Victoria Real Estate Update: November 2020

Hi Everyone,

I hope you had a lovely Remembrance Day with family and friends, reflecting on how lucky we all are to live in such an incredible Country!

As 2020 begins to wind down and winter closes in, many people this year are re-thinking their work and their day-to-day lives. This was bound to happen right about now. There are so many baby boomers exiting the workforce and settling into retirement (early or otherwise), but the trend has certainly been accelerated by this global pandemic we’re in.

As your agent, I can tell you that many people are re-considering their primary homes and their real estate portfolios at the moment. Because almost everyone has been forced to work from home, you’ve all been spending far more time there than usual and, now, many of you are wondering if this is the way it’s going to stay. As a result, you’re asking: “Is now a good time for us to sell our current property and search for a new one – with more space and more privacy… for health and safety's sake?” You’re not alone.

This last summer and into the fall, luxury properties (distanced, and with more square footage for home offices and gyms) have been selling extremely well.

It’s my job to help you get the timing right and list your home when there’s a good chance it’ll sell quickly at a decent price. I also see it as my responsibility to help you keep your dreams alive… including finding that perfect property for the next phase of your life.

I’m here for you during these unprecedented times, to help you make the right decisions for you and your family when it comes to one of the biggest investments in your lives: your real estate. Please don’t hesitate to reach out to me this fall.
Please enjoy this months newsletter.

Take care and stay healthy,

Bobby Sparrow

I recently found out that I am one of the Top 100 Producing Re/Max Realtors in Western Canada.

Thank you all for your continued support.
I am truly grateful to be able to do what I love every day!!

Victoria Real Estate Market continues to outperform in unpredictable times

A total of 990 properties sold in the Victoria Real Estate Board region this October, 59.9 per cent more than the 619 properties sold in October 2019 and 0.1 per cent more than the previous month of September 2020. Sales of condominiums were up 70.8 per cent from October 2019 with 304 units sold. Sales of single family homes were up 53.1 per cent from October 2019 with 487 sold.

"Once again, another month concluded with numbers that surprised many of us,” said Victoria Real Estate Board President Sandi-Jo Ayers. “Sales for October broke the record for the month and inventory continues to be snapped up quickly. Due to this high demand, low supply environment, we are seeing many multiple offer situations. Condos and single family homes both continue to be popular choices for buyers.”

There were 2,122 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2020, 19.7 per cent fewer properties than the total available at the end of October 2019 and an 11.2 per cent decrease from the 2,389 active listings for sale at the end of September 2020.

“We have mentioned previously the pent-up demand – how sales that were depressed over the spring because of the pandemic occurred later during the summer. These delayed sales resulted in higher than average numbers for our summer and early fall market,” adds Ayers. “We may also be seeing some brought-forward demand – where people are making their future moves now. In part this may be to take advantage of lower mortgage interest rates. It may also be because of our current public health situation. Some people may be anticipating a slow down in general activity over the winter months due to the course of the pandemic and so are accelerating their plans. This may mean continued heightened sales activity through the fall and early winter, which is contrary to our normal market trend. In a normal year, we would see a tapering off of activity leading to the winter season, but thus far we have seen sustained sales and demand through October. Check in with a local REALTOR® to ascertain the to-the-minute market environment if you are considering buying or selling a property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2019 was $859,900. The benchmark value for the same home in October 2020 increased by 2.3 per cent to $879,600, virtually the same value as listed in September. MLS® HPI benchmark value for a condominium in the Victoria Core in October 2019 was $512,500, while the benchmark for the same condominium in October 2020 remained close to last year’s value at $512,300, 0.3 per cent more than the September value of $510,600.

Complete Stats Package - Click Here

1717 Duchess Street - Victoria, BC.
LIST PRICE - $1,895,000.00

4 Bedroom, 4 Bathroom
3090 Sq Ft. 

More Info - Click Here

3486 Wishart Road - Colwood, BC.
LIST PRICE - $1,450,000.00

4 Bedroom, 3 Bathroom
2,584 Sq Ft. home on a 1.72 Acre Lot!

More Info - Click Here

1338 Artesian Court - Langford, BC.
SOLD PRICE - $795,000.00

3 Bedroom, 3 Bathroom
2,688 Sq Ft.
More Info - Click Here

502-1159 Beach Drive - Oak Bay, BC.
SOLD PRICE - $495,000.00

1 Bedroom, 1 Bathroom
879 Sq Ft.
More Info - Click Here

1096 Tatlow Road - North Saanich, BC.
SOLD PRICE - $972,000.00

3 Bedroom, 2 Bathroom
2,450 Sq Ft.
More Info - Click Here

206-1371 Hillside Avenue - Victoria, BC.
SOLD PRICE - $952,000.00

2 Bedroom, 2 Bathroom
1,070 Sq Ft.
More Info - Click Here

Real Estate Professionals Urged to Stop Open Houses: Regulators and Provincial Association Recommend Virtual Tools

The regulatory agencies overseeing real estate professionals in BC and the provincial association representing REALTORS® are calling on real estate professionals across the province to protect public health and safety by temporarily discontinuing open houses.

With cases of COVID-19 on the rise in BC, the Real Estate Council of BC (RECBC), the BC Real Estate Association (BCREA), and the Office of the Superintendent of Real Estate (OSRE) are together strongly advising real estate professionals not to hold open houses for properties for sale or rent, to limit face-to-face interactions and to use virtual tools whenever possible.


Work resumes on stalled condo tower atop Langford's Bear Mountain; 13-storey Elevate condo scheduled for 2022 completion

Work resumes on stalled condo tower atop Langford's Bear Mountain; 13-storey Elevate condo scheduled for 2022 completion

Construction of what was to have been a 14-storey luxury residence, known then as The Highlander, came to a halt in 2009 following a global market crash that heavily impacted Bear Mountain’s original development vision and saw an eventual sale of the resort to a new ownership group.

During that time multiple towers planned for Bear Mountain were sidelined, although only one, The Highlander, was caught up in the economic collapse while actively being built.


Former home of Ming's Asian cuisine restaurant slated for demolition

A downtown Victoria landmark sitting vacant since the closure of a popular Asian cuisine restaurant is slated for demolition in the coming days.

The former home of Ming’s, a single-storey, 1970’s-era building overlooking the intersection of Quadra and Johnson streets, will be making way for a future redevelopment effort after sitting empty since the restaurant's closure in 2018.

Following the building’s recent purchase by Starlight Developments, a deal which was brokered by the Victoria offices of commercial real-estate firm CBRE, the empty structure was deemed a liability due to frequent break-ins, camping, vandalism and pest issues.


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