The Victoria Real Estate Board region saw 41.4 per cent fewer sales than January 2022. This year had a total of 278 properties sold compared to the 474 last year. Sales are also down 13.2 per cent from December 2022.
January was a slow month; however mid January did see a resurgence of activity as confidence seems to be returning to the market after rapid rate increases from last year. It appears that the shock has worn off, and the market is beginning to regain it’s equilibrium. Many buyers and sellers still remain active viewing homes and making offers.
There were 1,739 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 3 per cent compared to the previous month of December and a 133.7 per cent increase from the 744 active listings for sale at the end of January 2021.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2022 was $1,296,600. The benchmark value for the same home in January 2023 decreased by 3.5 per cent to $1,251,100, down from December’s value of $1,283,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2022 was $561,300, while the benchmark value for the same condominium in January 2023 increased by 3 per cent to $578,300, up from the December value of $574,300.
February is a month of new beginnings, and what better way to kick off 2023 than by finding your next home or investment property? As your REALTORS®, we are committed to helping you navigate the complex world of real estate- whether you’re looking to buy or sell, we’re here to help.
If you’re thinking of buying or selling, now is a good time to get started – before the rush of the Spring market is upon us. We would be happy to help with home evaluation, a market analysis of a prospective property, what the house down the road sold for or answer any questions about the buying or selling process.
Let’s make this the year you take the next step toward your real estate goals. Contact us today, and let’s get started!
Stay well, ally and dennis
A slow start to the year may not foretell the future for the Victoria housing market
February 1, 2023 A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022, with 101 units sold. Sales of single-family homes decreased 33 per cent from January 2022, with 120 sold.
“If you’re looking at the statistics, this January was one of the slowest we’ve seen on record,” says 2023 Victoria Real Estate Board Chair Graden Sol. “However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year. It may be that consumers are moving past the market shock of the rate increases and economic uncertainty and that our market is regaining its equilibrium. What the data doesn’t show is the optimism that many of our REALTOR® members are noting from their buyers and sellers, who remain active viewing homes and making offers. Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like.”
It’s important to feel organized for the year ahead! Set yourself up for success by getting rid of extra clutter lying around your home by following the 5 ways to declutter this year!
Start with a plan: Before decluttering, make a plan of action. This could include setting aside specific days or times of the week to work on decluttering, creating a list of areas in your home that need attention, and setting goals for what you want to accomplish.
Tackle one area at a time: Rather than trying to declutter your entire home at once, focus on one area at a time. This could be a room, a closet, or even just a single drawer. By tackling one area at a time, you can stay focused and make progress more easily.
Use the “one in, one out” rule: For every new item that comes into your home, get rid of one item that you no longer need or use. This will help you keep your clutter under control and prevent your home from becoming overrun with unnecessary items.
Donate, sell, or recycle: As you declutter, sort through your items and decide what can be donated, sold, or recycled. This will not only help you declutter your home, but it will also have a positive impact on your community and the environment.
Maintain your progress: Once you have decluttered your home, make sure to maintain your progress. This could include setting aside time each week to declutter, creating a system for keeping your home organized, and making a habit of regularly going through your items to get rid of anything that you no longer need or use.
The Victoria Real Estate Board region in Canada saw a decrease in property sales in December 2022 compared to the previous year. A total of 320 properties were sold, a 26.9% decrease from December 2021. Sales of condominiums were down 38.2% and sales of single-family homes decreased by 24.6%. There were a total of 6,804 properties sold in 2022, a 32.3% decrease from the previous year. The market saw a rebound in inventory levels, with 1,688 active listings at the end of December 2022, a 158.9% increase from December 2021. Interest rate increases and the cost of moving and borrowing money are cited as factors impacting demand.
At the provincial government level, legislation for a ‘cooling-off period,’ now called the Home Buyer Recission Period, went into effect. This measure is to give home buyers time to consider whether a purchase is right for them. HBRP gives buyers the right to rescind their offer up to three business days after the offer is accepted. If a buyer changes their mind, they must pay a 0.25% rescission fee to the seller.
The Multiple Listing Service Home Price Index showed an increase in the value of both single-family homes and condominiums in the Victoria Core area from December 2021 to December 2022.
If you have questions about the market, we are always here to help.
We hope you and your family enjoyed a holiday season that brought you some joy and laughter.
January is a time of new beginnings. As we begin a new year in real estate, there are a few legislative changes that may alter the way we do real estate in British Columbia. Federally, there is a two-year ban on foreign buyers. This is a trial and will be reevaluated at the end of the two years.
Provincially there have been some significant changes. In November Premier Eby announced several changes to the Strata Property Act: limiting the age restrictions in strata complexes to 55+ and eliminating all rental restrictions. Strata’s will make decisions on how best to navigate these changes. A big change to how real estate is conducted is the new Home Buyers Protection Period: essentially a three-business day condition in which a buyer may walk away from the offer without cause or explanation. There is a .25% fee payable to the seller if the buyer chooses this option. This will be dealt with in all offers.
We do not anticipate that any of these changes will negatively affect the real estate market in Greater Victoria. There are still plenty of opportunities for buyers and sellers alike. The rental change to strata creates some interesting investment possibilities!
Victoria is generally somewhat insulated from outside influences. It is a beautiful place and people want to live here. Conde Nast Traveler just voted Victoria the 10th friendliest city in the world! What a lovely thing!
January is typically a slower month for real estate, as people recover from the holidays and start planning for the year ahead. If you’d like to connect to discuss your options, we’d be happy to arrange for a phone call or to even meet in person for a coffee. If you have questions or want clarification on any of the recent changes to real estate, we are here to help.
We really enjoy having good conversations about how real estate can help you plan for your future.
Stay well, Ally and Dennis
The 2022 Victoria Real Estate Market Year in Review
January 3, 2023 A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single-family homes decreased 24.6 per cent from December 2021 with 156 sold.
A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014’s sales year when 6,698 properties were sold.
“We began the year with record low inventory, and with higher than average sales,” says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “And then the market changed on a dime. Interest rate increases through the remainder of 2022 signalled the end of low-cost borrowing and pushed buyers to the sidelines. Each time interest rates went up, market activity slowed. As we head into 2023, we continue to see the cost of moving and borrowing money undermine demand. Slower sale activity has resulted in inventory levels rebounding from historic lows, which means there are more opportunities for buyers in our market this year than in recent years.”
Setting your goals is one thing, committing to them long-term is another! Below are 5 ways to help you make goals and remain committed to them this upcoming New Year.
1. Start by identifying your long-term goals. These should be specific, measurable, attainable, relevant, and time-bound (SMART) goals that reflect your values and aspirations.
2. Break down your long-term goals into smaller, short-term goals. This will make your goals more manageable and help you track your progress.
3. Create a plan of action. This should include specific steps and deadlines for achieving your short-term goals, as well as any resources or support you will need along the way.
4. Monitor your progress regularly. This will help you stay on track and make any necessary adjustments to your plan.
5. Stay motivated and committed. Setting goals is not always easy, and there will be challenges and setbacks along the way. But by staying focused and understanding that it won’t be a streamlined, “perfect” journey, you can stay on track.
The current market continues to settle after the covid years that saw an intense market. This is good news for both buyers and sellers. Inventory levels are reaching a point that most are used to so it will feel more normal.
The Victoria Real Estate Board region in Canada sold 384 properties in November 2022, a decrease of 41.2% from the 653 sold in November 2021 and 20% fewer than in October 2022. Sales of condominiums were down 42.4% from November 2021, with 136 units sold. Sales of single-family homes decreased 34.1% from November 2021, with 182 sold. Victoria Real Estate Board President Karen Dinnie-Smyth said the decrease was expected as the market continues to settle after a record-setting pace in 2021. Inventory levels dipped slightly but remain well above last year’s levels, providing buyers with more options. The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria Core area increased 4.6% to $1,307,100 in November 2022, but was down 2.6% from October 2022. The MLS HPI benchmark value for a condominium in the Victoria Core area increased 9.6% to $587,800 in November 2022, down 2.5% from October 2022.
It’s always important to work with a qualified Realtor who understands the market where you are considering buying. We are always here for you with up-to-date knowledge to help ensure that you feel informed when making these big decisions.
The holiday season is here, and we can’t wait to celebrate with you. We love this time of year because it’s a time for giving—both in terms of sharing our time with loved ones and giving to others who might need some extra joy.
We’ve been working hard all year long, and that wouldn’t be possible without the support of our community. So thank you again for being part of the journey with us! With the new year coming quickly, start it on a strong note. If you are in the market to sell or buy this upcoming year please don’t hesitate to reach out as the earlier you start the quicker we can help you out.
We hope you enjoy this season as much as we do, and if there’s anything we can do to make it more magical for you, please let us know!
Ally and Dennis
December 1, 2022. A total of 384 properties were sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single-family homes decreased 34.1 per cent from November 2021 with 182 sold.
“November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record-setting pace of 2021,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “With a small month-over-month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options.”
With December slowly approaching, CFAX Santas Anonymous Society is one of Greater Victoria’s longest-running children’s charities, working diligently to serve families with children in need. It provides much-needed funding for projects and programs that support children, youth (17 and under), and families in Victoria. If you would like to help and contribute there are other options other than donating like volunteering and fundraising whether that’s you creating a fundraiser or finding a fundraiser to join. Click the image below to find out more information on how you can give back to children in need and make their holidays something they truly will remember forever.
Look for Ally and Dennis and other DFH Real Estate agents at The Tree of Wishes at Mayfair Mall in December. Exact date TBD.
What’s better than the holidays? Festive holiday drinks! Sit at home with your family in front of the fireplace and enjoy the below recipes. Here are 3 holiday drinks you must try this winter season!
Joyful Almond Hot Chocolate
Ingredients
6 cup half-and-half
1 14-oz can of unsweetened coconut milk
12-ounce bittersweet or semisweet chocolate, chopped
1 tablespoon vanilla
1 – 1 1/2 teaspoon almond extract
Marshmallows or sweetened whipped cream (optional)
Directions
In a 3 1/2- or 4-qt. slow cooker combine coconut milk, and chocolate. Cover and cook on low 4 hours or high 2 hours, vigorously whisking once halfway through.
Whisk well. Stir in vanilla & almond extract. Serve immediately or keep warm, covered, on warm or low up to 2 hours. If desired, top servings with marshmallows or whipped cream.
If desired, coat rims of mugs with toasted coconut and top servings with toasted sliced almonds
Homemade Egg Nog
Ingredients
2 cups heavy cream
1 + ½ teaspoons nutmeg, freshly grated
3 cups whole milk
1 tablespoon vanilla extract
3 eggs, room temperature
4 egg yolks, room temperature
⅓ cup sugar
¼ teaspoon salt
whipped cream (optional, for topping)
ground cinnamon (optional, for topping)
extra nutmeg (optional, for topping)
Directions
Place heavy cream and grated nutmeg in a large mixing bowl with a fine mesh strainer on top. Set aside.
In a medium saucepan, combine milk and vanilla. Cook over medium heat, swirling occasionally until bubbles form around the sides and the milk starts steaming.
In another mixing bowl, vigorously beat together the eggs, yolks, sugar, and salt for approximately 3-5 minutes until the mixture is thickened and pale. Add in the milk in a slow stream and whisk to incorporate. Pour the mixture back into the saucepan and cook over low heat, stirring constantly with a wooden spoon for about 6 minutes, or until the mixture reaches 165 F as read on a cooking thermometer. Immediately strain into the mixing bowl with the heavy cream.
Place in refrigerator uncovered and allow the eggnog to cool completely for at least 2 hours.
To serve, pour eggnog into glasses filling only ¾ of the glass. Top with whipped cream, cinnamon, and freshly grated nutmeg.
Salted Caramel Apple Punch
Ingredients
1 gallon apple cider
2 quarts ginger ale
1 cup orange juice
1 cup salted caramel syrup, Torani, DaVinci, etc.
1/3 cup lemon juice, or to taste
4 red-skinned apples diced
4 cups ice cubes, or ice ring, see below
Caramel ice cream topping, for garnish, optional
1/4 teaspoon flaky sea salt, for garnish, optional
Directions
In a large stockpot, combine the apple juice, ginger ale, orange juice, caramel syrup, and lemon juice. Taste and adjust, adding more syrup and/or lemon juice, as desired.
Transfer the mixture to the refrigerator to chill thoroughly.
Fill the punch bowl and add a ladle for serving or transfer the chilled punch to pitchers.
Chop the apples and add them to the punch along with ice cubes just before serving, or see the tips below for decorative ice alternatives.
Put the caramel ice cream topping or dulce de leche in a bowl and lightly dip the rims of serving glasses. Sprinkle with flaky salt.
October saw a slight uptick in sales and inventory but still isn’t back to pre-covid numbers just yet.
There were a total of 480 properties sold in the Victoria Real Estate Board region, 35.6 percent fewer than the 745 properties sold in October 2021. This is a 17.1 percent increase from September however. Sales of condominiums were down 39 percent from October 2021 with 152 units sold. Sales of single-family homes decreased 32.2 percent from October 2021 with 230 sold.
There were 2,192 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2022, a decrease of 4.7 percent compared to the previous month of September but a 111.6 percent increase from the 1,036 active listings for sale at the end of October 2021.
This is the first time since May 2022 that inventory has remained stable and we’re seeing a slight increase in month-over-month sales. October has shown us an increase in activity, more sales, and well-priced homes seeing plenty of attention. This points to how important it is to work with a qualified Realtor who is up-to-date on the market and understands pricing well.
The Greater Victoria region is unique in that there are many micro-markets and working with a local Realtor will help your success as the market can perform different in these specific areas.
It’s getting close to the end of the year, and you may be wondering if it’s still a good time to sell your home. We say: there can be a good strategy for selling your home in the holiday months. We did it ourselves with one of our own properties. We listed in the first week of December and had a firm offer by mid-December.
There are still plenty of buyers looking for a home and potential buyers in the market right now are serious buyers. We are happy to share our proven selling strategy to help you with your successful sale.
A wintertime tip: This time of year is also a great time to think about replacing the batteries in your smoke detectors and carbon monoxide detectors. Especially if you have a fireplace you plan to use this winter. And another idea is to check your fire extinguisher as well!
Read on for more current market updates and helpful information. If you have questions, feel free to reach out and ask! We are happy to discuss these and all real estate questions.
Ally and Dennis
A slight uptick in sales and inventory, but Victoria market still requires commitment to homes
November 1, 2022, A total of 480 properties were sold in the Victoria Real Estate Board region this October, 35.6 per cent fewer than the 745 properties sold in October 2021 but a 17.1 per cent increase from September 2022. Sales of condominiums were down 39 per cent from October 2021 with 152 units sold. Sales of single-family homes decreased 32.2 per cent from October 2021 with 230 sold.
“Inventory has remained stable this month and for the first time since May 2022, we see a slight increase in the month over month sales,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “We noted last month that the number of sales for September did not necessarily reflect the on-the-ground activity in the marketplace. October sales have shown what the industry has been experiencing, an increase in activity, more sales and well-priced homes receiving plenty of attention — some receiving multiple offers. If you are considering selling a property, the continually evolving market conditions this month reinforce the need for up-to-date analysis of how to price your home during this type of market. With many micro-markets within the Greater Victoria area conversations with your local REALTOR® on how the housing market is performing in your specific area will be crucial to your success.”
With winter approaching fast, you may be thinking about warm, cozy nights at home. Here are some ideas on how to make your space cozy and comfortable on a budget.
1. Keep a simple colour scheme: Calm colours will keep your home feeling like a haven. Focus on a neutral colour palette with just a few items in an accent colour. Paintings are an easy addition and you can use spray paint on smaller accessories. Pillows are a perfect item to use as an accent colour!
2. Add texture: To keep your home from looking stark or flat, add some different fabrics or patterns. Blankets, throws, upholstered furnitures, and curtains are ideal for this. You can also add items made with different materials like metal, raw wood, or shiny ceramic.
3. Lighting: This may be the most effective way to create a cozy atmosphere! Lamps with a warmer shade can create a golden glow and faux candles are a wonderful way to make a room cozy. Of course, nothing is cozier than a fire, so if you have a fireplace, light it up! If not, you could get an electric one for a similar feel.
4. Bust clutter: A cozy home isn’t minimalist but clutter detracts from the soothing feel of your home. Using bins and baskets can do double duty hiding clutter AND adding those texture elements! With these tips, you can create a warm, inviting environment to stay warm in all winter!
The Summer real estate market conditions continued into September which is normally the start of a brisker Fall market.
We have seen a slight decrease in sales compared to this time last year (stats below), and these lower numbers are likely in part to concern over rising interest rates and inflation. It’s important to note that overall interest rates are at historic lows, there is still lots of activity and well-priced properties are still receiving lots of attention. Here is a brief overview of the sale stats:
There was a total of 410 properties sold in the VREB region, which is 46.1 per cent fewer than the 761 properties sold in September 2021. This is also a 14.2 per cent decrease from August 2022.
Condo sales were down from this time last year, and sales of single-family homes decreased 33.2 per cent.
With regards to listings, the number of Active listings has increased meaning that there is more inventory available for Buyers. The market has become much more balanced lately and allows both Sellers and Buyers some time to breathe and make decisions.
If you are curious about what this current market might mean for you and your situation, we’re always happy to have a no-pressure conversation. We’re passionate about helping people even if it’s just to answer some questions!
