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.
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This is great information to be shared with fellow realtors as we get instructions on what to do for our clients.
As the situation around COVID-19 continues to disrupt people’s lives, we’re actively working to update our online information for professionals and consumers. We encourage you to keep checking our COVID-19 and Real Estate page for new resources and guidance, including external links to resources you may find useful.
RECBC has developed checklists to help you manage challenges related to COVID-19 when working with clients. All real estate professionals should be discussing COVID-19 with their clients to work cooperatively to find solutions that minimize risk for all parties. You can find the checklists, along with advice and considerations for professionals, on our website:
If you are working with clients or members of the public who have questions about how their real estate transaction or management services will be impacted by COVID-19, RECBC’s consumer information may be a helpful resource: Information for Real Estate Consumers on COVID-19.
BC has declared a provincial health emergency, and so we encourage you to not visit our office in person at this time. We are continuing to provide all licensing, education, audit, and compliance services.
We are available to serve real estate professionals and members of the public by phone or email. Do not send anything to our office by mail with the exception of applications containing original Criminal Record Search documents. You can reach us at email@example.com or by phone at 604-683-9664, toll-free 1-877-683-9664.
Real estate professionals and consumers with questions about how real estate services may be affected by COVID-19, please contact our Professional Standards Advisors at firstname.lastname@example.org, or by phone at 604-683-9664, toll-free 1-877-683-9664.
Hi Global Family !
Hoping everyone out there is safe and secure with their families. I just wanted to share with my colleagues and web friends that are in the middle of a real estate transaction a Corona Covd-19 clause you could use as part of your contract. This was shared with me by my managing broker and I thought it would be very useful for everyone out there. If i can help support you in any way, please feel free to reach out to me. I am positive this will all pass and this is a good time for us to self reflect and appreciate our blessings as well as our families.
1-778-678-5626 Shirin Purewal.
"The parties agree and acknowledge that in the event that either the Buyer, Buyer’s lender, the Seller, or either of their respective legal counsel, the Land Title Office or other necessary government agency becomes the subject of a voluntary or mandatory COVID-19 virus quarantine or closure prior to the Completion Date that results in the Buyer’s or Seller’s inability to perform their obligations on the Completion Date, the Completion Date shall be extended to the day that is ten (10) business days following the day that the quarantine or closure order is lifted by the applicable government authority or authorities as the case may be (the “Extended Completion Date”). Provided however that if the Extended Completion Date is greater than sixty (60) business days from the original Completion Date then unless the parties otherwise agree in writing, this contract will be at an end, and neither party will have any further obligations to the other, and any deposit being held shall be forthwith released to the Buyer. In the event that the original completion date is extended pursuant to this provision the parties agree that adjustment and possession dates will be extended to the same date as the extended completion date.
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September 12, 2018
Significant interest in a corporation or trust that acquires Real Estate
As of September 17, 2018, individuals with a significant interest in a corporation or trust that acquires real estate property may need to be identified on the property transfer tax return. In addition, the Province is establishing a public registry administered by the Land Title Survey Authority to record beneficial ownership of land, such as corporations and trusts.
During the transition stage, the Province will require all individuals who own a beneficial interest in property to disclose such interest. The Province will also be enacting legislation that will require corporations in B.C. to hold accurate and up-to-date information on beneficial owners of land in their own records office to be available to governmental authorities.
Although the Province has not announced any tax liability with respect to the foregoing, it may be that corporations and bare trusts may incur tax liabilities in the future. Clients intending to purchase through a corporation or trust are well advised to obtain advice from qualified tax advisors or a lawyer prior to entering into contracts of purchase and sale.
More information can be found at the following link: https://www2.gov.bc.ca/gov/content/taxes/tax-changes/whats-new/property-taxes.
Check out New vs Sold Listings in Victoria British Columbia. Details for this graph are taken from MLS. We bring you the latest statistics so you can follow the market. Contact the BC HOME GROUP for any questions, we will always help!