- More homes for sale - welcome news for Homebuyers
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More Homes for Sale—Welcome News for Homebuyers
Vancouver, BC – May 14, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.4 per cent to $4.1 billion in April, compared to April 2007. Residential unit sales declined 11 per cent to 8,623 units during the same period. The average MLS® residential price in the province reached $478,044, up 11 per cent from April 2007.
“Rising inventories are providing more choice for consumers and exerting less upward pressure on home prices,” said Cameron Muir, BCREA Chief Economist. Active MLS® residential listings in the province were up 37 per cent to 47,923 units in April. “The combination of a slower pace of home sales and some profit taking by investors is contributing to a balance between housing demand and the supply of homes for sale.”
“While homebuyers now face less competition for the homes available for sale,” added Muir, “competition among home sellers means curb appeal, interior condition and prudent pricing are necessary for faster sale.”
In the first four months of the year, MLS® residential sales volume in the province fell 1.8 per cent to $13.2 billion compared to the same period in 2007. Residential unit sales declined 13 per cent to 27,730 units, while the average MLS® residential price increased 13 per cent to $474,993.
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For more information, please contact:
Cameron Muir
Chief Economist
Direct: 604.742.2780
- Strong Real Estate Sales Mark Start to 2008
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Strong Real Estate Sales Mark Start to 2008
February 1, 2008
Sales of homes and other properties in the Greater Victoria area got off to a solid start in the first month of 2008. There were 464 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in January, up from the 442 sales in the same month a year ago. There were 408 sales in December. Meantime, the total number of properties available for sale rose to 3,027 - a 14 per cent increase over January of last year.
Victoria Real Estate Board President, Tony Joe, says the market remains very healthy and the strong sales and increase in inventory represent good news for sellers and buyers. "There continues to be strong demand for homes that are realistically priced and the increase in the number of properties available for sale means more choice for buyers," said Joe. Joe noted that nearly 29 per cent of single family homes sold for less than $450,000 last month while nearly 37 per cent of all condominiums sold for under $275,000 in January.
Joe added that 19 sales of over $1 million had an upward impact on the average price of single family homes, "The average price of single family homes sold in January in Greater Victoria was $606,449 but it is important to note that the median price was considerably lower at $530,200." The six-month average for single family homes was $586,338. The average price of all condominiums sold in January was $349,045; the average for the last six months was $326,904. The median was again lower at $304,450. The average price of all townhomes sold last month was $423,774; the six month average was $419,926. The median price was $392,950.
MLS® sales last month included 249 single family homes, 125 condominiums, 43 townhomes and 16 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
- NOVEMBER SALES STATS
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November Real Estate Market Strong Sales, Record Prices
December 3, 2007
The Victoria area real estate market continued to show exceptional strength last month with strong sales and record average prices for single family homes and townhomes. There were 623 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in November, up from the 571 sales in the same month a year ago. There were 708 sales in October of this year.
Victoria Real Estate Board President, Bev McIvor, noted that 16 sales of over $1 million pushed the average price of single family homes in Greater Victoria to a new record high of $596,586. "As always, it’s important to note that high end sales have a significant impact on the average price and that the median, or mid-range price, was considerably lower at $510,000." McIvor noted there were also three sales over $1 million on the Gulf Islands last month and that the average price of all townhomes sold also reached a new record high of $473,758. "The high demand and robust prices show continued strong consumer confidence in the market," added McIvor.
The six-month average for single family homes was $576,230. The average price of all condominiums sold in November was $311,844; the average for the last six months was $324,255. The median was again lower at $292,000. The six month average of all townhomes sold last month was $411,262. The median price was $421,750.
MLS® sales last month included 335 single family homes, 179 condominiums, 63 townhomes and 14 manufactured homes.
There were 3,196 properties listed for sale on the MLS® system at the end of last month, up slightly from the 3,158 properties in the same month a year ago.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
- Sales and Prices surge in June
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| Real Estate Sales and Prices Surge in June | July 3, 2007 |
The number of sales of homes and other properties in the Greater Victoria area surged to the highest level for the month of June in over 15 years last month. There were 949 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in June, up nearly 25 per cent from the 762 sales in the same month a year ago. There were 963 sales in May of this year. Meantime, the average price of single family homes sold in June hit a new record high of $573,415; the median price was considerably lower at $501,500; the six-month average was $553,323. Victoria Real Estate Board President, Bev McIvor, notes there were 23 sales of single family homes for over $1 million. "The overall average price can be skewed higher due to sales at the high end of the market and while this is the first time that the median price for single family homes has topped $500,000, it’s important to note that nearly a third of single family homes last month sold for under $425,000." Meantime, McIvor added that the exceptional sales figures last month shows consumer confidence in the market remains very strong. "Total sales so far this year are running nearly eight percent higher than in the first six months of last year," said McIvor. The average price for all condominiums sold in June was $348,089; the average for the last six months was $316,226. The median was again lower at $275,500. The average price for townhomes last month was $406,606; the average for the last six months was $392,507. The median was $379,900. MLS® sales last month included 530 single family homes, 241 condominiums, 99 townhomes and 22 manufactured homes. There were 3,550 properties listed for sale on the MLS® system at the end of last month, up 13% from the 3,147 properties in the same month a year ago. Summary Report and Graphs Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs |
- Sales and Prices INCREASE in April 2007
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| Real Estate Sales and Prices Increase in April | May 1, 2007 |
Real estate sales remained strong throughout the Greater Victoria area in April while the sale of 28 single family homes over $1 million pushed the average price to a new record high. There were 898 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in April, up 15% from the 780 sales in the same month a year ago. There were 833 sales in March of this year. Victoria Real Estate Board President, Bev McIvor, says the new record average price of $568,710 in April for single family homes in Greater Victoria must be viewed in context. "The sale of numerous high-priced homes in any given month can have a significant impact on the overall average price and it’s important to note that the median price for single family homes in April was considerably lower at $489,000; the six-month average was also lower at $538,534." McIvor noted that over 21% of single family homes in April sold for under $400,000. "The strong sales and robust prices that we are seeing so far this year are indicative of continued public confidence in the underlying strength of the real estate market," added McIvor. The average price for all condominiums sold in April was $318,601; the average for the last six months was $315,646. The median was again lower at $272,500. The average price for townhomes last month was $392,881; the average for the last six months was $386,172. The median was $352,500. The number of properties available for sale on MLS® continued to increase. There were 3,305 properties listed at the end of last month, up 26% from the 2,627 properties in the same month a year ago. MLS® sales last month included 522 single family homes, 238 condominiums, 71 townhomes and 18 manufactured homes. Summary Report and Graphs Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs |
- Price Reduced on 103-9919 FOURTH STREET in Downtown Sidney
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Downtown Sidney, Sidney - Announcing a price reduction on 103-9919 FOURTH STREET, a 800 sq. ft., 1 bath, 1 bdrm apartment "Ground level with SE patio". Now 
MLS® #225705 $224,900 - Well Priced- Reduced.
Property information
- Price Reduced on 103-9919 FOURTH STREET in Downtown Sidney
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Downtown Sidney, Sidney - Announcing a price reduction on 103-9919 FOURTH STREET, a 800 sq. ft., 1 bath, 1 bdrm apartment "Ground level with SE patio". Now MLS® #225705 $229,900 - Well Priced- Reduced.
Property information
- Victoria Real Estate Prices steady in February
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Real Estate Sales Increase
Prices Steady in February  | March 1, 2007 |
The number of sales of homes and other properties throughout Greater Victoria jumped by 60 per cent in February. Prices, meantime, remained stable. There were 707 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, up significantly from the 442 sales in January. There were 658 sales in February of 2006. The number of properties available for sale on MLS® continues to increase. There were 2,919, properties listed for sale at the end of last month compared to 2,320 properties in the same month a year ago. Victoria Real Estate Board President, Bev McIvor, says the strong volume of sales and robust prices are good news for both buyers and sellers. "The figures offer clear evidence of continued strength and confidence in the market. At the moment there is every indication that this stability will continue as we head into spring." McIvor added that the market offers a wide choice for buyers. "At the high end there were 17 single family sales of over $1 million in February but it’s important to note that over 25 per cent of single family homes sold for less than $400,000 and over 44 per cent of condominiums sold for less than $250,000." The average price of single family homes sold in Greater Victoria last month was $534,101; the average for the last six-months was $527,103. The median was lower at $472,000. The average price of all condominiums sold in February was $283,246; the average for the last six months was $305,635. The median was again lower at $263,750. The average price of townhomes sold last month was $387,281; the average for the last six months was $376,639. The median was $370,000. MLS® sales last month included 372 single family homes, 211 condominiums, 63 townhomes and 17 manufactured homes. Summary Report and Graphs Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs |
- Apartment For Sale in Downtown Sidney
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Immaculate Downtown Sidney Location
• 800 sq. ft., 1 bath, 1 bdrm apartment "Ground level with SE patio" - MLS® #225705 $234,900 - Well Priced
Downtown Sidney, Sidney - Very spacious 800 sq. ft. one bedroom suite in beautiful Sidney by the Sea. This garden level home boasts a private patio with S.E. exposure to enjoy morning coffee, electric f/p in the living room, in-line liv/din. & in-suite laundry. Very roomy kit with plenty of cupboards & counter space plus an eating area. You won't be short of storage space either with oodles of closets and storage within the suite. All of this is just a short stroll to downtown Sidney, library, transportation & shopping.
Property information
- Apartment For Sale in Downtown Sidney
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Immaculate Downtown Sidney Location
• 800 sq. ft. apartment "Ground level with SE patio" - $234,900 - Well Priced
Downtown Sidney, Sidney - Very spacious 800 sq. ft. one bedroom suite in beautiful Sidney by the Sea. This garden level home boasts a private patio with S.E. exposure to enjoy morning coffee, electric f/p in the living room, in-line liv/din. & in-suite laundry. Very roomy kit with plenty of cupboards & counter space plus an eating area. You won't be short of storage space either with oodles of closets and storage within the suite. All of this is just a short stroll to downtown Sidney, library, transportation & shopping.
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- HOME PRICES ARE FLAT
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For first time in 6 years, home prices are flat
TAVIA GRANT
Thursday, February 08, 2007
For the first time in more than six years, Canadian housing prices have remained flat, a sign the country's hot real-estate market may finally be cooling.
Home prices didn't budge between November and December, Statistics Canada said Thursday. It was the first time since June, 2000, that its monthly new housing price index was unchanged.
That easing will help keep inflation under wraps, an economist said.
“The rise in new house prices that feeds directly into the consumer price index for shelter, is expected to put less upward pressure on core services inflation in the coming months,” said Ted Carmichael, chief economist for J.P. Morgan Securities Canada.
Unlike previous months, December's monthly drop was concentrated in Alberta, where prices slid 0.9 per cent. It was the largest drop in eleven years, though prices are still up 38 per cent on an annual basis, according to National Bank Financial.
“This is a significant development since Alberta housing costs have been the source of a significant part of inflationary pressures in Canada, adding around 0.4 percentage point to the national CPI,” noted Stéfane Marion, an economist at National Bank.
The report came on the same day that Canada Mortgage and Housing Corp. repeated its prediction that housing starts will ease this year, after 2006 saw record activity in terms of both activity and price increases.
Canadian home prices remain much higher than they were a year earlier. Contractors' selling prices were 10.7 per cent higher than a year ago, with price increases in 9 of the 21 metropolitan areas surveyed. Saskatoon had the largest monthly increase, followed by Regina and London.
While housing starts are expected to slide this year, they took off with a bang in January, climbing a greater-than-expected 17.3 per cent with a surge in condo construction.
Mild weather spurred starts to a seasonally adjusted 249,300 units in January — a two-and-a-half year high -- from 212,600 in December, CMHC said in a separate report.
Starts have soared over the past year amid low mortgage rates, a strong labour market and buoyant consumer confidence. CMHC continues to expect the market will ease this year.
“The volatile multiples segment bounced back in January, accounting for most of the growth this month,” said CMHC's chief economist Bob Dugan, in release.
He expects starts to ease to 209,500 units this year, though they'll remain above the 200,000 mark for the sixth straight year.
Economists don't foresee a dramatic weakening in the market.
“Canada's strong labour market and rising incomes will continue to underpin housing demand,” said Dawn Desjardins, senior economist at Royal Bank of Canada. “We anticipate that the rapid pace of multi-unit activity will slow and that overall activity will be more moderate in 2007.”
Urban multiple starts grew at a double-digit pace, CMHC said. Urban singles starts rose overall, but eased in Quebec and British Columbia.
The Atlantic region experienced the largest percentage increase in urban starts, at 36.2 per cent, the national housing agency said.
© The Globe and Mail
- Current MLS Stats Feb 1st 2007
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| Strong Start to the Year for Victoria Area Real Estate Market | February 1, 2007 |
The Victoria area real estate market got off to a strong start to the year last month both in terms of sales and prices. There were 442 property sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in January, up from 385 sales in December. There were 496 sales in January of last year. Victoria Real Estate Board President, Bev McIvor, noted that prices remained steady and the number of properties available for sale continues to increase. "There were 2,661 properties of all kinds available for sale at the end of last month - up 22 percent from the same month a year ago." McIvor noted that nearly a quarter of all single family homes sold last month for under $375,000 and 49 percent of condominiums last month sold for under $250,000. "We recognize that affordability is a concern given the significant increases in prices over the past few years, but it’s important to note that there are still many homes available for sale in more modest price ranges." The average price for single family homes in Greater Victoria last month was $511,192; the average for the last six-months was $522,123. The median was lower at $451,000. The average price for all condominiums sold in January was $351,508; the average for the last six months was $308,990. The median was again lower at $254,500. The average price for all townhomes last month was $357,308; the average for the last six months was $369,236. The median was $330,000. MLS® sales last month included 242 single family homes, 119 condominiums, 40 townhomes and six manufactured homes. Summary Report and Graphs Monthly Sales Summary
Average Selling Price Graphs
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- 1 1/2 Story For Sale in Deep Cove
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Rural location
• 2,699 sq. ft., 4 bath, 4 bdrm 1 1/2 story "Custom" - MLS® #222754 $635,000 - Well Priced
Deep Cove, North Saanich - Ready to move in sunny south-facing West Coast family home on a private one acre lot. Feels like Whistler w/spectacular open plan, vaulted ceiling and many decks. Updated w/warm inviting colors & gorgeous natural materials - cedar, oak floors, slate. Lots of flexibility with almost 2700 sq ft and rooms that could be used as office, studio, reading room, playroom or bedrooms. Large bright kitchen w/a beautiful greenhouse window plus storage in adjacent laundry-room/pantry. Floor plan available.
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- 1 1/2 Story For Sale in Downtown Sidney
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2005 Built Immaculate
• 3,464 sq. ft., 4 bath, 4 bdrm 1 1/2 story "Good Layout" - MLS® #224087 $899,000 - Well Priced Waterfront
Downtown Sidney, Sidney - Fabulous new home near North Saanich Marina.Built with the finest products in mind. Huge family kitchen with island, solid cherry cabinetry, granite countertops, bar sink, all appilances etc.The house has been designed so a couple can live comfortably on the main, yet up you have 3Br, 2 Ba and an office. A dramatic open interior keeps the living areas in touch. The master BR suite allows you to escape into your sanctuary. An over size RV garage/workshop complete the home.
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- 10955 Marti Lane in Downtown Sidney
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Downtown Sidney, Sidney - 10955 Marti Lane, a 3,464 sq. ft., 4 bath, 4 bdrm 1 1/2 story "Good Layout". Now MLS® #224087 $899,000 - Well Priced Waterfront.
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