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It has been a very busy week in the market pushing the 30 day average way up.  Over the last 30 days, 154 single family houses were sold, up by 31 houses from last week.  The median price is up $2,500 to $577,500. The average house was on the market for 58 days.  As you can see, the volume of sales is increasing rapidly as we always hope to see at this time of year.  That increase in sales is starting to push prices up slightly. 
 
In the same time period, 86 condos were sold, up by 8 condos from last week.  The median price is up $3,250 to $291,500. The average condo was on the market for 65 days. The condo market is still relatively flat. The volume of sales is increasing, but pricing is generally stable when we look back over several weeks.
 
There are now 1,320 houses for sale, up by 24 from last week.  Condo inventory has risen by 40 to 777 suites.  Although total inventory is rising, the relative inventory compared to the rate of sales, expressed as "months of inventory," is dropping, especially for single family homes.  For SFH's, if the pace of sales keeps picking up we could run into a shortage of inventory.
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Buying real estate is competitive! Whether the market is hot, or not, the best properties sell quickly.
 
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BY CARLA WILSON, TIMES COLONIST JANUARY 29, 2011
 
The future of the $1.5-billion Bamberton mixed-use development is uncertain now that regional district staff are saying one option is to deny the proposal.
 
"The application appears to be at a cross road where a decision is needed as to whether or not the application should proceed," said a Cowichan Valley Regional District staff report.
 
It outlines two options for Three Point Properties' bid to develop 630 hectares on the Saanich Inlet on the north side of the Malahat. One recommendation is to deny the application, and the other option is to give the Victoria developer up to three months to bring in a proposal showing how it would provide more detailed information and address several issues.
 
Three Point wants to build a 3,200-residentialunit development over 25 years, creating a community of 7,200 people with parks and trails. Commercial and industrial uses would also be part of the project to transform the former cement plant.
 
On Monday, the CVRD's electoral area services committee will consider the report. While the Bamberton concept is attractive, it has shifted away from a mixed-use waterfront village to a more conventional development along the TransCanada Highway, the report said.
 
Concerns include the need for updated assessment reports, interim commercial and industrial use on the waterfront seems contradictory to the long-term vision for the site, and commitments for amenities to service development are limited and conditional, potentially resulting in a future community that is underserviced, the report said.
 
The applicant's desire for flexibility in zoning and other matters conflicts with the CVRD committees' desire for certainty, the report said.
 
Ross Tennant, president and partner in Three Point Properties, is hoping committee members will give him more time.
 
"We are in the process of trying to find out where those areas of consensus are and then formulating a plan that we can present at the meeting on Monday, which would be to say, 'Let's move forward on those areas where there is concurrence and let's identify those areas where there are gaps and let's work together to try and resolve those.'"
 
General agreement exists on some of the commercial and industrial aspects of the proposal, which would generate jobs, while there's disagreement within the residential plan, he said. The property is now has industrial and forestry zoning. If the rezoning is denied, Tennant is not keen to pursue those uses. Three Point has spent $25 million taking down the old cement plant and remediating the site, he said.
 
© Copyright (c) The Victoria Times Colonist
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Property Photo: 27 Parkcrest DR in VICTORIA
Please visit our Open House at 27 Parkcrest DR in VICTORIA.
**OH Sat & Sun 2-4 **This Westcoast split level home is located on a cul-de-sac backing onto Craigflower Creek. It offers a waterfront lifestyle at an affordable price. This home features a family room, sun room off the kitchen, separate dining room, living room with vaulted ceilings and fireplace. Laundry room and power room off the carport and an upper level with 3 bedrooms and 2 bathrooms. Updates include new stainless fridge/stove, bathroom vanities, sunroom, fire pit/water feature wall, '02 roof, '09 HW tank, patio & landscaping. Cosmetic updating would greatly add value to this family home.
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Property Photo: 302 2211 Shelbourne ST in VICTORIA
Please visit our Open House at 302 2211 Shelbourne ST in VICTORIA.
**OH Sun 2-4**This spacious and light filled top floor, 1 bedroom and den (2nd bedroom) 1.5 bath unit is a must see. It features vaulted ceilings, a large balcony and northerly views from the quiet side of the building. The layout features a kitchen with a pass through into the inline dining and living rooms, a master bedroom with a walkthrough closet and 2 piece ensuite, in suite laundry off the main bathroom and an office off the living room. Secured parking and a heated storage room are a plus. A short walk takes you to Jubilee Hospital, shopping, parks, tennis courts, or downtown. Park Place is a fully remediated 21 unit building with a 10 yr warranty in place. This unit is vacant for immediate possession.
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Property Photo: 1404 Brooke ST in VICTORIA
Please visit our Open House at 1404 Brooke ST in VICTORIA.
OH Sun 2-4 **NEW PRICE!! Located on a quiet Fairfield byway, this clean, crisp character home offers traditional styling and all of the modern conveniences one would expect in a 2002 built home. The sun filled main level offers a family room off the kitchen, separate living room, 2 pce power room and a single car garage. Features include fir floors, built-ins, crown moldings, tile counter tops and 2 gas fireplaces. Upstairs offers laundry and 2 bedrooms each with their own 4 piece ensuite bathroom. Downstairs is spacious 1 bedroom suite with its own laundry room and separate entrance. This home is across from Brooke st Park and is walking distance to Fairfield plaza and Cook St village. Vacant for immediate possession.
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A Victoria developer wants to build a 224-unit residential complex across from Mayfair Shopping Centre and designate nearly half as affordable housing to address the critical need for lower income workers and families in the region.

 

Brian Martin's plans include two buildings — eight and 14 storeys — with a mix of rental apartments, ground-floor condominiums and townhouses over underground parking. The project between Speed and Frances avenues, just off Douglas Street, will also have 25,000-square-feet of commercial space.

 

Click here for the full story

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Over the last 30 days, 123 single family houses were sold, up by 12 houses from last week. The median price is up $10,000 to $575,000. The average house was on the market for 59 days. We are now seeing the activity we expect for a spring market. More buyers are entering the market, increasing the number of properties sold, driving down the days on market, and slowly increasing pricing. Other than a small median price increase due to increased demand, we are still not forecasting an overall price increase.

 

In the same time period, 78 condos were sold, down by 10 condos from last week. The median price is down $4,250 to $288,250. The average condo was on the market for 67 days. The trend for condo pricing continues to be flat with sales volume not yet increasing in the spring market as we would normally see.

 

There are now 1,296 houses for sale, up by 21 from last week. Condo inventory has risen by 34 to 737 suites.

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Property Photo: 1404 Brooke ST in VICTORIA
Please visit our Open House at 1404 Brooke ST in VICTORIA.
**Open House Sun 23rd 2-4**Located on a quiet Fairfield byway, this clean, crisp character home offers traditional styling and all of the modern conveniences one would expect in a 2002 built home. The sun filled main level offers a family room off the kitchen, separate living room, 2 pce power room and a single car garage. Features include fir floors, built-ins, crown moldings, tile counter tops and 2 gas fireplaces. Upstairs offers laundry and 2 bedrooms each with their own 4 piece ensuite bathroom. Downstairs is spacious 1 bedroom suite with its own laundry room and separate entrance. This home is across from Brooke st Park and is walking distance to Fairfield plaza and Cook St village. Vacant for immediate possession.
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Property Photo: 302 2211 Shelbourne ST in VICTORIA
We have a new listing at 302 2211 Shelbourne ST in VICTORIA.
 
This spacious and light filled top floor, 1 bedroom and den (2nd bedroom) 1.5 bath unit is a must see. It features vaulted ceilings, a large balcony and northerly views from the quiet side of the building. The layout features a kitchen with a pass through into the inline dining and living rooms, a master bedroom with a walkthrough closet and 2 piece ensuite, in suite laundry off the main bathroom and an office off the living room. Secured parking and a heated storage room are a plus. A short walk takes you to Jubilee Hospital, shopping, parks, tennis courts, or downtown. Park Place is a fully remediated 21 unit building with a 10 yr warranty in place. This unit is vacant for immediate possession.
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