Single family homes sales have risen 17% since last month, while the six-month average price is up 1% to
$599,551. The average price of a Greater Victoria single family home in March 2012 is $640,553 up from $579,985, but is affected by the sale of two homes over $4 million. Compared to March 2011, active listings in this category are up 5% to 1,858, while sales are down 7%.

Sales of condos and townhomes are flat, compared to February 2012, while down significantly from 12 months ago (17% and 15% respectively). Condo prices are unchanged, while townhomes are 1% lower than March 2011.

“With softer prices, buyers have been looking at houses,” says Carol Crabb, President of the Victoria Real Estate Board. “That is now being reflected by the six-month average price increase. We predicted a flat market in January, and so far that is what we are experiencing.”

She also believes sales activity was affected by poor weather and many families travelling over the two-week spring
break. “REALTORS® tell me many clients took the time for family vacations,” Crabb adds.

With a total of 4,274 active listings, properties on the market have edged up from last month (3,977 active listings at
February 29, 2011). Increased supply levels reflect typical spring activity as seen year over year.

Victoria Real Estate Board Press Release

The story continues from last month when the Victoria Real Estate Board reported a relatively stable market when compared to the same time in 2011, but REALTORS® report they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.

February’s sale volume was virtually identical to that of February 2011, but the average price softened by 5% for single family homes month over February 2011. The average sales price for a single family home in Greater Victoria was $579,985, with a sixmonth average of $594,027, showing a corresponding decrease of 4.7% over February 2011.

“REALTORS® are reporting increased showings, especially since the Provincial budget announcements,” says Carol Crabb, President of the Victoria Real Estate Board. “Our Members tell me the HST transition rules, increased HST rebates and New Home First-time Buyers Bonus are stimulating traffic for both new houses and condos.

“I think the BC budget also instilled consumer confidence. Potential buyers can see that our economy is stable and mortgage rates are incredibly low”, Crabb says. “Not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions. We encourage buyers to work with REALTORS® to ensure they are educated about current market conditions and recently announced government incentives.”

With 3,977 active listings at the end of February, Crabb notes increased supply levels and sales are expected in keeping with the normal historical trend of spring activity.

-Victoria Real Estate Board Press Release

JANUARY 2012 SHOWS INCREASED ACTIVITY IN VICTORIA REAL ESTATE MARKET 

VICTORIA, BC–While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 
2012 when compared to January 2011, sales over the same period have increased by 9.4%.  

“These numbers definitely match what we have been hearing from our Members,” says Carol Crabb, President of the 
Victoria Real Estate Board. “Showings have increased, sales are slowly increasing and there is a sense of optimism among 
area REALTORS®.  

“Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices 
trending up or down may not apply to their market area. They should consult with REALTORS® regarding prices in their own 
neighbourhood communities.” 

The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. 
When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price. 
“That said, buyers seem to be tired of all the doom and gloom stories about the global economy,” Crabb adds. “Interest rates 
are good and they are keeping our Members busy with showings.”

 -Victoria Real Estate Board Press Release

The number that most people will seize on from 2011, in the most recent press release from the Victoria Real Estate Board, is the average price of a single family home dropping fromm $647,063 in December 2010 to $592,582 in December 2011. 

This seemed like a pretty big spread so we need to look a little further into these numbers.

After excluding the gulf islands and the Malahat and up island areas that had listings on our Board's service we find that the Greater Victoria Average Price in December 2010 was closer to $642,000 and in December 2011 was $600,000.  A little bit better.  But if we go further still and look at the average price from all of 2010 and the average price from all of 2011, without breaking it out monthly, we find that the 2010 average price is $641,739 and the 2011 average price is $626,328.  Not that big a spread anymore.

When you factor in that fact that the number of sales in Greater Victoria in each price range shifted significantly out of the 600k-800k price range into the 400k-600k price range, (see charts below), you start to get a feel for what the market was doing and where it is going.  Most new inventory in the single family home market is in the "value"  sector, namely developments in the westshore, with lower price points than most other single family homes.  So while the "average" price may have dropped a few points it seems reasonably safe to say that "average" values remain quite stable across most market sectors.

The upshot, statistics are fun and easy to throw around, but what the numbers actually mean usually lies much deeper than the memorable quote or headline.

Remember, real estate markets aren't just local, they're hyper local - if you really want to know what the value of your home is, or one you may be looking at it, call on us to apply our expert analysis to your situation, after all I highly doubt that you're any sort of an average person yourself!

2011 Sales Single Family Detached

2010 Sales Single Family Detached

data courtesy of VREB

December 2011 sales numbers were quite similar to December 2010 - giving us more evidence of a continuing balanced and stable market.

Figures courtesy of VREB.

Tomorrow - price summaries and analysis.

Here's the thing.  We all spend a ton of time racing around the net looking for information.  Generally when I want to find out about something I hop online and hunt.  I enjoy the hunt and I like that I don't have to talk to anybody and ask questions - it makes me feel independent and the master of my domain.  But how often does this happen.  You set out to find out about, let's say, a school board policy that affects your kids.  Your interest got piqued by a news story or a radio bit.  So you stat your hunt - find out the basics of the issue but then follow a tangent to a political campaign that brings you to an environmental issue that leads you to an NGO online that brings your attention to a rainforest species at risk and now 2 hours later your an expert on South American ground sloths.

Imagine if you'd simply picked up the phone, called the school board and asked a question, gotten your answer and moved on with your life.  Yes, you'd know precious little about ground sloths, but you'd get two hours of your life back to do something perhaps a little more useful.

Often you can't just call the board though, you're at work, or it's after they close, or you know you're going to get someone on the line that moves as fast as a ground sloth and you don't want to deal with them.  Fair enough.

Let’s apply this reasoning to real estate.  Everyone is looking for information.  Lots and lots of information.  The thing is there is a tom of information out thee, much of it contradictory and some of which is simply wrong.  There are mousetrap sites, lead capture sites, teaser intros, hard sell, soft sell, dump truck information overload and everything else available to you.  So now you need to search for information about the information - what is real what is not, what is appearing organically on search sites, who's paying for traffic, why is the information being presented this way or that way - does this apply to Canada, (anytime I'm asked about short sales or REO's-which don't exist as terms in the BC real estate market I know where people have been getting their information).

Here's what you should do.  Hunt around on the net for information about Victoria real estate and Victoria homes for sale.  Then pick someone that you think looks like they know what they're doing, (nudge, nudge, wink, wink) and call them.  Ask for the information you're looking for.  You'll be surprised at how quickly you'll find out what you're looking for and if you don't like the person at the other end of the line try someone else.  You'll have to give up learning about South American ground sloths but you'll get to where you want to be faster than the information super highway can get you there. Good hunting!

By the way a good number to try would be (250) 858-5575.  Cheers!

The strong fall selling season for Victoria Real Estate continued through October seeing slightly more properties sold in October 2011 than September 2011 and October 2010.  483 Reported sales in October 2011 compared to 456 in September 2011and 466 in October 2012.

Current inventory levels have also dropped, though remain higher than average.  The end of September saw over 4900 active listings while current nimbers are floating just over 4500 active listings.  This is the time of year that traditionally we see inventory levels drop as unsuccessful sellers take properties off the market and look the re-list in the spring in what is regarded as a stronger market season.  Of course the reason their properties are not selling in Victoria rarely has anything to do with the market seasons, but for many sellers hope springs eternal.

Average prices dipped somewhat but as always looking month to month at average pricing can be misleading as it only takes a few bigger sales to skew the averages.  Using a six month rolling average makes more sense when tracking the value of Victoria properties for sale.  Single family homes dipped slightly from $622,000 to $619,000.  Condos went from $331,000 to $323,000 and townhouses from $453,000 to $444,000  The upshot being that pricing is holding steady as predicted and the market overall continues to be stable.  Single family homes appear less volatile than condos, which is quite typical. No big increases no big drops. 

If your home is one of the over 50% that did not sell while listed on the Victoria MLS you can benefit from our unique post-listing analysis to find out why.  We provide a thorough analysis of what went on during the life of your listing in the Victoria real estate market and can provide insight into how to make sure you're successful the next time around - whether you list with us or not!  Call (250) 475-2006 or email us today to find out more about this unique service unavailable anywhere else.

It's a common question and concern when you're out on the web looking for information, particularly real estate information. You get to a website that you like that offers the ability to search listings and then Bam! a sign up page pops up and you have to register to gain access.

That is the case in Victoria as the Real Estate Board of Victoria has rules about accessing data and lacks what is called a broker reciprocity agreement that would allow all of the different firms to display each others listing on their sites.

Without getting too deeply into it, that is the reason why you must register for access to websites if you want to gain better search tools and more information on property listings in Victoria.  On the plus side it does open the door to working with a quality Victoria real estate brokerage when you do decide to register with someone, without it meaning that you're married to them for the duration of your real estate adventure. 

At the end of the day getting a qualified, experienced and enthusiastic agent working for you will beat the pants off anything a website can do for you.  Instead of spending so much time trying to find listing information, why don't you spend some time choosing the right Realtor for you.  Then make them get you all the stuff you want! 

Over half of all properties being sold in the Victoria area are strata titled properties, more commonly referred to as condos.  With a price point significantly below single family homes these properties appeal to first time buyers in large numbers.  They also appeal to retirement couples, downsizers and others looking for smaller spaces and less maintenance and upkeep.  But many buyers are unaware of how condos work, or should work, and how it is to actually live in one.  

Over the next few months I'll be coming back to the topic of buying a condo in Victoria to address such issues as bylaws and restrictions, maintenance, governance, reserve funds, leaky condos, engineering studies, the Strata Property Act and more.  I invite you to read along and provide your own input.

As a starting point CMHC puts out a handy condo buying guide that provides some useful basic information.  The link is below, have a look and I hope to see you here over the next few months as we talk about buying condos in Victoria.

http://www.cmhc-schl.gc.ca/odpub/pdf/63100.pdf

The real estate market in Victoria posted a strong September in comparison to September 2010. 

542 Sales were reported in September 2011, a significant uptick to the 395 reported in September 2010. 

The average single family house price was down from Augusts’ number of $652,000 to $622,000 - but well up from the September 2010 average of $592,000. Condos were averaging $332,000 versus $339,000 form the previous month but again well up over the $295,000 reported last year for the same time period.  Townhouses remained relatively unchanged month to month at $436,000 versus $437,000 and remain stable with last year’s prices of $439,000.

The Victoria real estate market is experiencing rising prices and increasing sales figures when viewed on a year to year basis.  It was widely reported that real estate sales were down from August indicating declining sales.  What was not reported was that this is the case virtually every single year due to our natural market cycles.  More people buy homes in August than September.  Just as more people buy home in May than they do in December.

The moral of the story:  If you want to know what is actually going on in the Victoria real estate market, ask a professional who actually works in the market.  Don’t rely on what you hear on T.V. or read in the papers.  Give us a call anytime for professional, reliable and accurate information.

Cornerstone Properties Ltd.

(250) 475-2005

info@cornerstonerealty.ca

We're pleased to announce the launch of our new website!

It includes advanced search tools as well as informative reports and resources for both buyers and sellers.

It will also host what will be an informative and entertaining real estate blog covering the industry and the Victoria Real Estate market.

Please have a look around and feel free to get in touch with us about any or all of your real estate needs.