Real Estate Market Offers More Choices for Buyers
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 can anticipate strong interest in properties that are realistically priced.” There were 707 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in March, down from the 833 sales in the same month a year ago but up 14 per cent from the 619 sales in February.
Joe added that prices remained steady last month, “Twenty-eight per cent of single family homes sold for under $450,000 while nearly 36 per cent of condominiums sold for under $275,000.” At the higher end of the market, Joe noted that there were 20 sales in Greater Victoria and two sales on the Gulf Islands of over $1 million. The average price of single family homes sold in March in Greater Victoria was $597,176; the median price was lower at $529,625. The six-month average for single family homes was $591,439. The average price of all condominiums sold in March was $328,734; the average for the last six months was $332,552. The median was again lower at $300,000. The average price of all townhomes sold last month was $458,378; the six month average was $437,523. The median price was $411,500. MLS® sales last month included 407 single family homes, 170 condominiums, 68 townhomes and 16 manufactured homes.
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Most boomers will stay put in retirement
60% of Canada’s baby boomers intend to remain in their current community when they retire, according to RBC’s 15th annual home ownership study. While so-called “zoomers” dream of foreign travel and an active retirement lifestyle, they also want a familiar home base where they know their neighbours and community, says Catherine Adams, the Royal Bank’s vice president of home equity financing. Thus, 53% of 1238 boomers born between 1946 and 1965 intend to remodel their homes, while 19% expect to undertake major renovations. And 24% also intend to buy a second property or vacation house.
Boomers do not appear to be attracted to “seniors-only” communities: more than 75% are more interested in living in an area with a mix of younger and older residents. Ms Adams speculated that may be “because mot of Canada’s boomers don’t see themselves as old.” RBC found four distinct categories of “roving” boomers: the 40% who do plan to be on the move. Within this group, 29% are Camp 60 Plus and will want to retire in a community close to nature with plenty of outdoor activities; 22% are dubbed “Let me entertain you” and will choose settings focused on social interactions and activities; 16% are termed “Survival of the Fittest” and will focus on communities oriented to health, fitness, nutrition and emotional well-being; and 15% were categorized as “Reduce, Reuse, Retire,” emphasizing environmental responsibility. Not surprisingly the poll – conducted by Ipsos Reid in January – finds boomers still want it all. 89% want a home within walking distance of necessary services; 88% want a home appropriate for entertaining friends and family; and 84% want to be close to water. Interestingly, 87% want a home which features everything on one floor – it appears aging boomers are becoming aware their bodies may not always be up to frequent trips up and down stairs! One in three want a “boomer bungalow” with everything on one floor. Among the mobile boomers, 40% seek more affordable housing : 47% of the total group expect to move to a smaller home in retirement versus only 10% that want a larger home.
Snowbird boomers While 35% will seek warmer climates to get away from Canada’s harsh winters, only 11% expect to move to a different country. Hmmm, maybe they consider Florida to be our 11th province? Sandwich generation Despite the oft-used phrase “sandwich generation,” 61% are not attracted to homes that have separate quarters for adult children still living at home. Even so, 53% would consider separate living quarters for aging parents or relatives. The “boomerang” effect is more likely: 15% report that adult children aged 21 or more are still living at home, while only 5% of boomers report having parents or in-laws living with them. Debt in Retirement 61% of the boomers surveyed still have a mortgage although 83% believe it’s important to have them paid off before retirement. 22% believe their home will their primary income source in retirement (presumably through home equity lines of credit or reverse mortgages). Convienience 78% of the boomers surveyed would like a maintenance service for their home while 59% expect to be attracted to condominiums where security and landscaping are taken care of and they can share amenities like pools, gyms or golf courses
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First time Buyers and Internet use 2008 click here to download.
Real Estate Records Broken in 2007
The value of all property transactions through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) hit a new record of over $4.1 billion in 2007, up from $3.3 billion in 2006. The value of single family home sales was over $2.5 billion while the value of condominium sales was over $756 million. Victoria Real Estate Board President Tony Joe noted that both sales and prices for all major property types increased last year. “Last year was another exceptional year for the local real estate market.
The total number of sales increased over 12 per cent while the overall average price for single family homes rose 8.5 per cent; the average for condominiums rose over 11 per cent and the average for townhomes rose 10.5 per cent,” said Joe. Meantime, the sale of 14 single family homes in Greater Victoria over $1 million pushed the average price to a new record high of $624,450 last month; the median price, however, was considerably lower at $536,000. “It’s always important to bear in mind that the average price in a given month can often be significantly affected by the sale of high-priced homes,” noted Joe. The six-month average for single family homes in December was $581,419. The average price of all condominiums sold in December was $332,793; the average for the last six months was $319,980. The median was again lower at $292,900.
The average price for townhomes sold last month was $445,960; the average for the last six-months was $415,648. The median price was $387,900. There were 408 MLS® sales last month, up from 385 sales in December of last year. There were 623 sales in November. Sales last month included 202 single family homes, 120 condominiums, 46 townhomes and 8 manufactured homes. There were 2,799 properties listed for sale on the MLS® system at the end of last month, up from the 2,650 properties in the same month a year ago.
The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.
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Vancouver Island Housing Starts Reduced In November
December 11, 2007
Victoria, December 10th, 2007 - In November, Vancouver Island homebuilders broke ground on 350 new dwelling units in urban centres. This represents a slowing in the pace of new construction: on a year-to-date basis, 2007 housing starts are eight per cent below last year's levels.
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November Real Estate Market
Strong Sales, Record Prices
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.
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The use of average price information can be useful in establishing trends when applied
over a period of time, i.e. six months or longer. The Victoria Real Estate Board
cautions that an average price does not indicate the actual value of any particular
property. Those requiring specific information on property values should contact a
REALTOR®.
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