MyVictoria Report

Crazy Month of January

What a month!  In the space of a week, we went from a skiff of snow to a huge dump of snow.  Like everyone else in Victoria, except for small children and dogs, I wanted it gone, sooner rather than later.  In the "be careful what you wish for department" the snow was quickly replaced with hurricane force winds, wreaking major havoc.  Two days later - beautiful, sunny and warm!

If anyone is thinking of converting to Natural Gas, think about doing it very soon.  The Govt. grant of approx. $2350 is discontinued at the end of this month.

February always brings the very popular Dine Around.  This year the dates are 17 February to 16 March.  There are many restaurants participating.  Each restaurant will have a set menu.  Prices are either $20, $30 or $40 each person, depending on where you dine.  A great opportunity to try a new place.

Greener in 2012 

 As far as green goes, in the past all we really did was recycled and used reusable bags.  I am giving Green a big start in 2012 by driving a 100% electric Nissan Leaf with no carbon footprint.  Just plug it in every night and it takes $1.90 to charge up for about 160 km of driving. I also used recycled paper for part of my 2012 calendars and will use as much recycle paper products as I can in the coming year.

 Last year at this time I predicted lower sales volumes with level to slight increases in prices. One out of two isn’t bad! For next year we should see prices at levels similar to 2011 with the volume of sales up.  While the risk of down turns in the global economy remain I feel low interest rates, people moving to Victoria and our relatively low unemployment will keep our market level or slightly up in 2012. I have printed the Canadian Housing & Mortgage 2012 forecast on the back of this letter.

 I would like to wish you and your family all the best this holiday season and happiness in the coming year.

Philip Illingworth                        

      Victoria Real Estate Board  January, 2012

Last Half of 2011 Sees Stabilized Real Estate Market

January 3, 2012
 

While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December, annual sales for single family homes, townhomes and manufactured homes had increased, while condominium sales decreased by 15% compared to December 2010.

"This may be the result of an increased number of lower priced single-family homes that became available," says the President of the Victoria Real Estate Board.

The President cites that housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.

"This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August," says The President. "During the last quarter of 2011, it has been virtually unchanged month over month."

"While we were trending towards a buyers’ market, based on both the prices and number of properties for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced market," she says.

December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active listings has been fewer than 4,000 since February 2011.

December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales in November. There were 349 sales in December 2010. The President notes that sales typically decline each December, reflective of the holiday season.

The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly from $592,034 in November. The median price also increased to $535,750 while the six-month average declined to $607,221. The overall average price for condominiums last month was $312,066, down from $320,558 in November. The median price for condominiums in December also decreased to $270,000 while the average for the last six months declined marginally to $321,177. The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. The median price increased to $375,000 from 360,000, while the six month average declined to $416,361.

There were six sales of single-family homes marginally over $1 million, with one in View Royal and five in Saanich East. The highest volume of sales in December 2011 was in Saanich East.

MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 11 manufactured homes, totaling 320 residential sales.

   Canada Mortgage and Housing Corporation