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If you own, or in the future would consider owning, revenue property this is very important info for you.  Over the last year, residential rental vacancy rates in Victoria have more than doubled from 0.5% to 1.4% but still remain well below the national average.  At the same time, average rents have increased by 3.4% for most suites, with 2 bedroom suites in the highest demand.  This is according to the newly released CHMC Fall 2009 rental survey. 
 
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The number of properties sold throughout the Victoria area last month eased compared to October but remained well over double the number of sales in November of last year. A total of 604 homes and other properties sold in November through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 742 sales in October but up more than 125 percent from the 268 sales in November of last year. Prices, meantime, increased somewhat for single family homes and townhomes.

 

Victoria Real Estate Board President, Chris Markham, says this has been a remarkable year of recovery for the real estate market, "Sales during the first eleven months of the year are running over 21 per cent higher than in the same period in 2008." Markham noted there has also been a substantial decline in the number of properties available for sale, "As of the end of November, there were 2,973 properties available for sale -- down 33 per cent from November of last year and this has put some upward pressure on prices."

 

The average price for single family homes sold in Greater Victoria last month was $617,987 up from $590,567 in October. Nineteen sales of over $1 million including one sale in North Saanich of over $3 million affected the overall average in November. The median price of single family homes sold was $555,000. The six-month average was $594,037. The overall average price for condominiums was $318,264 last month, down slightly from $322,349 in October. The average for the last six months was $318,014. The median price for condominiums in November was $285,000. The average price of all townhomes sold last month was $459,802 up from $438,058 in October. The median price rose to $423,000. The six month average was $440,563.

 

MLS® sales last month included 299 single family homes, 174 condominiums, 68 townhomes and 15 manufactured homes.

 

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Property Photo: Vi Burnside, Victoria
I have listed a new property at Vi Burnside, Victoria.
This WATERFRONT TOWNHOUSE offers spacious 2-3 bedroom living with water views from every principle room. The fully updated main level offers wooden floors, designer colours, newer windows, granite kitchen surfaces, and stainless steel appliances. Downstairs, the water views continue from each bedroom! Step into main bathroom and enjoy the heated floors, soaker tub, and multi-jet rain shower like you?ve never seen before! If that isn?t enough, just outside your door you can relax on your private water view patio or enjoy your private yard. At condo pricing, but with all the benefits of a townhouse, this rentable investment is an opportunity you don?t want to miss.
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We all want to know how the value of our home is changing, hopefully growing, over time.  With the recent market activity this is a very interesting question!
 
I've just added a new service called "Market Snapshot" to the many services that I provide for my clients, and future clients. Market Snapshot is free, no obligation, and will give you an in-depth analysis of what is selling in your neighbourhood and where prices are going.  It's an invaluable, free service that you really should take advantage of today!
 
You'll also find this very useful if you are thinking of buying in a specific area.  Let me arm you with the info that you need to make a wise purchase. 
 
There is no cost, an no obligation. 
 
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Property Photo: SE Cedar Hill, Saanich East
I have sold a property at SE Cedar Hill, Saanich East.
This classic cottage offers rustic charm and character right in the heart of Cedar Hill. Inside you'll find the authentic features intact, including the original hardwood floors and coved ceilings. The spacious country kitchen is bright and inviting, with room for the family to gather round the kitchen table. The finished basement is low height, but very usable. Outside, the sunny, west facing front yard is a private and peaceful retreat. As a HUGE ADDED BONUS, the detached office or artist studio is just as charming as the main house! A short walk to the cedar hill rec centre, golf, nature trails, and shopping. This home is conveniently located and a great buy in today's market!
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Property Photo: Vi James Bay, Victoria
I have sold a property at Vi James Bay, Victoria.
GREAT NEW PRICE in one of the best steel and concrete buildings right in the heart of James Bay. This 2 bedroom PLUS DEN corner unit offers over 1000 feet of finished space on the quiet side of the building. Relax outside on your two large balconies or entertain inside in your spacious open plan living room. Just completed in 2007, this modern condo offers hardwood floors, granite surfaces, secure parking, and floor to ceiling windows. It is so new that the bulk of the new home warranty remains, but you won?t have to pay the GST! Tenants in place until January 31, 2010. Buy as a great investment, or plan your move in the new year. Virtual tours, floorplans and more at listing Realtor?s site.
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Property Photo: Vi James Bay, Victoria
I have sold a property at Vi James Bay, Victoria.
GREAT NEW PRICE!! Originally listed at $539,000, With a $100,000 reduction this is a real bargain. How would you like to own a great suite in one of the best steel and concrete buildings right in the heart of James Bay? This well laid out 2 bedroom plus den corner unit offers nearly 1000 sqft of finished space on the peaceful, South East corner of the building. Relax outside on your TWO large balconies, or entertain inside in your open plan living room. Just completed in 2007, this modern condo offers hardwood floors, granite surfaces, secure parking, insuite laundry, and floor to ceiling windows. It is so new that the bulk of the new home warranty remains, but you won?t have to pay the GST! floorplans and more available.
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I have sold a property at 3534 Lorraine Rd in Victoria.
Gorgeous 3 bedroom home located on the ever popular Mt. Tolmie. Situated on a quiet no thru street with 2 bedrooms on the upper level, large living room with fireplace, separate dining area as well as a kitchen nook, kitchen and an updated expanded bathroom with double sinks, heated tile flooring and full steam unit (double shower, jacuzzi with too many features to mention), tons of storage space, deck along 2 sides and has been resurfaced, roof is only 4 years old, sky lights. Lower level with suite potential. Prestigious location within walking distance of St. Michaels & Camosun College.
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Property Photo: Vi James Bay, Victoria
I have listed a new property at Vi James Bay, Victoria.
Live in the heart of James Bay in one of the best buildings in Victoria. Steel and concrete construction, granite counters, and hardwood floors speak to the quality choices throughout. Ideally located in the complex, this South West corner unit really maximizes its location with floor to ceiling windows and TWO spacious balconies! Step outside your door and you are and only a few minutes walk to downtown Victoria. Whether you are looking for year round living or an investment property this suite offers it all. NO GST
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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.