The property market throughout Greater Victoria softened in August with fewer sales and a decline in overall prices for single family homes and condominiums; overall prices for townhomes, however, rose in August.
A total of 425 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 527 sales in July. There were 764 sales in August of last year.
Victoria Real Estate Board President, Randi Masters, noted that a softening of sales this year compared to last year was not unexpected given that 2009 was an exceptional year. "Looking ahead, we anticipate that the market will remain relatively stable as any increase in interest rates in the near future will likely be modest. While there may be some further slowing of sales and moderation of prices compared to the unusual year we had in 2009, we expect such changes to be gradual for the foreseeable future," said Masters. Masters added that the Canadian experience has been very different from that in the U.S. where the significant correction in home prices is set against a massive oversupply of homes due to distress sales, combined with a drop in housing demand due to high unemployment. "There is no indication at present that we will be faced with a similar situation arising in our market," commented Masters.
The number of properties available for sale at the end of last month declined to 4,356 but this was still 24 per cent higher compared to the 3,509 available properties in August of last year.
The average price for single-family homes sold in Greater Victoria last month was $586,676 down from $615,004 in July. The median price declined to $548,500. The six-month average declined slightly to $629,272. There were eight single family home sales of over $1 million in August compared to 16 such sales the previous month. The overall average price for condominiums was $320,874 last month, down from $322,905 in July. The average for the last six months was $330,234. The median price for condominiums in August declined to $275,000. The average price of all townhomes sold last month, however, rose to $432,284 from $420,578 in July. The median price rose to $405,000. The six month average was $439,636.
MLS® sales last month included 223 single family homes, 113 condominiums, 43 townhomes and 15 manufactured homes.
Property sales throughout the Greater Victoria area in July returned to the kind of normal level seen in the late 1990s while overall prices declined slightly compared to June. A total of 527 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 625 sales in June. There were 933 sales in July of last year.
Victoria Real Estate Board President, Randi Masters, noted that in the summer months a decade ago there were typically between 450 and 550 sales each month. "Last month’s sales reflect a return to these historically average levels compared to the significantly higher levels seen between 2001 and 2007 when we had a very active market." Masters added that sales activity is expected to pick up again next year as we return to a more balanced market over the coming months.
The number of properties available for sale last month declined to 4,477 but this was still 23 per cent higher compared to the 3,632 available properties in July of last year.
Masters noted that the steadily rising number of properties available for sale in recent months offers buyers a wide choice from which to choose. "Buyers are in less of a hurry given the higher number of properties available for sale and it’s important for sellers to consult with their REALTOR® in order to price their home realistically in order to attract qualified buyers," she added.
The average price for single-family homes sold in Greater Victoria last month was $615,004 down from $649,280 in June. The median price showed little change at $560,000. The six-month average declined slightly to $632,283. There were 16 sales of over $1 million including one on the Gulf Islands. The overall average price for condominiums was $322,905 last month, down from $331,131 in June. The average for the last six months was $326,592. The median price for condominiums in July declined slightly to $289,900. The average price of all townhomes sold last month was $420,578 down from $429,549 in June. The median price declined to $388,000. The six month average was $444,228.
MLS® sales last month included 299 single family homes, 136 condominiums, 44 townhomes and 18 manufactured homes.
Very High End property
• 995 sq. ft., 2 bath, 1 bdrm apartment - 
MLS® $499,900 - Well priced
Downtown, Victoria - A Great Opportunity in the Chelsea, One of Victoria's Finest Boutique Style Condo Developments. The Chelsea was built in 2008 by Concert Properties, Renown in Victoria for Quality, Sustainability, and Community Enrichment. It is Located Just a 5 Minute Walk from Downtown and the Cook Street Village, but in a Quiet Residential Neighbourhood Full of Character and Charm. The Unit itself is Uniquely Located in the Building with a Westerly View over the English Style Courtyard. Concert finished this building with Quartz Slab Counters, Oak Cabinets and Floors, High end Stainless Steel Appliances and Attention to the Fine Details. The Chelsea Has an On Site Caretaker and 8 Years of Warranty Remain.
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Greater Victoria home buyers have a growing number of properties from which to choose as inventory levels rose to 4,730 properties available for sale at the end of June - up 25 per cent from the 3,794 available properties a year earlier. Sales, meantime, softened last month while overall prices showed little change.
A total of 625 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 695 sales in May. There were 946 sales in June of last year.
Victoria Real Estate Board President, Randi Masters, noted that total sales so far this year are running just two per cent ahead of the same period a year ago. "We are seeing a reverse trend to a year ago when sales were slow in the early part of the year then picked up considerably in the spring and summer; this year sales have now begun to slow somewhat following a strong start to the year." Masters added that despite the increase in the number of properties available for sale, prices have remained very stable. "Last month showed very little change in overall prices and with the growing inventory of available properties we do not anticipate any significant upward pressure on prices in the near future."
Overall average prices for single family homes and condominiums rose slightly last month while prices for townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $649,280 up from $646,483 in May. The median price declined to $560,822. The six-month average showed little change at $635,893. There were 27 sales of over $1 million including two on the Gulf Islands. The overall average price for condominiums was $331,131 last month, up from $324,005 in May. The average for the last six months was $325,664. The median price for condominiums in June rose to $295,000. The average price of all townhomes sold last month was $429,549 down slightly from $430,713 in May. The median price declined to $405,500. The six month average was $447,573.
MLS® sales last month included 326 single family homes, 168 condominiums, 67 townhomes and 20 manufactured homes.
• 1,887 sq. ft., 2 bath, 3 bdrm 1 3/4 story - MLS® $439,900 - Priced to sell!
Langford - Lovely English Tudor home with heavy timbers, bay windows, very recently re-shingled roof and freshly painted interior. Three bedrooms up with 4 piece bath. separate dining, updated kitchen with ceramic tile floor and eating nook, family room or 4th bedroom on the main. Large flat lot with established vegetable garden & covered patio is great for kids & entertaining! Home is close to a bus route and an easy stroll to schools or the newly rebuilt Langford downtown core. The home has lots of storage space and a main floor laundry room. Double detached garage is wired & makes a great workshop for the handyman or back yard mechanic.
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The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale.
A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type.
Victoria Real Estate Board President Randi Masters noted that some softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. "So far this year sales are running nearly 14 per cent ahead of the first five months of last year but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt." Masters added that further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. "As of the end of May, there were 4,521 properties available for sale - up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago," she added.
Overall prices for single family homes rose last month while prices for condominiums and townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $646,483 up from $624,149 in April. The median price rose to $594,500. The six-month average was $635,477. There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condominiums was $324,005 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condominiums in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798.
MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.
Great Location with legal suite
• 2,100 sq. ft., 3 bath, 5 bdrm 2 story - MLS®$579,900
Eagle Ridge, Langford - Popular Eagle Ridge subdivision. Built in 2003, this 4 bedroom plus den executive home is the ideal family home with quality finishing and fixtures throughout. Spacious Living room with vaulted ceilings & gas fireplace. Open kitchen with stainless appliances, french doors leading to sunny south exposed deck and level fenced yard with underground sprinkler system and nice landscaping. Wood floors, tiled entrance, 1 bedroom LEGAL suite (could be 2 bdrms). 5th bedroom does not have closet. Double garage. Call now!
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Spacious Top Floor Corner Unit
• 1,192 sq. ft., 2 bath, 2 bdrm apartment - MLS®$447,777
Victoria - On the Gorge Waterway! Own A kayak? Like to take a paddle up the Gorge waterway or take the Trestle bridge and go for a walk? The Lifestyle you have been missing is what you will find when you buy this large 2 bedroom 2 bath corner unit with a wide open floor plan! This unit features large wrap-around decks, gas fireplace, 10' ceilings, huge master bedroom with soaker tub & shower. Well designed kitchen has Kitchen Aid appliances, wide Island and under cupboard lighting. Located close to health club, rowing club & the Glo Europub & Grille, this may be the best and most affordable "lifestyle unit" for you! Underground secure parking is bright & clean.
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Gorge waterway views
• 956 sq. ft., 2 bath, 2 bdrm apartment - MLS® $269,900
Saanich West, Victoria and Greater Victoria - Good sized 2 bedroom, 2 bath 956 sq foot unit with hookup for laundry. Cedar shores is a great, well managed complex on the Gorge waterway that allows rentals. This unit has large living room with fireplace and patio doors to deck with some views. This unit is away from traffic toward Gorge waterway. Easy to show.
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• 2,039 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $509,900
Cobble Hill, Malahat and Area - Custom 2039 sq foot 2 story home featuring front verandah, 2 story foyer, 3 bedrooms plus 13 x 12 office, music room or 4 th bedroom. This is a great room concept home that has main floor master bedroom with full ensuite & walk-in closet. Lots of windows make it bright. Custom high end finishing with granite tops, ceramic tile floors and 3/4" solid hardwood. Kitchen features walk-in pantry & center island. Laundry room upstairs. 4th bedroom does not have closet (but could) Basement is all set up to be finished for the inlaws! Garage is oversize. Don't miss this one! Measurements from blueprint. Measure if important.
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Wide Open Gorge Waterway Views
• 742 sq. ft., 2 bath, 1 bdrm apartment - MLS® $229,900 - Priced to Sell!
SW Gorge, Saanich West - Wide open Gorge views from this 4th floor 1 bdrm condo (rentable). Southwest views over the Gorge Waterway from living room, dining room & bedroom. Updated with burber carpets, crown holdings, newer kitchen, insuite laundry with stacker washer/dryer, 1.5 baths, wood burning fireplace. You will be impressed. Move into the condo, relax & enjoy your beautiful surrounding. Enjoy the fabulous amenities of tennis court, swimming pool, BBQ & party area. Easy commute to downtown & on a great bus route.
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The number of homes and other properties sold throughout the Victoria surged in February compared to January and remained well above the number of sales in February of last year. A total of 621 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from the 418 sales in January and 403 sales in February of last year. Prices for single-family homes and condominiums softened somewhat while prices for townhomes rose slightly.
Victoria Real Estate Board President, Randi Masters, says February’s figures demonstrate continued strength in the market. "There will always be month-to-month fluctuations in prices depending on what kinds of properties sell in a particular month, but the relatively high number of sales in February shows ongoing consumer confidence." Masters added that February sales have now returned to historically more normal levels as a year ago the market was just beginning to emerge from the economic downturn. Masters noted that the number of properties available for sale again increased last month, "As of the end of February, there were 3,280 properties available for sale - up from 2,793 at the end of January but still down slightly from 3,844 properties for sale at the end of February a year ago." Masters added that activity is particularly strong in the mid-price range with nearly 50 per cent of single-family homes last month selling for under $550,000.
The average price for single-family homes sold in Greater Victoria last month was $620,833 down from $644,678 in January. The median price also declined to $560,950. The six-month average was $620,174. There were 20 sales of over $1 million, including one sale on the Gulf Islands for over $2.5 million. The overall average price for condominiums was $304,163 last month, down from $313,337 in January. The average for the last six months was $320,376. The median price for condominiums in February declined to $285,000. The average price of all townhomes sold last month was $460,900 up from $453,013 in January. The median price rose to $430,000. The six month average was $453,440.
MLS® sales last month included 296 single family homes, 192 condominiums, 78 townhomes and 14 manufactured homes.
• 939 sq. ft., 2 bath, 2 bdrm manufactured home - MLS® $79,900 - Low Cost home!
38-1498 Admirals Rd - View Royal - Excellent opportunity to own your own space for very little $$. Clean, bright 2 bedroom unit with newer laminate & vinyl flooring, updated paint, 3 ceiling fans, large enclosed porch rebuilt in 1997, new 25 year roof in 2005, storage shed. Priced for quick sale - call now!
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• 691 sq. ft., 1 bath, 1 bdrm apartment - MLS® $249,900 - Buy for less than rent!
315-663 Goldstream Ave Langford, BC - Fantastic 1 Bed and Full Sized DEN Situated on the Quiet Back Corner of the Building. It is well Laid Out to make Efficient use of All the Space. Large Master Bedroom with a Full Cheater Ensuite with Slate Floors and a Den Large enough to be used as a Second Bedroom. The Living Area features a Fire Place and French Doors leading to the Sunny Deck, It is also Open to the Modern kitchen with Top of the Line Appliances, Plenty of Cupboard Space and an Eating Bar. Central Location close to all kinds of Shopping, Coffee Shops, Movie Theater and only 20 minutes to Town. Why rent! Low interest rates makes this as potentially as AFFORDABLE as renting. Call Now! Note: Appliances included retail for approximately $7500 + Tax
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• 1,053 sq. ft., 1 bath, 2 bdrm manufactured home - MLS® $69,900 - Nice condition
SOLD Cobble Hill, Cowichan Valley Regional District SOLD - Popular adult park (19+) in Cobble Hill Terrace Place MHP. This 2 Bedroom home has many updates - new bath fixtures, new carpet, new painting & also a new addition. 2 detached sheds for tools & hobbies underground sprinkler system, and a big yard. Room for your RV or Boat... shows very well.
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