Victoria Market Update September 2018



Hi Everyone,

I hope you had a great summer! I managed to get out to my family cabin on Shuswap Lake for 10 days and enjoyed every minute of it! 

Kids are back in school, cabins are getting closed up, fall weather is quickly approaching and so is our fall market!

This is the big push for buyers and sellers before things really start to wind down in early December. Over the next few months we can expect to see more listings come on to the market and many buyers come out of the wood works. 


Please enjoy this months newsletter and thank you for your continued support. 

If you have any questions, or you just want to say hi, please get in touch. 


I am always happy to hear from you! 

Sincerely,
Bobby Sparrow 



Victoria's Real Estate Market Simmers at the End of Summer
 
A total of 594 properties sold in the Victoria Real Estate Board region this August, 19.3 per cent fewer than the 736 properties sold in August of last year, and an 8.8 per cent decrease from July 2018. Sales of condominiums were down 5.3 per cent from last year in August with 195 units sold. Sales of single family homes were down 22.1 per cent from 2017 with 304 sold this August.
 
"Prices in our market are quite flat right now, with a slow, long-term trend toward a more balanced market," says Victoria Real Estate Board President Kyle Kerr. "Listings have remained relatively static for months after an initial increase last spring. However, this plateau has included more high value inventory and similar to last month, fewer single family homes for sale under $750,000. Thirty per cent fewer homes this year were listed for sale at $750,000 or less than in the year previous, which means there is still pressure on lower priced homes in the Core and other popular areas. We do see a levelling out of prices month-over-month which is one factor helping to slowly return us to a more balanced market."
 
There were a total of 2,519 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2018, a decrease of 3.4 per cent compared to the month of July but 31.4 per cent more than the 1,917 active listings for sale at the end of August 2017.  
 
"Many demand-side measures were introduced this year - including a stress test on mortgages - which altered many buyers' purchasing power," adds President Kerr. "These new policies are having the desired effect of slowing the market, though it is likely that over time the market will normalize these changed conditions. Our strong local economy and high employment rates may bolster demand into the fall as people return to work after their summer vacations. Fall numbers will be an interesting indicator of our year to come as we continue to track low home inventory in a changing marketplace. For an up-to-the-minute understanding of your local market as fall sales unfold, connect with your local REALTOR®."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2017 was $830,800, while the benchmark value for the same home in August 2018 increased by 6.9 per cent to $888,300, slightly lower than July's value of $888,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2017 was $453,900, while the benchmark value for the same condominium in August 2018 increased by 10.8 per cent to $503,000, slightly lower than July's value of $507,700.

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*Latest Testimonial*
 
" After many "adventures" in real estate over the years, Bobby was, quite simply, the best realtor we have dealt with. We honestly feel that we would have been unlikely to buy our current (perfect) house, or successfully sell our previous house at the price we wanted, if it was wasn't for Bobby. He provided brilliant strategic advice and amazing commitment in ensuring both our sale of one house and purchase of another.  "

Andrew & Nancy



PRICE - $1,165,000
5 Bedroom, 4 Bathroom
4,029 Sq Ft.

More Info - Click Here


6-4701 Lochside Drive - Broadmead - Victoria, BC
PRICE - $1,089,000

3 Bedroom, 3 Bathroom
2,089 Sq Ft.

More Info - Click Here


3-247 Government Street - James Bay - Victoria, BC
PRICE - $798,000

2 Bedroom, 2 Bathroom
1,214 Sq Ft.

More Info - Click Here


2642 Victor St. - Oaklands - Victoria, BC
PRICE - $749,000

3 Bedroom, 2 Bathroom
1,875 Sq Ft.

More Info - Click Here



9-4318 Emily Carr Drive. - Broadmead - Victoria, BC
PRICE - $949,900

3 Bedroom, 3 Bathroom
2,425 Sq Ft.

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2-242 Robert Street - Vic West - Victoria, BC
PRICE - $425,000

2 Bedroom, 1 Bathroom
820 Sq Ft.

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1734 Kisber Ave. - Mt. Tolmie - Victoria, BC
PRICE - $670,000

2 Bedroom, 1 Bathroom
1,059 Sq Ft.

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584 Atkins Avenue - Langford, BC
SALE PRICE - $750,000

6 Bedroom, 3 Bathroom
2,202 Sq Ft.

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1717 Duchess Street - Victoria, BC
SALE PRICE - $760,000

5 Bedroom, 2 Bathroom
2,245 Sq Ft.

More Info - Click Here


1970 Kings Road - Victoria, BC
SALE PRICE - $800,000

4 Bedroom, 3 Bathroom
1,470 Sq Ft.

More Info - Click Here



Oceanside town of Sooke remains Victoria's 'affordable homeownership frontier,' but that's changing


Nestled between the Strait of Juan de Fuca and miles of Vancouver Island rainforest, Greater Victoria’s oceanside suburb of Sooke is a community on the cusp of a real-estate boom as growing numbers of families, retirees and empty-nesters look beyond the region’s urban core to an authentically west coast lifestyle.
 
With south Island real-estate prices pushing home ownership out of reach for many, the rush of newcomers to the aptly-coined ‘affordable homeownership frontier of the Capital Region,’ Sooke is still positioned as Victoria’s last stand of competitively-priced real-estate....



HARVEST FEAST AT THE BUTCHART GARDENS - SEPT 29


As local farms begin their annual fall harvest, our culinary team begins their preparation for a delicious meal, showcasing the abundance of this region, for our 12 Month Pass holders and their guests.

The Blue Poppy Restaurant will be filled with scrumptious fall fare, featuring a selection of house-made breads and salads, hot items including West Coast seafood, lamb, Cowichan Valley chicken, and a succulent pork carvery. The finish to this bountiful meal is a delectable selection of desserts from our in-house bakery....

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CIRQUE DU SOLEIL CORTEO - Coming to Victoria this OCTOBER


This unique production, directed by Daniele Finzi Pasca, first premiered in Montreal under the Big Top in April 2005. Since then, the show has been a great success and has amazed 8 million people in 64 cities in 19 countries on four continents.
Corteo, which means cortege in Italian, is a joyous procession, a festive parade imagined by a clown. The show brings together the passion of the actor with the grace and power of the acrobat to plunge the audience into a theatrical world of fun, comedy and spontaneity situated in a mysterious space between heaven and earth...



First look: James Bay's Capital Park Residences condo dev launches in September


The final phase of James Bay’s Capital Park mixed-use office, retail and residential development hits the market next month with 113-suites of condominiums and townhomes.
 
Comprised of 106 one, two and three-bedroom homes with layouts also offering plus-den and penthouse configurations, Capital Park Residences’ condominiums will be targeted at a wide market spectrum in search of ownership opportunities in a centrally located, lowrise concrete building. Living spaces will range from 473 square feet to 1,927 square feet with pricing started at $469,900....

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Lululemon Athletica to open second Victoria location


Vancouver-based active-ware apparel company Lululemon Athletica is gearing up to open a formal retail store at Saanich’s Uptown Shopping Centre.
 
Transitioning from a seasonal pop-up shop at the outdoor mall to a full-time brick-and-mortar presence, Lululemon will append the Saanich location to the company’s growing list of retail spaces and bring its number of Victoria outlets to two.
 
Lululemon entered the Victoria market more than a decade ago with a storefront along lower Johnson Street's fashion district (which underwent a renovation in December of last year)...



Stay Informed
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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