Victoria Market Update September 2019

Hi Everyone,

Have you ever noticed that people procrastinate when it comes to making big changes in their lives? It’s true, even when that change is clearly going to be positive for them. The biggest reason they procrastinate is their fear that change will bring disruption and stress.

Take making the decision to sell and buy a new home, for example. The first thought that comes to mind for many people is all the work and worry involved in selling their current property and finding a new place.

But, it doesn’t have to be that way – especially if you’re working with an agent who knows you. That’s me, of course!

In fact, one of the reasons I keep in touch with valued clients like you is so that – when the time comes – I can quickly jump in, take care of the details, and make your move go smoothly.

If you ever have questions, don’t hesitate to reach out to me.

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

All the best!
Bobby Sparrow 

Victoria real estate summer sales and inventory levels follow historic patterns

A total of 661 properties sold in the Victoria Real Estate Board region this August, 11.3 per cent more than the 594 properties sold in August 2018 but a 6.4 per cent decrease from July 2019. Sales of condominiums were up 4.1 per cent from August 2018 with 203 units sold. Sales of single family homes increased 15.5 per cent from August 2018 with 351 sold.

"August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace," says Victoria Real Estate Board President Cheryl Woolley. "As expected, we've seen relatively stable pricing, with an uptick in sales - particularly single family homes. Unfortunately, summer has been accompanied with a slowing of new inventory coming onto the market, which suggests it is a good time for prospective sellers to consult with their REALTOR® about selling in the fall market."

There were 2,838 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2019, a decrease of 3.8 per cent compared to the month of July but a 12.7 per cent increase from the 2,519 active listings for sale at the end of August 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2018 was $888,100. The benchmark value for the same home in August 2019 decreased by 4.6 per cent to $847,300, slightly less than July's value of $858,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2018 was $503,600, while the benchmark value for the same condominium in August 2019 increased by 2.9 per cent to $518,100, lower than July's value of $523,400.

"This month the federal government opened its First Time Home Buyer Incentive program," adds President Woolley. "We're pleased the government is looking at creative ways to get first time buyers into homes as this program will help some buyers in Canada's smaller markets. We look forward to hearing how the federal government plans to help first time buyers in larger markets like Victoria, perhaps by adjusting the mortgage stress test parameters and extending the length of mortgage amortizations."

Complete Stats Package - Click Here

*Latest Testimonial*

"If you're looking for an amazing realtor in the Victoria area, Bobby Sparrow is your guy! He goes above and beyond expectations, is extremely professional and knows the ins and outs of the real estate industry. He will help you find the house of your dreams! Highly recommend.."

- L.M

3484 Wishart Rd. - Colwood, BC.
LIST PRICE - $1,148,000

5 Bedroom, 4 Bathroom
3,002 Sq Ft.

More Info - Click Here

4 - 2109 Chambers St. - Victoria, BC.
LIST PRICE - $399,000

1 Bedroom, 1 Bathroom
800 Sq Ft.

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1681 Midgard Ave. - Victoria, BC.
LIST PRICE - $798,000

3 Bedroom, 2 Bathroom
1505 Sq Ft.

More Info - Click Here

3486 Wishart Rd. - Colwood, BC.
LIST PRICE - $1,595,000

4 Bedroom, 3 Bathroom
2,584 Sq Ft.

More Info - Click Here

981 Seapearl Pl. - Victoria BC.
SOLD PRICE - $1,210,000

4 Bedroom, 3 Bathroom
3110 Sq Ft.

More Info - Click Here

1504A Glentana Rd. - Victoria, BC.
SOLD PRICE - $505,920

3 Bedroom, 2 Bathroom
1286 Sq Ft.

More Info - Click Here

301-960 Yates St.- Victoria, BC.
SOLD PRICE - $499,000

2 Bedroom, 1 Bathroom
708 Sq Ft.

At 22 of its 25-storeys, Hudson Place One condo tower stands as Victoria's tallest building

A condominium tower under construction in downtown Victoria has become the tallest building in the city as it pushes skyward to its eventual status as Vancouver Island’s crowning skyscraper.

Hudson Place One, a 25-storey, 176-suite luxury residence from Vancouver-based developer Townline, has been rising from its Herald Street site (between Douglas and Blanshard streets) since 2018 and as of this week the 22-storey work-in-progress has clinched a title so few buildings in the Capital ever have.


New $44M overpass coming to Keating Cross Road on Pat Bay Highway

A brand new "flyover" overpass is coming to a dangerous intersection of the Patricia Bay Highway in Saanich.

According to an announcement made by the District of Central Saanich and the federal government Monday, a the new overpass at Keating Cross Road will allow drivers who are travelling northbound on the highway to access the popular street without having to turn left across high-speed traffic.


World of Dance Live Tour - Oct 4 at 8:30PM

NBC’s smash hit series World of Dance has announced the Canadian leg of its wildly spectacular third annual touring spectacular, The World of Dance Live Tour. This tour will be featuring the best dancers from across all genres incorporating both local and national talent, embarking on a multi-city tour that will bring the excitement and creativity straight from the television show to your town.

The tour kicks off in Victoria, BC on Friday October 4th at Save-On-Foods Memorial Centre.

At the World of Dance Live Tour, the greatest dance innovators will thrill fans by featuring amazing dance skills and brilliance, while offering family friendly entertainment.