Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 30, 2019

April 2019: Van Island Market Update

The Sky Is Not Falling

As anticipated, mid island real estate is shifting into a balanced market. Niche properties, such as single family homes under $600K, are seeing increased pricing & holding strong, some even with multiple offers – this compressed market has remained competitive for the many Buyers still entering or re-entering the market.

Many Sellers are having to lower their expectations from past years. A sharp price & well maintained home will set it apart, especially in higher end properties which was hit harder by the 20% foreign Buyer tax as many foreigners elect to invest elsewhere – less Buyers with big payouts are flowing from the mainland & Victoria to fuel our high-end housing market.

New construction is taking longer to move due to affordability. Most Builders are not showing much give on pricing – profit margins have to make sense to continue building. Expect a slowdown in the new construction starts in the coming year as Builders combat increased lot prices (19% gain this year over last!), increased cost of construction materials plus building code changes.

The biggest market impact? Reduced qualification for Buyer mortgages = less sales in general. Prices are expected to increase 2.1% in BC for 2019. Expect 2019 to be our market high for most homes over the next 5-8 years. It's a great time to buy as negotiation is more prominent & there is an increase of selection to choose from. In a balanced market Seller's benefit if moving to another home within the same market as "subject to sale of my house" clauses are more likely to be accepted which help alleviate the 'where am I going to go' stress.

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Posted in Market Updates
Jan. 15, 2019

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates