Victoria and Vancouver Island Real Estate and Lifestyle Blog
Whether you are relocating to Vancouver Island, or already live in the perfect piece of paradise, there is always something new to appreciate each and every day.
There are several reasons why Victoria and Vancouver Island are the most desirable places to live. If you love theatre, food, arts, and entertainment, there are activities and communities to satiate your appetite. The Island is an outdoor enthusiasts mecca, from golf to fishing, kayaking, mountain biking, and hiking, you will thoroughly appreciate the ability to stay active all year long.
In our blog, you'll find a number of topics!
Tips on renovations and design, market updates, and trends are all on the table. I aim to promote a sense of community that will connect you to this special part of the world. Please reach out if you have any questions at all. I'd love to talk with you!
March 5, 2021
Demand Surges against
Spring is typically when the Real Estate market picks up, but to be honest, things have been swinging since the beginning of 2021! Even so, we expect an uptick in activity and that means deals happen fast.
There has been a bit of stabilization in condo pricing and availability since January, but the mainstay continues to be the high demand and low inventory for Single Family Homes.
Multiple offers and competition are driving up prices. The benchmark value for a single-family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 percent to $948,200.
Victoria Real Estate Board President, David Langlois, says that these trends are likely to continue as demand suppression and foreign buyer tax implementations have not quelled the domestic demand to live in our beautiful island city. He also stresses that making space in our communities with "gentle density and the building of new homes is the only pathway to moderate housing prices in our area".
If you are thinking about making a move but have concerns over finding the right home for your family in such a fast market, I’d love to have a chat with you. There are a lot of options and routes that may be available, that you might not be aware of.
As a Real Estate Professional, I have my finger on the pulse of what’s going on and speak with other agents on a daily basis. I have the confidence I can help you get you where you want to go, with the minimal amounts and stress and maximum amount of benefit!
Feb. 10, 2021
Victoria Market Recap
As I mentioned the market has been pretty wild lately!
High demand coupled with a low inventory of properties for sale has resulted in competition and high sale prices. Single Family home sales increased by 57.3% over last year and Condo sales increased a whopping 83.1%. With the inventory on the market right now being a significant 32.5% less than at the end of January 2020, there's a lot of interest in new listings.
The luxury market has also experienced huge gains over last year- somewhat of a surprise given the pandemic. This January there were 25 properties sold for over $2m whereas in 2020 there were only 2.
Victoria Real Estate Board President David Langlois says that, "Right now, navigating both the buying and selling process is challenging. With many moving pieces and in such a fast-paced market it's important to leverage the experience and expertise of your trusted local Real Estate Professional."
Know that I'm always here to help- it's important to me that my clients are properly informed so they can make the best decisions for themselves and their families!
Jan. 1, 2021
More Fun Things To Come!