Here are the latest Month-to-Date Market Statistics for Greater Victoria

Mar 08 2010 Monday, 8:00am:

Please Note

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

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A total of 621 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from the 418 sales in January and 403 sales in February of last year.  Prices for single-family homes and condominiums softened somewhat while prices for townhomes rose slightly.

According to the Victoria Real Estate Board, sales have now returned to historically more normal levels,  as a year ago the market was just beginning to emerge from the economic downturn. The number of properties available for sale again increased last month - there were 3,280 properties available for sale - up from 2,793 at the end of January but still down slightly from 3,844 properties for sale at the end of February a year ago.

The average price for single-family homes sold in Greater Victoria last month was $620,833 down from $644,678 in January. The median price also declined to $560,950. The six-month average was $620,174. There were 20 sales of over $1 million, including one sale on the Gulf Islands for over $2.5 million. The overall average price for condominiums was $304,163 last month, down from $313,337 in January. The average for the last six months was $320,376. The median price for condominiums in February declined to $285,000. The average price of all townhomes sold last month was $460,900 up from $453,013 in January. The median price rose to $430,000. The six month average was $453,440.

MLS® sales last month included 296 single family homes, 192 condominiums, 78 townhomes and 14 manufactured homes.

Call Rob Cvitanovic (sit`an`oh`vik)...your local real estate expert, if you or anyone you know is thinking about buying or selling any residential or commercial real estate.

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Keller Williams Realty West

Office:(250) 595-3200   Cell: (250) 704-6970

Please Note

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

As the fall season winds down, the Victoria, BC real estate market continues to cruise at a steady pace.

The latest stats for the past 7 days (dated Nov.23-30), the Victoria Real estate Board reported: 142 Unconditional Sales and 163 New Listings.

To date, the month of November had 562 Unconditional Sales; 770 New Listings; while total amount of active listings dropped to 2984. The drop in listings is quite common for this time of the year. We typically find more listings coming off the market as it get closer to Christmas.

The Victoria real estate market is a stable and balanced market and will most likely continue to be a strong market into the new year.

Call Rob Cvitanovic (sit`an`oh`vik)...your local real estate expert, if you or anyone you know is thinking about buying or selling any residential or commercial real estate.

Rob  Cvitanovic (sit`an`oh`vik)...The Experience Will Move You!

Keller Williams Realty West

Office:(250) 595-3200   Cell: (250) 704-6970

For the week of November 17-24, the Victoria Real estate Board reported: 154  Unconditional Sales and 175 New Listings.

To date, the month of November (Nov.1-24) had 420 Unconditional Sales; 617 New Listings; while total listing inventory is 3045 Listings.

These stats indicate that the Victoria real estate market is a stable and balanced market, and the amount of activity is typical of most average month's throughout the year.

If you, or someone you know, is thinking about buying or selling a commercial or residential property in Victoria, BC, call Rob Cvitanovic (sit`an`oh`vik)...you local real estate expert.

Rob  Cvitanovic (sit`an`oh`vik)...The Experience Will Move You!

Keller Williams Realty West

Office:(250) 595-3200

Cell: (250) 704-6970

Nevertheless, the Greater Victoria real estate market is still fairly active and here are the current numbers for the first two weeks of November:

266 Unconditional Sales 

442 New Listings

Total Listing Inventory: 3099

If you, or someone you know, is thinking about buying or selling a residential or commercial property, call Rob Cvitanovic...your local real estate expert!

Rob Cvitanovic (sit`an`oh`vik)... The Experience Will Move You!  

The move up market is still thriving, although the number of new listings coming on the market has dropped.

Here are the up-to-date stats for the month of November (From Nov. 1-9, 2009):

142 Unconditional Sales

272 New Listings 

Total Number of Active Listings: 3149

If you're thinking about buying or selling, give Rob Cvitanovic, your local real estate specialist, a call at (250) 704-6970.

Rob Cvitanovic (sit`an`oh`vik)... The Experience Will Move You!

Property sales throughout the Victoria area last month were at their highest level for the month of October since 1992. It was the sixth month in a row that property sales were higher than in the corresponding month of last year. A total of 742 homes and other properties sold in October through the Victoria Real Estate Board's Multiple Listing Service® (MLS®), down slightly from the 776 sales in September and up more than double the 316 sales in October of last year. Prices, meantime, remained stable.

It looks as though the market has clearly recovered from the downturn late last year and early this year; REALTORS® are working hard to find suitable properties for buyers. The number of properties available for sale has dropped substantially from a year ago and now stands at 3,219 - down 31 per cent from October of last year. There will always be month to month fluctuations in prices, this reduced inventory will inevitably bring some upward pressure on prices!

The average price for single family homes sold in Greater Victoria last month was $590,567, down from $619,936 in September. The median price was $536,000. The six-month average was $587,623. The overall average price for condominiums was $322,349 last month, down slightly from $325,106 in September. The average for the last six months was $316,137. The median price for condominiums in October was $297,000. The average price of all townhomes sold last month was $438,058 down from $441,966 in September. The median price dropped slightly to $409,500. The six month average was $431,675.

MLS® sales last month included 400 single family homes, 203 condominiums, 76 townhomes and 12 manufactured homes.

The fall market is looking good for greater Victoria. Buyers are still actively snapping up homes; the move up market is still thriving, although the number of new listings coming on the market has dropped.

Here are the up-to-date stats for the month of October (From Oct 1-28, 2009):

558 Unconditional Sales

891 New Listings 

Total Number of Active Listings: 3316

If you're thinking about buying or selling, give Rob Cvitanovic, your local real estate specialist, a call at (250) 704-6970.

Rob Cvitanovic (sit`an`oh`vik)... The Experience Will Move You!

396 Unconditional Sales

692 New Listings 

Total Number of Active Listings: 3371

If you're thinking about buying or selling, give Rob Cvitanovic, your local real estate specialist, a call at (250) 704-6970.

Rob Cvitanovic (sit`an`oh`vik)... The Experience Will Move You!

http://www.youtube.com/watch?v=p4MyZ4YINtA

Contrary to what you might think, it's about more than preparing the house for sale. Staging is what you do after you've cleaned, decluttered, painted, made minor repairs; it's all about dressing the house for sale.

Professional stagers are highly skilled artists. They can take a blank canvas and paint a sensuous portrait without ever lifting a paint brush. Stagers possess the skills of a top-level designer and they create dramatic scenery that appeals to all five senses.

The idea behind staging is to allow rooms to show themselves. If your home is vacant, it's soulless. Without staging, it will probably remain on the market for many months.

The back yard needs staging, too. For patios and decks, bring in plants and potted flowers, and add additional color by setting the picnic table with bright, plastic dinner plates.

SO HOW MUCH DOES IT COST?

Prices vary depending on where you live and the local demand for professional home staging. Coastal areas and large metropolitan cities where home staging has been prevalent for years command higher prices. Some real estate agents help sellers Stage^®the home themselves. Most listing agents agree, however, that vacant homes show better with staging and will encourage sellers to hire a professional stager. Fees range from $500 to $5,000 or more, depending on square footage and the number of rooms staged.

Remember the buying process is 85% emotional and 15% rational!

If you're thinking about a move and want to obtain top dollar for your home, call Rob Cvitanovic anc his team of staging professionals to get you started (250) 704-6970.

The President of the Victoria Real Estate Board says the market has clearly recovered and now appears to be very stable. The last seven months have shown a steady improvement in sales and price stability.

There were 3,419 properties available for sale at the end of September, down 28 per cent from the 4,754 properties available in the same month a year ago. We are now seeing some renewed upward pressure on prices as a result of the declining inventory. 

The average price for single family homes sold in Greater Victoria last month was $619,936, up from $596,498 in August. The average price was affected by 24 sales of over $1 million. These included five sales of over $2 million, three in Saanich East, one in Victoria and one on the Gulf Islands which had a significant impact on the overall average price. The median price increased $10,000 to $550,000. The six-month average was $581,498. The overall average price for condominiums was $325,106 last month, up from $317,312 in August. The average for the last six months was $311,546. The median price for condominiums in September was $295,000. The average price of all townhomes sold last month was $441,966 down from $455,430 in August. The median price dropped slightly to $415,000. The six month average was $426,521.

MLS® sales last month included 437 single family homes, 197 condominiums, 79 townhomes and 15 manufactured homes.

Call Rob Cvitanovic, your local real estate specialist, for a FREE, NO OBLIGATION Buyer or Seller Consultation. The Experience Will Move You!

684 Unconditional Sales

1002 New Listings 

Total Number of Active Listings: 3412

If you're thinking about buying or selling, give Rob Cvitanovic, your local real estate specialist, a call at (250) 704-6970.

Rob Cvitanovic (sit`an`oh`vik)... The Experience Will Move You!

Here are the latest listing and sale stats for the month of September (From Sept 1 -21, 2009):

502 Unconditional Sales

712 New Listings 

Total Number of Active Listings: 3367

If you're thinking about buying or selling, give Rob Cvitanovic, your local real estate specialist, a call at (250) 704-6970.

Rob Cvitanovic (sit`an`oh`vik)... The Experience Will Move You!

For those sitting on the fence or waiting till it's official, time is rapidly running out. There are just over four months remaining and I'd suggest those who wait until the last minute may find themselves competing for a limited number of contractors who can perform the work.

If demand outstrips supply, prices will probably rise and all but negate the tax benefits. Besides, who wants such work done in the winter? Best to beat the rush and at least line up some quotes from suppliers who can implement the work before November.

The home renovation tax credit is a non-refundable tax credit for work performed or goods acquired in respect of an eligible dwelling. Such dwelling is a housing unit that is eligible to be an individual's principal residence or that of one or more of their family members, at any time between Jan. 27, 2009, and Feb. 1, 2010.

In general, a housing unit is considered eligible to be an individual's principal residence where it is owned by the individual and ordinarily inhabited by the individual, the individual's spouse or common-law partner, or their children. Properties eligible for HRTC include houses, cottages and condominium units that are owned for personal use.

Eligibility for the HRTC is family-based. A family is generally considered to include you and your spouse or common-law partner, and your or your spouse's or common-law partner's children who are younger than 18 at the end of 2009. The claim can be split among family members but the total amount claimed cannot exceed the maximum allowable.

If two or more families share the ownership of an eligible dwelling, each family can claim its own credit (i.e., each up to $1,350) that is calculated on its respective eligible expenses.

The 15 per cent non-refundable tax credit can be claimed on eligible expenditures of more than $1,000 but not more than $10,000. Expenses such as:

Septic systems; Wells; Electrical wiring in the home (e.g., changing from 100 amp to 200 amp service); Home security system (monthly fees do not qualify); Solar panels and solar panel trackers; Painting interior or exterior of a house; Building an addition, garage, deck, garden/storage shed or fence; Re-shingling a roof; A new driveway or resurfacing a driveway; Exterior shutters and awnings; Permanent swimming pools (in ground and above ground); Permanent hot tub and installation costs; Pool liners; Solar heaters and heat pumps for pools (does not include solar blankets); Landscaping: new sod, perennial shrubs and flowers, trees, large rocks, permanent garden lighting, permanent water fountain, permanent ponds, large permanent garden ornaments;Retaining walls; Associated costs, such as installation, permits, professional services, equipment rentals and incidental expenses; Fixtures: blinds, shades, shutters, lights, ceiling fans, etc.

Examples of ineligible expenses: Furniture, appliances, and audio and visual electronics; Purchasing of tools;Carpet cleaning; House cleaning; Maintenance contracts (e.g., furnace cleaning, snow removal, lawn care and pool cleaning);and Financing costs

Note that expenses are not eligible if the goods or services are provided by a person related to you, unless that person is registered for the goods and services tax/harmonized sales tax under the Excise Tax Act.

If your family member is registered for GST/HST and if all other conditions are met, the expenses are eligible for HRTC.

HRTC is a win/win program for retailers and consumers alike. Not only does it increase business for retailers, but it also gives consumers a tax break on their home renovation projects. Remember to keep all receipts and get all contracts in writing to avoid problems with your HRTC claim.

Talk to a realtor about the home renovation tax credit program, or visit the Canada Revenue Agency website at www.cra-arc.gc.ca before you begin your project to take full advantage of the program.

So how will the new Harmonized Sales Tax (H.S.T.) affect new home buyers effective July 1, 2010.

• Contrary to what the BC Government has told the public, the new home BC HST tax increase will affect all new homebuyers.

• The BC HST Price Chart (shown below) indicates that the total cost of a new home in the province will cost anywhere from 2% to over 7% more than compared to the current 5% GST only system.

• The BC HST price difference and tax increase on new homes will have a profound influence on the Victoria first time homebuyers market. The extra 12% tax burden won't be financed by the major banks, and therefore, the BC HST tax increase will only force many first time homebuyers out of the new housing market.

• With decreased demand from the BC first time homebuyers market because of the new home HST tax increase and significant price difference as seen in the BC HST Price Chart, there will be a slow down in the new housing construction industry.

• Although the partial HST rebate can be applied to any new Victoria and B.C. home or real estate purchase, only properties under the value of $400,000 will benefit directly from the rebate. All other new home purchases over $400,000 will be subject to the full 12% HST with only a partial B.C. HST rebate of $20,000 maximum.