Victoria Real Estate Update: January 2020





Hi Everyone and hello 2020!

Although it’s still early in the year, we’ll soon be heading into what’s traditionally a busy period in real estate: spring and summer. As the season changes, many buyers will start shopping for a new home.

If you’re thinking of selling, this is the time to start making plans to take advantage of the spring/summer market. You’ll want to find out how much you can get for your current home, what type of new home you qualify to purchase, and how best to prepare your home for a quick sale at a good price.

I can help. If you have any questions or need advice, give me a call.

Please enjoy this months newsletter and Happy Chinese New Year to those celebrating later this month!

All the best!
Bobby Sparrow








Victoria Real Estate Market wraps up a relatively flat year for home sales

A total of 402 properties sold in the Victoria Real Estate Board region this December, 7.2 per cent more than the 375 properties sold in December 2018 and a 30.3 per cent decrease from November 2019. Sales of condominiums were up 17.5 per cent from December 2018 with 121 units sold. Sales of single family homes increased 13.8 per cent from December 2018 with 198 sold.

A grand total of 7,255 properties sold over the course of 2019, 1.47 percent more than the 7,150 that sold in 2018. 2019 sales came in at slightly under the ten-year average of 7,413 properties sold.

"Overall, our market throughout 2019 can be characterized as still active, slow to grow and low in supply," says 2019 Victoria Real Estate Board President Cheryl Woolley. "Last year we saw many prospective buyers sit on the sidelines waiting for inventory to be added. As a result of this unmet demand, there was and continues to be a push from consumers to create townhomes and condos at accessible price points. We began 2019 discussing the potential impact of various taxes and lending rules introduced by the federal and provincial governments that were designed to calm housing market activity - although this activity had already begun to slow following our hyper-active market in 2016/17. The most impactful government change we saw was the tighter mortgage lending rules, which lowered consumer borrowing power and made many unable to qualify for the value of mortgages they had in the past, therefore compressing more demand into our mid- and lower-priced property market."

There were 1,952 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2019, a decrease of 18.6 per cent compared to the month of November and a 1.8 per cent decrease from the 1,988 active listings for sale at the end of December 2018.

"Constant demand on this middle housing segment has put a moderate amount of pressure on pricing," adds Woolley. "And although we did not see huge price increases though 2019 like we did in the run up through 2016, we do see buyers entering into multiple offer situations and competing for properties. The high end of the market - over $1.5 million - has been softer, which is nice for a very small percentage of buyers in our area, but difficult on sellers who have seen some equity erode. The theme heading into 2020 does for now appear to be the limited selection of single-family homes and growth in pressure for more condos and townhomes. What remains consistent is that in this complex market, buyers and sellers value the assistance of their REALTOR® to navigate one of the biggest purchases most will make in their lifetime."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2018 was $860,400. The benchmark value for the same home in December 2019 decreased by 0.6 per cent to $855,000, slightly less than November's value of $855,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2018 was $503,000, while the benchmark value for the same condominium in December 2019 increased by 3.5 per cent to $520,700, slightly more than the November value of $517,000.

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


3486 Wishart Rd. - Colwood, BC.
LIST PRICE - $1,488,800
4 Bedroom, 3 Bathroom
2,584 Sq Ft. home on a 1.72 Acre Lot!

More Info - Click Here


38-551 Bezanton Way - Colwood, BC.
SOLD PRICE - $705,000

3 Bedroom, 3 Bathroom
1889 Sq Ft.

More Info - Click Here


4-2109 Chambers St - Victoria, BC.
SOLD PRICE - $390,000

1 Bedroom, 1 Bathroom
800 Sq Ft.

More Info - Click Here


137-3640 Propeller Pl. Colwood, BC.
SOLD PRICE - $645,500

3 Bedroom, 3 Bathroom
1896 Sq Ft.

More Info - Click Here




CHINESE NEW YEAR CELEBRATION


Ring in the Year of the Rat in Canada's oldest Chinatown and allow the celebrations to transport you into a different world.

A major gateway to Chinese immigrants in the past and present, Victoria's Chinatown is a treasure chest of Chinese gems and curiosities. Explore small stores in Fan Tan Alley, North America's narrowest commercial street, and enjoy exciting New Year's celebrations amidst blooming cherry trees.

Sunday Janurary 26th 2020 @ 12PM.

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Victoria real-estate transactions totalled $5 billion in 2019; fourth busiest year on record


Nearly $5 billion in real-estate transactions took place in Greater Victoria last year marking a busy period for home and commercial property sales, according to figures released by the Victoria Real-Estate Board.

7,255 residential and commercial properties available through the Multiple Listings Service sold in 2019 for a total value of $4,925,950,600, the fourth highest year ever in terms of valuation and the fourth busiest by transaction volume.

By comparison, 2018 saw 7,150 transactions with a total value of $4,992,863,965, nearly $70 million in sales over 2019. The highest year by both purchases and money exchanged was 2016 with...

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Private island off the coast of Victoria's Saanich Peninsula listed for sale at $2 million


A private island off the coast of the Saanich Peninsula is up for grabs for the first time in half a century.

The nearly 10-acre Halibut Island east of Sidney Island has been listed for $1,995,000 by Vancouver-based real-estate agent Mark Lester, who says the holding hasn’t been on the market for 50 years.

Described as a “breathtaking sanctuary,” the isle is home to several species of “rare flora” and an “untouched” coastal forest. With plenty of low bank shoreline, Halibut Island’s beaches are easily accessible and provide ample opportunity for access.

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A TASTE OF VICTORIA

Victoria's #1 rated Food Tour! Be a tourist in your own city!

This 2-hour tour begins at the Victoria Public Market and includes stops at The Gates of Harmonious Interest, Fan Tan Alley, Market Square, Bastion Square, Trounce Alley, Government St., and the Inner Harbour Causeway. Depending on the day, there are between 6-8 tastings along the route, as we discuss the history and quirks of beautiful Victoria, B.C. Tastings can include bread, pierogis, meatballs, craft beer, macarons, chocolate, and much more!

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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. 





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