Victoria Market Update December 2019




Hi Everyone,

Happy December!! I can't believe we are already nearing the end of another year, where does the time go. The holiday season is fast approaching, a wonderful time of year to slow down and enjoy quality time with family and friends. 

November was another busy month, 9 properties sold, totaling over $6.8 Million in sales.
Congratulations to all of my clients who bought, or sold this month!! I'm honored to have helped you, your friends and your family, with all of their real estate needs.

During this busy year, I managed to purchase myself a new place! You can now find me at The Shutters building, in the energized community of Vic West!

If you're ever in the neighborhood, stop by and say hi! 

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

All the best!

Bobby Sparrow









Victoria Real Estate market remains competitive  
 
A total of 577 properties sold in the Victoria Real Estate Board region this November, 15.9 per cent more than the 498 properties sold in November 2018 and a 6.8 per cent decrease from October 2019. Sales of condominiums were up 5.9 per cent from November 2018 with 161 units sold. Sales of single family homes increased 15.4 per cent from November 2018 with 308 sold.
 
"We continue to see low inventory and strong demand for low to mid priced properties in our area, which is pushing pricing up on condos and single family homes that fall within that segment," says Victoria Real Estate Board President Cheryl Woolley. "It is a challenging time for those shopping for properties in that price range as they can often find themselves in a competing offer situation."
There were 2,397 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2019, a decrease of 9.3 per cent compared to the month of October, but a 2.3 per cent increase from the 2,343 active listings for sale at the end of November 2018.  
 
"The market this year is behaving as we'd expected, in the wake of tighter mortgage requirements and after the rapid pace of price increases we saw two years ago," adds Woolley. "Appropriate pricing and awareness of market trends are essential right now if you want to buy or sell a home in our area. That is why it is important to have a REALTOR® guide you through the process. It's worth getting this professional help, for what likely will be the biggest purchase or sale of your lifetime."
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2018 was $865,800. The benchmark value for the same home in November 2019 decreased by 1.2 per cent to $855,400, slightly less than October's value of $857,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2018 was $501,300, while the benchmark value for the same condominium in November 2019 increased by 3.1 per cent to $517,000, slightly more than the October value of $511,600.

Complete Stats Package - Click Here





1-2022 Melville Drive - Sidney, BC.
LIST PRICE - $729,000
4 Bedroom, 2 Bathroom
2,204 Sq Ft.

More Info - Click Here

231-2930 Washington Ave - Victoria, BC.
LIST PRICE - $320,000
1 Bedroom, 1 Bathroom
701 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



3482 Wishart Road - Colwood, BC.
SOLD PRICE - $800,000
4 Bedroom, 3 Bathroom
2455 Sq Ft.

More Info - Click Here


605 -1159 Beach Drive - Oak Bay, BC.
SOLD PRICE - $925,000

2 Bedroom, 2 Bathroom
1260 Sq Ft.

More Info - Click Here


107-1400 Lynburne Pl. Bear Mountain, Langford BC.
SOLD PRICE - $414,500

1 Bedroom, 2 Bathroom
789 Sq Ft.

More Info - Click Here


3484 Wishart Road - Colwood, BC.
SOLD PRICE - $1,148,000

5 Bedroom, 4 Bathroom
3002 Sq Ft.

More Info - Click Here



First look: Public square and green space at heart of mixed-use 1,500 rental unit Harris Green Village redev


Plans to redevelop downtown Victoria’s Harris Green Village shopping plaza and a nearby automotive dealership will centre on an expansive gathering and green space, according to a presentation by property owner Starlight Developments.
 
An approximate half-acre of land dedicated as a central square is at the heart of Starlight’s vision for a 1,200-to-1,500-suite rental project with a wide spectrum of commercial services across multiple parcels in the 900 block of Yates Street (bordered by Quadra, View and Vancouver streets) and the 1000-block of Yates Street at Cook Street.


Gorge Waterway townhome proposal seeks to fill 'missing middle' housing in Saanich

Victoria-based Abstract Developments has unveiled a proposal for 26 family-oriented townhomes as part of a redevelopment along the Gorge Waterway in Saanich’s Gorge-Tillicum neighbourhood.
 
Envisioned for 630 Gorge Road West, roughly half-way between Tillicum and Admirals roads, the proposal would see five clusters of three-storey, three-bedroom townhomes in an architectural style reminiscent of the area’s early-to-mid-century built form.



THE MAGIC OF CHRISTMAS DINNER SHOW AT THE OAK BAY BEACH HOTEL

For a mix of comedy, music, sing-alongs and more, look no further than the Oak Bay Beach Hotel’s holiday-themed variety show – The Magic of Christmas, with Michael Sicoly and friends.

Our Dinner Shows offer a full culinary and entertainment experience. The evening begins with a cocktail reception and glass of sparkling before the doors open. Once inside you will be seated for a beautiful three-course plated dinner in our elegant David Foster Foundation Theatre. Following dinner, the lights will dim and the show will begin. As the evening ends, you will be greeted with hot chocolate and cookies as you depart home. Choose between three different dates Dec 22-24, 2019.



WINTER VERANDA AT THE EMPRESS

Enjoy a selection of hot beverages in Christmas spirit and well known Christmas bites while delighting in s’mores around the fire on the veranda overlooking Victoria's sparkling Inner Harbour.

Available Friday through Sunday. Please note that availability is walk-in only. No reservations will be taken.




When you get asked:

Occasionally, a friend, family member or neighbor might ask you to recommend a real estate agent.
When that happens, please feel free to give them my name.

I truly appreciate your referrals!

Cell. (250) 857-2883
Office. (250) 385-2033
www.bobbysparrowrealty.com


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. 


Contact me TODAY
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