We are very pleased to report that this stunning home is now sold to some very happy buyers. Thank you very much to the many members of the Realtor community that brought their clients through. Thank you especially to Richard Severs for very professionally representing the buyers!
Steady would definitely be the word of the week for me! Prices are not shooting up, or down. Volume is increasing as is usually does at this time of the year, but not dramatically.
Single family homes are selling well. Sales are the busiest that they have been so far this year with the expectation that they will continue to pick up. The number of homes sold is still down 5% from this time last year with prices off by the same amount. As I have been saying every week for the last few weeks, price your home well and it will sell. Ask just a little too much and you will surely be passed by for those better deals that are out there!
The condo market is also picking up, but not nearly as strongly, and in fact seems to have plateaued these last few weeks. Last year at this time the market was still picking up. The net result is that the number of condos sold is now well off of last year, down about 13%. Prices are down as well, but by only a percent or two. Condos are also very price sensitive so make sure that if you have a condo to sell, that you price it sharply!
Over the last 30 days, 261 single family houses were sold, up by 11 houses from last week. The median price is up $500 to $525,000. The average house was on the market for 36 days. In the same time period, 116 condos were sold, down by 7 condos from last week. The median price is up $9,250 to $273,250. The average condo was on the market for 60 days.
There are now 1,960 houses for sale, up by 19 from last week. Condo inventory has risen by 14 to 944 suites.
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The Preferred Homes Team would like to pass our congratulations to Joanna on the succesful sale of her Prospect Lake home. Our thanks also to Sandy & David Medler who very professionally represented the buyers.
If this isn't enough to motivate buyers to get moving, nothing will be! 3 Year mortgages can now be had from as low as 2.59%. If you want to lock in your rates longer, how about a five year mortgage from 2.89% or a ten year from 3.69%.
If I could pass one message on to buyers or sellers it would be to look at each house as an individual and not let your judgement be clouded by preconceived perceptions of the market. For example, we were working with a buyer recently who was convinced that it was a buyers market and that there was no rush to put an offer in on a unique house that they really wanted. Even when we told them that there was another offer in play, but not accepted, they chose to not act. Then, when the first offer was accepted they were quite surprised and upset that the house had gone to someone else. They told us that if they thought the other offer was going to be accepted they would have acted.
The moral of the story is that the market is picking up speed rapidly and that it is not the complete buyers market that buyers want to think it is. Yes, many of the homes for sale are overpriced and need a reduction. But, at the same time, many of the homes are very well priced by savvy sellers and they will sell quickly, quite close to their asking price. If you want to be successful, you will do best to close your ears to the panic being spread by the media and evaluate each listing on its merit.
Here are the statistics from this morning. The house market continues to pick up speed and is almost back to last years levels. Considering how low we started the season, this is quite surprising! The volume of sales is now only down 2% from this point last year with pricing down 5%. Yes, you will need to price your home lower than you would have last year, but with so many buyers in the market, with the right price you are very likely to find a buyer.
The condo market is picking up speed as well, but does seem to have slowed down recently. In fact, the stats are a little worse this week than last week. I do not know yet if this market segment has peaked, so we will have to keep a close eye on it in the coming weeks.
Over the last 30 days, 250 single family houses were sold, up by 14 houses from last week. The median price is up $4,000 to $524,500. The average house was on the market for 36 days.
In the same time period, 123 condos were sold, the same number as reported last week. The median price is down $7,500 to $264,000. The average condo was on the market for 57 days.
There are now 1,941 houses for sale, up by 49 from last week. Condo inventory has risen by 6 to 930 suites.
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From the Calgary Herald
VICTORIA — Colour us with green with envy.
It’s the time of year when most Canadians are battling the remnants of winter. Brown grass, leafless trees and less-than-pristine snow banks fill our landscape. Plus, we know another snow storm is likely to hit before spring is truly here.
In Victoria, however, the picture is a different one.
The grass is green. The golf courses are open. And, British Columbia's capital city is already filled with three-quarters of a billion blossoms.
Yes, that’s right — almost a billion blossoms. How do Victoria residents know? Well, they counted; just like they do every year.
The annual flower count is an offshoot of a 1960s event called Victoria Days, which used to see a group of residents in Victorian-era costumes visit cities such as Calgary and Edmonton to hand out daffodils and promote their city’s early spring.
In 1976, the event grew to include an annual flower count so that everyone in Victoria could get involved.
It’s a lighthearted initiative (since it would be difficult to come up with a “scientific” count of blossoms); however, it’s a perfect way to welcome spring.
But how does Victoria reach such a high figure? Well, if you think about how many blossoms a large flowering tree has (750,000), it’s easy to see how the total number quickly grows.
The city’s blooming success has wafted our way for years now; it’s a good thing it smells so sweet, and that it’s easy for Western Canadians to get to Victoria to join in the flowering fun.
“Canadians can enjoy spring early in Victoria with blooms colouring the landscape by late February,” says Trina Mousseau, Tourism Victoria’s director of destination marketing.
“We have a plethora of outdoor activities, whether you prefer to spend the afternoon on the golf course, whale watching on the ocean, or going for a hike in our old-growth rainforests,” she says. “Victoria is full of life in spring.”
For golfing fans and fanatics, there’s myriad courses in Victoria and along the coasts and valleys of Vancouver Island.
“What makes Victoria such a good (vacation) choice is first and foremost our temperate climate,” says Cheryl Bushby, marketing manager for the Westin Bear Mountain Golf Resort & Spa.
The resort had a reality TV spotlight shone on it last year, while it was the temporary home of former CFL player Brad Smith, star of The Bachelor: Canada.
But, it’s also become known as a destination where visitors can golf at one of its two courses (the mountain course) year round, Bushby says. “You can’t say that about many other spots in Canada.”
This is also the time of the year when you’ll find golf deals; at the Westin Bear Mountain, for example, $69 gets you a round of golf with GPS power cart and warm-up balls.
“We are the only all-in-one hotel golf experience,” says Westin head pro Jordan Ray. “(You) walk out of your hotel room and right onto the course. To use a ski term, we are a true ‘golf in, golf out.’”
Whether golfing or not, the award-winning Sante Spa at the resort merits a visit. Not only are there perfect packages for golfers (Fore the Face, the Eagle Massage or the Golfer’s 19th Hole, for example); there is also a full range of treatments available that reflect the peaceful surroundings of the mountain.
A rejuvenating arbutus wrap is inspired by the nearby ancient trees, while the Elements Mountain Massage features a sage smudge, purifying foot bath, essential oils and B.C. jade stones positioned on energy pathways. It’s pure bliss.
Once emerged from the serenity of the spa, you’ll see golfers aren’t the only active folks taking advantage of the early spring and mild temperatures in Victoria.
It’s an ideal city for pursuing any number of recreational activities because, as Statistics Canada notes, Victoria is the fittest city in the country and the cycling capital of Canada.
Bike routes through historic neighbourhoods and parks abound, with one of the star attractions being the Galloping Goose Trail, a former rail line that curves past lakes, marshes, forests, charming farms and bird sanctuaries.
For those who prefer to take to the water, kayaks can depart from the Inner Harbour right in downtown Victoria.
There’s no shortage of routes for visitors who prefer a good walk or hike, either. A stroll along the harbour front and past the Parliament Buildings is always one of my favourites, but Tourism Victoria also has a list of suggested walks based on distances and interests, such as history, architecture, shopping or gardens.
These activities not only let you take in the green of the great outdoors; walking and cycling also allow you to participate in the sustainable green movement that’s taken hold of Victoria.
A “greening” of many shops and restaurants has occurred. Tourism Victoria has even created a “green blog” that applauds the environmentally-sensitive initiatives launched by businesses.
That means when you visit a restaurant like Pizzeria Prima Strada, you’re not only getting the best Neapolitan pizza this side of Italy. You’re also supporting a business that is involved in projects like Garbage Showdown, which saw 33,000 pieces of garbage collected from streets and alleys on Earth Day last year.
The same holds true if you decide to dine at Smoken Bones Cookshack.
The BBQ Taster Platter — with pork ribs, beef ribs, pulled pork and brisket — is mouth-wateringly irresistible. But it’s also nice to know that behind the scenes, owner Ken Hueston and crew ensure Vancouver Island ingredients are featured whenever possible, promoting local consumption and sustainability.
It adds another touch of green to a getaway that every winter-weary Canadian could use right about now, to a city where January showers bring February and March flowers.
Victoria by the numbers
2: The ranking given to Victoria, for having the second highest number of restaurants per capita in North America, only behind San Francisco.
13: The percentage of 2008 Canadian Summer Olympic team members that call Victoria home.
80: The number of orca whales that can be found in the three resident pods that make their home in the waters around Victoria.
950: Number of hanging baskets on lamp posts during summer months.
991: Number of farms in the Greater Victoria area.
3,333: Number of lights twinkling on the Parliament Building each night.
750,000: Number of cups of tea served each year at the Fairmont Empress Hotel.
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There's a looming shortage of qualified construction trades-people in Canada, and while that's a good thing for the skilled trades, it's less so for everyone else from homebuyers to residential and commercial builders.
That was the take-away message at a one-day event Tuesday attended by 400 employers and potential employees in Ottawa's construction industry. Organized by the provincially funded and awkwardly named group Ottawa Integrated Local Labour Market Planning, the event was held at the Algonquin Centre for Construction Excellence. It combined a morning session for employers about how to survive a changing labour market with an afternoon information/job fair program for Algonquin College students and other job seekers.
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The Preferred Homes Team would like to congratulate Tori Feldman on winning "Rookie of the Year" at RE/MAX Camosun for 2012!
We're privileged to be working with you.
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It is no secret that it has been a slow start to the traditionally busy spring buying & selling season. Prices are behind last years levels and the number of homes selling has been down by about 25%.
But, that was old news and things are changing rapidly now. The change appears to be in the right direction finally! For the last several weeks, the anecdotal evidence is that Realtors have been feeling busier. Not necessarily with sales, but with the activity that leads to sales. Now, that work is starting to show in the results.
The volume of sales for single family homes is still below this point last year, but the gap is narrowing. Prices have also been climbing now for the fifth week in a row! Yes, prices are still down 3% from last year, but that is a big improvement from the 6-7% gap that we saw a few weeks ago. Do I think that prices are going to move ahead of last year? That's possible but not likely. However, the good news is that there in an increasing chance that a well priced home will sell.
The condo market is doing even better than the detached house market. It's rare that I can make that statement! But, it is true. At the start of the year, the condo market was in very poor shape with the volume of sales off 34% and prices down 11% from last year. But, today the volume is only off 9% and prices are even! There has been a real surge in condo pricing in the last few weeks! We even saw the inventory of available condos drop this week, which almost never happens in the spring. It appears that first time buyers are choosing to buy a condo instead of a new detached house. Considering that their purchasing power was reduced last summer when the mortgage rules where changed, this does make sense.
Overall, the message is that if you are considering a move this spring, now is DEFINITELY the time to get your property on the market. Enlist the help of a knowledgeable professional Realtor - members of our team hopefully - and list your home at the right price with a solid marketing plan behind it.
Here are the current stats:
Over the last 30 days, 202 single family houses were sold, up by 26 houses from last week. The median price is up $10,194 to $523,944. The average house was on the market for 34 days. In the same time period, 120 condos were sold, up by 8 condos from last week. The median price is up $18,500 to $274,500. The average condo was on the market for 63 days.
There are now 1,831 houses for sale, up by 4 from last week. Condo inventory has fallen by 19 to 892 suites.
Do you have any real estate questions? feel free to email us or post them on our Facebook page and we would be happy to answer them for you.
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If you haven't visited our gorgeous new show home, or toured our several homes under construction, now is definitely the time. Just this week, two more families decided to make www.TheSummitAtThetis.com their new home!
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