Victoria Market Update May 2018


Hi Everyone,

To all of the Mom's out there, I hope you have an amazing Mother's Day this weekend! We love you and you all are amazing!

I am excited to announce that I will be on | CHEK TV | this year! 

An amazing opportunity where I will offer my real estate expertise and advice. Each episode will feature different homes and neighborhoods in and around Victoria.
Episodes will begin airing this fall.

After 2 years of hard work, congrats to Mike Miller and his team at Abstract Development on getting approval for the Bellewood Park Condo Development on Rockland's Truth Centre Site at 1201 Fort St. For more on this please see the article below. 


Enjoy this months newsletter and if you have any real estate questions, or you just want to say hi, please get in touch. 

I am always happy to hear from you! 

Sincerely,
Bobby Sparrow 




 Your May Update On Victoria Real Estate 

Slower start to spring does not signal lower prices for Victoria real estate market

A total of 774 properties sold in the Victoria Real Estate Board region this April, 12.5 per cent fewer than the 885 properties sold in April last year, but a 12.5 per cent increase from the month previous. The sales of condominiums were down 21.6 per cent from last year in April with 225 units sold. Single family homes were 8.1 per cent down from the year previous with 420 sold this April.

"We're now into the spring real estate market, which is traditionally the busiest time of the year for buying and selling homes," says Victoria Real Estate Board President Kyle Kerr. "Last year, the months of May and June were the busiest, so we may see this pattern again but on a slightly smaller scale than last year, since our sales for the year thus far are down about 18 per cent when compared to 2017. Although January to March was quite far behind last year's pace, we may see that margin get smaller as we progress through the spring months and people adjust to the new mortgage qualifying rules."

There were a total of 2,002 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2018, an increase of 13.4 per cent compared to the month of March and 18.5 per cent more than the 1,690 active listings for sale at the end of April 2017.

"We continue to see low inventory in our market, and good homes in desirable locations are still seeing multiple bids," adds President Kerr. "One interesting development we are tracking is the increase of prices in a market of fewer sales. Part of the reason for this is that there is strong pressure on lower-priced properties. After the new mortgage rule changes this year, many consumers have seen a reduction in their buying power, so more are competing for lower-priced properties and in multiple offer situations, pricing is pushed up. Our area just doesn't have the supply or mix of homes needed to meet the demand. We are working with government at all levels to identify ways to meet this demand in the CRD."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2017 was $800,100, while the benchmark value for the same home in April 2018 increased by 8.3 per cent to $866,700, higher than March's value of $859,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2017 was $418,200, while the benchmark value for the same condominium in April 2018 increased by 18.4 per cent to $495,100, which is higher than March's value of $490,000.

Complete Stats Package - Click Here


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Contact me for a complimentary, no obligation Real Estate Check-up. I’ll review up-to-date market trends in your immediate area, the current resale value of your home, and tips on improving the value of your home. 

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In Other News 


The City of Victoria has approved Abstract Development's plans for a two-building condominium development and a row of townhomes on the Rockland neighborhood's Victoria Truth Centre lands along the 1200-block of Fort Street.

Following two public comment sessions at Victoria's City Hall and a special council meeting held on May 3rd, the City of Victoria has approved Abstract Development's proposal for a residential development on the Victoria Truth Center lands at 1201 Fort Street.Comprised of 77-units between two condominium buildings and a nine-unit row of townhomes, Victoria council sided...



Big money: Six newly-built Langford apartment blocks listed for sale at $84 million

A sextet of modern rental buildings in downtown Langford have been listed for sale at just below $84 million, Citified has learned.Available for purchase are five low-rise, woodframed buildings along Hockley Avenue and an 11-storey concrete tower under construction on Claude Road.Split into three listings, two six-storey apartments at 772 and 777 Hockley Avenue are priced at $17,800,000 and include 50 fully occupied rental suites. An additional 86-units are available among three adjacent buildings on Hockley Avenue ranging between five and six-storeys tall. The largest of the group, dubbed Danbrook One and soon to be home to 90-units...


443,000 passengers pass through Victoria Intl.'s gates in first quarter of 2018; air hub on track for another record year.

Passenger volumes at Victoria International Airport throughout the first quarter of 2018 rose by 5% over the same period last year, according to statistics released by the Victoria Airport Authority.
 
Over the first three months of the year a total of 443,003 passengers passed through the gates at British Columbia’s second busiest airport. The first quarter of 2017 saw 421,803 passengers, a difference of 21,200.
 
Victoria International welcomed a record-breaking number of passengers in 2017 with over 1.9 million arriving and departing throughout the year...

READ MORE


Vancouver's Flying Pig chain to open Victoria location at Yates and Wharf streets

Vancouver’s Flying Pig chain of restaurants will be expanding to Vancouver Island later this year with a location at Yates and Wharf streets in downtown Victoria, Citified has learned.
 
Highly regarded on the lower Mainland for its brunch fare and relaxed dining atmospheres, Flying Pig’s trio of vintage-inspired locations are situated in downtown Vancouver’s Yaletown and Gastown districts and in the former Olympic Village neighbourhood south of the downtown core...

Cool story brew: 9 B.C. beers win big at world competition

Eight B.C. breweries have come home with nine medals following an international beer competition.The bi-annual World Beer Cup was held in Nashville on May 3, with more than 200 judges and beers from more than 50 countries.Three B.C. beers won gold on their respective categories, the Riot Brewing Co. for their Working Class Hero Dark Mild...




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