October 2022 Market stats

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. 

November 2022 newsletter – ally and dennis

NOVEMBER NEWSLETTER

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.”

See the full report HERE.

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! 

September 2022 Market STATS

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!

October 2022 newsletter – ally and dennis

Welcome to October!

It’s officially Fall, which means that people are on the move to find their new house and property prior to the holiday season.  October is a busy month, and it’s a great time of year to reflect on what we’re thankful for and to make room for new beginnings.

We’re looking forward to Thanksgiving and the chance to give thanks. We appreciate all of those who we’ve had the pleasure to work with and your continued support so here is a big thank you! 

Fall is always a great time for real estate and this season is no different. The market has seen a shift, and buyers have some reprieve from the intense sellers’ market we have seen but sellers are still seeing sales with strong numbers. 

Keep reading to see market stats, and some more articles and information. If you have any questions about the market and about your real estate investments please do not hesitate to connect as we’re here and happy to help you make educated Real Estate decisions.


Ally and Dennis

Victoria’s summer real estate market conditions push into September

October 3, 2022.  A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1 per cent fewer than the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single-family homes decreased 33.2 per cent from September 2021 with 221 sold.

“September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics, but is noticeable if you are actively buying and selling.”

See the full report HERE.

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.

This time of year, we start taking out our winter clothing and that can cause problems with already crammed closets. Here are some tips on how to organize and clean the coat closet for a tidier home.

1. Make sure you are storing off-season items. You probably don’t need the bug spray, sunscreen, flip-flops, and beach towels so put those away (under beds is a great place to store those items!).

2. Hang coats by length. That way the shorter items don’t get hidden by larger ones.

3. Use the inside of the door to store things like hats, gloves, and even shoes! There are a multitude of over-the-door storage options you can choose from.

4. Use the shoe rack.  Often, when you get home, the shoes get kicked off and end up in a pile right in the front entry of your home. Try to get into the habit of storing them on a shoe rack.  Bonus – you won’t spend extra time hunting for a shoe!

5. Use the upper shelf. Labelled baskets or clear storage bins are perfect to tuck away mittens, hats, and scarves. Make sure you have a step-stool handy if you can’t reach those bins easily.

Hopefully, these tips will help keep you organized throughout the colder season. If you have other organization ideas, we would love to hear them!  

august 2022 market stats

August is typically one of the slower months for real estate in Victoria, and this year was no exception. After two years of market conditions that favoured home sellers, sales have diminished in the past few months, inventory levels have been slowly increasing, and prices are showing signs of stabilizing.

478 properties sold in the Victoria Real Estate Board region this August. This is 42.5% fewer than the 831 properties sold in August 2021, and a 6.3% decrease from July 2022. It was also a slow month for inventory levels: 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2022, a decrease of 1.2 per cent compared to the previous month of July but a 90.8 per cent increase from the 1,120 active listings for sale at the end of August 2021.

Fall is typically considered a great time to move. It’s a season of change and that can be felt by sellers and buyers. There is more breathing room this season over the previous years but it’s still a strong market for sellers as well. If you have questions about the market, we’re always here to help.

September 2022 NEWSLETTER- ALLY AND DENNIS

Welcome back September! Summer might be coming to an end, but this is one of the best times of the year. The weather is still fantastic and the leaves start to change, bringing new colours for us to enjoy in our beautiful city!

As the weather shifts, so does the real estate market, which means that it is time to change your home-buying strategy.  Be sure to read our Tips to Buying a Home in 2022 article below!

As always, we are here to answer any questions you have about the real estate market so please do not hesitate to connect with us.


Ally and Dennis

Less pressure on buyers in August in the Victoria real estate market

September 1, 2022  A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022. Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold. Sales of single-family homes decreased 30.3 per cent from August 2021 with 249 sold.

“August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing.”

See the full report HERE.

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.

Rising interest rates have a significant impact on lending and home prices across the country.  So what is the best way forward for prospective home buyers as the cost to borrow climbs?  Read on for our advice on how to buy property in this market.
 

1. Timing the Market
Unfortunately, there is no such thing as timing the market as it is always changing.  With that being said, if you need to upsize, downsize, or have secured a down payment and are ready to make the move; don’t put off the decision with hopes that you’ll get a better deal next month or next year. We can always reevaluate your real estate strategy to make sure that you are making the best possible investment.

2. Keep a Realistic Budget
There are plenty of online calculators that will help you determine the budget you should set for your home purchase.  We can help you understand the affordability factor too!  The great news about this market is that listing prices are coming down so you may be pleasantly surprised with how far your dollar will go.

3. Talk to A Loan Expert
There are many different types of loans out there and a loan or mortgage broker will know of all the options.  Together you can determine which option is best for your unique financial situation and goals.  If you don’t know anyone, we can help with that too!

4. Widen Your Search
By that we mean, don’t stick with a small section of the city unless it’s absolutely necessary.  There are so many wonderful options in the suburbs and surrounding area that could be perfect for you.  Additionally, keep an open mind about the type of home you want.  Certain factors are going to be non-negotiable like how many bedrooms you need and whether or not a yard is something you can’t live without, but the style of the home that’s right for you could be a surprise.

With these tips (and us to help you), your home search can be done!

July 2022 market stats

In the Victoria Real Estate Board region, 38.9 per cent fewer properties sold this July. A total of 510 properties sold this July compared to 835 properties sold in July 2021. This accounts for a 16.7% decrease. Sales of single-family homes decreased 35.9 per cent from July 2021 with 254 sold. 

We continue to see a slight shift in the market with sales dipping and fewer listings coming to market.  Existing inventory is lasting a little bit longer than the frenzy we’ve experienced over the last two years. 

This slowdown means a more balanced environment where buyers and sellers have time for decision-making, which is a relief and benefit to all. 

There was an increase of 5% in active listings at the end of July 2022 compared to the previous month of June, and a 70.2% increase in active listings for sale compared to July 2021. This indicates buyers have more options but it is still a strong market for sellers too. 

Due to inflation and interest rates, there have been fluctuations in price and availability and that change is seen monthly as it moves. However, it’s important to remember that interest rates are still at near-historic lows and that values will rise and fall over time. When you buy a home, you are buying a long-term investment and not just month-to-month. Homes are where people live their lives and spend time with family and loved ones. These little fluctuations don’t mean much on the long-term scale.  

If you are considering buying or selling, it’s important to consult with a trusted REALTOR® to keep informed regarding current values and market conditions. We’re always here to help if you have questions.

August 2022 NEWSLETTER- ALLY AND DENNIS

Summer is moving fast, and thankfully we are seeing some warmer temperatures! As we step into August, there are still several weeks to enjoy beautiful local beaches, summer BBQ’s, and the company of your friends and family. Check out the article below on how to create a low-maintenance garden at home while you are out and about appreciating the sunny weather!

On the real estate side of things, due to the Bank of Canada’s interest rate increase, we are experiencing a rebalancing in the real estate market; we are coming out of a strong sellers’ market and now the market activity reflects a more balanced market. Buyers have time to complete their due diligence and maybe even visit more than one property! Sellers will have to have an adjustment in their selling mindset and make sure they have proven strategies for the realities of the current market. We have lots of experience in this type of market so we can gladly help with that. 

Although there is an adjustment in the overall number of active listings and sales, properties are still selling, just in a calmer climate. Higher interest rates might seem less than ideal, but in the long term, they are expected to bring inflation down. If you have any questions on real estate, please don’t hesitate to connect with us. We’d love to chat about any and all of your questions!


Ally and Dennis

August 2, 2022 – A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold.

“We’d previously indicated a shift in the local housing market,” said 2022 VREB President Karen Dinnie-Smyth. “This continued be the case in July as sales dipped, and we saw fewer listings come to the market, with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many.” See the full report HERE.

Gardening doesn’t have to be difficult with endless hours in the sun. Whether you are new to gardening, have a green thumb, or just want pretty plants without the work- check out these low-maintenance flowers and shrubs!

Marigolds
Marigolds are a staple annual plant in SO many gardens and for good reason- you plant them and leave them!  They flower the entire season with very little maintenance (a little water now and then), plus they are a hardy little plant that tolerates most soil conditions.  Bonus – they do not spread!

Rosemary
This perennial herb is wonderful for gardens as it is easy, fragrant, and gives you an herb you can use in the kitchen!  It is known to be evergreen in certain climates too.

Meadow Sage
This deer-resistant perennial is easy to care for and rewards the beginner gardener with long-blooming deep purple flowers. It’s a favourite of hummingbirds and bees, and will become a favourite of yours, as it comes back year after year.  Bonus – it doesn’t need super nutritious soil!

Creeping Phlox
Grown easily over rocks and in tough soil conditions, this perennial provides a carpet of gorgeous blooms in early spring, just when you’re really craving colour in the yard. Flowers come in white, pastels, saturated hues, and even candy stripes. Phlox spreads but is not invasive, ideal for an easy and satisfying ground cover.

Goatsbeard
This flowering perennial gets its name from its fluffy, wispy white flowers. It’s a shade-tolerant plant, so it’s great for filling in areas of the yard that don’t get much sun. They’re nice and low maintenance because our frequent BC rainfall usually keeps them sufficiently hydrated. Bonus – you can cut the flowers and display them in a vase for about a week!

june 2022 market stats

Last June, there were 942 properties sold. This June was down 35% with 612 properties sold in the Victoria region. This decline is not a bad thing. The market is starting to return to a more normal level than we are used to in the region. 

More inventory is making its way to the market meaning that buyers have more choices. This is also great as it allows people time to make these important decisions about listing their home or buying a home. More time to work with a mortgage broker and Realtor means people can make informed choices and feel less rushed. 

Inventory rose to 2,059 active listings at the end of June, which is a 15.9% increase compared to May, and a 49.7% increase from June 2021 which saw only 1,375 active listings. 

This is a great time to consider selling if you are downsizing or needing something that fits your life better. You now have time and options to find the next place in your journey while still being able to get great value for your home within this current market. 

If you have questions or are unsure about what this market might mean for you and your journey, please feel free to reach out and ask. We’re here to help you make good decisions.