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Victoria Sales by Price Range / Year-over-year percentage change

Posted on by Brad Hall

The Victoria Real Estate Board provides valuable insights into the local market, including year-over-year percentage changes and detailed pricing data for Single Family Homes, Townhouses, and Condos. Whether you’re buying or selling, understanding these trends can help you make informed decisions.

Key Market Trends:

  • Year-over-Year Price Changes: A breakdown of how pricing has shifted across different property types.
  • Fastest-Selling Price Points: Some price brackets consistently sell faster than others. Identifying these can be crucial if you’re planning to list your home.
  • Market Dynamics: Insights on which price ranges are seeing the least number of days on market, helping sellers position their listings more competitively.

If you’re considering listing your property, knowing where your home fits within these trends can give you a strategic edge. Contact us for expert guidance on how to maximize your home’s value in today’s market!

Would you like any specific data included from the latest VREB report? https://creastats.crea.ca/mls/vict-sales-by-price-range.

Contact Brad @ bradhall@remax.net

New Regulations for Financing

Posted on by Brad Hall
December 15th,
New Rules and Regulations:
Increased Price cap on insured mortgages.
The maximum purchase price for high-ratio-insured mortgages (LTV greater than 80%) has increased to $1,499,999.
Please note the downpayment requirements for such Loans…
5% down payment on the portion of a purchase price up to $500,000.
10% down payment on the remainder of the lending value (i.e. purchase price between $500,000 and under $1,499,999).
Extended Amortization:
Maximum 30-year amortization will now be available for:
  • First-time homebuyers OR
  • Borrowers that are purchasing a new build property.
* Property must be owner-occupied or occupied by a family member on a rent-free basis.
Anyone can buy with a minimum downpayment, now, up to 1,499,999 (as long as it’s the primary residence), only FTHB or new build buyers can also buy with 30-year amortization.
Any borrower putting down 20% or more may access 30-year amortization over or under $1.5 million (always have been able to).
Who is considered a First-time homebuyer?
  • A borrower who has never purchased a home before
  • A borrower that has not occupied a home as a principal residence that either they themselves or their current spouse or common-law partner owned in the last 4 years
  • A borrower who recently experienced the breakdown of a marriage or common-law partnership.

October Stats

Posted on by Brad Hall
The recent data from the Victoria Real Estate market paints a clear picture of the challenges faced by buyers and sellers alike. The decline in property sales this October, compared to both the previous month and the same period last year, is attributed to the rising interest rates, causing consumers to tread cautiously. The uncertainty surrounding the Bank of Canada’s rate announcement led some buyers to postpone their plans, reflecting the impact of monetary policy on market dynamics. Despite the decrease in sales, there is a silver lining in the form of an increase in available properties for sale. With a 25.7 percent rise in active listings compared to last year, buyers now have a wider selection to choose from. This uptick in inventory could provide a boost to those looking to make a purchase in the coming months. It’s worth noting the advice of Victoria Real Estate Board Chair Graden Sol, who suggests that even though the market tends to slow down in the colder seasons, there are still active buyers. Planning and strategy are key, and potential buyers and sellers are encouraged to consult with local REALTORS® to navigate the market effectively. Overall, the market’s resilience in the face of changing interest rates demonstrates the adaptability of both consumers and real estate professionals in Victoria.

Saanich New Version of Missing Middle Housing

Posted on by Brad Hall
https://www.westerninvestor.com/british-columbia/saanich-endorses-small-apartments-on-single-family-lots-7101121?utm_source=Email_Share&utm_medium=Email_Share&utm_campaign=Email_Share
This article discusses the District of Saanich’s decision to create a new small-apartment zone that would allow developers to build three-storey apartments on single-family lots. The district aims to provide more housing options for people, particularly students and working professionals, who have not been well served in terms of affordable housing. The proposed zone is expected to be less expensive to build than larger apartments, as it does not require complex systems like elevators and HVAC. One noteworthy aspect mentioned in the article is the 1-2 year wait for approval by the Saanich Council. Although the B.C. government has introduced its Homes for People action plan, which includes rezoning to allow for higher density housing, the District of Saanich has taken the initiative to create its own small-apartment zone. However, this new zone cannot be added to the district’s zoning bylaw until a developer comes forward with a specific project and successfully obtains rezoning. The mayor is optimistic about receiving applications, especially considering the demand for housing near the university and college campuses in Saanich. The article also touches upon the confusion surrounding whether the additional units allowed by the Homes for People program will be restricted to rentals or if property owners can add strata homes (condos or townhouses) that can be sold. While the province’s plan includes measures such as a flipping tax and speculation and vacancy tax to address housing affordability and discourage speculative practices, it is unclear whether strata homes will be permitted under the new zoning legislation. Overall, this article highlights Saanich’s proactive approach to address housing challenges and create more housing options. The decision to establish a small-apartment zone shows a willingness to adapt to the local housing needs, although the actual implementation is subject to project proposals and the rezoning process.  
 

Saanich policy to require developers to help displaced tenants

Posted on by Brad Hall
The new tenant assistance policy adopted by Saanich, B.C., council to require property owners to provide help for renters being evicted during demolition or renovation of buildings may not necessarily lead to the development of new multifamily housing units. The policy requires property owners to offer relocation help and the right to a new suite at a discounted rate for all rezoning applications that result in the permanent displacement of five or more tenant households. While the policy aims to minimize the impact on renters and provide a lifeline for many who may not be able to continue living in the community, it may not encourage developers to build new multifamily housing. Developers may be reluctant to build new multifamily housing for various reasons. First, the policy could increase the cost of development for developers who would have to provide relocation assistance and compensation for moving expenses, rent, and support for tenants needing additional help. This could lead to lower returns on investment, and some developers may opt to invest in other regions where such policies are not in place, or where they can easily recoup their investments. Second, the policy could also discourage developers from building new multifamily housing units because of the right of first refusal for tenants to return to the new unit and expect to pay rent 20 per cent below the market rate at the time. This may not be attractive to developers who may prefer to rent out units at market rates to maximize their returns on investment. Third, the policy could create uncertainty for developers, as they may not know whether their rezoning applications will result in the permanent displacement of five or more tenant households. This uncertainty could make developers hesitant to invest in the region, as they may be unsure of the potential financial implications of the policy. Fourth, the policy may not address the underlying issue of housing affordability in the region. While the policy aims to minimize the impact on renters, it does not address the shortage of affordable housing units in the region. Developers may be hesitant to invest in the region because of the lack of demand for new housing units, especially if they cannot rent out units at market rates. In conclusion, the new tenant assistance policy adopted by Saanich, B.C., council to require property owners to provide help for renters being evicted during demolition or renovation of buildings may not necessarily lead to the development of new multifamily housing units. While the policy aims to minimize the impact on renters, it may not encourage developers to build new multifamily housing because of the potential financial implications, uncertainty, and lack of demand for new affordable housing units. Therefore, it may be necessary for policymakers to consider other strategies to incentivize developers to build new housing units and address the underlying issue of housing affordability in the region.

2021 VICTORIA REAL ESTATE BOARD AWARDS

Posted on by Brad Hall
As everyone discovered, the pandemic is extremely good business for real estate. The Canadian Real Estate Association’s report showed that 2021 national prices shot past the average home price in December, 2020 by 17.7 per cent. According to BC Assessments’ 2021 property values, valuations of properties in small communities soared 47 per cent. Pressure was added for many Buyers that were constantly competing with each other, and putting themselves in some difficult positions having to make unconditional offers. I trust that when you decide to make a Decision to Sell or Buy your next Home, investment, or Family Vacation Property you will Seek the Help of a Professional REAL ESTATE Advisor and That REALTOR is me. I would like to thank my Clients, Family, Friends, and Colleges that helped me to be successful in 2021, and I look forward to providing many more Years of Professional, REAL ESTATE Services. All The Best in 2022 Brad Hall      

2021 Market Summary

Posted on by Brad Hall
Hello and Thanks for checking in on my web site. For the past couple of years Buyers looking to purchase in the South Vancouver Island market has faced some challenging Times. Low inventory of Single Family Homes, Condos and nearly next to nothing for Townhomes has been the Norm Unfortunately. I update my web site monthly to provide a quick snap shot of pricing for these 3 categories. I am witnessing a trend of shrinking inventory that is pushing pricing up and competing with a large pool of Buyers seeking what seems to be the same Property. I have personally wrote close to 100 offers this year and finished with a 25% success Rate! There were always competing offers for just about every property that my clients submitted an offer on. Lets hope that 2022 brings us stability back to our lives, and the Real Estate Market finds a well balanced market for both Parties. Victoria Real Estate Board statistics package December 2021

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