How Victoria’s Real Estate Market is Shaping Up This Summer

The changes in mortgage qualification rules have reduced buyer’s purchasing power and the proof is in the numbers. Event though there are 20 per cent more active listings than this time last year, there are 25 per cent fewer homes sold compared to June last year. We also have a lot more competition for any homes listed at a lower price ranges and for condominiums because there are a third less homes listed under $750,000 this year over last due to rising real estate prices, and there has not been enough condominiums to meet demand.

On the higher end of the market, there are at least 50 per cent more $1.5 million plus houses listed. The new and potential taxes from the provincial government are putting pressure on some high value home owners to sell. The provincial taxes include the Foreign Buyer Property Transfer Tax, the increased School Tax and the potential Speculation Tax.

The VREB (Victoria Real Estate Board) President Kyle Kerr summed up the current market well. "You may find more flexibility if you are shopping for a multi-million-dollar estate in certain areas,” he said. However, “you may be in for a competition if you're shopping for a lower priced home or condominium.”

The MLS® (Multiple Listing Service®) HPI (Home Price Index) benchmark value for all types of condominiums (one, two or three bedroom) in Westshore increased by 20.90 per cent over last year from $327,200 to $395.700. It’s interesting to compare this to the MLS® HPI benchmark value for a condominium in the Victoria Core area which increased by 15.7 per cent over last year from $426,900 to $493,900. Comparative prices from last year to this are going up faster in the Westshore area as families and professionals shift their attention away from the less affordable Victoria core and towards vibrant communities like Langford.

Let us know if you’re interested in looking at a condominium at Triple Crown Communities. Residence 1 is now sold, but details about Residence 2 will are coming soon. Sign up for our newsletter The Winner’s Circle to ensure you’re one of the first informed.

Comments

No Rentals to be Found

The rental vacancy rate in B.C. has hovered at an average of 1.3 per cent over the past three years, according to stats from the Canadian Mortgage and Housing Corporation. In Victoria, the rate sat at only 0.5 per cent at the end of 2016. In the Lower Mainland, the City of Vancouver’s rate is 0.8 per cent, while Surrey sits at 0.4 per cent. The rate is 0.5 in Abbotsford and Mission, and White Rock has the fewest available rentals in the region, at 0.1 per cent. Kelowna is sitting at 0.6 per cent. If you have kids going to Royal Roads, consider helping them buy a Triple Crown condo instead of living in barely suitable accommodations in the rental market. A condo is a valuable family asset that will appreciate, and a good way to set your kids on a path towards building their own financial future rather than a landlord's.

Family Life in a Langford Condo

As affordability and availability of single family homes have risen through the last few years, attitudes toward family spaces are shifting. Condo living can be just as fulfilling for the progressive-thinking family as for anyone. Here are some considerations for families: Space . Obviously the biggest challenge families have is rambunctious tots who move a lot, and all the accoutrements that go along with them — craft supplies, bedding, study spaces, books, and toys, toys, and more toys. There are numerous space-saving storage ideas out there which make modern life in smaller spaces possible and even enjoyable. If you are feeling particularly challenged, why not hire a clutter or storage consultant to help you maximize the space? It’s a small investment for a potentially huge gain. Proximity to other families. It’s always nice when children are able to walk to a friend’s house, or have their friends over. You just can’t beat a trip down the hall or across the parki...

How Quiet is my Condo?

“What about the noise?” We hear this question time and again. It’s one of the larger concerns our customers have when they are considering a condo purchase. “I like the idea of the condo lifestyle,” a customer told us. “I’m just not excited about hearing my noisy neighbours on all sides. I like a quiet space.” We get it. And we feel the same way. “Did you know there have been recent changes to the National Building Code (NBC) to reduce noise transmission” we asked? In 2015, the NBC, which is Canada's building code that sets technical provisions for the construction of buildings, was updated to change how builders and architects design for acoustics to ensure you have quieter neighbours. What is required and how they measure it needs a little explaining. The measure of how much material can reduce noise transmission is called the Sound Transmission Class (STC). The higher the STC number, the less sound transmitted. The NBC now requires an STC rating o...

Triple Crown

Search This Blog