Victoria Market Watch

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 Blog written by Bill Stenson

    Pemberton Holmes Ltd.  

             250-858-0200

                 [email protected]

Welcome to Victoria Market Watch.  This site is jam-packed with information about Greater Victoria, Canada's city of climate and charm.  Explore the sidebar and here you will find details about our community and be able to keep an eye on the Real Estate market as well as Mortgage and Legal questions related to the market.  Any questions you have our field of experts will try their best to find an answer.  We promise.

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Bounce Back in May

MAY 2012 REAL ESTATE MARKET IS PICKING UP IN GREATER VICTORIA

June 1, 2012

The trend for the last several
months has continued in May.  After a
slight drop in sales and prices we see the opposite.  It is easy to draw a straight line through
the middle of it all over the last several months.

VICTORIA, BC-Consumers are showing
confidence in the Greater Victoria real estate market, evidenced by a spike of
71 residential sales in May 2012 over the previous month. "During the last
two or three months, we’ve seen many potential buyers out looking," says
Carol Crabb, President of the Victoria Real Estate Board. "During May,
they made their decisions. This shows there is good selection on the market, as
well as good value."

The average price for single family
homes sold in Greater Victoria last month was $622,387, a jump over April’s
average of $609,376. Excluding previous months’ sales of over $4 million, the
median has returned to $534,250.

"Last month we told you that
homebuyers were researching their purchases by working with home inspectors,
mortgage professionals and REALTORS®," Crabb says. "Now they are
moving forward, which is often reflected in a spring market, even though it’s
not feeling very spring-like."

Total MLS® sales for May 2012 were
659, with 636 of those residential, compared to 572 and 544 respectively for
the same period in 2011, and 586 and 565 last month. We ended May 2012 with
5,015 active listings.

 

 

Summary
Report and Graphs

Monthly Sales Summary

Average Selling Price Graphs

Active Listings, New Listings and Sales Graphs

 

Black Hole

Black has its place.  Traditional photographic development labs, bat caves, and rooms suited to a sound sleep with melatonin abundant are examples that come to mind.  As far back as my memory is retrievable and personal ownership of electronic gadgets was part of my life, black has been problematic.  Recently, preparing for a trip to Arizona, I extricated the rechargeable batteries from my trusty Sony camera and placed them without issue into the charger.  A couple of days later I go to replace said batteries and the question is which one goes positive up and which one down.  Apparently Sony has marked this for me but guess what?  They have chosen to mark the battery compartments, already black as anthracite coal, with black markings.  If I could take a picture of this unique feature I would but my camera is not that flexible.  It looks much like this:

 

 Sony is not alone.  I have owned innumerable devices that pose exactly the same problem, as I am sure you have.  Is it not time for a smidgen of creativity on the part of electronic manufactures?  The infrequent appearance of the rainbow should offer some inspiration.  Have any of them seen snow?

Good For Sellers and Buyers?

FLAT, BALANCED REAL ESTATE IN

 GREATER VICTORIA

May 1, 2012

VICTORIA, BC - Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. "That's good news for both buyers and sellers," says Carol Crabb, President of the Victoria Real Estate Board. "The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume."

The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000.

"Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®," Crabb says.

Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012.

Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013.

STATS QUICK REFERENCE

 

Summary Report and Graphs

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

 

February An Interesting Mix

February 2012 Victoria Real Estate Market Reflects Consumer Confidence

March 1, 2012

 

VICTORIA, BC-The story continues from last month when the Victoria Real Estate Board reported a relatively stable market when compared to the same time in 2011, but REALTORS® report they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.

February’s sale volume was virtually identical to that of February 2011, but the average price softened by 5% for single family homes over February 2011. The average sales price for a single family home in Greater Victoria was $579,985, with a six-month average of $594,027, showing a corresponding decrease of 4.7% over February 2011.

"REALTORS® are reporting increased showings, especially since the Provincial budget announcements," says Carol Crabb, President of the Victoria Real Estate Board. "Our Members tell me the HST transition rules, increased HST rebates and New Home First-time Buyers Bonus are stimulating traffic for both new houses and condos.

"I think the BC budget also instilled consumer confidence. Potential buyers can see that our economy is stable and mortgage rates are incredibly low", Crabb says. "Not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions. We encourage buyers to work with REALTORS® to ensure they are educated about current market conditions and recently announced government incentives."

With 3,977 active listings at the end of February, Crabb notes increased supply levels and sales are expected in keeping with the normal historical trend of spring activity.

Total non-waterfront Single Family Dwellings sold: 258, up 4 sales over February 2011
Total waterfront Single Family Dwellings sold: 7, down 3 sales over February 2011
Single Family Dwellings sold over $1 million: 14 (1 over $2 million)

Summary Report and Graphs

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

? ? ? Vermiculite ? ? ?

Questions, as the title suggests, surround vermiculite.

Is the sale dead if you discover vermiculite in the attic? When inspecting the attics of older homes, we often come across vermiculite insulation buried under more recently installed fibreglass or cellulose insulation. Some of this granular type of product was mined from a company in the U.S. and contained asbestos. This doesn’t have to be a deal killer as long as all parties are aware of the implications.

Not all vermiculite contains asbestos!   Not all vermiculite contains asbestos and Health Canada states that vermiculite need not be a concern provided it remains undisturbed in the attic and ceilings are properly sealed from attic dust. The labs say that the older large granular vermiculite doesn’t typically contain asbestos. Vermiculite is a mica-like mineral mined around the world and used in a variety of commercial and consumer products because it is fire-resistant and has good insulation qualities. Of concern is vermiculite ore produced by the Libby Mine in Montana from the 1920's to 1990. It was sold as Zonolite® Attic Insulation and possibly other brands in Canada during that time. Vermiculite from the Libby Mine may contain amphibole asbestos. The Libby Mine supplied the majority of the world market in vermiculite-based insulation.   Be aware that vermiculite is expensive to remove if that is your decision ($13-$15 sq. ft. and up) and all other insulation must be removed and replaced as well.  The home owner or contractor is usually responsible to obtain a sample from the attic, although for a price the lab may also do this.  Many lab “tests” seem to produce the same result of 1% asbestos.  Although the overall percentages of amphibole asbestos in bulk vermiculite are very low, the airborne percentages can increase if the material is disturbed. Asbestos poses health risks only when fibres are present in the air that people breathe. If asbestos fibres are enclosed or tightly bound in a product, for example in asbestos siding or asbestos floor tiles, there are no significant health risks. How exposure to asbestos can affect you depends on:        the concentration of asbestos fibres in the air;        how long the exposure lasted;        how often you were exposed;        the size of the asbestos fibres inhaled; and        the amount of time since the initial exposure. When inhaled in significant quantities, asbestos fibres can cause asbestosis (a scarring of the lungs which makes breathing difficult), mesothelioma (a rare cancer of the lining of the chest or abdominal cavity) and lung cancer. The link between exposure to asbestos and other types of cancers is less clear.  --Thanks to Fleetwood Building Inspection (FBI)

 

 

Realistic Approach

Bill made buying our first home a wonderful experience.  His caring attitude and realistic approach helped illustrate to us the true value of our purchase.  We would happily recommend Bill to all our friends.

--Andy Chen

 

Victoria Market Shows Engergy

February 1, 2012

VICTORIA, BC-While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4%.

"These numbers definitely match what we have been hearing from our Members," says Carol Crabb, President of the Victoria Real Estate Board. "Showings have increased, sales are slowly increasing and there is a sense of optimism among area REALTORS®.

"Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices trending up or down may not apply to their market area. They should consult with REALTORS® regarding prices in their own neighbourhood communities."

The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price.

"That said, buyers seem to be tired of all the doom and gloom stories about the global economy," Crabb adds. "Interest rates are good and they are keeping our Members busy with showings."

 

Total non-waterfront Single Family Dwellings sold: 187, up 9.4% over January 2011
Total waterfront Single Family Dwellings sold: 4, down 43% over January 2011
Single Family Dwellings sold over $1 million: 9 (none over $2 million)

Summary Report and Graphs

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

 

A Look At The End Of The Year Market

Last Half of 2011 Sees Stabilized Real Estate Market

January 3, 2012

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.

Summary Report and Graphs

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

Socially Responsible Environmental New Years Solution

The following suggestion will reduce recycling by 25 to 40 percent.  It involves a process during manufacturing that would be simple to implement.  It wouldn’t require companies to alter their mode of packaging and distribution, only a slight adjustment to the process would be needed.

So, what is this undemanding, effortless solution to reduce waste?  Fill everything up!

Ever bought a box of soap to find it is filled not only with the soap crystals you aimed to purchase, but a handy cup and two to three inches of air?  How about a package of potato chips, a third of which offers the aromatic essence of the product you hope to consume?  Or a bottle of pain killers or vitamins two thirds full but equipped with a healthy dose of cotton batten?  The above are rhetorical questions.

It’s time for the consumer to be fed up with packaging that is not filled up.  The environmental impact, if implemented for many of the products we buy, would be enormous around the world.   Fill existing containers up or reduce their size and fill them up. The time for responsible packaging is here.

Hawaii At Christmas Time

This year my wife Susan and I spent Christmas in Hawaii.  There is nothing quite like the dichotomy of driving around sun-seeking in 85 degree weather with beaches and shoppers and surf, listening to the radio play “It’s Beginning To Look A Lot Like Christmas” followed by an ad suggesting Wikele Storage is the best place to store one’s goods because it is now 20% off and your possessions will be kept in bunkers left over from the Second World War, all the while keeping in mind that we should wait two more days before swimming because the box jellyfish are here on schedule, ten days after a full moon, then finding out that your instincts were correct, the local golf course will not be busy on Christmas Day and in fact it is closed, macadamia nuts in the front seat and sunglasses somewhere and I’d better find them fast.

The picture below was taken at the War Memorial of the Pacific.  Our Christmas was great and we hope yours was too.  Aloha.