A total of 425 properties sold in August via the Victoria Real Estate Board’s MLS, slightly down from the 527 sales in July. In comparison, there were 764 sales for the month of August in 2009. Softening of the sales this year was not unexpected, given that 2009 was an exceptional year. 

The outlook for the remainder of the year is that we anticipate the market to remain relatively stable; as any increase in interest rates in the near future will likely be modest.

The number of properties available for sale at the end of last month declined to 4,356 but this was still 24 per cent higher compared to the 3,509 available properties in August of last year.

The average price for single-family homes sold in Greater Victoria last month was $586,676 down from $615,004 in July. The median price declined to $548,500. The six-month average declined slightly to $629,272. There were eight single family home sales of over $1 million in August compared to 16 such sales the previous month. The overall average price for condominiums was $320,874 last month, down from $322,905 in July. The average for the last six months was $330,234. The median price for condominiums in August declined to $275,000. The average price of all townhomes sold last month, however, rose to $432,284 from $420,578 in July. The median price rose to $405,000. The six month average was $439,636.

MLS® sales last month included 223 single family homes, 113 condominiums, 43 townhomes and 15 manufactured homes.

This bright, spacious 2430 sq.ft 2 level home is ideal for families or investors looking for a mortgage helper great income. The main level features 3 bedrooms, four piece bathroom, plus a large oak country kitchen, separate dining area and a entertaining living room with wood burning fireplace. The main floor is also level entry - no stairs to deal with.

A "legal" two bedroom suite, with den, is situated on the lower level and even features its own separate driveway and carport. The entrance for this lower floor is "level-entry", as the home is nestled on a slightly sloping, totally private lot, on a cul-de-sac surrounded by waterfront homes.

Major reno's were completed in 2006 - a new roof, larger deck, thermopane windows, oak hardwood floors energy efficient heat pump, granite counters & soaker tub. Stainless Steel appliances in 2009. The yard is landscaped with in-ground sprinkler system & features a built-in dog run. The home is fully rented but could bring in fair market rent of $3,000 per mo. ($1700 up & $1300 down) & separate entrance & driveway for suite down.

There is nothing do but move in and collect the rent! Call Rob or Dave for your private viewing today.

For the 2nd consecutive month sales have softened while overall prices showed little change.

Here are the July month-end market statistics posted as of Aug. 02, 2010  9:20am:

Please Note

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year

This corner lot on Prince Robert Drive & the Island Hwy is the most reasonably priced lot in View Royal's, and perhaps the entire city. 

Your new home can be nestled in a park-like atmosphere surrounded by Garry Oaks, Arbutus and Fir trees. This lot exudes a very country-like feel, eventhough it's in the city. Services (storm, water, hydro, sewer, and cable) and lot/driveway access are included in price.

We can supply a potential buyer with builder and building plans, or you can use your own designers and builders.

Through my travels, many people have told me that they have heard about Victoria, and wish to visit it one day. Many, that I come across have been to Victoria, and absolutely love it.

Take a look at this great video about Victoria and some of the great things to do while here. We are truly blessed to be living in paradise.

If you would like to make the island home, let us know and we can make your dreams come true.

The Victoria Home Team

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

June 1, 2010

The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale.

A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type.

Some softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. So far this year sales are running nearly 14 per cent ahead of the first five months of last year but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt.

Further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. As of the end of May, there were 4,521 properties available for sale - up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago.

Overall prices for single family homes rose last month while prices for condominiums and townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $646,483 up from $624,149 in April. The median price rose to $594,500. The six-month average was $635,477. There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condominiums was $324,005 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condominiums in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798.

MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

As previously noted, we are experiencing a "shift" in the market due to heavy financing constrictions imposed on home buyers and investors. 

A large portion of the buyers pool has been squeezed out of the market due to changes imposed by CMHC. Now, first time buyers must have 10% down and have to be able to qualify based on a 5 year rate posted rate (currently 5.54%). Previously, 1st time buyers were only required to have 5% down and needed to qualify based on the 3 year posted rate, which is usually 1% to 1.5% less than the 5 year posted rate.

MOVE UP TO THIS HOME AND WE WILL BUY YOURS FOR CA$H!

This side x side duplex has 5 bedrooms and 2 bathrooms totaling 1675 sq.st. on each side with rents of approx. $3795 per month.

It is in close proximity to the West Shore Mall, schools, downtown Langford and transportation. This is a great investment property as the area is being considered for redevelopment. This unit can be purchased with 925 - 927 Bray next door.

Why not live in one side with a small mortgage, while the other side services most of your debt! Call Rob today to view.

MOVE UP TO THIS PROPERTY & WE WILL BUY YOURS FOR CA$H!

This side x side duplex has 5 bedrooms and 2 bathrooms totaling 1675 sq.st. on each side with rents of approx. $3600 per month. It is in close proximity to the West Shore Mall, schools, downtown Langford and transportation. This is a great investment property as the area is being considered for redevelopment. This unit can be purchased with 929 - 931 Bray next door.

Why not live in one side with a small mortgage, while the other side services most of your debt! Call Rob today to view.

Phenomenal location! You can walk everywhere, you might as well sell the car!  Library, schools, UVic, shopping, theatres, banks, medical clinics and restaurants...all just blocks away.

This well maintained, well run, strata is nestled on 3+ acres of superbly landscaped park-like grounds. This spacious top floor, 1150 sq.ft unit features 2 large bedrooms, 2 full bathrooms, a generous dining area, and an entertaining 21X14 living room w/wood burning fireplace.

There is plenty of closet space, and insuite storage area/pantry, plus a 21' deck which enjoys vistas to the west and overlooks one of Victoria's most natural settings.

Limited rentals, no pets, & adult-oriented ensures quiet & peaceful living. A must see, unparalleled value in this price range.

NEW PRICE: $512,900

OPEN SATURDAY August 28th 2-4 PM          

3971 Columbine Way

Absolutely Priced to Sell! The sellers are very motivated and are being transferred to the mainland. This home MUST BE SOLD, and all offers will be considered.

This home is truly ideal for families seeking their first home, with a fantastic yard on their wish list. It doesn't get any better than this: 4 spacious bedrooms (three up & one down), 3 bathrooms, a bright country kitchen with separate eating nook and access to an oversized patio; sunken formal living room with fireplace - great for entertaining guest, yet cozy enough for those cold winter nights, and a oversized rec room for the kids to roam. The topper is the extra large lot with plenty of room for kids, pets and summertime activities...bring the whole team over!

Located conveniently near schools, parks, major shopping, bus routes and rec centres, this fine home is truly nestled in the heart of town with access to downtown, the western communities and the ferries only minutes away. Don't delay, call Rob today at (250) 704-6970...for this very affordable home will not last long.

As you can see by the numbers below, the tides have definitely shifted, and we are now in the midst of a more balanced, stable market.

The next couple of months will dictate what the remainder of the year will look like. With the HST coming into effect, there will be downward pressure on prices of new homes. The number of sales in Canada has dropped this month by 2.6% while the number of listings increased. For the entire country there is an average of 5.3 months of listing inventory available, which indicates a balanced market. 

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year 

Join our Unique Buyer Profile Service and Receive Daily Updates of HOT, NEW LISTINGS as they hit the market! It's Fast. Easy. Automatic. FREE!  

VictoriaHomeListings.com is a FREE service to help area home buyers find their dream home. Your first email will list all homes currently for sale that meet your search criteria. Then each morning you will be emailed a list of all of the new homes for sale and price changes since your previous search. No more having to rely on manual searches.

Please Note

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year