Victoria Real Estate Update: March 2020





Hello March!

Have you ever been faced with a challenging decision? Maybe you’re debating whether or not to spend money on a vacation this year. Or, maybe you’re trying to decide whether or not to accept an offer for a new job.

Decisions like these can be difficult. However, getting all the facts can make the choice obvious, or at least easier. For example, if you’re considering doing a major renovation to your home this year, costing it out is going to give you a lot more clarity. You’ll know how much you need to budget and whether you can afford it.

I often find challenging questions come up with homeowners I meet. Some are on the fence about whether or not to sell their home. I help them get the facts they need to make that decision easier, such as what their property will likely sell for on today’s market.

If you’re facing a decision regarding anything real estate-related, give me a call. You’re a valued client and I’m happy to provide whatever information and advice you need.

Please enjoy this months newsletter!

All the best,
Bobby Sparrow





Victoria real estate market shakes off winter doldrums


A total of 563 properties sold in the Victoria Real Estate Board region this February, 33.7 per cent more than the 421 properties sold in February 2019 and 37 per cent more than in January 2020. Sales of condominiums were up 35.7 per cent from February 2019 with 175 units sold. Sales of single family homes increased 23.7 per cent from January 2020 with 271 sold.

"February brought the bloom of an early spring market," says Victoria Real Estate Board President Sandi-Jo Ayers. "Sales numbers are up substantially from last year, which in part indicates that our spring market may have arrived a bit earlier than a lot of our local blossoms. Additionally, we need to consider that last year's sales activity was quite weak until April and May. Despite a thirty plus percent increase in total sales over last year, our ten-year average for total sales in February is 537, so we are within less than five per cent of our long-term average for the month."

There were 2,127 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2020, 4 properties fewer than the total available at the end of February 2019 and an 8.6 per cent increase from the 1,958 active listings for sale at the end of January 2020.

"One of the most prominent aspects of our market right now is this continued low inventory," adds Ayers. "Our ten-year average active listings for the month of February is 3,007. We concluded this month with just over 2,000 active listings, which means a lot less choice for consumers, more pressure on pricing and multiple offers."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2019 was $838,800. The benchmark value for the same home in February 2020 increased by 3.5 per cent to $868,100, 1.1 per cent more than January's value of $858,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2019 was $503,600 while the benchmark value for the same condominium in February 2020 increased by 4.7 per cent to $527,400, 1.2 per cent more than the January value of $521,000.

Complete Stats Package -Click Here




25-4360 Emily Carr Drive - Saanich, BC.
LIST PRICE - $920,000
4 Bedroom, 3 Bathroom
3,410 Sq Ft.

More Info - Click Here



3486 Wishart Road - 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


1-2022 Melville Drive - Sidney, BC.
SOLD PRICE - $690,000

4 Bedroom, 2 Bathroom
2,204 Sq Ft.

More Info - Click Here


817 Windsong Place - Mill Bay, BC.
SOLD PRICE - $785,000

4 Bedroom, 3 Bathroom
3,981 Sq Ft.

More Info - Click Here


504-4009 Rainbow Hill Lane - Victoria, BC.
SOLD PRICE - $637,500

2 Bedroom, 2 Bathroom
1,095 Sq Ft.

More Info - Click Here



What the Bank of Canada rate cut means for mortgages


Remember the Bank of Canada’s anxiety over worrisome consumer debt loads and housing imbalances? So much for that.

The bank slashed Canada’s No. 1 interest rate today by 50 basis points, and it’s probably not the last cut.

For Canada’s housing market, it sure as sheep didn’t need this stimulus. Not only are there bidding wars galore in hot housing markets, double-digit price gains and 12-year-low housing inventories, but just ahead is one of the most stimulative mortgage rule changes in years: 



B.C. stratas on edge after reports of soaring insurance premiums


When residents of Anchor Pointe in New Westminster gathered for the strata’s annual meeting in December, they were stunned to learn their building’s insurance premiums were expected to increase by 40 per cent for 2020.

“It was a total shock to everybody,” said strata president Bruce Campbell.

Unfortunately for the 30-year-old tower’s residents, things were about to get worse...

READ MORE


11 THINGS TO DO IN VICTORIA THIS MARCH


March in Victoria is all about getting ready for Spring, with cherry blossoms emerging and lots of amazing events to remind us that warm breezes and festival season are just around the corner. Here are 11 things you can do in Victoria this month....




CAKEBREAD CELLARS


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With a superb balance of rich fruit, bright acidity and polished tannins, this youthful red merits another 7-10 years of bottle aging, although no one who opens it sooner will be disappointed.For more about this wine, check out the Cakebread's website click here


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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