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A balanced market means opportunity for buyers and sellers in Victoria


A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes increased 35 per cent from January 2023 with 162 sold.


“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

 

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.

 

“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.

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1. Understanding Strata Bylaws


Strata bylaws are regulations that help govern the management, maintenance, and use of shared property and facilities in a strata development. They help maintain harmony and safeguard property values.


2. The Challenge with Some Bylaw Packages


Unfortunately, some strata corporations have bylaw packages that are hard to understand. This complexity can be confusing for everyone, from current residents to potential buyers and Realtors. A frequent challenge lies in identifying the most recent and applicable bylaws, and understanding their implications.


3.  Common Issues with Bylaw Packages


For example, we often receive bylaw packages that, in addition to the main set of bylaws, include amendments, upon amendments, upon amendments, upon… you guessed it… amendments.


This layering of amendments makes it challenging to identify the latest, enforceable bylaws. To fully understand the current bylaws, one needs to:

  • First obtain the original bylaws and all subsequent amendments, and

  • Read through the original bylaws and all amendments chronologically, as filed with the Land Title and Survey Authority (LTSA).

4. If Unsure, Recommend Legal Advice


If you receive a bylaw package with multiple amendments, advising buyers to seek legal advice may be wise. This can help ensure the bylaws are thoroughly reviewed and understood, and it can help identify bylaws which may conflict with the buyers’ needs or lifestyle preferences.


5. Why Bylaw Packages Become Overcomplicated


The root of this problem is often poor advice during the amendment and filing process. Ideally, stratas should follow these steps when amending their bylaws:

  • Seek Legal Advice: Get professional guidance to ensure proposed changes are legally enforceable and implement current-day best practices.

  • Hold a General Meeting: To gain approval for the new bylaws and/or bylaw amendments.

  • Include a Repeal Resolution: This should nullify all previous bylaws, allowing for a new, consolidated package to be filed.

  • File the New Bylaw Package: With the LTSA. Only once filed, do a strata’s bylaws become enforceable.

6. Advantages of a Streamlined Approach

By adhering to this process, strata corporations can maintain a bylaw package that includes only the current, enforceable bylaws. This approach greatly simplifies the review process for everyone involved, ensuring the strata’s bylaws are easy to understand and follow.


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The quick answer is yes, but we’ll go into more detail here.


As per the Strata Property Act, as of December 13, 2011, strata properties in BC with 5 or more strata lots are required to obtain depreciation reports every 3 years, unless waived by a 3/4 vote of the owners.


For new strata corporations, this requirement kicks in at a specific time. As per the Strata Property Regulation, unless the owners have waived this requirement, new strata corporations are require to obtain a depreciation report within 6 months after:


a) the date of the strata corporation's 2nd annual general meeting (AGM), or


b) if the 2nd annual general meeting (AGM) of the strata corporation has been waived, the last date by which the strata corporation would otherwise have been required to hold that meeting.


While it’s not uncommon for newer stratas to defer obtaining their first depreciation report, as many of its building components are still covered under the strata’s new home warranty, buying a strata lot in a strata corporation which does not have a depreciation report may present some additional risks to buyers, due to the unknown timing and cost of future capital expenditures.

Copyright (C) 2024 Condo Clear Services Inc.. All rights reserved.

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The 2023 Victoria real estate market year in review 


A total of 329 properties sold in the Victoria Real Estate Board region this December, 2.8 per cent more than the 320 properties sold in December 2022 and a 16.5 per cent decrease from November 2023. Sales of condominiums were up 14.9 per cent from December 2022 with 108 units sold. Sales of single family homes increased 1.3 per cent from December 2022 with 158 sold.


A grand total of 6,207 properties sold over the course of 2023, 8.77 per cent fewer than the 6,804 sold in 2022.


“I’ve spoken a lot this year about our market’s return to traditional seasonal patterns,” said 2023 Victoria Real Estate Board Chair Graden Sol. “And at the conclusion of 2023 we can see that this trend continues. This is a welcome relief for sellers and buyers after an extraordinary five years of real estate market disruption. Everyone benefits from a more predictable real estate market, so it is encouraging to see the rhythm of seasonal trends reestablished. If this continues into 2024, we should see more inventory added in January and February and an increase in sales as consumers prepare for the spring market. True to seasonal form, December met expectations and was a slow month, both for sales and for new listings.”


There were 2,132 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2023, a decrease of 19.4 per cent compared to the previous month of November but a 26.3 per cent increase from the 1,688 active listings for sale at the end of December 2022.


“The single biggest impact on the housing market this year was interest rates,” added Chair Sol. “The increased cost of borrowing money meant that consumers had less purchasing power, which resulted in a drop in transactions. There is however still huge demand for housing in our market and as we move forward into 2024 and beyond, we need to continue to put focus on the creation of new supply so that as market activity increases prices don’t increase as quickly. The only way to moderate housing prices is to bring supply closer to meeting demand. As always, our market is subject to many influences and the purchase and sale process is complex. if you are contemplating buying or selling in 2023, call your favourite local Realtor who can create the best strategy for you and for your property.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2022 was $1,236,500. The benchmark value for the same home in December 2023 increased by 2.5 per cent to $1,268,000, down from November’s value of $1,286,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2022 was $565,800 while the benchmark value for the same condominium in December 2023 decreased by 0.7 per cent to $562,000, down from the November value of $577,400.

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I have sold a property at 601 139 Clarence St in Victoria

I have sold a property at 601 139 Clarence St in Victoria on Dec 15, 2023. See details here

Stunning Panoramic views of the Ocean, James Bay, Downtown and Parliament from this bright and Spacious Clarence House 2 Bed 2 Bath. Excellent layout with large living/dining/kitchen combo, in-suite laundry room, generous bedrooms with the primary featuring an ensuite and walk-in-closet. The monthly strata fee includes heat and hot water. This well maintained Steel & Concrete Building in James Bay has only 4 suites per floor and offers a guest suite, live-in caretaker, pool, hot tub, sauna, lounge, secure gated parking stall, workshop, bike storage and storage locker. This freshly painted unit has new vinyl plank flooring, updated kitchen with cherry cabinets, stainless appliances, quartz countertops, Hunter Douglas blinds and updated bathrooms with quartz top vanities. Amazing location walkable to the ocean, Beacon Hill, parks, shopping and dinning. Well managed strata, with friendly neighbours and community.

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Slower winter markets can benefit buyers and sellers


A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single family homes increased by 6 per cent from November 2022 with 193 sold.


“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy twenty-five per cent increase in the number of listings on market compared to last year and this is positive news as we recover from that long-term trend of very low inventory.”


There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.

“The longer we are in balanced market conditions, the easier transitions for buyers and sellers become,” adds Sol. “Local people who planned to sell and move within the Greater Victoria area may have hesitated to list their homes back when record low inventory meant less choice when they became buyers. Now that we see some balance in the market, these people have more inventory to pick from and may feel more confident listing their existing home. And of course, all buyers are having better experiences with more time and more choice. We always anticipate a seasonal reduction in activity over winter, but if you are contemplating a move in the new year, now is an excellent time to consult with your favourite REALTOR® to create your strategy.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2022 was $1,248,600. The benchmark value for the same home in November 2023 increased by 3 per cent to $1,286,400, which is down from October’s value of $1,305,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2022 was $568,400, while the benchmark value for the same condominium in November 2023 increased by 1.6 per cent to $577,400, which is down from the October value of $585,600.

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Interest rates a large factor in Victoria real estate market


A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold.

 

“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

 

There were 2,756 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2023, an increase of 2.1 per cent compared to the previous month of September and a 25.7 per cent increase from the 2,192 active listings for sale at the end of October 2022.

 

“The good news in October was that we continued to see a slow and steady increase in the number of available properties for sale,” adds Sol. “This additional inventory is positive for buyers who will have more selection than they’ve experienced in recent years. The real estate market tends to slow down in late fall and winter, but there are still a good number of active buyers. If you’re thinking about making a move during the colder months, reach out to your local REALTOR® to plan your strategy.”

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.

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More small-scale, multi-unit homes coming to B.C., zoning barriers removed Updated Nov. 2, 2023


The Province is introducing new housing legislation to deliver more small-scale, multi-unit housing for people, including townhomes, triplexes and laneway homes, and fix outdated zoning rules to help build more homes faster.

“Anyone looking for a place to live in a community they love knows how hard it is – and outdated zoning rules are making that even harder,” said Premier David Eby. “Constructing mostly high-rise condo towers or single-family homes means B.C. isn’t building enough small-scale multi-unit homes that fit into existing neighborhood's and give people more housing options that are within reach. That’s why we’re taking action to fix zoning problems and deliver more homes for people, faster.”

Historical zoning rules in many B.C. communities have led most new housing to be built mostly in the form of condos, or single-family homes that are out of reach for many people, leaving a shortage of options for the types of housing in between. Zoning barriers and layers of regulations have also slowed down the delivery of housing, making people go through long, complicated processes to build much-needed housing in communities.  

“The housing crisis has made it harder for growing families looking for more space, seniors looking to downsize, and first-time homebuyers who can’t find a home that meets their needs and budget,” said Ravi Kahlon, Minister of Housing. “This legislation strengthens the vibrancy of our communities, while building the type of housing that will help us address the housing crisis.”

The proposed legislation and forthcoming regulations will permit one secondary suite or one laneway home (accessory dwelling unit) in all communities throughout B.C.

In most areas within municipalities of more than 5,000 people, these changes will also require bylaws to allow for:

  • three to four units permitted on lots currently zoned for single-family or duplex use, depending on lot size;

  • six units permitted on larger lots currently zoned for single-family or duplex use and close to transit stops with frequent service.

Municipalities covered by the legislation may permit additional density if desired, but cannot have bylaws that allow for fewer permitted units than the provincial legislation.

The legislation will also speed up local housing development approvals, by shifting local planning and zoning processes to happen up front. It will require municipalities throughout B.C. to expedite and streamline permitting by updating community plans and zoning bylaws on a regular basis, to ensure that they have enough housing to meet the needs of both their current and future residents. This will help create more certainty for both community members and home builders.

New proposed changes will also phase out one-off public hearings for rezonings for housing projects that are consistent and aligned with the official community plans. Instead, there will be more frequent opportunities for people to be involved in shaping their communities earlier in the process when official community plans are updated. 

Modelling future scenarios cannot account for unforeseen circumstances, the changing nature of housing, real estate markets and other factors, but preliminary analysis indicates the province could see more than 130,000 new small-scale multi-unit homes in B.C. during the next 10 years. Other jurisdictions have had great success using similar policies to deliver more small-scale multi-unit homes faster. Auckland, N.Z. made similar changes in 2016. Research has shown these actions have led to the creation of more than 20,000 additional new homes over five years.

To support implementation, the Province will continue to provide local governments with resources to speed up approval processes, including the recently announced $51 million to support local governments in meeting the new density zoning requirements, and $10 million for the Local Government Development Approvals Program.

Additional legislation to support delivery of housing, support transit-oriented development, and help communities provide much-needed infrastructure, amenities and more certainty for projects will be introduced in the coming weeks. This legislation is part of the Province’s Homes for People action plan. Announced in spring 2023, the plan builds on historic action to deliver housing since 2017, and sets out further actions to deliver the homes people need faster, while creating more vibrant communities throughout B.C.

Learn More:

To view the technical briefing presentation, visit: https://news.gov.bc.ca/files/Housing_Tech_Brief_Nov_01_2023.pdf

To learn more about local government housing initiatives, visit: https://www2.gov.bc.ca/gov/content/housing-tenancy/local-governments-and-housing/housing-initiatives

To read the Homes for People action plan, visit: https://news.gov.bc.ca/files/Homes_For_People.pdf

To view the Homes for People technical briefing presentation, visit: https://news.gov.bc.ca/files/Homes4People.pdf

A map showing the location of all announced provincially funded housing projects in B.C. is available online: https://www.bchousing.org/homes-for-BC

For more information about B.C. legislation, visit: https://workingforyou.gov.bc.ca/legislation


B.C.s new housing plan could spell the end of single-family zoning

CBC Vancouver Video - You Tube

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Strata Tip of the Week - New Minimum Contributions to the CRF (as of November 1, 2023)


1. Minimum CRF Contributions by the Strata Corporation:

Friendly reminder that as per Order in Council No. 32, as of November 1, 2023, the Strata Property Regulation has been amended so that strata corporations and sections must now allocate a minimum of 10% of their annual operating fund to the contingency reserve fund (CRF).

This contribution is required on an annual basis, regardless of the current CRF balance. Previously, contributions were necessary only if the CRF balance fell below a specified minimum.


2. Minimum CRF Contributions by the Owner Developer:

As of November 1, 2023, changes are also coming for new strata corporations. As per the Strata Property Act, the owner developer must establish a contingency reserve fund by paying into the fund. The amount that the owner developer needs to contribute to the CRF has changed, and depends on when the first strata lot is conveyed.

a) If the first conveyance occurs within one year after the deposit of the strata plan, the minimum contribution must now be:

  • 10% of the estimated operating expenses, as set out in the interim budget.

b) If the first conveyance occurs later than one year after the deposit of the strata plan, the minimum contribution must now be the lesser of:

  • 10% of the estimated annual operating expenses, as set out in the interim budget, multiplied by the number of years or partial years since the deposit of the strata plan, or
  • 50% of the estimated annual operating expenses as set out in the interim budget
Copyright (C) 2023 Condo Clear Services Inc.


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Early this week the province announced their Short-Term Rental Accommodations Act.

LINK TO DOCUMENT

GOOD LINK FOR DETAILS 

From the Ministry of Housing:

The legislation focuses on three key areas:

  • increasing fines and strengthening tools for local governments;
  • returning more short-term rentals to long-term homes; and
  • establishing provincial rules and enforcement.


Changes to how short-term rentals operate will come into effect through a phased-in approach and will include:

Increasing fines and better tools for local governments:

  • increasing fines for operators breaking local rules to support local municipal bylaws, and requiring short-term rental platforms to share data to strengthen local enforcement;
  • requiring online short-term rental platforms to share their data with the Province, so the Province can provide that information to local governments for enforcement and support of provincial and federal tax auditing;
  • requiring short-term rental platforms to include businesses licence numbers on listings where they are used by a local government, and to remove listings without them quickly to ensure local rules are being followed; and
  • giving regional districts the ability to issue business licences so they can more effectively regulate short-term rentals in rural areas.


READ THE NEWS RELEASE HERE


REVIEW THE BRIEFING PRESENTATION HERE

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A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4 per cent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 per cent from September 2022 with 228 sold.


“What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall,” said Victoria Real Estate Board Chair Graden Sol. “We have seen a slight return to a more balanced market in recent weeks. Our inventory right now features almost a thousand more listings for sale than we saw than at the start of this year.”


There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2023, an increase of 8.4 per cent compared to the previous month of August and a 17.3 per cent increase from the 2,300 active listings for sale at the end of September 2022.


“That increase in inventory means there are more properties for prospective buyers,” Sol notes. “More inventory also means buyers may have more time to shop, though in many of our local markets a well-priced property will sell rapidly, and we’re still seeing some multiple offer situations. The challenge of the day is that there are many buyers who hope to find homes in the missing middle – families who seek two- or three-bedroom homes at attainable price points – who are challenged by our current interest rate environment. Though housing prices have remained reasonably stable this year, the cost of carrying a mortgage has increased tremendously. This means that many first-time buyers and families are unable to purchase homes in our current market. With so many variables at play in each of the micro markets within Greater Victoria, it’s a good time to meet with your Realtor to discuss strategy if you are considering a move.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2022 was $1,299,500. The benchmark value for the same home in September 2023 increased by 1 per cent to $1,312,200, which is down from August’s value of $1,323,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2022 was $581,500, while the benchmark value for the same condominium in September 2023 increased by 1.4 per cent to $589,600, which is up from the August value of $582,000.

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I have sold a property at 1597 Despard Ave in Victoria

I have sold a property at 1597 Despard Ave in Victoria. See details here

Exquisite custom built home in historic Rockland on one of the most desired tree canopied streets, offers over 7100 sqft of exceptionally constructed luxurious living. Thoughtfully designed with a keen attention to detail, featuring extensive custom millwork throughout, hardwood floors, elevator, dedicated home office, Large kitchen with island, serving and prep pantry, Miele coffee bar, security/video intercom system, immersive top-of-the-line 10 seat movie theater, custom blinds, spacious bedrooms with en-suites, walk-in closets and balconies. Stunning primary retreat with heated travertine floors, huge shower, walk-in-closet, jetted tub, laundry room, and balcony. Fantastic multi generational home with separate lower entrance with a family room, bed/bath, hobby/gym room and bar. This urban retreat offers an amazing location & lifestyle with quick access to Downtown Victoria, Oak Bay Ave and Ocean. Walkable to GNS private, Oak Bay schools. Incredible Value & Location!

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Purchasing a unit in a strata corporation that's been grappling with a significant number of leaks and water related issues can carry certain risks. That being said, leaks tend to be one of the most frequent issues facing strata developments, so it’s important to not only evaluate the number of leaks reported, but also the source of leaks and the strata’s response to these challenges.

1. The Risks:

a) Property Damage: Persistent leaks can cause property damage, including structural issues, mould growth, and compromised building integrity. Buying into such a building might mean inheriting existing problems or facing new ones.

b) Financial Burden: Dealing with recurring leaks can be costly. The strata corporation might need funds for repairs, investigations, and remediation. As a new owner, you may need to contribute to these costs through higher strata fees or special assessments.

c) Decreased Property Value: A history of leaks can impact property values. Buyers might hesitate to invest in a leak-prone building, leading to lower demand and potentially affecting resale value.

d) Inconvenience and Disruption: Frequent leaks disrupt daily life, necessitating repairs and renovations. Temporary relocation during extensive repairs could cause inconveniences and extra costs for residents.

e) Insurance and Liability: Buildings with a history of numerous leaks might struggle to get insurance or may have to pay higher premiums and/or deductibles. Residents may, in turn, need to adjust their personal policies and face significant premium increases.

2. The Strata’s Response:

a) Addressing Leaks: It's crucial to assess how the strata handles leaks. Does it promptly send professionals for remediation? Do they pinpoint leak sources and conduct additional analyses, like plumbing evaluations?

b) Preventative Maintenance: Does the strata carry out preventative maintenance? Regular plumbing inspections, drainage cleaning, and appliance checks are vital. For older stratas, plumbing assessments and building envelope inspections are also important.

c) Long-Term Plan: Does the strata have a plan for aging infrastructure? Long-term strategies are essential to address ongoing challenges.

To minimize risks associated with purchasing a unit in a strata corporation that has and continues to face a significant amount of leaks, it’s important to investigate the sources and causes of leaks, assess the strata's response, review maintenance records, and seek professional advice like building inspections and legal counsel.

Condo Clear Services Inc

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Victoria real estate market needs better mix of housing supply to help restore balance

A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.


 


“Real estate activity this month reflected what we’d expect to see in an average late summer housing market,” said Victoria Real Estate Board Chair Graden Sol. “The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September.”


 


There were 2,490 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2023, an increase of 2.9 per cent compared to the previous month of July and a 16.5 per cent increase from the 2,137 active listings for sale at the end of August 2022.


 


"The focus in our market and by all levels of government needs to be on opening up more supply," Sol notes. "Our inventory levels, though up from last year, are still too low to support a well-balanced market. A decade ago, we saw over 5,000 active listings in August. Another important piece of supply is the housing mix that is available. Most residential properties for sale in our market last month were single family homes – this type of property is generally at the top price point. Missing middle homes, such as townhomes and condos represented only 37.1% of listings for sale. Townhomes, which in my experience are what a lot of families hope to purchase, represented only 9.8% of the residential properties for sale. This imbalance in the mix of housing options means there is the potential for more price pressure on these types of properties because demand is concentrated at more attainable price points."


 


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2022 was $1,327,700. The benchmark value for the same home in August 2023 decreased by 0.3 per cent to $1,323,900, which is up from July’s value of $1,318,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2022 was $583,700, while the benchmark value for the same condominium in August 2023 decreased by 0.3 per cent to $582,000, which is up from the July value of $578,000.

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CONTACT US FOR INFO PACKAGE INFO@BCHOMEGROUP.CA
 

Modern luxury meets spacious living at The Sequoia Condos at Marigold.

CONTACT US FOR INFO PACKAGE INFO@BCHOMEGROUP.CA


Nestled within the strikingly beautiful Saanich Peninsula, The Sequoia residences at Marigold are a brand-new condominium development offering six floors of luxurious design, breathtaking ocean views, world-class amenities, and more.  

Floor plan is of unit H3

The Sequoia Residences at Marigold at a glance:  

  • 50 residences offering a variety of floorplans, including 5 penthouse suites 

  • Luxurious design featuring open concept layouts, large windows, and premium appliances  

  • Generous private balconies with breathtaking ocean views on the top floors 

  • Underground parkade, ample bike storage, and EV charging capabilities 

  • Communal landscaped rooftop with a BBQ, large seating area, and views of the Pacific Ocean 

 

The Saanich Peninsula: where proximity and beauty converge.  

With spectacular scenery, ample outdoor activities, and proximity to Victoria International Airport and the BC Ferries terminal, the Saanich Peninsula is the perfect home for active lifestyles. From hiking and biking to kayaking and fishing, residents will enjoy its mild climate and breathtaking views. Saanichton offers the central location residents require, and the striking natural beauty they crave.  

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Victoria Real Estate sales reflect summer trends

A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 per cent more than the 510 properties sold in July 2022 and a 15.6 per cent decrease from June 2023. Sales of condominiums were up 16.3 per cent from July 2022 with 200 units sold. Sales of single family homes increased 15.4 per cent from July 2022 with 293 sold.

 

“We talked about the return to seasonal norms last month,” said Victoria Real Estate Board Chair Graden Sol. “The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity as the summer season set in. This dip in activity doesn't come as a surprise  it aligns with the familiar and expected seasonal patterns that have been observed in our market over the years.”

 

There were 2,419 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2023, an increase of 3.3 per cent compared to the previous month of June and a 11.9 per cent increase from the 2,162 active listings for sale at the end of July 2022.

 

"The good news is that, despite a slowdown in sales, we did witness an increase in inventory coming to the market in July," Sol notes. "These new listings are quite encouraging, as they indicate a growing movement in our market and show that consumers are becoming more willing to take action and make a move. The additional inventory translates to more choices for buyers, and makes it easier for sellers who are looking to make a property change. Another positive aspect of a typical summer market is that, due to people often taking vacations during this time of year, there may be fewer active buyers. Although we continue to see well-priced properties receive competing offers, there might be less competition compared to previous months. If you are contemplating a summer move, it would be wise to connect with your local REALTOR® for assistance. Your Realtor possesses up-to-the-minute information for Victoria and knows how to navigate the market efficiently."

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2022 was $1,366,100. The benchmark value for the same home in July 2023 decreased by 3.5 per cent to $1,318,800, which is up from June’s value of $1,310,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2022 was $600,000, while the benchmark value for the same condominium in July 2023 decreased by 3.7 per cent to $578,000, which is up from the June value of $573,800.


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I have sold a property at 28 4125 Interurban Rd in Saanich

I have sold a property at 28 4125 Interurban Rd in Saanich. See details here

Spacious End Unit 2 Bed + Office Townhome in desirable Oak Glen Estates. This beautifully maintained town offers a flexible floor plan with possible primary bedroom with a full bath on each level. New flooring in the vaulted entry, large updated bedrooms and bathrooms with lots of storage, hardwood floors throughout kitchen/living/dinning room, an office/flex space and laundry room. The large kitchen with center island, pantry and stainless steel appliances overlooks the fenced patio with retractable powered awing backing on to common parkland. Private front entry with perennial gardens, oversized garage with storage and additional dedicated parking space. This pet friendly development offers a clubhouse with games room, library, guest suite, and a proactive strata. Such a special place to call home surrounded by by nature, views of Christmas Hill yet close to shopping, amenities and schools.

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Conclusion of a strong spring real estate market in Victoria


A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 per cent more than the 612 properties sold in June 2022 and a 9 per cent decrease from May 2023. Sales of condominiums were up 19.8 per cent from June 2022 with 242 units sold. Sales of single family homes increased 6.6 per cent from June 2022 with 322 sold.


“As we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons,” said Victoria Real Estate Board Chair Graden Sol. “During and shortly after the pandemic, we couldn’t rely on our usual comparisons to explain the market. This year we have seen a return to a seasonal pattern, where the sales are slower through the winter and may peak in the spring. This seasonal trend is generally followed by a summer market which remains stable but is not as highly active.”


There were 2,342 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2023, an increase of 7 per cent compared to the previous month of May and a 13.7 per cent increase from the 2,059 active listings for sale at the end of June 2022.


“We have seen a small increase in inventory over the month of June,” adds Sol. “This inventory is very welcome, as we are still low on available listings for sale compared to historical counts. If inventory continues to rise, we may see prices stabilize further – another reminder of how important it is to add supply to the marketplace where possible. Well-priced properties are still selling rapidly while benchmark pricing remains reasonably level. In terms of pace and stability this is good news for sellers and buyers and hopefully heralds a summer of positive real estate transactions. To ensure that your transaction goes smoothly, engage a local REALTOR® to assist. Your Realtor knows the up-to-the-minute information for Victoria and how to navigate the market.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2022 was $1,408,500. The benchmark value for the same home in June 2023 decreased by 7 per cent to $1,310,100, which is up from May’s value of $1,297,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2022 was $615,200, while the benchmark value for the same condominium in June 2023 decreased by 9 per cent to $573,800, which is up from the May value of $569,300.

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