Victoria Real Estate Blog - Lorne Tuplin

Last Half of 2011 Sees Stabilized Real Estate Market

Lorne Tuplin — Wed, 04 Jan 2012 20:10:00 GMT

While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December, annual sales for single family homes, townhomes and manufactured homes had increased, while condominium sales decreased by 15% compared to December 2010.

"This may be the result of an increased number of lower priced single-family homes that became available," says Carol Crabb, President of the Victoria Real Estate Board.

Crabb cites that housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.

"This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August," says Crabb. "During the last quarter of 2011, it has been virtually unchanged month over month."

"While we were trending towards a buyers’ market, based on both the prices and number of properties for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced market," she says.

December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active listings has been fewer than 4,000 since February 2011.

December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales in November. There were 349 sales in December 2010. Crabb notes that sales typically decline each December, reflective of the holiday season.

The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly from $592,034 in November. The median price also increased to $535,750 while the six-month average declined to $607,221. The overall average price for condominiums last month was $312,066, down from $320,558 in November. The median price for condominiums in December also decreased to $270,000 while the average for the last six months declined marginally to $321,177. The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. The median price increased to $375,000 from 360,000, while the six month average declined to $416,361.

There were six sales of single-family homes marginally over $1 million, with one in View Royal and five in Saanich East. The highest volume of sales in December 2011 was in Saanich East.

MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 11 manufactured homes, totaling 320 residential sales.

Real Estate Activity Increases in October

Lorne Tuplin — Mon, 14 Nov 2011 23:36:00 GMT

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, "It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year." Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. "There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000," noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.

Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. "The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September."

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from $622,393 in September. However, the median price increased to $539,750 while the six-month average decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000 while the average for the last six months declined to $323,039. The average price of all townhomes sold last month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six month average declined to $438,167.

MLS® sales last month included 260 single family homes, 145 condominiums, 46 townhomes and 10 manufactured homes.

Price Reduced on 10-3441 Mary Anne in Colwood

Lorne Tuplin — Wed, 26 Oct 2011 16:31:00 GMT

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Triangle, Colwood - Announcing a price reduction on 10-3441 Mary Anne, a 1,153 sq. ft., 3 bath, 2 bdrm 2 story. Now EXCLUSIVE $269,000 - Priced for Quick Sale.

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SOLD 2 Story Townhouse For Sale in Langford Lake SOLD

Lorne Tuplin — Tue, 11 Oct 2011 01:20:00 GMT

• 1,279 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $309,900

SOLD Langford Lake, Langford - Unique 3 bedroom corner unit featuring many recent updates which include; Ceramic tile floors in the kitchen & bath, laminate floors in the living & dining rooms, new carpets & vinyl upstairs, plus newer windows & roof! Laundry is handy just off the kitchen and there is a gas fireplace in the living room. Patio doors from the dining room lead to the private fenced yard with interlocking stone patio with room for BBQ, table & chairs, and there is a good sized storage shed. Don’t miss it… there are not many 3 bedroom townhomes in this condition & price range!

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SOLD 3-Level Split For Sale in Wishart South SOLD

Lorne Tuplin — Fri, 07 Oct 2011 19:13:00 GMT

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• 1,753 sq. ft., 3 bath, 3 bdrm 3-level split - MLS® $449,900 - Priced for Quick Sale!

Wishart South, Colwood - Immaculate Colwood family home with many appealing updates. Beautiful 3 or 4 bedroom situated in a lovely area close to parks, schools and shopping. Newer roof, hardiplank and stone veneer siding, maple and tile flooring. Recent kitchen and bathrooms ( main has a jetted tub w/heated backrest,LED lighting), newer vinyl windows, large living room with vauuted ceilings and stone faced gas fireplace, designer paint colours and double garage. Large level and private lot. You will love the ambience and the decor. Move-in condition. To view call Lorne at 250-217-4600

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Real Estate Sales Strengthen in August Enhancing Market Stability

Lorne Tuplin — Tue, 06 Sep 2011 18:24:00 GMT

Real estate sales activity picked up throughout Greater Victoria last month with a total of 542 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 523 sales in July. There were 425 sales in August of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that the increase in market activity is positive news: "The increase in sales reflects ongoing stability in the market. Although there was some modest increase in overall prices in August it is important to note that prices can fluctuate month-to-month depending on the properties sold and it takes time for trends to develop. Higher priced sales in particular can have a significant impact on overall average prices." Fimrite noted that there were 25 single family home sales of over $1 million in August including one in Oak Bay and one in North Saanich at over $3 million each.

Fimrite added that the number of properties available for sale declined at the end of last month with inventory levels currently 13 per cent higher than a year ago. "The available choice for buyers has been at record highs in recent months but the number of properties available for sale dipped below 5,000 last month to 4,944 compared to 5,094 at the end of July."

The average price for single-family homes sold in Greater Victoria last month was $652,841, up from $581,117 in July. The median price also increased to $547,000 while the six-month average increased to $621,960. The overall average price for condominiums last month was $339,047, up from $315,371 in July. The average for the last six months increased to $329,951. However, the median price for condominiums in August declined to $271,500. The average price of all townhomes sold last month increased to $437,079 from $412,178 in July. The median price also increased to $416,700 while the six month average also increased to $446,135.

MLS® sales last month included 307 single family homes, 128 condominiums, 68 townhomes and 15 manufactured homes.

Real Estate Sales Rise in June

Lorne Tuplin — Mon, 04 Jul 2011 18:24:00 GMT

A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity has returned to comparable levels of a year ago. "Overall sales so far this year are down 21 per cent compared to a year ago. It’s important to note, however, that the first few months of last year were very active compared to this year and we are now seeing a return to similar market conditions of a year ago."

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently seven per cent higher than a year ago. "The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June - the highest monthly level in 15 years." Fimrite add that there were 4,857 properties available for sale at the end of May.

The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June. The overall average price for condominiums last month was $320,172, down from $328,345 in May. The average for the last six months rose to $329,402. The median price for condominiums in June also rose to $300,000. The average price of all townhomes sold last month declined to $444,768 from $466,845 in May. The median price also declined to $399,000 while the six month average rose to $448,159.

MLS® sales last month included 348 single family homes, 177 condominiums, 62 townhomes and nine manufactured homes.

SOLD 2 Story Townhouse For Sale in Colwood SOLD

Lorne Tuplin — Mon, 27 Jun 2011 20:32:00 GMT

• 1,145 sq. ft., 3 bath, 2 bdrm 2 story - MLS® $309,900

Triangle, Colwood - SOLD End unit with Privacy! This Townhome has been Completely Updated! The sellers have been busy. The floors are Brazilian Walnut Hardwood. There is a Valor Proplane Fireplace Insert with a New Surround and a Mantle Crafted from Reclaimed and Local Wood. Sellers have also Repainted every wall in this nicely laid out 2 Bedroom 3 Bathroom Pet Friendly Home. The Fully Fenced rear yard is a Safe Place for your Pet, and boasts a 12x8 Sundeck. Showings can be easily arranged. Call today!

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Apartment For Sale in Downtown

Lorne Tuplin — Sat, 18 Jun 2011 20:44:00 GMT

Immaculate Executive Downtown Condo

• 1,268 sq. ft., 2 bath, 2 bdrm apartment - MLS® $689,900 - Priced to sell!

Downtown, Victoria - SE corner luxury condo in the prestigious Belvedere which is one of the top 2 best complexes in the city! Stroll along Victoria's newest downtown area or take a few more steps and be at the waterfront or in Beacon Hill Park... what a location!!! This top quality executive condo is as new and features the best floor plan in the building, high ceilings & huge windows to let the sunlight dance off the wonderful teak hardwood floors. Granite counters & island, 2 balconies. This is a very secure building with key, card or fob access to elevator, meeting room and to your secure underground parking stall. Great views to the S.E. over the park and across the street to the wonderfully restored church! A rare opportunity at a phenomenal price!

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Real Estate Sales Soften, Prices Steady in April

Lorne Tuplin — Tue, 10 May 2011 00:32:00 GMT

The number of property sales throughout Greater Victoria softened in April while prices remained steady, showing increases for condominiums and townhomes and minor movement for single family homes. A total of 574 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down from the 622 sales in March. There were 756 sales in April of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that although sales are running below last year’s levels, the steady prices reflect ongoing stability in the market. "Sales so far this year are running over 20 per cent below last year’s levels but it is important to remember that sales were exceptionally strong during the first few months of 2010. Tighter credit conditions and anticipated higher mortgage rates have and will have some moderating effect on the market and prices are expected to remain relatively flat and stable for the time being." Fimrite added that the number of properties available for sale continued to rise at the end of last month as more people put their homes up for sale as expected at this time of year. "There were 4,561 properties available for sale at the end of April - up from 4,100 properties available at the end of March. Inventory levels are currently eight per cent higher than a year ago."

The average price for single-family homes sold in Greater Victoria last month was $615,533, down slightly from $619,275 in March. The median price declined to $556,000 while the six-month average also declined to $621,412. There were 18 single family home sales of over $1 million in April. The overall average price for condominiums was $353,858 last month, up from $325,581 in March. The average for the last six months rose to $331,108. The median price for condominiums in April rose to $301,000. The average price of all townhomes sold last month rose to $480,621 from $434,626 in March. The median price also rose to $460,000 while the six month average rose to $439,450.

MLS® sales last month included 315 single family homes, 153 condominiums, 61 townhomes and 11 manufactured homes.

2 Story For Sale in Colwood Corners

Lorne Tuplin — Mon, 25 Apr 2011 15:31:00 GMT

• 1,390 sq. ft., 2 bath, 3 bdrm 2 story - MLS® $359,900 - Fantastic Value!

Colwood Corners, Colwood - Neat as a pin fully renovated 3 bedroom, 2 bath family home with tile floors in entry kitchen & baths, Laminate floors in living rm, dining and den, french doors, gas fireplace, updated vinyl windows, Fantastic Maple kitchen with built-in laundry front loaders, Totally renovated main bathroom with maple vanity, granite top & soaker tub! Private backyard with large deck & storage shed, cosy covered front veranda located on quiet cul de sac. Don't miss this awesome value priced home where you can move in & relax! Perfect starter home.

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2 Story Split For Sale in Florence Lake

Lorne Tuplin — Fri, 22 Apr 2011 02:14:00 GMT

• 2,569 sq. ft., 4 bath, 3 bdrm 2 story split - MLS® $599,900 - Priced to Sell!

Florence Lake, Langford - Custom built home with many recent renovations on a beautiful .70 acre lot, It cannot be seen from Treanor and is set well back with excellent curb appeal from the bottom of the Driveway. Elegant 2 story entrance way, oak staircase & oak hardwood floors in the spacious L/R, D/R, gas F/P with marble facing. bright kitchen with re-faced oak cabinets, new sink & counter tops, large eating area, large adjacent family room (currently being used as formal dining), accessing a spacious patio & deck. Lrg master bedroom features 4Pc en suite, walk-in closet & French door to private balcony. This home exudes comfort & spaciousness. New roof in 2009, all new Vinyl low E Argon windows & newly painted interior in 2010. No carpet, no smoking environment.

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Bungalow For Sale in Colwood

Lorne Tuplin — Fri, 15 Apr 2011 00:17:00 GMT

• 3,150 sq. ft., 3 bath, 4 bdrm bungalow "Walk out basement " - $699,900 - Fantastic Deal!

Latoria, Colwood - Custom Built Ricketts Construction home with 3150 Sq feet of high end finish! Spacious entry leads to exceptionally bright central staircase with 8' x 8' skylight above! Super open floor plan with living/dining separated by gorgeous gas fireplace, living room open to kitchen. See floor plan. Master bedroom is huge & has walk in closet and 5 pc bath with heated ceramic floors. Office or second bedroom right off front entry plus 2 more bedrooms & family room down that go with main floor. There is a full 1 bedroom lower suite (zoned for secondary occupancy). Whole house demand Hot water, Maple hardwoods, HRV system, Low "E" glass, smart wiring, & don't miss the huge storage accessed from back yard. Close to Latoria Creek park too.

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3-Level Split For Sale in James Bay

Lorne Tuplin — Wed, 13 Apr 2011 19:34:00 GMT

• 1,052 sq. ft., 2 bath, 3 bdrm 3-level split - MLS® $369,900 - Excellent Value!

James Bay, Victoria - Lovely James Bay scarce THREE BEDROOM CONDO with city, mountain & ocean views from the large ROOFTOP DECK. Located just 1/2 block to the ocean & Dallas Road this excellent property offers nearly 1300 SqFt of space when you include the massive storage areas & is amazingly bright & airy. It features a balcony PLUS a huge, top floor deck to enjoy the views. Move In condition with many updates, newer water heater & appliances, bright open floor plan, windows on 3 sides or this corner unit, large master bedroom with full en suite bathroom, skylight, full sized insuite laundry, laminate floors, & just a 1 minute stroll to the waterfront & breakwater! Quick walk to Helijet for commuters.

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Price Reduced on 307-1351 Esquimalt Rd in Esquimalt

Lorne Tuplin — Thu, 07 Apr 2011 22:45:00 GMT

Esquimalt, Victoria and Greater Victoria - Announcing a price reduction on 307-1351 Esquimalt Rd, a 768 sq. ft., 1 bath, 2 bdrm apartment. Now MLS® $229,900 - Below assessed Value!.

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