Victoria BC Real Estate Blog

News Flash: Victoria BC Average House Prices Set NEW Record in April

2008-05-02T15:01:00Z

Victoria Real Estate News May Update: Victoria Real Estate Remains Stable in March Sales of homes and other properties in the Victoria area moderated in April with a total of 768 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 707 sales in March but down from the 898 sales in the same month a year ago. Overall prices remain steady but 28 sales of over $1 million, including two sales in Oak Bay of over $2 million, pushed the average price of single...(read more)

Heritage Home Priced Below BC Assessment at 162 Medana Street in James Bay...Hurry!

2008-04-25T03:01:00Z

Heritage Home James Bay, Victoria - Announcing a price reduction on 162 Medana Street, a 1,883 sq. ft., 4 bdrm 1 1/2 story. Now MLS® $659,900 CAD - Excellant Value. Zoned for B&B with the City of Victoria, Priced below assessed value of $701,000. Sellers operated a B&B succesfully for 15 years, before retiring this year.

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Rising House Values and Lack of Inventory Challenge First Time Buyers

2008-04-23T14:42:00Z

While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX. Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In...(read more)

162 Medana Street in James Bay ...1909 Heritage Home For Sale

2008-04-08T21:57:00Z

James Bay, Victoria - Announcing New Listing at 162 Medana Street, a 1,883 sq. ft., 4 bdrm 1 1/2 story. Now $699,900 CAD - Excellant Value.Priced below Assessment! Loads of Charm and Character in this Turn of the Century charmer. Walk to downtown, Ocean Beaches, and Beacon Hill Park Plus Hopping is one block away. Zoned for B&B, Just apply for your Business licence and you're in Business.

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News Release ..Victoria Real Estate Market Offers More Choices for Buyers

2008-04-02T05:05:00Z

Real estate buyers in the Victoria area have a growing number of properties from which to choose. The total number of properties available for sale rose to 3,591 in March – a 17 per cent increase over March of last year. Victoria Real Estate Board President, Tony Joe, says the return to a balanced market is good news for both buyers and sellers. “With more properties available for sale, buyers now have a greater choice, but the continued demand for homes and steady prices mean sellers...(read more)

Large Two Bedroom Condo on Clarence Street in James Bay High Rise

2008-03-29T04:16:00Z

James Bay, Victoria BC - NEW LISTING 303-139 Clarence Street, a 1,250 sq. ft., 2 bath, 2 bdrm apartment "Large Rooms". Only $399,900 CAD - Excellant Buy.

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Fairfield Victoria BC Real Estate March Update

2008-03-19T06:03:00Z

We here at Fred Carver Real Estate Marketing Re/Max Camosun continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends. Below you will find Fairfield Victoria real estate statistic for March 1, 2008 to March 17, 2008. New listings homes, condo’s and townhouses New to the market in March= 19 Number of new pending sales= 15 Number of Sold’s (completed sale)= 5 Number of homes expiring= 2 Current Pending Sales -Average days on the market=...(read more)

James Bay Real Estate March Market Update

2008-03-13T20:16:00Z

We here at Fred Carver Real Estate Marketing Re/Max Camosun continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends. Below you will find James Bay real estate statistic for March 1, 2008 to March 13, 2008. New listings homes, condo’s and townhouses New to the market in March= 14 Number of new pending sales= 8 Number of Sold’s (completed sale)= 0 Number of homes expiring= 0 Current Pending Sales -Average days on the market= 64...(read more)

Winds of Change on the Horizon with Real Estate Sales in Victoria BC

2008-03-07T05:40:00Z

Victoria BC Homes For Sale. Who Else Wants To Sell Their Home in Victoria BC? With the Winds of Change on the Horizon with Real Estate sales in Victoria BC ..... on March 6, 2008 only 456 out of almost 1202 Active Homes For Sale are Pending sales...This could change in any direction as the year proceeds. When a Home Seller in Victoria wants to Sell "What Should They Do? "... to assure a Sale in an orderly fashion. Many Sellers Ask.... . Why do some homes in Victoria seem to Sell Quickly...(read more)

Real Estate Prices Are Up in Victoria In February...So is Inventory!

2008-03-05T15:51:00Z

The number of sales of homes and other properties in the Greater Victoria area moderated in February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales in January.

Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with strong demand for homes that are realistically priced coupled with a growing selection of available properties for sale. "The total number of properties available for sale rose to 3,311 in February - a 13 per cent increase over February of last year," noted Joe. Last month over 27 per cent of single family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under $275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria and one sale on the Gulf Islands of over $1 million.

The average price of single family homes sold in February in Greater Victoria was $587,295; the median price was lower at $543,500. The six-month average for single family homes was $588,826. The average price of all condominiums sold in February was $333,408; the average for the last six months was $334,577. The median was again lower at $299,450. The average price of all townhomes sold last month was $422,607; the six month average was $426,685. The median price was $395,000.

MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and 13 manufactured homes.
Source VREB

Price Reduced on Top Floor 2 Bedroom Condo at 306-949 Cloverdale Ave

2008-02-28T20:33:00Z

Quadra, Saanich East - Announcing a price reduction on 306-949 Cloverdale Ave, a 1,125 sq. ft., 2 bath, 2 bdrm apartment "One Level". Now $309,900 CAD - Top Floor 2 Bed Condo. Hurry this is a nice large Condo with City Views. Call Fred today to View 598-2963

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Residential Real Estate Markets across Canada Post Solid Gains over Past Decade, says RE/MAX

2008-02-21T21:43:00Z

Pent-up demand, population growth, tight inventory levels, and the longest economic expansion since World War II collectively fueled one of the best decades on record for residential real estate in Canada, according to a report released by RE/MAX.

RE/MAX Decade in Review 1997 - 2007 found that major housing centres across the country experienced strong consecutive growth between 1997 and 2007. Average price spiraled upward while unit sales climbed in tandem as more and more Canadians bought into homeownership. Nationally, average price almost doubled in the 10-year period, rising from $154,606 in 1997 to $307,265 in 2007, for a 7.1 per cent annually compounded rate of return. Home sales across the country increased just over 57 per cent from 331,092 units in 1997 to more than half a million sales last year. Edmonton led the country in terms of percentage increase in average price. The city saw a 203 per cent upswing in housing values - or an 11.7 per cent increase annually - with average price rising from $111,587 a decade ago to $338,636 in 2007. Prince Edward Island experienced the highest percentage increase in unit sales, with the number of homes sold up 119 per cent in the 10-year period.

Immigration and in-migration have played a serious role in jumpstarting residential housing markets, particularly in British Columbia, Alberta, and to some extent, Saskatchewan over the past decade. At first, there was an influx of American buyers, especially in Canada’s coastal regions and recreational hot spots, as our southern neighbours took advantage of the almighty US greenback. Then the European and Middle Eastern purchasers flooded the market, buying up real estate considered ‘cheap’ by international standards. In recent years, there have been a growing number of purchasers from Mainland China. From a global perspective, there’s no question that Canadian real estate brings good value to the table.

Percentage increases in home sales varied across the country, with Prince Edward Island experiencing the greatest upswing over the past decade, followed by St. John’s at 106 per cent, Kelowna at 84 per cent, and Saint John at 77 per cent. Most markets (12 of the 19 surveyed) reported increases between 40 and 60 per cent. Average price has also seen substantial escalation over the 10-year period, with posted gains ranging from a low of 54.4 per cent in London-St.Thomas to a high of 203 per cent in Edmonton. Appreciation in Western Canadian markets surpassed all others between 1997 and 2007, with Calgary ranking second in terms of price appreciation at 189 per cent, Kelowna at 179 per cent, Saskatoon at 137 per cent, Winnipeg at 118 per cent, Victoria at 114 per cent and Greater Vancouver at 99 per cent.

- more -

RE/MAX Decade in Review…2

In 2006, homeownership rates in the country were the highest on record at 68.4 per cent. Population growth has contributed to heated market conditions – especially in Calgary (+31.4 per cent), Edmonton (+20 per cent), Toronto (+20 per cent), and Vancouver (+15 per cent) where percentage increases have hovered in the double-digit range. Overall, Canada’s population rose to almost 33 million in the 2006 census, up approximately 10 per cent from 1996 figures.

The non-cyclical nature of the decade comes as some surprise. Never before have we seen such a continuous run up in Canadian real estate. Clearly, strength in all markets has been directly linked to solid growth in local, provincial and national economies. Low interest rates, job security, and consumer confidence have all served to further bolster home-buying activity across the nation.

Robust economic performance in Western Canada has also drawn job seekers from across the country, looking to capitalize on employment opportunities.

As demand for housing increased across the country, the supply of homes listed for sale began to contract. Multiple offers were commonplace in many areas, some with sales-to-listings ratios as tight as 80 to 90 per cent. Nationally, 1997 marked the first year since 1988 that the sales-to-listings ratio hit 50 per cent. The sales-to-listings ratio would remain above 60 per cent from 2001 onward – rising to as high as 68 per cent in 2002.

The decade was not without its obstacles – the high-tech meltdown, a US recession, 9/11, SARS, Mad Cow, a blackout that affected the entire Northeastern seaboard, natural disasters such as ice storms, hurricanes, and forest fires and more recently, the credit crunch south of the border. Given the continuation of sound economic fundamentals, it’s expected that residential real estate markets across the country will continue to experience healthy activity, albeit at a more moderate pace.

GOOD NEWS FOR FIRST TIME HOME BUYERS.

2008-02-20T23:53:00Z

Victoria BC Real Estate,

Good News for first time home buyers. In yesterdays Provincial Budget the BC Government announced they have increased the home purchase price ceiling to $425,000. See First Time home buyers revised exemption outlined below.

PROPERTY TRANSFER TAX AND

THE FIRST TIME HOME BUYERS’ PROGRAM

February 2008
Property Transfer Tax

You pay property transfer tax each time you register a property at the land title office.

The First Time Home Buyers’ Program

If you are purchasing your first home, you may qualify for an exemption from property transfer tax

if certain requirements are met.

WHAT ARE THE REQUIREMENTS?
Purchaser

You qualify for the exemption if:

􀂃 you are a Canadian Citizen, or a permanent resident as determined by Immigration Canada,

􀂃 you have lived in British Columbia for 12 consecutive months immediately before the date

you register the property, or you have filed 2 income tax returns as a British Columbia

resident during the 6 years before the date you register the property,

􀂃 you have never owned an interest in a principal residence anywhere in the world at anytime,

and

􀂃 you have never received a first time home buyers’ exemption or refund.

Property

The property you purchase qualifies if:

􀂃 the fair market value of the property is not more than the current threshold of $425,000,

􀂃 the land is 0.5 hectares (1.24 acres) or smaller, and

􀂃 the property will only be used as your principal residence.

If the property does not meet all of these requirements, you may still qualify for a partial

exemption.

HOW DO I APPLY FOR THE EXEMPTION?

You apply for the exemption when you register the property at the land title office.

Generally, a lawyer or notary public registers the property and applies for the exemption on your

behalf.

The land title office sends your application to the Ministry of Small Business and Revenue to

verify your eligibility.

Make sure you do not apply for the exemption if you have owned an interest in a principal

residence anywhere in the world at anytime. If you do this, you will be assessed for the tax due

and an additional penalty equal to the tax due.

If you do not apply for the exemption when you register the property at the land title office, you

can apply for a refund of the property transfer tax you pay within 18 months of the date you

WHAT ARE THE REQUIREMENTS TO KEEP THE EXEMPTION?

􀂃 You need to occupy the property within 92 days of the date you register the property and

continue to use the property as your principal residence for at least 1 year after you register

the property.

􀂃 If the land is vacant when you purchase the property, a principal residence needs to be built

on the property within one year of the registration date, and you need to reside on the

property for the remainder of that year. The fair market value of the land, plus the cost of

building any improvements on the land cannot exceed the current threshold of $425,000.

􀂃 The ministry will send you a letter at the end of the first year you own the property. If your

property purchase was registered on, or after, February 20, 2008, the letter will ask you to

confirm that the property is still your principal residence. If your property purchase was

registered before February 20, 2008, the letter will ask for details of your financial account(s)

that you have registered against your property from the date of registration until

February 20, 2008.

􀂃 If your property purchase was registered before February 20, 2008, and you paid down your

mortgage before February 20, 2008, there are limitations on how much of your financing you

can pay down. For further details, please see Bulletin PTT 004, First Time Home Buyers’

Program.

􀂃 You may still qualify for a partial exemption if you pay down your financing more than the

limitation amount before February 20, 2008, or if you move off the property before the end of

the first year.

􀂃 It is your responsibility to make sure the ministry receives all of the necessary information. If

the ministry does not receive the information, you will be assessed for the property transfer

tax due.

More Information

This brochure provides general information on the First Time Home Buyers’ Program. For details

on the program, please see Bulletin PTT 004, First Time Home Buyers’ Program. This bulletin is

available on our website at www.gov.bc.ca/sbr

If you have any questions, please contact us.

Telephone: (Victoria) 250 387-0604

Toll-free in Canada: 1 800 663-7867 (request a transfer to 250 387-0604)

E-mail: PTTENQ@gov.bc.ca

Victoria luxury and waterfront homes and real estate sale

2008-02-09T05:54:00Z

Victoria luxury and waterfront real estate 75 to 90 % of all Victoria Home Buyers start their search for luxury and waterfront homes in Victoria on the internet. Fred Carver has a successfull internet marketing program to sell waterfront and luxury homes and real estate in Victoria BC, with Fred's internet marketing YOUR home will be featured on many major real estate serach sites like Goggle. He is ranked on the first page on the major search engines under Victoria Real Estate, Victoria BC Real Estate,victoria luxury waterfront homes, victoria luxury waterfront real estate, and more plus, Google Fred Carver Realtor in Victoria to see more. Ask Fred to use his Secret proven Internet Markleting to Help you find or sell Your luxury or Waterfront home in Victoria BC and worldwide.

I have a direct line to Call Fred Carver direct 250-598-2963.

Victoria Luxury Waterfront Real Estate Market Conditions

2008-02-05T05:09:00Z

Victoria Luxury Waterfront Property Update

We here at Fred Carver Real Estate Marketing Re/Max Camosun continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends. Below you will find Victoria real estate statistic for Feb 4th, 2008.

Luxury waterfront homes, condo’s,and townhouses on the market= 208

Number of pending sales= 34

Number of Sold’s (completed sales in 2008)= 20

Number of luxury waterfront homes and condo’s expiring= 2

Current Pending luxury waterfront Sales -Average days on the market= 72

Year to-date (02/04/07 to 02/04/08) Activity: Solds = 323 Pending = 34

Average Selling price YTD= $967,000

If you would like a free list of homes for sale in this neighborhood, and would like more information about Victoria BC or would like to be the first to know about HOT new listings before other buyers do, then give me a call at: 598-2963

Fred Carver Associate Broker

Fred Carver Real Estate Marketing with Re/Max Camosun

598-2963, Calling from out of town? Call toll free 1-800-663-2121