Lately, there has been a lot of doom and gloom in the press that has been getting people down and causing fear.  We know for experience that fear is a bad things for real estate, even when it is unrealistic fear.  As they say, perception is reality! 

But, maybe the facts can help swing some of that opinion in the right direction. The facts are that Canada's economy and consumer confidence are moving in the right direction.  We are in a very good position in the world!  

Click here for a great article on consumer confidence from the CBC.

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I just received word from one of the mortgage brokers that we work with, Mortgage Architects, that some mortgage rates have dropped.  Five year terms are now available from 3.19% for those with good credit.  Variable rate mortgages start at 2.75%.  

With home prices lower now than they were last year, is it time to make a purchase?

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What a great response we are seeing from home buyers when they see the exceptional value that we offer them at The Summit at Thetis - a gorgeous, quiet, new home development near Thetis Lake.  Some buy because of the quiet, cul de sac location surrounded by parkland.  Others chose The Summit at Thetis because of its close proximity to town.  There are so many reasons to move to this quality, Limona development.

With several more sales in the last week, some of the best lots are going fast.  I hope that you visit us this Saturday or Sunday from 1-3pm so we can show you why The Summit at Thetis is one of the hottest new single family home developments in Victoria.

We are so happy that buyers continue to see the great value that we offer at Homes At Hazelwood.  Even though we are getting closer to being sold out, there are still eight different house plans available on a variety of lots.  We'll be open again this Saturday & Sunday from 1-4pm and hope to see you there!

The trend that we have been seeing over the last few months is continuing and strengthening.  That trend is that entry level houses are selling very well, while higher priced homes over 600k are having a tough time finding a buyer.  This is because first time buyers continue to be a much larger portion of the market than they normally would be. 

If you have your home on the market, and you priced over 600k, you will need to work hard to find a buyer.  Working hard means offering exceptional value and ensuring that your home shows very well.  Do that, and you will be successful!  Miss the mark by even a little bit and you will find that your property gets lost in the greatly increasing inventory in your price range.  Over the last 30 days, 358 single family houses were sold, up by 15 houses from last week.  The median price is down $5,000 to $550,000 – the fifth week in a row that this indicator has fallen. The average house was on the market for 29 days.

The condo market is continuing at much the same pace that it has for some months now.  Prices haven’t really changed significantly. However, we are still seeing inventory growing and there are many new projects coming on line. As with houses, if you offer great value, you will find a buyer.  In the last 30 days, 157 condos were sold, down by 11 condos from last week.  The median price is up $1,250 to $278,000. The average condo was on the market for 45 days.

There are now 2,343 houses for sale, up by 75 from last week.  Condo inventory has risen by 18 to 1067 suites.  For both houses and condos, we are approaching the highest inventory levels that we have seen for several years.

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