Victoria Market Update May 2019

Hi Everyone,

It’s amazing how often we try to time things. We look for the perfect time to invest in the stock market, take an exotic vacation, ask for a promotion, or even water the grass! The same is true, of course, with real estate. Many homeowners who are thinking of selling are just waiting for the ideal time.

There’s nothing wrong with that. However, waiting for the right time can sometimes hold you back. Say, for example, there’s a particular neighborhood that you like. You dream of living there someday. You’re just waiting for the right time to make your move.

Well, the right time may be right now! No one can predict the future or what will happen to market conditions. So why not find out what you can afford today? You might be surprised to discover you qualify for a home in that area – now!

Give me call if you’d like to discuss the best timing for you.
As your real estate agent, I can help you figure it out.

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

All the best,
Bobby Sparrow 

Victoria real estate market stalemate continues

A total of 696 properties sold in the Victoria Real Estate Board region this April, 10 per cent fewer than the 774 properties sold in April 2018 but an 8.8 per cent increase from March 2019. Sales of condominiums were down 9.8 per cent from April 2018 with 203 units sold but were up from March 2019 by 3.6 per cent. Sales of single family homes were down 12 per cent from April 2018 with 369 sold.

"Spring has been a non-traditional real estate market thus far," says Victoria Real Estate Board President Cheryl Woolley. "Consumer purchasing power continues to be negatively impacted by the B20 mortgage stress test, causing many buyers to step back while they save more money for a down payment."

There were 2,751 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2019, an increase of 13 per cent compared to the month of March and a 37.4 per cent increase from the 2,002 active listings for sale at the end of April 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2018 was $874,800. The benchmark value for the same home in April 2019 decreased by 3.4 per cent to $845,100, higher than March's value of $843,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2018 was $506,900, while the benchmark value for the same condominium in April 2019 increased by 1 per cent to $511,700, higher than March's value of $506,500.

"Prices have remained reasonably flat across the region and are expected to stay that way," adds President Woolley. "Presently, REALTORS® are busy showing homes and bringing new listings to the market, but with few new options to view, we are still seeing multiple offer situations when that right property does become available. Given the current dynamic and evolving market conditions, it's a good time to chat with your Realtor about a personal plan for buying or selling a property."

Complete Stats Package - Click Here

*Latest Testimonial*

"My wife and I were referred to Bobby, through a mutual colleague, and business partner. Bobby was professional and thorough from the very beginning. He respected our space, and made himself available at the strange hours, when odd questions popped into our brains. He made incredible recommendations based on our criteria, and eventually found us, our dream home on Bear Mountain. The negotiation process was a breeze, as Bobby took the reins, and got us exactly what we were looking for on the very first offer. To say we were surprised, was a massive understatement. Moving forward I will be sure to recommend everyone I know to him, and if we ever buy or sell again..... Bobby is our guy!"

- M.D

3484 Wishart Rd. - Colwood, BC.
LIST PRICE - $1,179,000

5 Bedroom, 4 Bathroom

3,002 Sq Ft.

More Info - Click Here

401 Treebank Rd E. - Victoria, BC.
LIST PRICE - $1,429,000

4 Bedroom, 3 Bathroom

2,358 Sq Ft.

More Info - Click Here

3486 Wishart Rd. - Colwood, BC.
LIST PRICE - $2,000,000

4 Bedroom, 3 Bathroom

2,584 Sq Ft.

More Info - Click Here

410 - 770 Fisgard St. - Victoria, BC.
LIST PRICE - $558,000

2 Bedroom, 2 Bathroom

941 Sq Ft.

More Info - Click Here

4437 Houlihan Crt. - Gordon Head - Saanich, BC.
SOLD PRICE - $1,300,000

4 Bedroom, 4 Bathroom

3,485 Sq Ft.

More Info - Click Here

1017 Scottswood Ln. - Broadmead - Saanich, BC.
SOLD PRICE - $750,000

2 Bedroom, 2 Bathroom

1,663 Sq Ft.

More Info - Click Here

9 - 4318 Emily Carr Dr. - Broadmead - Saanich, BC.
SOLD PRICE - $850,000

3 Bedroom, 3 Bathroom

2,425 Sq Ft.

More Info - Click Here

406 - 2049 Country Club Way
SOLD PRICE - $599,000

2 Bedroom, 1 Bathroom

1,032 Sq Ft.

More Info - Click Here

Christie’s International Real Estate announces Affiliate of the Year winners at Global Conference in Paris

I am extremely proud and honored as my brokerage, Newport Realty, has just won the award for 2018 affiliate of the year with Christie's International Real Estate. This is an incredible accomplishment as we were up against 138 brokerages on 6 continents in 48 countries! This little slice of heaven we call home is most definitely getting recognition on a world wide scale!

Oak Bay Avenue's Garden Works retail strip eyed for redevelopment into condos and modern storefronts

An Oak Bay Avenue retail strip featuring a Garden Works nursery, a framing shop and a plumbing business is slated for redevelopment into a mixed-use residential and commercial building, Citified has learned.

Developer Jawl Residential has envisioned a four-storey, 35-unit complex with four commercial spaces for 1908-1920 Oak Bay Avenue between Davie and Redfern streets to the east of the Oak Bay/Victoria border.

$86 million in Sooke Road improvements include new four-lane stretch, park-&-ride and wider shoulders

Premier John Horgan has unveiled $86 million of Highway 14 improvements along two portions of the thoroughfare designed to increase safety and accommodate higher volumes of traffic.

Planned to get underway later this year is a widening of 1.5 kilometres of Sooke Road from two lanes to four between Connie Road and Glintz Lake Road. A new road alignment will loosely follow the existing road...


Maya: The Great Jaguar Rises
Royal BC Musuem

May 17 – December 31, 2019

Discover a powerful culture that rose in the tropical rainforests of Central America thousands of years ago. Explore Maya identity from ancient times to the present day and see how science and belief have shaped the Maya world...