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.

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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.

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Residence 1 Now Sold Out!

Thank You to everyone who has invested in the Triple Crown Community and purchased a condominium. All 46 units in Residence 1 are now sold. Those of you who were not ready to buy, or who are waiting for the next phase of condominiums, stay tuned. We will be announcing details soon. Now that you’ve put a deposit down for your new condominium, make sure you make yourself aware of some expenses you will need to set aside some money to pay before the day that you close if you’re living in or renting your unit. Closing costs GST is included with the rebate going to the seller. If the buyer is not living in the unit and not eligible for the rebate they must pay the rebate portion on top of the Selling price. Property Transfer Tax (PTT) is similar in that it is included if you are living in the unit. Those not living in the unit they must pay the PTT on top of the Selling price net of the GST. You will need insurance for the unit whether living in it or renting it out...

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