Outside Influences Impact Spring Real Estate Market in Victoria

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A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 percent increase from the month previous. The sales of condominiums were down 28.2 percent from last year in March with 211 units sold. 

Single family homes were 30.8 percent down from the year previous, with 337 sold this March.

“As we expected, March sales are tracking lower than in 2017,” says Victoria Real Estate Board President Kyle Kerr. “This is likely due to a number of factors 

that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal 

government’s new mortgage qualification rules. Combine these factors with rising interest rates and you’ve got a housing market that is in transition due to 

outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from 

different levels of government, our market is experiencing a new cycle of ongoing uncertainty.”

There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2018, an increase of 

14.3 per cent compared to the month of February and 13.5 per cent more than the 1,556 active listings for sale at the end of March 2017.

“Despite all of the above, we continue to see benchmark price increases across our market and demand persists – partly due to low inventory – but also because of our highly desirable location,” adds President Kerr. “Specific areas and price points are experiencing varying pressure on price and demand – which creates micro-markets. We are still seeing multiple offers and above asking price sales in some segments. Active buyers in our market may see some relief as inventory is slowly growing. This showcases why it is important to work with your local REALTOR® in this transitioning market to ensure you have the most up-to-date information to make purchasing and selling decisions.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2017 was $785,600, while the benchmark value for the same home in March 2018 increased by 9.4 per cent to $859,400, higher than February’s value of $840,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2017 was $409,700, while the benchmark value for the same condominium in 

March 2018 increased by 19.6 per cent to $490,000, which is higher than February’s value of $472,600.

Originally published by the Victoria Real Estate Board

Notes for Interpreting Victoria Real Estate Board Statistics

The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. 

How Does the Victoria Real Estate Board analyse MLS Statistics?

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MLS® STATISTICS

Most properties sold in Greater Victoria and the Southern Gulf Islands are listed and sold on the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) System.

To analyze sale price trends in the Greater Victoria housing market, the VREB moved away from reporting changes in average and median sale prices. In its place, we now analyse trends using a system called the MLS® Home Price Index (MLS® HPI).

At the heart of the MLS® HPI is the concept of the benchmark home, a notional home that includes the most common attributes of typical homes in a given area. By analyzing ten years of VREB MLS® sales data, benchmark homes have been defined in the single family, townhouse and condominium apartment categories for individual neighbourhoods, regions and the Greater Victoria area as a whole. The MLS® HPI model then uses a sophisticated statistical analysis methodology to determine values for benchmark home attributes in order to arrive at a benchmark price for each of our benchmark homes.

MLS® HPI computed historic monthly benchmark prices for each benchmark home back to January 2005. Moving forward, VREB MLS® sales data is used to compute new benchmark prices each month. In addition to being able to report on changes in benchmark prices over time, MLS® HPI also maintains a running index of the percentage change in benchmark prices from the January 2005 starting point.

We overcome the deficiencies inherent in a dependence on average and median sale prices, which are based on the particular mix of homes that are sold in a given month by using the MLS® HPI benchmark prices and index values to report on market trends. This is because MLS® HPI measures changes in benchmark prices of the same benchmark homes, month after month.

Representatives from Statistics Canada, Canada Mortgage and Housing Corporation, Finance Canada and Central 1 Credit Union have also reviewed and endorsed the MLS® HPI methodology, and provided valuable contributions in support of its development.

The MLS® HPI is another tool that REALTORS® can use to help buyers and sellers understand local real estate market price trends.

Originally published by the Victoria Real Estate board

129 ROCKCLIFFE PL LANGFORD, BC, Canada Victoria BC Real Estate

129 ROCKCLIFFE PL LANGFORD, BC, Canada Victoria BC Real Estate – $699,900

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Contact Andy to view this listing. 129 ROCKCLIFFE PL LANGFORD, BC, Canada Victoria BC Real Estate

Lovingly cared for and beautifully maintained home in Thetis Heights! You will love how bright and spacious this home is, with plenty of room for the entire family.

This beautiful house includes three bedrooms and two bathrooms on the main level. The layout of this home is amazing! The open concept and very spacious living room, dining room, and kitchen provide plenty of space for entertaining and hosting events.

The living room and master bedroom both have access to a beautiful balcony perched high above the street! You will be amazed at the amount of natural light in the living space.

The lower level contains a HUGE rec room. Bonus, pool table is included with purchase! There is also a one bedroom suite with it’s own private entrance.

Perfect for extended family or generating revenue as a mortgage helper. Don’t miss out on the opportunity to get into this great family home!

11271 NITINAT RD SIDNEY, BC, Canada - Real Estate in Victoria BC

11271 NITINAT RD SIDNEY, BC, Canada – Real Estate in Victoria BC – $1,425,000

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Contact Andy Today about this listing! 11271 NITINAT RD SIDNEY, BC, Canada – Real Estate in Victoria BC

Here it is; a beautiful, extensively updated and spacious family home located just above sought after Deep Cove! It’s on a gorgeous and sunny one acre, easy care lot, boasting 5 bedrooms, 5 bathrooms and has over 4200 sq. ft. of living space.

Both parts of your extended family will enjoy the elegance of this special home! It is the best multi generational home available on the market! You will love the high end fixtures throughout!

These include hardwood floors, quartz countertops, custom soft close cabinets, spa like bathrooms, and heated tile floors throughout the lower level. Beautiful sunset ocean glimpses from the main level eating area. Both levels have ample parking and no step entries. Outside the house the updates continue.

Featuring a large stamped concrete wrap around patio with great afternoon and evening sun. Off the lower level you will love the walkout covered patio area complete with outdoor TV that leads out to your very own putting green! A must see!

10510 Albany Road Sidney BC

10510 Albany Road, Sidney, Canada – Real Estate in Victoria BC – $1,549,000

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Contact Andy today to view this listing. 10510 Albany Road, Sidney, Canada – Real Estate in Victoria BC

This amazing ocean and mountain view home is perched above Sidney by the Sea and the ocean!

You’ll enjoy the level entry main floor, vaulted ceiling, gourmet kitchen with double ovens; one electric and one gas oven with range, two fireplaces; one gas and one wood burning, which also could easily be converted to gas, ample wrap around sun decking with ever changing views, lower self contained suite with it’s own washer and dryer, extra lower bedroom/den and loads of storage and closet spaces.

Outside you have a covered entrance, very private westerly garden and patio areas, loads of parking, storage/workshop, a double carport which could easily become an fully enclosed double garage, sprinkler system and great neighbors nearby!

Over night notice for viewing is preferred, but easily arranged. Call today!

Tell me about Andy Pearson, RI

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Andy is a dedicated real estate professional, having practiced since leaving the University of Victoria in 1964, “to earn some money to become a teacher.”

He discovered he loved selling, and, he was good at it!   Of course, making 500 sales in his first year (no, not a typo), was financially good for Andy too!

He still wanted to pursue an education, and enrolled in the three year University of British Columbia course in Urban Land Economics, completing it in 1969. This course provides a background in diverse real estate issues, including not only economics, but appraisal, land development, investment analysis and marketing,

He became a member of the “Real Estate Insitute of B.C” in 1969, entitled to use the initials RI(BC) after his name.

Over the years Andy continued his philosophy of a lifetime of learning with many, many real estate oriented seminars, including courses at Thompson Rivers University on sustainable development.

After many years as a successful real estate agent, and a real estate appraiser, Andy ventured into marketing and sales of condos and their development.

He was extremely successful but of course, like many developers, found that real estate in 20010 -11 was “not so good”!

After retirement, Andy took up real estate consulting, and looking back on his career, he decided to return to his first love in real estate, SELLING!

Victoria BC Real Estate Board Market Analysis, March 1, 2018

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March 1, 2018

Victoria Real Estate Market Adapts to Changing Policy Landscape

A total of 545 properties sold in the Victoria Real Estate Board region this February, 19.3 per cent fewer than the 675 properties sold in February last year. The sales of condominiums were down 15.5 per cent from last year in February with 174 units sold. Single family homes were 24.4 per cent down from the year previous, with 260 sold this February.

“We certainly anticipated that we would see some lower numbers this year compared to last,” says Victoria Real Estate Board President Kyle Kerr. “Right now prospective home buyers are met with many hurdles as they start shopping for their new home. They’re in a market that’s experienced long-term low inventory, which means more price pressure and competition on homes. Buyers are navigating increasing interest rates and the new mortgage stress test. These factors all combine to constrain our market. Like any changes to consumer experience, there is a period of response before consumers adapt to the new rules. We saw an increase in buyers in November and December who bought early to avoid the mortgage stress test, and this likely means less buyers in the current market. However, with continued historical low inventory levels, demand is still outpacing supply.”

There were a total of 1,545 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2018, an increase of 3.6 per cent compared to the month of January and 0.5 per cent more than the 1,537 active listings for sale at the end of February 2017.

“The provincial government recently rolled out its budget, which includes an admirable commitment to spend six billion dollars to build 114,000 units in ten years,” adds President Kerr. “These units will take years to come to market, and it is difficult to predict how many we will see in Victoria. The government needs a long-term approach to supply needs in our area, and that initial commitment is a good start. A reasonable way to bolster their commitment and improve current conditions is for the province to work with our municipalities to reduce the timelines and costs associated with bringing new housing to our market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2017 was $771,100, while the benchmark value for the same home in February 2018 increased by 9 per cent to $840,300, slightly higher than January’s value of $831,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2017 was $394,400, while the benchmark value for the same condominium in February 2018 increased by 19.85 per cent to $472,600, which is slightly higher than January’s value of $460,500.

About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,371 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

Contact: Denise Hogue, Communications Manager – denise@vreb.org, 250-920-4652

VICTORIA REAL ESTATE BOARD

3035 Nanaimo Street Victoria, BC
V8T 4W2

T 250.385.7766
F 250.385.8773 www.vreb.org www.openhousesvictoria.ca