But remember a new place comes with new opportunities to explore and make new friends. Finding the perfect neighbourhood for you and your family will make your moving process stress-free and worthy of all the efforts.
For more help contact Top Realtor in Victoria BC - Shirin Purewal :