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First-time home buyers received welcome news in today’s provincial budget.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

More home buyers

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

Lobbying

The Real Estate Board together with BC Real Estate Association has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

 

• In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000. 
• In 2005, the government increased the threshold to $325,000 from $275,000.

 

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.

 

BC logo

 

B.C. First Time Home Buyers' Program Website

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February 3, 2014. VICTORIA, BC Victoria’s real estate market had a solid start in January, re-establishing momentum after the holiday season.

Total MLS® sales in January were 342, a 16.3% increase over January 2013 when 294 units sold. January sales were close to the 355 sales reported to the Victoria Real Estate Board (VREB) in December 2013.

2014 VREB President, Tim Ayres cautioned, “While we’re pleased with the number of sales this January and the percentage increases over January 2013, it’s important to remember that the market last January was restrained under tightened mortgage amortization rules imposed in July 2012.”

The MLS® HPI single family home benchmark price for the entire Greater Victoria region was $481,200 in January, a 1.7% decrease when compared to the January 2013 value of $489,400.

“Market activity increased as the month progressed,” notes Ayres. “With REALTORS® reporting that attractively-priced and well-presented properties are moving quickly.”

At the regional level, the MLS® HPI benchmark price for the single family benchmark home in the Core municipalities was $546,300, an increase of 0.6% over the previous month and a 0.5% decrease over January 2013. In Westshore, the MLS® HPI benchmark price for the single family benchmark home was $404,800, virtually unchanged from December 2013 and a 1.5 per cent decrease compared with January 2013. The MLS® HPI benchmark price for the single family benchmark home on the Peninsula was $497,200 for January, a decrease of 0.5% over the previous month and a 4.9% decrease year-over-year.

There were 3,489 active listings at the end of January, a 10% decrease over January 2013. “Available inventory slowly declined for most of 2013,” says Ayres. “We will continue to monitor this trend and the impact on the market as 2014 unfolds.”

There were 92 condominium sales in January 2014, the same as December 2013 and 81 in January 2013. The region-wide MLS® HPI benchmark price in January for condos was $276,800, down 1.7% from $281,600 from one year ago.

For townhomes, 30 sold in January compared to 32 in December 2013 and 40 in January 2013. The region-wide MLS® HPI benchmark price for townhomes was $398,000, up 0.7% from $395,400 in January 2013.

Total waterfront single family homes sold in January:                      7
Total non-waterfront single family homes sold in January:            186
Total single family homes sold over $1 million in January:               10 (1 over $3 Million)

At the heart of the MLS® HPI is the concept of the “benchmark” home, a notional home that has the most common features of a typical home in a given area. The benchmark home does not represent any actual house, condominium or townhome, but merely provides an identical example to track changes in market value. There are separate benchmark houses, condominiums and townhomes in each distinct area of Greater Victoria, enabling the tracking of values on a variety of geographic levels.

Click for Full Charts and Graphs.

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VICTORIA, BC—Victoria’s real estate market ended 2013 with some momentum after a weak first quarter.

 

Total MLS® sales in December 2013 were 355, a 25% increase over December 2012 when 283 units sold. Annually, total units sold increased by 4%, with 5,998 in 2013 compared to 5,747 in 2012.

 

The overall MLS® HPI single-family home benchmark price for Greater Victoria was $479,500 in December 2013, compared to of $495,400 in December 2012, a decrease of 3.2%.

 

“Bear in mind that prices vary from area to area,” says Tim Ayres, 2014 President of the Victoria Real Estate Board. “I’m optimistic about the next year. Buyers who were on the sidelines are now out shopping. Savvy buyers need to know that there are some good deals in certain areas, and interest rates are not expected to increase in the near future.”

 

At the regional level, the MLS® HPI benchmark price for the single family benchmark home in the Core municipalities was $542,800, a decrease of 1.1 per cent over the previous month and a 2.4 per cent decrease over December 2012. In Westshore, the MLS® HPI benchmark price for the single family benchmark home was $404,200, an increase of 0.1 per cent over November 2013 and 3.6 per cent decrease over December 2012. The MLS® HPI benchmark price for the single family benchmark home on the Peninsula was $499,900 for December, a decrease of 1.6 per cent over the previous month and a 4.1 per cent decrease year-over-year.

There were 3,554 active listings at the end of December, a 9% decrease over December 2012, which Ayres notes contributes to stronger market conditions.

 

There were 92 condominium sales in December 2013, compared to 99 in November 2013 and 65 in December 2012.  The overall MLS® HPI benchmark price of $278,600 was down 1.2% from December 2012.  There were 32 townhome sales in December 2013, compared to 49 in November 2013 and 30 in December 2012.  The overall MLS® HPI benchmark price of $392,500 was down 0.5% from December 2012.

 

Total Waterfront Single Family Dwellings sold:                     10, also 10 in December 2012

Total Non-waterfront Single Family Dwellings sold:          178, down 32 sales from December 2012

Single Family Dwellings sold over $1 million:                         13 (2 over $2 million)

 

At the heart of the MLS® HPI is the concept of the “benchmark” home, a notional home that has the most common features of a typical home in a given area. The benchmark home is not meant to represent any actual house, condo or townhouse, but merely provides an identical example to track market changes. There are separate benchmark houses, condos and townhouses in each distinct area of the Greater Victoria region, enabling price tracking of very distinct markets.


Click for Full Charts and Graphs.

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December 2, 2013

 

MLS Sales Chart Nov

 

VICTORIA, BC – Greater Victoria real estate sales moderated in November following a brisk June-to-October market. According to the Victoria Real Estate Board (VREB) MLS® System, 412 properties sold compared to 366 in November 2012, an increase of 12.6 per cent.

 

“We saw market activity slow down after a very busy five months,” says Shelley Mann, VREB President. “While sales were higher than in November 2012, fewer sales than previous months indicate a pull back in consumer demand.”

 

Flat employment and weak economic growth are likely contributors to a moderating market. Mann also notes that active listings continued to decline, with 4,017 at the end November compared to 4,488 in November 2012. December and January are typically the slowest months for real estate sales.

 

For November 2013, the MLS® HPI benchmark price for the Greater Victoria single family benchmark home was $482,300 and its corresponding index value was 136.5.  (This represents a 36.5 per cent increase since January 2005, when the index was 100). This benchmark price decreased 0.72 per cent over the past month and decreased 3.11 per cent over the last year.

 

At the regional level, the benchmark price for the single family benchmark home in the Core municipalities was $548,600, an increase of 0.14 per cent over the previous month and a 1.65 per cent decrease over November 2012. In Westshore, the benchmark price for the single family benchmark home was $403,600, a decrease of 1.70 per cent over October 2013 and 5.94 per cent decrease over November 2012. The benchmark price for the single family benchmark home on the Peninsula was $508,000 for November, a decrease of 0.04 per cent over the previous month and a 2.57 per cent decrease year-over-year.

 

There was a total of 381 single family homes sold in November, an increase of 11 per cent over November 2012. November also saw the reporting of 99 condominium sales and 49 townhouse sales in Greater Victoria. Benchmark prices for the Greater Victoria condominium benchmark home and for the Greater Victoria townhouse benchmark home for November were $280,600 and $389,000 respectively.

 

Total Waterfront Single Family Dwellings sold:                        9, up 3 over November 2012

Total Non-waterfront Single Family Dwellings sold:          207, up 11 over November 2012

Single Family Dwellings sold over $1 million:                                             7 (1 over $2 million)

 

On November 1st, the VREB adopted the MLS® Home Price Index (MLS® HPI) to report residential property price trends. The methodology used by MLS® HPI has been endorsed by Statistics Canada, Canada Mortgage and Housing Corporation, the Bank of Canada, Finance Canada and Central 1 Credit Union.

 

At the heart of the MLS® HPI is the concept of the “benchmark” home, a notional home that has the most common features of a typical home in a given area. The benchmark home is not meant to represent any actual house, condo or townhouse, but merely provides an identical example to track market changes. There are separate benchmark houses, condos and townhouses in each distinct area of the Greater Victoria region, enabling price tracking of very distinct markets.

 

For more information on MLS®HPI benchmark prices and index values for November, visit www.vreb.org. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,224 Members.

 

Click for Full Charts and Graphs

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Now is a great time to get into Victoria’s real estate market with about 4000 current MLS listings available heading into the traditional slower holiday season. As a buyer, you have a lot of negotiating leverage now versus making a buying decision in the typical robust Spring market.

 

If your in the market for a condo, then as a buyer, you will have the most choice at a lower price these days as Victoria’s condo market has been hit hardest with market corrections.

 

Below are available mortgage rates which are available through a mortgage broker. I prefer working with mortgage brokers as they have the best rates and have flexible options available in order to give you the best chance on obtaining financing for your home purchase.

 

Mortgage Rates

 

If you would like assistance on financing, please give me a call or send me an email and I will point you in the right direction!

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November 1, 2013

 

VICTORIA BC - Greater Victoria continued to experience strong home sales during the month of October, reports the Victoria Real Estate Board (VREB). According to the Board's MLS® System, 512 properties sold compared to 373 in October 2012, an increase of 37.27 per cent. There were 4,322 active listings.

 

"While we are all very pleased with the October results, we are tempering our enthusiasm," says Shelley Mann, Board President. "After a slow market for the last half of 2012, we are still climbing back to previous annual sales numbers."

 

Today, the VREB and joins the Canadian Real Estate Association and ten major real estate markets in Canada by adopting a new approach to the reporting of trends in residential property prices. Instead of relying on average and median sale prices which are subject to fluctuation, the Board moved to a new system called the MLS® Home Price Index (MLS® HPI). The methodology used by MLS® HPI has been endorsed by Statistics Canada, Canada Mortgage and Housing Corporation, the Bank of Canada, Finance Canada and Central 1 Credit Union.

 

At the heart of the MLS® HPI is the concept of the "benchmark" home, a notional home comprising the most common attributes of typical homes in a given area. Through the analysis of ten years of VREB MLS® sales data, MLS® HPI has defined benchmark homes for Greater Victoria as a whole as well as for each of our regions, districts and neighbourhoods. In each of these areas, MLS® HPI has defined a benchmark home for each category: single family homes, townhouses and condo apartments. Each month, VREB MLS® sales data will be fed into the MLS® HPI to calculate and track changes in the prices of our benchmark homes.

 

Benchmark prices are generally lower than corresponding medians and averages. MLS® HPI estimates the values of our typical homes, whereas medians and averages merely reflect the overall selling prices of the particular mix of homes that sold in a given month.

 

In a manner similar to the Consumer Price Index (CPI), MLS® HPI maintains a running index of the percentage change in benchmark prices. Like the CPI, the MLS® HPI assigns an index value of 100 to the benchmark prices at its starting point: January 2005. By tracking both benchmark prices and index values each month, MLS® HPI will provide a much clearer picture of real estate market trends in Greater Victoria.

 

"Past reporting of averages and medians showed flat pricing across the Board's trading area but MLS® HPI indicates a moderate decline in prices in many markets over the last year," Mann says. "Benchmark prices are flat month-over-month, and we will be watching very carefully to see where pricing goes.

 

"With average and median prices, it was often difficult to gauge whether prices of typical homes were rising or falling, but the HPI provides us with exactly this type of information," she says.

 

For October 2013, the benchmark price for the Greater Victoria single family benchmark home was $485,400 and its corresponding MLS® HPI index value was 137.2. (This represents a 37.2 per cent increase since January 2005, when the index was 100). This benchmark price increased 0.15 per cent over the past month and decreased 3.18 per cent over the last year.

 

At the regional level, the benchmark price for the single family benchmark home in the Core municipalities was $547,800, a decrease of 0.56 per cent over the previous month and a 2.66 per cent decrease over October 2012. In Westshore, the benchmark price for the single family benchmark home was $410,600, a decrease of 0.37 per cent over September 2013 and 4.37 per cent decrease over October 2012. The benchmark price for the single family benchmark home on the Peninsula was $508,700 for September, an increase of 1.22 per cent over the previous month and a 3.56 per cent decrease year-over-year.

 

There were a total of 274 single family homes sold in September, an increase of 29 per cent over September 2012. September also saw the reporting of 126 condominium sales and 51 townhouse sales in Greater Victoria. Benchmark prices for the Greater Victoria condominium benchmark home and for the Greater Victoria townhouse benchmark home for September $283,100 and $393,100 respectively.

 

Total Waterfront Single Family Dwellings sold: 17, up 2 over October 2012
Total Non-waterfront Single Family Dwellings sold: 257, up 62 over October 2012
Single Family Dwellings sold over $1 million: 16 (1 over $2 million)

 

For more information on MLS®HPI benchmark prices and index values for September, visit www.vreb.org. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,224 Members.

 

View our complete statistical package here.

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October 1, 2013

 

VICTORIA BC- Finishing up the strongest third quarter since 2009, the Victoria Real Estate Board reports that properly priced homes are selling which, along with reduced inventory levels, contributed to favourable market conditions. Q3 sales totalled 1,610, a year-over-year increase of nearly 15 per cent.

 

On a monthly scale, total real estate sales in Greater Victoria were up 16 per cent in September 2013 over September 2012. A total of 487 properties sold last month, finishing off a strong third quarter. Residential sales increased by 15 per cent year-over-year, while active listings decreased by 9.5 per cent year-over-year to 4,547.

 

"Last year at this time, sales volumes were being undermined by the amortization changes," says Shelley Mann, Board President. "This year is following a more historic pattern. Properly priced homes are selling and as a result consumers are responding."

 

Mann adds that while sales increased over the last four months, prices remained flat. "We don't expect any significant price increases in the near future," she says. "Our provincial economist noted that while unit sales are recovering, the weak economy bears watching."

 

There were 279 single family homes sold in September, an increase of 29 per cent over September 2012, while the median price of $523,900 is up just over one per cent year over year from $517,500. There were 105 condominium sales with a median price of $271,500 and 60 townhomes sold at a median price of $352,750.

 

Total Waterfront Single Family Dwellings sold: 19, up 1 over September 2012
Total Non-waterfront Single Family Dwellings sold: 260, up 62 over September 2012
Single Family Dwellings sold over $1 million: 12 (1 over $4 million)

 

Graphical representation of recent sale counts and average prices

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

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September 3, 2013

VICTORIA, BC–Summer-time real estate sales numbers were the best they’ve been in Greater Victoria in five years. There was a total of 1,787 sales in June, July and August.


On a monthly scale, total real estate sales in Greater Victoria were up 16.8 per cent in August 2013 over August 2012, the Victoria Real Estate Board reports. A total of 540 properties sold in August, finishing off a strong summer market.


“I’m very pleased with the August results. MLS® sales are strong and, with 4,593 active listings in all categories at month end, we remain on the cusp of a balanced market,” says Shelley Mann, President of the Victoria Real Estate Board.


The BC Real Estate Association defines a balanced market as when the ratio of sales to active listings is between 15 and 20 per cent. At month end, Victoria’s ratio for residential properties was 14 per cent.

There were 308 single family homes sold in August, an increase of 28.3 per cent over August 2012, while the median price of $529,950 is up less than one per cent year over year from $526,250. There were 125 condominium sales with a median price of $287,000 and 70 townhomes sold at a median price of $415,000.


“Overall, pricing remains flat and our provincial economist predicts the trend will continue for another year. That said, the year-over-year median price of condos is up 9.2 per cent and the median of townhomes is up 12.5 percent,” Mann says. “This will vary between neighbourhoods, which is why I always recommend that consumers consult a REALTOR® for local pricing.


“With interest rates starting to increase, many buyers are locking into preapproved mortgages. These consumers should be purchasing in the next three to four months, so I believe the market will remain steady,” Mann says.


Total Waterfront Single Family Dwellings sold: 20, up 7 over August 2012
Total Non-waterfront Single Family Dwellings sold: 288, up 61 over August 2012
Single Family Dwellings sold over $1 million: 17 (2 over $2 million)

Graphical representation of recent sale counts and average prices

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

August 1, 2013 

 

VICTORIA BC, - Total real estate sales in Greater Victoria were up 11.5% in July 2013 over July 2012, the Victoria Real Estate Board reports.

 

“Sales numbers are slightly lower than in June, but that’s part of our normal summer market cycle. When seasonally adjusted, our market activity remains strong for this time of year,” says Shelley Mann, Board President.

 

“Despite the brisk activity, we continue to see housing prices remain flat,” Mann says. “With fewer properties listed at the end of July, we are still narrowly into a balanced market.”

 

With 583 sales in July and 4,772 active listings on the MLS® System at month end, the sales-to-active-listings ratio is 15%. Generally, analysts define a balanced market as when the ratio is between 15 and 20%.

 

There were 345 single family homes sold in July, an increase of 17.7% over July 2012, while the median price of $521,000 is down 1.7% year over year from $530,000. There were 127 condominium sales with a median price of $265,000 and 70 townhomes sold at a median price of $360,750.

 

“We are also seeing multiple offers on some properties,” Mann says, “although these offers are not always over the asking price, illustrating the importance of consulting a REALTOR® to gain individual neighbourhood insight.”

 

Total Waterfront Single Family Dwellings sold: 18, up four over July 2012
Total Non-waterfront Single Family Dwellings sold: 327, up 48 over July 2012
Single Family Dwellings sold over $1 million: 19 (2 over $2 million)

 

Graphical representation of recent sale counts and average prices

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

July 2, 2013

 

VICTORIA BC,- For the third consecutive month, the Victoria Real Estate Board reports sales through the MLS® System remained strong with 65% more activity in the current quarter than in the first quarter of 2013.

 

“With 664 sales this month, and 1,938 sales this quarter, the market is definitely rebounding,” says President Shelley Mann. “We are now headed into the quieter summer months, so I’m interested to see where this leads.”

 

There were 382 single family homes sold in June at a median price of $525,250, up 1% over June 2012 at $520,000. Condominium sales were 164 at a median price of $265,000 and 79 townhomes sold at a median price of $365,000. There were 4,833 active listings on the MLS® System at the end of June, bringing the active-listings-to-sales ratio to 17%, well within the balanced market range.

 

“While sales are up, prices remain flat,” Mann says. “It is more important than ever to focus on the median prices. With six family home sales between $2 million and $7 million in June, the average price was pulled higher. The median price – the middle price – remained stable.”

 

Mann also advises buyers to consider long-term mortgages as she is hearing that long-term rates are starting to increase and lenders are providing fewer discounts on posted interest rates.

 

Total Waterfront Single Family Dwellings sold: 18, up two over June 2012
Total Non-waterfront Single Family Dwellings sold: 364, up 10 over June 2012
Single Family Dwellings sold over $1 million: 27 (6 over $2 million)

 

Graphical representation of recent sale counts and average prices

 

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

June 3, 2013

 

VICTORIA BC, - Greater Victoria real estate sales for May are identical to the same period one year ago: 659 properties sold on the MLS® System.

 

“We are continuing to see improved consumer confidence in the marketplace,” says Shelley Mann, President of the Victoria Real Estate Board. “Our Members are much busier with showings and writing offers, but say they are working harder to help their clients satisfy stricter lending rules. This quarter is definitely much stronger than the first quarter of 2013.”

 

Buyers remain price sensitive. “Homeowners who are pricing their properties competitively, not expecting the higher sale prices of 2008, are selling their homes,” Mann says. “With 4,783 active listings, buyers have plenty to choose from. With higher sales volumes and a reasonable inventory level, Greater Victoria continues to edge towards a balanced market.”

 

There were 384 single family homes sold in May at a median price of $515,000, down 3.4% over May 2012 at $533,000. Condominium sales were 142 at a median price of $289,500 and 68 townhomes sold at a median price of $400,000. “With average and median prices fluctuating on a monthly basis, it’s more important than ever for consumers to consult a REALTOR®,” Mann says.

 

Total Waterfront Single Family Dwellings sold: 18, up 3 over May 2012
Total Non-waterfront Single Family Dwellings sold: 366, down 7 over May 2012
Single Family Dwellings sold over $1 million: 18 (2 over $2 million)

 

Graphical representation of recent sale counts and average prices

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

May 1, 2013

 

VICTORIA BC - Weighing in on the best April since 2010, Shelley Mann, President of the Victoria Real Estate Board, is cautiously optimistic that the Greater Victoria is back into a balanced market.

 

"Consumer confidence is increasing," Mann says. "Our total number of sales for April is 615, a 5% increase compared to April 2012 with 586 sales. On the residential side, more properties are selling, and slightly fewer are entering the market, so we are moving from a buyers' market to more balanced market conditions."

 

Mann's cautions that one month doesn't indicate a market trend, but is encouraged by increased showings by REALTORS®, the number of sales, and comments from other REALTORS® about multiple offers on properties.

 

Prices remained relatively flat, as predicted by Cameron Muir, Chief Economist of the BC Real Estate Association. There were 367 single family homes sold in April at a median price of $540,000, a 16% increase of homes sold over April 2012. Condominium sales were 149 at a median price of $265,000 and with 62 townhomes sold at a median price of $415,450. There are 4,585 active listings.

 

Total Waterfront Single Family Dwellings sold: 15, up 2 over April 2012
Total Non-waterfront Single Family Dwellings sold: 352, up 36 over April 2012
Single Family Dwellings sold over $1 million: 30 (5 over $2 million)

 

graphicalsummary

 

statisticalsummary

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

April 2, 2013

 

VICTORIA BC - Greater Victoria's real estate market is following tradition with a spring upswing in activities with month-over-month increases in showings, new listings and total sales.

 

The Victoria Real Estate Board reports a total of 483 sales processed through the Multiple Listing Service (MLS®) in March 2013, an increase of 23% over the previous month. Sales figures are 15% lower than March 2012's 570 sales.

 

"The market continues to unfold as predicted," says Shelley Mann, President of the Board. "March resulted in the highest number of sales since July 2012 when the lending rules changed. With sales below the historical norm, there is potential pent-up consumer demand developing in the market. We expect quarterly activity to increase over the next two quarters.

 

"The real estate market peaked in 2008, and then the market adjusted during the global economic crisis. The first six months of 2012 were reasonably strong, and then mortgage amortization rules changed in July. The revised lending rules affected buyers' abilities to qualify for mortgages and we are still feeling those effects on the market," Mann explains.

 

"With different lending rules in effect, it is challenging to compare the first six months of 2013 with 2012," she adds.

 

The median price of a single-family home is $510,777 compared to $555,000 in March 2012, a decrease of 8%. The six-month average shows a decrease of less than one percent month-over-month. Annual differences are skewed by four single-family home sales over $2 million in March 2012.

 

There were 121 condominium sales in March, with a median price of $265,000 - down 3.3% year-over-year and 2% over last month. Townhouses saw increased sales in the past month with a median price of $384,450, an increase of 2.86% year-over-year and 13.91% since February 2013. Current active listings at the end of March were 4,333.

 

Total Waterfront Single Family Dwellings sold: 13, down 1 over March 2012
Total Non-waterfront Single Family Dwellings sold: 264, down 47 sales from March 2012
Single Family Dwellings sold over $1 million: 15 (1 over $2 million)

 

graphicalsummary

 

Tablular representation of sales statistics from the last two months and from last year

  Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

If you are planning on buying a new home over the next two years, then you need to know about the 2% BC Transition Tax.

It is a new tax that comes into effect on April 1, 2013. It will apply to the sale of new residential homes that are 10% or more complete as of April 1, 2013. The 2% BC Transition Tax will end on March 31, 2015.

 

BC Transition Tax

Source: BCREA PST TransitionRules website:

www.bcrea.bc.ca/government-relations/pst-transition-rules

 

The 2% BC Transition Tax applies to the full price of a new home, which is 10% or more complete, where ownership or possession is on or after April 1, 2013, but before April 1, 2015. The 5% GST also applies to the full price of a new home, where ownership or possession is on or after April 1, 2013.

 

With the end of the HST and the return to the PST/GST system, the BC government chose to introduce the 2% BC Transition Tax as a way, in their words, “to ensure the equitable application of tax for purchasers of new residential homes currently under the HST system” and after April 1, 2013 when the province returns to GST on new residential homes. The government also wishes to replace some of the revenue lost through the return to the PST.

 

BC’s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013. Builders will once again pay 7% PST on their building materials (construction inputs). The provincial government asserts that on average, about 2% of the home’s final price is embedded PST that builders pay on their building materials.

 

BC Transition Tax2

 

For newly built homes where construction begins before April 1, 2013, but ownership and possession transfer afterwards, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay 5% GST and the 2% Transition Tax on the full house price. The Transition Tax rebate for builders (sellers) recognizes that the builder will not be able to claim input tax credits on the PST paid on building materials acquired after March 31, 2013. The rebate is available where both of the following conditions are met:

 

  • The 2% BC Transition Tax applies to the sale of new housing; and
  • Construction or substantial renovation is at least 10%, but not more than 90%, complete before April 1, 2013.
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March 1, 2013

 

VICTORIA BC - The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in single-family homes and condominiums.

 

Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it's more important to look at monthly trends and compare monthly buying behaviour year-over-year. "The trend lines for November, December and January are the same for the last three years.

 

"We've seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 2-4% sales increase in 2013," Mann says.

 

"The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it's clear to me that sellers are in a holding pattern regarding the value of their homes," Mann says. "However, if a house is priced properly, within the market value range, it will likely sell more quickly."

 

The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month. "In other words, no change," Mann adds.

 

There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 2013. Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% year-over-year and 10.82% since January 2013. Current active listings at the end of February were 4,072.

 

Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012
Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012
Single Family Dwellings sold over $1 million: 11 (3 over $2 million)

 

Graphical representation of recent sale counts and average prices

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

February 1, 2013

 

VICTORIA BC - A slow start to the year in Victoria's real estate market is evidence that buyers are continuing to wait for prices to drop. Although January 2013 sales are 21% lower than January 2012, the six-month average price for a Greater Victoria home is only down 1% for the same period.

 

"We are realistic and sales are not what we would like to see," says Shelley Mann, President of Victoria Real Estate Board. "But there are many stories within the market. This week, three houses sold in Sidney that were all newly listed and they sold for over asking price."

 

Mann adds that she's spoken to several local REALTORS® who have clients who want to buy, but they are looking for good houses with quality amenities. "One Member told me that he has several potential buyers, but they can't find anything they like."

 

In January, 294 properties sold, compared to 372 in January 2012. The median price of a single family home is $482,500 compared to $522,000, a decline of 7.6.%. The six-month average shows a 1.4% decline, year-over-year, but less than one percent over last month.

 

"My basic message is that sales are down, prices are flat and our provincial economist is predicting 2013 will be a transition year," Mann says. "He believes the economic fundamentals are strong, and as a result the sales volume will increase 4% this year over 2012, but prices will remain flat."

 

Current active listings are 3,870. There were 81 condominium sales in January, a 24.6% increase over December 2012, while the median price of $238,350 is down 12.1% year-over-year. Townhouses saw increased sales in the past month and a median price of $382,000, up 4.7% year-over-year.

 

Total Waterfront Single Family Dwellings sold: 9, up 5 over January 2012
Total Non-waterfront Single Family Dwellings sold:144, down 43 sales from January 2012
Single Family Dwellings sold over $1 million: 3 (1 over $2 million)

 

Graphical representation of recent sale counts and average prices

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read

January 2, 2013


VICTORIA BC - Victoria’s real estate market ended 2012 with relatively flat pricing when compared to 2011, along with similar salesnumbers for the third consecutive year.

 

Total MLS® sales in December 2012 were 283, a 17% decrease over December 2011 when 339 units sold. A different picture is told, however, when comparing full years, where there is only a 5% decline from 2011 to 2012.

 

Similarly, pricing has held steady year-over-year. The annual average price of a single-family home in Greater Victoria was $603,298 in 2012 compared to $613,839 in 2011. Shelley Mann, President of the Victoria Real Estate Board, notes that while the annual average in 2010 was $629,925, it was $580,748 in 2009.

 

"In December there were less active listings on the MLS® system than in recent months," Mann says. "With less competition, homeowners have a better opportunity to sell. But the property must show well, and they cannot expect to sell for the all-time high prices of 2010 and 2011." Current active listings are 3,896.

 

"We continue to see buyers waiting to make their move. Two factors seem to have triggered this, the first being the tightening of lending regulations which has affected the purchasing power of many consumers," Mann says.

 

"The second factor is that some buyers are continuing to wait for the market to fall," Mann says. "What we heard at the local 2012 CMHC Housing Outlook Conference is that the market has bottomed out and slow growth is in store for 2013."

 

There were 65 condominium sales in December 2012, compared to 98 in November 2012 and 89 in December 2011, and the year-over-year average price has decreased by 3%. Townhome pricing remains flat.

 

Total Waterfront Single Family Dwellings sold: 10, also 10 in December 2011
Total Non-waterfront Single Family Dwellings sold: 146, down 27 sales from December 2011
Single Family Dwellings sold over $1 million: 10 (3 over $2 million)

 

Graphical representation of recent sale counts and average prices

Tablular representation of sales statistics from the last two months and from last year

Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island


Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Read
Categories:   Technology
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.