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Nov 1 2023 Market Stats

Interest rates a large factor in Victoria real estate market

November 1, 2023  A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold.

"Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades," said Victoria Real Estate Board Chair Graden Sol. "The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter."

There were 2,756 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2023, an increase of 2.1 per cent compared to the previous month of September and a 25.7 per cent increase from the 2,192 active listings for sale at the end of October 2022.

"The good news in October was that we continued to see a slow and steady increase in the number of available properties for sale," adds Sol. "This additional inventory is positive for buyers who will have more selection than they've experienced in recent years. The real estate market tends to slow down in late fall and winter, but there are still a good number of active buyers. If you're thinking about making a move during the colder months, reach out to your local REALTOR® to plan your strategy."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September's value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.
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Troys Tips, Fall maintenance tips and more...

Troys Tips...

Here are some fall maintenance tips to ensure your home stay safe and cozy this cold season:

Gutter Cleaning: Clear leaves and debris from your gutters and downspouts to ensure proper drainage. Clogged gutters can lead to water damage and ice dams in colder months.

Heating System Check: Have your heating system serviced by a professional to ensure it's working efficiently. Replace filters and consider a programmable thermostat for energy savings.

Window and Door Inspections: Examine windows and doors for drafts. Replace weatherstripping and caulk any gaps to improve energy efficiency and keep your home warm.

Fireplace Maintenance: If you have a fireplace, have it cleaned and inspected before using it. Ensure your chimney is clear of debris and nests.

Outdoor Faucet and Hose Winterization: Drain and disconnect hoses, and shut off outdoor faucets to prevent freezing and pipe damage.

Test Smoke and Carbon Monoxide Detectors: Check the batteries in your smoke and carbon monoxide detectors, and replace them if needed. Safety is paramount.

A 47-year mortgage? They're out there — and even longer ones could be coming
Canada's top banking regulator will soon implement new guidelines for the mortgage market, aimed at reducing the risks posed by negative amortization mortgages — home loans where the payment terms have ballooned by years and sometimes decades because payments are no longer enough to pay down the loan on the original terms.
https://www.cbc.ca/news/business/mortgage-negative-amortization-1.6986214

Troys Top 6 ways to find the deals in todays market...

Look for and make lower bids and find quality pre-sale assignments completing soon. Some early presale purchasers are walking from $50,000, or more of their deposits, because they can’t/won’t close. Here's a list of presale opportunities.

Don’t get hung up on the “multiple offers”. For every multiple offer there are 7 to 9 houses unsold for months!

Watch for ‘low pricing’ to draw you in. Value is $1.8 million, listed at $1.5 million to get a ‘multiple offers’ scenario going. It still works in the hands of an experienced broker, but it works less frequently as more and more buyers are now very in-tune to the current market.

Price drops will be more common so get on the autolist to keep your finger on the pulse of the market.

Get pre-approved with a quality mortgage broker. If you don't know of one, let me know and I'll send you a few recommendations.

Take note of this: Banks are more nervouse than you! Learn about your current mortgage, read the small print. Most are easily ported to a new purchased. Mortgages may also be transferable to a buyer (they must qualify) This could be a great way/option to close a deal on your property so you can move on to the next.

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Attn: 1st time home buyers & investors...106-1009 McKenzie Ave.

First time buyer special with a quick possession available, this freshly painted, 1 bed and den unit has an updated kitchen, bathroom, and lovely layout. Facing N.E. with glimpses of Mount Douglas, you will love the covered patio overlooking an enormous tranquil greenspace and trees. The building features a billiards room, ping-pong, pool, sauna, whirlpool, tennis court, hobby room, library, 2 lounges. This unit also features a separate storage locker on the same floor. Royal Woods is a unique condo community, with lots of parking, mature trees, and a very central location. Bus route nearby. Grocery stores, bank, dairy queen all nearby! Easy to view. More info? #talktotroy 250.883.7676 #troysdeals https://sites.listvt.com/1009mckenzieavenue


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INVESTOR ALERT! Sequoia Gardens - Marigold Only $10k down!
Welcome to the Sequoia Residences at the Marigold Lands! You can secure your unit today with a one-time $10,000 deposit. 
—————————————————————————
Money Mouth 50 Luxury Condos
Money Mouth 15 Townhouses
Money Mouth 1,2 & 3 bedrooms
Money Mouth High ceilings
Money Mouth Air conditioning
Money Mouth Ocean views
Money Mouth Communal Landscaped Rooftop
Money Mouth EV charging
Money MouthInterior finishing by award winning firm Kimberly Williams Interiors!
 
More info? #talktotroy #troysdeals 250.883.7676
 
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INVESTOR ALERT!!

Only 2.5% down payment need to secure a PreSale Unit at the Grand and Fir in View RoyalSee Video below...

Now Selling!! The Grand and Fir! Nature’s next-door neighbor! View Royals newest condo building offers a variety of Jr. 1 bed, 1 bed, 2 bed, & 3-bedroom units starting as low as $399,900 with 40% of the units under 500k and 70% under 600k, there are endless options for all budgets. Portage Park and seconds from Thetis Cove Waterfront, this building is positioned perfectly blending serene greenery with urban convenience. Two modern color schemes are available with KitchenAid black stainless steel luxury appliances. This eco-friendly building includes heat pumps, nest thermostat with climate control, smart lighting, EV charging capabilities in each parking stall, plus onsite kayaks, e-bikes, & paddle boards for enjoying the surrounding areas to the fullest. Estimated occupancy December 2025-April 2026 with deposits as low as 2.5%!


CLICK HERE to view all the Grand and Fir Listings on the MLS.

More info? #talktotroy #troysdeals 250.883.7676

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Oct. 1 2023 Market Update...

Victoria real estate market needs better mix of housing supply to help restore balance

September 1, 2023  A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

"Real estate activity this month reflected what we'd expect to see in an average late summer housing market," said Victoria Real Estate Board Chair Graden Sol. "The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September."

There were 2,490 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2023, an increase of 2.9 per cent compared to the previous month of July and a 16.5 per cent increase from the 2,137 active listings for sale at the end of August 2022.

"The focus in our market and by all levels of government needs to be on opening up more supply," Sol notes. "Our inventory levels, though up from last year, are still too low to support a well-balanced market. A decade ago, we saw over 5,000 active listings in August. Another important piece of supply is the housing mix that is available. Most residential properties for sale in our market last month were single family homes - this type of property is generally at the top price point. Missing middle homes, such as townhomes and condos represented only 37.1% of listings for sale. Townhomes, which in my experience are what a lot of families hope to purchase, represented only 9.8% of the residential properties for sale. This imbalance in the mix of housing options means there is the potential for more price pressure on these types of properties because demand is concentrated at more attainable price points."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2022 was $1,327,700. The benchmark value for the same home in August 2023 decreased by 0.3 per cent to $1,323,900, which is up from July's value of $1,318,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2022 was $583,700, while the benchmark value for the same condominium in August 2023 decreased by 0.3 per cent to $582,000, which is up from the July value of $578,000.

About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,649 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
 
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CURRENT STATISTICS

Victoria real estate market needs better mix of housing supply to help restore balance

September 1, 2023  A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

"Real estate activity this month reflected what we'd expect to see in an average late summer housing market," said Victoria Real Estate Board Chair Graden Sol. "The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September."

There were 2,490 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2023, an increase of 2.9 per cent compared to the previous month of July and a 16.5 per cent increase from the 2,137 active listings for sale at the end of August 2022.

"The focus in our market and by all levels of government needs to be on opening up more supply," Sol notes. "Our inventory levels, though up from last year, are still too low to support a well-balanced market. A decade ago, we saw over 5,000 active listings in August. Another important piece of supply is the housing mix that is available. Most residential properties for sale in our market last month were single family homes - this type of property is generally at the top price point. Missing middle homes, such as townhomes and condos represented only 37.1% of listings for sale. Townhomes, which in my experience are what a lot of families hope to purchase, represented only 9.8% of the residential properties for sale. This imbalance in the mix of housing options means there is the potential for more price pressure on these types of properties because demand is concentrated at more attainable price points."
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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.