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STRESS TEST SECRET 

Innovative strategy by innovative brokers. Currently variable rate rates still need only 5.25% to qualify not 6.25% So, qualify on the variable rate at the stress test of 5.25% – lock in after.
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Pace of the Greater Victoria real estate market steady into spring
 
A total of 761 properties sold in the Victoria Real Estate Board region this May, 27.5 per cent fewer than the 1,049 properties sold in May 2021 and a 7.6 per cent decrease from April 2022. Sales of condominiums were down 23.1 per cent from May 2021 with 250 units sold. Sales of single family homes decreased 31.7 per cent from May 2021 with 367 sold.
 
"The real estate market in Greater Victoria is returning to a steadier pace following the strange two years we experienced over the course of the pandemic,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “While inventory is still below historical levels for a spring market, it is now within our pre-pandemic five-year average, which is good news for buyers. The increase in inventory provides buyers with more options, and we are seeing market activity and price points differ within the unique neighbourhoods that make up Greater Victoria. During a changing market like the one we see now, it is more important than ever to have an expert on your side – whether you are buying or selling it’s a great time to give your favourite REALTOR® a call.”
 
There were 1,776 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2022, an increase of 30.1 per cent compared to the previous month of April and a 22.5 per cent increase from the 1,450 active listings for sale at the end of May 2021.
 
"Looking to the future of the market, the Board has reviewed the British Columbia Financial Services Authority (BCFSA) report which the government requisitioned to guide the deployment of their cooling-off plan," adds President Dinnie-Smyth. “We are aligned with BCFSA on the importance of consumer protection in real estate and see areas of the BCFSA report which reflect the Victoria Real Estate Board’s and the British Columbia Real Estate Association’s recommendations - specifically the concept of a five-day pre-offer period. However, the BCFSA report leaves detailed process and procedural questions unanswered. The government will need to do more consultation with industry stakeholders prior to implementation to ensure these changes are without negative consequences to consumers and to the market.”
 
The Multiple Listing Service® Home Price Index benchmark values are currently unavailable. This document will be updated when May’s numbers are available for publication. 
 
 
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A new 2-year ban of no foreign buying that includes condos, apartments, and single residential units. (Exempt are recreational units.)
Loopholes? As always there are a few: The ban does not apply to foreign students, permanent residents, foreign workers, or foreigners who are purchasing their primary residence in Canada. Also, recreational properties are exempt.

With commodity prices cooling we continue to expect a lower Canadian dollar

I stated over and over that in tough times, bad money wants to be changed into ‘good ‘money.’ The US dollar remains a reserve currency – valued as such by individuals around the world. In tough times they flee into the dollar. More money coming in drives up the value. Period. We see that continue


Big Banks Raise 5-Year Fixed Rates Above 4%

Most of the country's big banks are now advertising special-offer 5-year fixed rates above 4%.

All assignment sales on newly constructed or substantially renovated residential homes will be taxable.
    • "Budget 2022 proposes to make all assignment sales of newly constructed or substantially renovated residential housing taxable for GST/HST purposes, effective May 7, 2022."
    1. Starting May 7, the government will add taxes on home flippers who buy properties to renovate and put them back on the market less than 12 months later. Who will want to renovate now? Loopholes: Looks like multiple exceptions again for permanent residents, foreign students, etc.
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I have sold a property at 119 1375 Bear Mountain Pkwy in Langford.
Immaculate one bedroom, one bath desirable ground level condominium nestled in private quiet St. Andrews Walk East, on the very top of Bear Mountain. Condo offers beautiful floors, granite counter tops and higher end KitchenAid stainless appliances. Abundant natural light pours into your living room that features high ceilings and an electric fireplace. Enjoy evening BBQs on your own private covered patio, as well as underground-secured parking, separate storage locker and a dedicated bike storage area. Steps to the Bear Mountain Jack Nicklaus designed Golf Course and Mt. Finlayson. Your pets are welcome here! Whether you are buying to live in, or as a vacation retreat for you to escape the city or an investment, this condo in St. Andrews Walk is a great opportunity while it lasts!
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2022 Federal Budget Impacts Market in BC Real Estate - Details


Multigenerational Home Renovation Tax Credit

This will allow families to claim 15 per cent (up to a $7,500 credit) in eligible renovation and construction costs incurred to construct a secondary suite for seniors or adults with disabilities.


Increased Contribution for First Time Home Buyers.

They can contribute up to $40,000 also a Registered Retirement Savings Plan (RRSP) contribution would be tax-deductible, any money instead of being contributed TFSA can be put in place into real estate. Further, the First Time Home Buyers' Tax Credit will be doubled to $10,000, retroactive to homes purchased on or after January 1, 2022. 


Bidding Wars

Plan to end this in the real estate market.


Foreign Demand

Policy is being passed to prohibit non-Canadian citizens or permanent residents as well as non-Canadian commercial enterprises from acquiring property in Canada for two years.

No Flipping - Tax

Policy being passed so Buyers get taxed heavily if they try flipping real estate,  beginning January 1, 2023.








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Victoria real estate market continues to experience low inventory and high demand
 
A total of 833 properties sold in the Victoria Real Estate Board region this March, 29 per cent fewer than the 1,173 properties sold in March 2021 but a 16 per cent increase from February 2022. Sales of condominiums were down 26 per cent from March 2021 with 279 units sold. Sales of single family homes decreased 28.2 per cent from March 2021 with 412 sold.
 
“Once again, we have had a record breaker of a month,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “This March had the lowest number of active listings we have seen in a month of March – beating last year’s record low. For context, in the past five years the average number of active listings at the end of March is 1,864 properties. This March had just over one thousand properties at month end. We did see more homes come to market this month compared to February - which is a positive sign - but our supply is still so constricted that multiple offers and competition continues, especially in the lower price ranges. We may see a lift in that pressure if more listings come to market over the spring, but since our inventory is so much lower than average, we have a long way to go to find balance.”
 
There were 1,063 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2022, an increase of 25.2 per cent compared to the previous month of February but an 18.9 per cent decrease from the 1,310 active listings for sale at the end of March 2021.
 
“March generally kicks off the busy spring real estate season,” adds President Dinnie-Smyth. “However, this month’s sales and listings may have been partly depressed by reasons beyond the market. After two spring breaks of COVID restrictions, it’s plausible that many prospective buyers and sellers put their plans on pause to travel. Looking forward, it is difficult to predict what this spring will look like as those buyers and sellers return to the market. Many factors - including rising interest rates, the government’s promise to apply new barriers to sales such as cooling-off periods, inflationary pressures and record high house prices - continue to make this a challenging market. If you are considering a move, a sale or both, it’s a good time to engage the assistance of a trusted local REALTOR® to help you navigate the complex landscape.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2021 was $968,500. The benchmark value for the same home in March 2022 increased by 27.4 per cent to $1,233,700, up from February’s value of $1,196,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2021 was $497,000 while the benchmark value for the same condominium in March 2022 increased by 27.8 per cent to $653,100, up from the February value of $603,600.
 
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A total of 718 properties sold in the Victoria Real Estate Board region this February, 16.8 per cent fewer than the 863 properties sold in February 2021 but a 51.5 per cent increase from January 2021. Sales of condominiums were down 7.9 per cent from February 2021 with 267 units sold. Sales of single family homes decreased 20.8 per cent from February 2021 with 309 sold.
 
“It was heartening this month to see some more listings come to market in February,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “However, inventory levels remain at record lows and without a strong government focus on increasing supply, buyers will continue to face escalating prices and difficult market conditions.”
 
There were 849 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2022, an increase of 14.1 per cent compared to the previous month of January but a 35.6 per cent decrease from the 1,318 active listings for sale at the end of February 2021.
 
“We have asked the government for strong solutions to create supply to bring our market back into balance,” adds President Dinnie-Smyth. “We need incentives for gentle densification and the removal of municipal barriers to development. What government has chosen to focus on instead is their announcement of a cooling-off period for residential sales this spring. They announced this measure with no industry consultation into how this may impact our housing market. The Victoria Real Estate Board and the British Columbia Real Estate Association have strongly recommended against a cooling-off period. Industry research shows that a cooling-off period will add volatility in both slow and pressurized market conditions. It provides no protection for home sellers and creates more risk and uncertainty for them when selling a home. Experienced and well-funded buyers will have an advantage over first-time buyers because a cooling-off period reduces negotiations to price alone. We have recommended alternative ideas for consumer protection – including the suggestion that a pre-sale offer period be introduced, which transcends market conditions and would better protect buyers and sellers while also mitigating the impact of pre-emptive offers. We hope our suggestions are taken seriously, they are a result of thorough research and consultation of hundreds of our local practitioners. Instead of discussing the British Columbia Real Estate Association’s recommendations yesterday, Minister Robinson chose to inform the public that REALTORS® have a vested interest in home prices. For Robinson to suggest that Realtors are keeping prices high is a convenient excuse and a weak attempt to divert attention away from the real issue – supply. Realtors would prefer a balanced market with reasonable prices and plenty of housing supply to meet demand. Our Realtors’ only vested interest is in their clients and the more balanced our market is, the better we are able to serve the needs of buyers and sellers.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2021 was $948,500. The benchmark value for the same home in February 2022 increased by 26.1 per cent to $1,196,300, up from January’s value of $1,161,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2021 was $494,200, while the benchmark value for the same condominium in February 2022 increased by 22.1 per cent to $603,600, up from the January value of $587,300.
 
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The 2021 Victoria real estate market year in review
 
A total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December 2020 and a 32.9 per cent decrease from November 2021. Sales of condominiums were down 22.1 per cent from December 2020 with 152 units sold. Sales of single family homes decreased 34.1 per cent from December 2020 with 207 sold.
 
A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in 2020. 2021 sales came in close to 2016’s record breaking sales year where 10,622 properties were sold.
 
“The theme of this year has been very consistent,” says 2021 Victoria Real Estate Board President David Langlois. “Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point. We see stories from many countries highlighting the increasing desirability of home ownership in the wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on record – but with such strong demand that most transactions see multiple offers.”
 
There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2021, a decrease of 26.5 per cent compared to the previous month of November and a 49 per cent decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest inventory of active listings at month-end in at least the last 25 years.
 
“We have spoken throughout the year about the need for new housing supply at all levels to help moderate prices and improve attainability,” adds President Langlois. “Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area – it has been far too difficult and expensive to build homes in our region. The situation we are now in is because of the deficit of supply that has compounded over the past decades of hesitation around growth. However, governments at the federal and provincial level have instead chosen to focus elsewhere and invest their time re-inventing the process of how homes are sold in Canada by creating new rules which include the introduction of a ‘cooling-off’ period. These measures will do nothing to improve our market, nor will they increase consumer protection. The process of how a home is sold is not the issue - homes will sell for what consumers will pay for them – using any sales process. The issue is how homes are brought to the marketplace and our huge lack of supply. Governments should expend their resources to address supply issues that continue to drive up competition for homes and result in ever increasing prices.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1 per cent to $1,144,900, up from November’s value of $1,122,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the same condominium in December 2021 increased by 17.1 per cent to $570,600, up from the November value of $560,700.
 
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IN SUMMER the days getting dryer, make sure you insert the following statement into Contracts/offers on areas that have a higher degree of forest fire risks.  Each year insurance companies start restricting insurance approvals in areas of fire risk.  
 
Longer the close, potential increased risk during these summer months. 
 
 
WILDFIRE / INSURANCE STATEMENT: 
 
In the event that the insurance underwriters defer placement of property insurance due to wildfire risk prior to or at the time of completion, the Buyer(s) and Seller(s) agree that the completion, possession and adjustment dates shall be deferred until such time that insurance can be obtained. The Buyer will make all reasonable efforts to complete the sale.
 
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Released to media today:
 
A greater commitment to development required to balance local housing market
 
A total of 761 properties sold in the Victoria Real Estate Board region this September, 23.1 per cent fewer than the 989 properties sold in September 2020 and 8.4 per cent fewer than the previous month of August. Condominium sales were up 9.3 per cent from September 2020 with 306 units sold. 11.3 per cent fewer condominiums sold in September 2021 than in the previous month of August. Sales of single family homes were down 38.6 per cent from September 2020 with 331 sold. 7.3 per cent fewer single family homes sold in September 2021 than in the previous month of August.
 
"We are in a situation this month that is very similar to last month," said Victoria Real Estate Board President David Langlois. "We have seen a lot of demand for homes of all types, but very little inventory come onto the market. And just like last month, it would be inaccurate to say that the market has slowed down and certainly an oversimplification to say the market is experiencing traditional seasonal slowing. What we are experiencing is a continued response to long-term low inventory levels.”
 
There were 1,124 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2021, 53 per cent fewer properties than the 2,389 available at the end of September 2020 but four properties more than the 1,120 active listings for sale at the end of August 2021.
 
­­The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2020 was $879,700. The benchmark value for the same home in September 2021 increased by 25.1 per cent to $1,100,200, a 1 per cent increase from the previous month of August. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2020 was $482,000, while the benchmark value for the same condominium in September 2021 increased by 13.3 per cent to $545,900.
 
“It’s a complex market and it has been for some time here in Greater Victoria,'' added President Langlois. "We have a lot of people who want to share in this wonderful community, but we do not have the homes to answer the demand at all points in the housing spectrum. Adding more inventory – be it rental or market housing – requires a commitment to building from our community members. If you support more homes, you need to vocally support projects coming through your local municipal council. Many amazing developments never happen or are buried in expense, which adds to the end cost, before they make it through years of permitting because of opposition at public reviews – often by a small but vocal minority. In order to stop our cycle of pressure on pricing due to limited supply, our community must choose to commit to new housing or commit to prices escalating further."
 
 
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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I have sold a property at 2410 Setchfield Ave.
Immaculate family home in the popular Florence Lake area in Langford. Minutes to walking trails along Florence Lake and short walk to Lakewood elementary school. Spacious layout with over 1500 sq/ft on upper level with 3 bedrooms, 2 baths, large open living room with cozy fireplace and bay window, nice country kitchen and bonus family room, spacious primary bedroom with 4 piece ensuite and walk-in closet. Downstairs has a 4th bedroom, laundry and a large 850 sq/fy unfinished area that is ideal for a large in-law suite with a separate entrance. Double garage, easy care lot, sprinkler system, on bus route, close to Costco and other Langford shopping. All appliances and built-in vacuum included. Very well maintained home and property and a real pleasure to show.
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I have sold a property at 6867 Laura's Lane.
Move in ready, centrally located, spacious duplex awaiting its new family. Located just minutes away from Sooke's Town Centre, the Prestige Oceanfront Resort and the Sooke Marine Boardwalk. This modern, 2 level home was built in 2016 so the new home warranty insurance still applies. The home features 3 good sized bedrooms, 2 full baths and a powder room on the main floor, a low-maintenance, private fenced yard and a covered deck. The open concept design and layout gives you the perfect space for entertaining. This home would be ideal for families, first-time home Buyers or investors. Don’t miss out on the opportunity to own this rentable, pet-friendly unit in one of Sooke's most desirable neighbourhoods.
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I have sold a property at 402 1145 Sikorsky Rd.
Lovely top floor corner suite with vaulted ceilings, oversize windows and 2 balconies giving you amazing 270° panoramic views of sunsets, 2 lakes, mountains and the valley. Open concept design, perfect for entertaining. Kitchen features quartz countertops with ample prep area, s/s appliances, a breakfast bar, tile backsplash. Spacious living room and dining area. Perfect floor plan with 2 bedrooms located on opposite ends of the unit for privacy and only 1 common wall with neighbours. 2 full bathrooms. Primary bedroom is spacious enough for a king sized bed and has a big walk in closet, a full 4 piece ensuite and its own balcony with views from the Olympic Mountains to the lakes. Geothermal in-floor soft radiant heat and hot water included in monthly strata fee. Insuite laundry. Storage 1 floor below. Secure parking and bike storage. Cats and Dogs allowed. Just a short stroll to YMCA, library, walking trails, lakes, restaurants, Starlight Stadium & close to shopping, transit & more
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I have sold a property at 2158 Nicklaus Dr.
Over 6000 sq. ft. of Prestigious Home with spectacular views of Mount Finlayson and Golf Course. Designed & Built by a world-renowned architect. The dramatic entry leads to an open concept Great Room with 21 ft cathedral ceilings and Brazilian Teak Wood Flooring, Natural light pouring in through floor-to-ceiling windows & double-glass French Doors provide a flawless transition to the outdoor living area with expansive views. This 7 Bed. and 5.5 Bath. home captures natural light as well as breathtaking views from every floor and boasts a chef’s dream kitchen. Featuring surround sound, high-end appliances, central vac., A/C, gas fireplace, detailed finishings, office, multiple living areas, 2 amazing large decks with Golf Course views and a beautifully landscaped entry. This home also includes a 2 bedroom suite as well as Guest Quarters. This will impress you. Youtube "2158 Bear Mountain". Easy Showings.
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Low inventory and strong demand continue in Victoria real estate market
 
A total of 942 properties sold in the Victoria Real Estate Board region this June, 16.6 per cent more than the 808 properties sold in June 2020, but 10.2 per cent fewer than the previous month of May. Condominium sales were up 61.7 per cent from June 2020 with 338 units sold. 4 per cent more condominiums sold in June 2021 than in the previous month of May. Sales of single family homes were down 4.3 per cent from June 2020 with 440 sold. 18.1 per cent fewer single family homes sold in June 2021 than in the previous month of May.
 
“We are at a point now where we can look at yearly comparisons with a new lens,” said Victoria Real Estate Board President David Langlois. “In recent months we have been unable to glean anything by comparing year over year numbers because of the sudden and unexpected impact of the pandemic on the 2020 market. But June last year was when the market started its reacceleration. Buyers came back into the market in droves even though listings were restrained compared to long term averages.”
 
There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2021, 49 per cent fewer properties than the 2,698 available at the end of June 2020 and 5.2 per cent fewer than the 1,450 active listings for sale at the end of May 2021.
 
­­The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2020 was $896,700. The benchmark value for the same home in June 2021 increased by 18.6 per cent to $1,063,500, a 2.6 per cent increase from the previous month of May. The MLS® HPI benchmark value for a condominium in the Victoria Core in June 2020 was $490,400, while the benchmark value for the same condominium in June 2021 was $531,100, an 8.3 per cent increase.
 
“We see now even more sales activity than the return to the market we saw last year,” added Langlois. “And our inventory is much more restricted, with more than thirteen hundred fewer listings for sale than the year previous. We can see the strong impact this shrinking supply has had on year over year prices. There are many factors we need to watch while this summer’s market unfolds, including the change in borrowing rules that may impact first time buyers, declining levels of inventory and demand from outside of the province as tourism and travel reopens. Speak with your REALTOR® if you’d like fresh insight into our current market.”
 
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I have sold a property at 1225 Lavinia Lane.
1225 LAVINIA LANE. Outstanding Executive 6 bdrm, 4000+ sq ft. custom built dream residence! Situated on a quiet byway, this residence boasts beautifully landscaped gardens and offers the possibility of adding a garden/carriage suite with its own separate driveway(underground power already in place)! Exquisite millwork, hardwood floors and tile throughout along with classy use of natural stone. Generous sized bedrooms, grand foyer entry, gourmet dream kitchen ideal for entertaining or large families, separate private master suite with ocean views. Full basement with media entertainment room, separate entrance, storage and more. Double garage, in-floor radiant heat throughout, enough parking for an RV and all the toys. Everything has been maintained to a very high standard. The home exudes class and luxury! One of Victoria’s best, in the Cordova Bay area close to schools, shopping and bus routes! Ask about the carriage house option, and don't delay! This ones a "keeper"
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I have sold a property at 110 899 Darwin Ave.
Incredible value in a central location in Victoria that does not get any better. Quietly tucked away with easy access to direct roads downtown, the Peninsula, & Westshore. Steps away from Tolmie Park and Swan Lake for after-work walks with the kids or pets. This 2 bed/2 bath home offers much more space than your average condo with a primary bedroom with ensuite and walkin closet. A large in-unit laundry room for the extra space that is almost always lacking in most condo units. Updated tastefully, as soon you enter the home you feel the coziness and warmth that owners or potential tenants look for when finding a new place to call home.The large rooms and functional open floor plan is hard to beat. With a massive deck and the privacy it provides, enjoy your time on the bbq and sunbathing through the summer months without a worry. Unrestricted rentals with pets allowed & secured parking, this home is perfect for you as your new home or your new investment property at an unbeatable price!
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I have sold a property at 3401 Jazz Crt.
Don't miss this spacious town home at Lobo Vale Mews! This bright and sunny end unit w/dble garage as well as extra large driveway for 2 additional cars is sure to check off all the boxes. Built green platinum status w/ insulated concrete foundations and party walls, providing you w/ superior safety, sound-proofing and energy efficiency inc heat pump. You will love the open design with cozy modern fireplance in the bright living room, with sliders to the large west facing back yard, synthetic lawn, wired for hot tub. Kitchen with quartz counters, soft close drawers, upgraded back splash, undermount lighting and SS appliances. Upstairs you will find a spacious master bedroom with large W/I closet and 5 pc ensuite. 2 more good size rooms, main bath and laundry finish the 2nd floor. Easy living in this low maintenance townhome that feels like a home!
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Unwavering demand reinforces need to support supply of homes
 
The Victoria market continued to show its strength through the month of May, with a near record setting pace for sales and ongoing record low inventory levels. A total of 1,049 properties sold in the Victoria Real Estate Board region this May, 129.5 per cent more than the 457 properties sold in May 2020, but 6 per cent fewer than the previous month of April. Sales of condominiums were up 200.9 per cent from May 2020 with 325 units sold. 1.8 per cent fewer condominiums sold in May 2021 than in the previous month of April. Sales of single family homes were up 111.4 per cent from May 2020 with 537 sold. 4.8 per cent fewer single family homes sold in May 2021 than in the previous month of April.
 
“Victoria is an amazing place to live and we will continue to see demand for property here,” said Victoria Real Estate Board President David Langlois. “In the future we need to support the creation of a housing market that can respond to demand and population growth and evolve with community needs. Adding inventory to the Greater Victoria market should be the focus of every municipal council across the region.”
 
There were 1,450 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2021, 43 per cent fewer properties than the total available at the end of May 2020 and just 4 properties fewer than the 1,454 active listings for sale at the end of April 2021. 
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2020 was $855,900. The benchmark value for the same home in May 2021 increased by 17 per cent to $1,036,100, a 3.9 per cent increase from the previous month of April. The MLS® HPI benchmark value for a condominium in the Victoria Core in May 2020 was $500,000, while the benchmark value for the same condominium in May 2021 was $526,000, a 5.2 per cent increase.
 
“Recently the City of Victoria moved to fast-track non-profit developments, which is an exciting step in the right direction,” added Langlois. “But continued attention needs to be paid on housing of all types. By supporting an increase in urban density, we can ensure attainable housing, address missing middle family housing, increase tax revenues for community amenities and protect green space by slowing sprawl. If you are concerned about attainable housing and the future of homes in Greater Victoria, consider supporting the next housing development proposal in your neighbourhood.”
 
 
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I have sold a property at 1390 Lands End Rd.
Stunning low-bank waterfront property on lower Lands End Rd. This flat and sunny 1.22-acre lot is zoned R2 and is sub-dividable with current PLA in place or retain as your own private estate. Highlights include wrap-around views of Satellite Channel, spectacular sunsets and private stairs leading to a secluded beach. Much of the site prep has been completed with the previous home removed, trees cleared and new driveway added. Newer mooring buoy in place directly in front of the property with the ability to accommodate a larger vessel. Convenient location just minutes from BC Ferries, Victoria International Airport and the Town of Sidney. This is a fantastic opportunity to build your waterfront dream home on the Saanich Peninsula.
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