Active Victoria Real Estate Listings Slide Below 2,000 Mark | Times Colonist

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    The median sale price of a single-family home in the capital region was $759,000 last month, a 14.3 per cent increase from the $664,000 recorded in July last year. Photograph By BRUCE STOTESBURY, Times Colonist
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    Strong sellers' market continues in Victoria Photograph By Times Colonist

With less than 2,000 active listings, Victoria’s real estate market remains firmly weighted in favour of the seller, according to data released Tuesday by the Victoria Real Estate Board.

There were 1,921 active listings at the end of last month, a drop from the 2,161 on the market in July 2016, which led to sellers getting excellent prices for their homes.

The median sale price of a single-family home in the region was $759,000 last month, a 14.3 per cent increase from the $664,000 recorded in July last year.

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – July 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in July 2017.

Greater Victoria

In July 2017, there were 323 sales of single family homes and 640 active listings in the Greater Victoria. The benchmark sale price was $700,800 with an average days on market of 27. The hottest market for sales was Sannich East with 68 sales. There were also 30 sales and 163 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 243 sales, 269 active listings at the end of the month.  The benchmark sale price was $433,200 with an average days on market of 23. The hottest market for sales was Victoria, 88 sales.

Townhome sales were 80, active listings were 93 and the benchmark sale price was $542,200. The average days on market were 22, and the hottest market was Langford with 22 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_July2017_Victoria

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Capital region homeowners consider locking in after interest-rate hike | Times Colonist

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Josh Ray is accompanied by his dog, Harley, outside his home in Saanich’s Glanford area on Wednesday. Photograph By DARREN STONE, Times Colonist

First-time homebuyers and owners about to renew their mortgages are nervous about the first benchmark interest-rate hike, a Victoria mortgage broker said Wednesday.

The increase, the first in nearly seven years, might prompt some people to lock in their mortgage rates, Colleen Flynn of Select Mortgage Group said. “It’s a concern for people. They are saying: ‘What’s this going to mean for me?’ ” she said. “I think more people are locking in to be cautious.”

Flynn said she’s also getting calls from homeowners who want to renew their mortgages early.

The Bank of Canada raised its key interest-rate target to 0.75 per cent from 0.5 per cent on Wednesday, prompting the five big banks to raise their prime rates a quarter of a percentage point. At the Royal Bank of Canada, that puts the prime rate at 2.95 per cent, up from 2.7 per cent.

Economists expect a gradual cycle of rate hikes amid rising confidence in the economy and projected growth.

Someone with a $540,000 mortgage over 25 years at an interest rate of 2.95 per cent would have monthly payments of $2,541, up from $2,473 at the lower rate. That $68 a month might not sound like a lot, Flynn said, but it takes earnings of $200 more a month to qualify for a mortgage at the higher rate.

“It’s going to affect their borrowing power,” she said.

Also, a greater share of the monthly payments will go toward interest, so the homeowner will pay $2,300 less toward their principal over five years, Flynn said.

Josh Ray and Nancy Schmidt, who are in their mid-30s, bought their first home in Saanich’s Glanford area on June 30.

Ray, a real estate agent and property manager, said the couple initially went with a variable rate of 2.3 per cent but switched to a fixed rate of 2.54 per cent once news broke of the rate hike.

The increased cost amounts to less than $100 a month and is manageable for them, since the home also has a rental suite.

“That’s still an amazing rate — it’s a no-brainer to lock into that,” Ray said. “They’re talking about raising [interest rates] two or three times this year.”

Ara Balabanian, president of the Greater Victoria Real Estate Board, said the interest-rate hike could push would-be buyers into the market in an attempt to beat another rate increase.

“I think the effects might be more psychological than real financial,” said Balabanian, a Managing Broker with Macdonald Realty Victoria. “There’s a lot of people who have been sitting on the sidelines watching [the market] and they might think, the rates are beginning to move up, maybe this is the time to go forward and buy something and lock it in. This low interest-rate environment will not continue forever.”

The interest rate is only one factor influencing the real estate market, and Balabanian said he doesn’t anticipate a major change in Greater Victoria house prices.

Mortgage broker Maria Dominelli said most first-time homebuyers have fixed mortgage rates, so the rate hike will not immediately affect them.

Variable rates tend to be lower but riskier, since the rates could rise. Borrowers seeking a variable-rate mortgage would have to qualify at the Bank of Canada benchmark of 4.64 per cent, “so there’s already that cushion built in for those borrowers to handle the ups and downs and ride the wave,” Dominelli said.

She said a period of consistent rate hikes could make it harder for people to get into the market.

“Let’s put it this way: It’s not going to make their bottom line any easier,” she said. “A higher rate will mean they have to take on a slightly higher debt load.”

The “bigger bombshell,” Dominelli said, would be the new stress test for uninsured mortgages being proposed by Canada’s banking regulator.

The new rules would mean homebuyers with a down payment of 20 per cent or more will have to show they can handle their monthly payments if interest rates rise.

Currently, only homebuyers with less than 20 per cent down — who must be insured by Canada Mortgage and Housing Corporation — are required to face the test.

“When these new rules come in, it’s going to be a rude awakening,” she said.


 

The article was originally posted on Times Colonist, July 13, 2017. Written by Katie Derosa.

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – June 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in June 2017.

Greater Victoria

In June 2017, there were 458 sales of single family homes and 613 active listings in the Greater Victoria. The benchmark sale price was $691,100 with an average days on market of 22. The hottest market for sales was Langford with 96 sales. There were also 28 sales and 171 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 307 sales, 281 active listings at the end of the month.  The benchmark sale price was $420,900 with an average days on market of 21 The hottest market for sales was Victoria, 109 sales.

Townhome sales were 90, active listings were 80 and the benchmark sale price was $543,600. The average days on market were 17, and the hottest market was Saanich East with 23 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_June2017_Victoria

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – May 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in May 2017.

Greater Victoria

In May 2017, there were 437 sales of single family homes and 593 active listings in the Greater Victoria. The benchmark sale price was $681,800 with an average days on market of 20. The hottest market for sales was Saanich East with 101 sales. There were also 21 sales and 159 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 287 sales, 319 active listings at the end of the month.  The benchmark sale price was $417,500 with an average days on market of 19. The hottest market for sales was Victoria, 106 sales.

Townhome sales were 120, active listings were 75 and the benchmark sale price was $553,800. The average days on market were 20, and the hottest market was Langford with 30 sales each.

It’s a seller’s market in Victoria.

MarketHotSheet_May2017_Victoria

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Victoria ranked second in world for luxury real estate | CHEK News

A new report from Christie’s International lists Victoria as the second hottest luxury real estate market in the world.

When you think of a luxury home you probably picture a house on the ocean, or a large estate, but with the Victoria real estate market booming, the face of luxury is changing.

One townhouse in Oak Bay Village is about to go on the market for just over a million dollars.

“If this was a single family home we’d be talking about a much different number especially in today’s market,” said Jordy Harris, a realtor with Newport Realty.

Home prices, especially in desirable neighbourhoods like this one, have gone up.

“In the last three years has gone up by about 40 to 50 per cent,” said Ara Balabanian, President of the Victoria Real Estate Board.

And that may be why a new report from Christie’s International lists Victoria as the second hottest luxury market in the world, behind Toronto, and just ahead of San Francisco.

“Luxury can be something that is just over a million, and I say that with some respect, but our prices have risen to that point,” said Jack Petrie, Managing Partner of Newport Realty, a Christie’s International real estate firm.

While 2016 saw a big increase in homes that sold for a million or over, only a handful went above three million.

“We had approximately 16 homes in 2015, we had 20 homes sell in 2016,” said Balabanian.

The report lists offshore buyers, put off by Vancouver’s new foreign buyers tax, as one of the driving factors for the luxury sales boom, but local realtors aren’t seeing it.

“It’s not as if there was a sudden floodgate where all those buyers, foreign buyers, looking to buy in Vancouver, came over here, it just didn’t happen like that,” said Harris.

“It’s still a small component of the marketplace, it’s somewhere around 5 per cent,” said Balabanian.

They say the largest segment of home buyers remains locals, followed by those from elsewhere in Canada.

But if prices continue to soar, “luxury” may need to be re-defined.


The article was originally posted on CHEK News, May 10, 2017. Written by April Lawrence.

Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – April 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in April 2017.

Greater Victoria

In April 2017, there were 382 sales of single family homes and 509 active listings in the Greater Victoria. The benchmark sale price was $663,500 with an average days on market of 21. The hottest market for sales was Langford with 69 sales. There were also 26 sales and 131 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 287 sales, 291 active listings at the end of the month.  The benchmark sale price was $408,600 with an average days on market of 20. The hottest market for sales was Victoria, 109 sales.

Townhome sales were 82, active listings were 74 and the benchmark sale price was $529,200. The average days on market were 23, and the hottest market was Langford with 15 sales each.

It’s a seller’s market in Victoria.

MarketHotSheet_April2017_Victoria

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – March 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in March 2017.

Greater Victoria

In March 2017, there were 396 sales of single family homes and 418 active listings in the Greater Victoria. The benchmark sale price was $652,700 with an average days on market of 25. The hottest market for sales was Saanich East with 80 sales. There were also 21 sales and 117 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 294 sales, 265 active listings at the end of the month.  The benchmark sale price was $399,900 with an average days on market of 16. The hottest market for sales was Victoria, 103 sales.

Townhome sales were 76, active listings were 71 and the benchmark sale price was $513,300. The average days on market were 20, and the hottest markets were Victoria and Langford with 14 sales each.

It’s a seller’s market in Victoria.

MarketHotSheet_March2017_Victoria

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Greater Victoria, Parksville and Nanaimo Real Estate Market Statistics – February 2017

Here are the latest real estate market statistics from Macdonald Realty on Greater Victoria, Parksville/Qualicum, and Nanaimo listings and sales in February 2017.

Greater Victoria

In February 2017, there were 283 sales of single family homes and 396 active listings in the Greater Victoria. The benchmark sale price was $642,300 with an average days on market of 34. The hottest market for sales was Langford with 66 sales. There were also 22 sales and 114 active listings at the end of the month for waterfront homes.

In comparison, the Condo market had 206 sales, 229 active listings at the end of the month.  The benchmark sale price was $386,200 with an average days on market of 24. The hottest market for sales was Victoria, 98 sales.

Townhome sales were 71, active listings were 64 and the benchmark sale price was $515,600. The average days on market were 30, and the hottest market was Langford with 15 sales.

It’s a seller’s market in Victoria.

MarketHotSheet_February2017_Victoria

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Macdonald Realty listings get extra exposure on international website LeadingRE.com

PrintMacdonald Realty offers consumers an easy way to search home listings and identify top real estate firms in markets worldwide through its participation in the new LeadingRE.com.

The site also brings global exposure for our BC real estate listings and provides consumer resources, such as cost of living comparisons, school information, recent home sales and other local resources and statistics. LeadingRE.com can be accessed via macrealty.com by clicking the Global Home Search logo on the homepage.

“LeadingRE.com now provides home buyers and sellers an easy way to identify the top-performing real estate companies in a given market by searching over 400,000 member listings or by using our comprehensive member directory,” notes Leading Real Estate Companies of the World Director of Strategic Development Rhett Damon. “Our network linking strategy connects many of our high-traffic member sites to LeadingRE.com’s national or global search, providing valuable listing exposure to home sellers.”

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For more information about Macdonald Realty and our LeadingRE partnership please email macrealty@macrealty.com or call 1-877-278-3888.  Looking to buy or sell, locally or globally?  Allow us to make a quality introduction to be matched with an independent brokerage and REALTOR® working in your area.