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Spring is in full swing, and the real estate market is heating up! 

As we welcome the arrival of spring, it’s an excellent time to take stock of the latest developments in the housing market. Whether you’re thinking of buying or selling a home, there’s much to be aware of in the coming months.

With warmer weather comes a surge in new listings, and we’re already seeing an increase in available homes. This is great news for buyers looking to find their dream home, as there are more options to choose from.

At the same time, with mortgage rates holding, buying a home is an attractive option for many. If you’re considering taking the plunge, now is an excellent time to explore your options and see what’s available in your area.

For homeowners looking to sell, the spring season brings a surge in activity and interest. With high demand and limited inventory, prices remain strong, making this an ideal time to put your home on the market.

As always, we are here to help you navigate the complexities of the housing market and find the best solutions for your needs. Whether you’re buying, selling, or simply looking for property guidance, don’t hesitate to reach out.

Thank you for your continued trust and support. 

Stay well,
ally and dennis

Early spring market reflects consumer confidence and growing demand

April 3, 2023  A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 percent fewer than the 833 properties sold in March 2022 but a 28.3 percent increase from February 2023. Sales of condominiums were down 29.4 percent from March 2022 with 197 units sold. Sales of single-family homes decreased 31.8 percent from March 2022 with 281 sold.

“We’ve seen our sales numbers this month almost double from January,” said Victoria Real Estate Board Chair Graden Sol. “As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue. What we can’t predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others – by working with your REALTOR® you can better understand the market you are in.”

There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 percent compared to the previous month of February and an 85.3 percent increase from the 1,063 active listings for sale at the end of March 2022. “Demand is recovering,” adds Sol. “Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties.

Inventory continues to trend lower than long-term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby’s announcement this week about the provincial government’s Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past.”

See the full report HERE.

Nothing nicer than a well kept yard. Follow these tips below so your yard can be spring and summer ready!

1. Clear away debris: Remove any fallen leaves, branches, and other debris from your yard. This will give you a clean slate to work with.
2. Rake and aerate the soil: Rake the soil to remove any dead grass and to loosen the soil. Aerate the soil to allow air, water, and nutrients to reach the roots of your plants.
3. Prune trees and shrubs: Trim away any dead or damaged branches from your trees and shrubs. This will help promote new growth and maintain the health of your plants.
4. Fertilize the soil: Apply a balanced fertilizer to your soil to provide your plants with the nutrients they need to thrive. Make sure to follow the instructions on the fertilizer label.

Plan your garden: Take some time to plan out what you want to plant in your garden. Consider the amount of sunlight your yard gets, the type of soil you have, and the climate in your area. This will help you create a beautiful and healthy garden that you can enjoy all spring and summer long.

The Victoria real estate market is always changing, and it can be hard to keep up with all the latest developments. That’s why we’re here to help you make sense of the latest statistics and trends. Whether you’re a homeowner, a buyer, or a seller, you need to know what’s happening in the market so you can make informed decisions.

What’s been happening in the Victoria real estate market lately? Well, the latest numbers show that sales of single-family homes and condos have decreased compared to March of last year. However, there has been an increase in sales from the previous month of February.

In March 2023, a total of 590 properties were sold in the Victoria Real Estate Board region, which is 29.2% fewer than the 833 properties sold in March 2022. Sales of condominiums were down 29.4% from March 2022, with 197 units sold. Sales of single-family homes decreased 31.8% from March 2022, with 281 sold.

But the good news is that the market is starting to show signs of recovery. Victoria Real Estate Board Chair Graden Sol noted that “We’ve seen our sales numbers this month almost double from January.” As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue.

At the end of March 2023, there were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service®, an increase of 8.9% compared to the previous month of February and an 85.3% increase from the 1,063 active listings for sale at the end of March 2022. This increase in inventory shows that demand is recovering.

Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again.

Good news for homebuyers! 

The winter real estate market ended with more stable pricing and improved consumer confidence.

In February, 460 properties were sold in Victoria, a 35.9% decrease from last year but a 65.5% increase from January. Although sales of condos and single-family homes were down compared to last year, there’s still plenty of demand from buyers and inventory levels are increasing. The market is showing positive growth as we head into the traditionally busy springtime for home sales. So, if you’re looking to buy or sell, now could be a great time to do so!

MARCH NEWSLETTER

As the month of March begins, we are now in the midst of what is typically one of the busiest times of the year in the real estate market. 

With the arrival of spring, many buyers and sellers are now starting to think more seriously about their plans for the coming months. For sellers, this means getting their homes ready for the market, such as cleaning, decluttering, and making any necessary repairs. For buyers, this means preparing financially, as well as getting pre-approved for a mortgage and starting to explore potential neighbourhoods and properties.

As always, we are here to help you navigate the complexities of the real estate market and make informed decisions. Whether you are buying, selling, or simply curious about the market, we are committed to providing you with the highest level of service and support.

Stay well,
ally and dennis

Winter real estate market wraps with improved consumer confidence and more stable pricing

March 1, 2023  A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 percent fewer than the 718 properties sold in February 2022 but a 65.5 percent increase from January 2023. Sales of condominiums were down 39.7 percent from February 2022, with 161 units sold. Sales of single-family homes decreased 28.8 percent from February 2022, with 220 sold.

“Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics,” said Victoria Real Estate Board Chair Graden Sol. “We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive headwinds as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We’re also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace.”

See the full report HERE.

Nothing beats the feeling of accomplishment of getting a head start on your spring cleaning. By following the tips below, you can make the most out of your spring cleaning and ensure your home is ready for the busy real estate season ahead!

1. Make a plan: Before you begin cleaning, create a checklist of tasks to complete and prioritize them by importance. This will help you stay on track and avoid feeling overwhelmed.
2. Start with decluttering: Get rid of any items that are broken, unused, or no longer needed. Donate, sell, or discard items as necessary.
3. Clean from top to bottom: Start by dusting and wiping down high surfaces, such as ceilings, light fixtures, and shelves, before moving on to lower surfaces. This will help prevent dust and debris from falling onto areas you have already cleaned.
4. Tackle one room at a time: Focus on one room at a time to avoid feeling overwhelmed. Start with the room that will have the most impact on your daily life, such as the kitchen or living room.
5. Don’t forget the details: Clean windows, curtains, and blinds to let in more light. Wash bedding, towels, and other linens to freshen them up. And don’t forget to dust and clean electronics, such as televisions and computer screens.

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.”

See the full report HERE.

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!

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

JANUARY NEWSLETTER

Happy New Year!

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.”

See the full report HERE.

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.