Stephanie Peat : Real Estate Resources : Latest Blog Posts

A balanced Victoria real estate market continues to provide consumers with options

Mon, 17 Nov 2025 21:10:17 GMT

October 2025

A balanced Victoria real estate market continues to provide consumers with options A total of 617 properties sold in the Victoria Real Estate Board region this October, 5.7 per cent fewer than the 654 properties sold in October 2024 and 11.4 per cent more than in September 2025. Sales of condominiums decreased by 15 per cent from October 2024 with 159 units sold. Sales of single family homes increased by 2.9 per cent from October 2024 with 350 sold.

“The local real estate market remains reasonably balanced,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “Single family homes are currently seeing the strongest demand, and this month we saw the highest number of October sales since 2020. However, condo sales were slightly more restrained than single family and townhome sales over the past month. We have not seen a significant decrease in prices as a result, but those shopping for condos will find a good variety to choose from with time to make decisions.”

There were 3,423 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2025, a decrease of 7.3 per cent compared to the previous month of September and an 8.3 per cent increase from the 3,161 active listings for sale at the end of October 2024.

“The Bank of Canada made another interest rate cut late in October,” notes Chair VanderWal. “It’s too early to determine if this will affect demand, but consumers are likely watching and waiting to see what will happen to fixed and variable mortgage rates. As we move toward winter, the housing market tends to cool off with the weather. The Victoria real estate market is dynamic, and can change course depending on consumer activity. For assistance selling or buying, connect with your favourite Victoria REALTOR® who can help you understand the trends and how your property fits in the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2024 was $1,300,200. The benchmark value for the same home in October 2025 decreased by 1.8 per cent to $1,276,500, down from September’s value of $1,294,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2024 was $547,800, while the benchmark value for the same condominium in October 2025 increased by 0.6 per cent to $551,000, up from the September value of $547,500.

Victoria Real Estate Market Offers Good Options Over the Summer Months

Fri, 08 Aug 2025 18:08:22 GMT

August 1, 2025 A total of 680 properties sold in the Victoria Real Estate Board region this July, 4.6 per cent more than the 650 properties sold in July 2024 and 10.6 per cent fewer than in June 2025. Sales of condominiums increased by 5.6 per cent from July 2024 with 225 units sold. Sales of single family homes decreased by 0.3 per cent from July 2024 with 318 sold.

"Typically, as the school year wraps up and summer holidays begin, our housing market relaxes somewhat," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "However, we did see a good pace of sales in July, and listing inventory remained at a stable level. This means that those shopping over the summer will have a good selection of homes to consider but it also means there is enough market activity that we could see some properties go into multiple offers."

There were 3,703 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2025, a decrease of 2 per cent compared to the previous month of June and a 10.6 per cent increase from the 3,348 active listings for sale at the end of July 2024.

"The conclusion of July also signals the traditionally busy spring market is officially over," adds Chair VanderWal. "Overall, I think the level of activity over the course of the spring surprised many, who were unsure how the real estate market would be impacted by economic and trade uncertainties. But throughout 2025, we have seen positive indicators of a healthy and stable market, with consistent levels of listing inventory higher than we've seen in recent years along with reasonably flat and predictable pricing. Moving into the late summer and then into fall when sales often increase, consumers should enjoy a good selection of properties and the time to make decisions. It's a great time to connect with your favourite local REALTOR® for expert assistance and up-to-the-minute insights on the market if you are considering a sale or purchase."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2024 was $1,296,100. The benchmark value for the same home in July 2025 increased by 3.3 per cent to $1,338,800, up from June's value of $1,325,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2024 was $567,800 while the benchmark value for the same condominium in July 2025 decreased by 0.8 per cent to $563,300, up from the June value of $562,800.

Victoria real estate market stable in the face of uncertainty

Fri, 04 Apr 2025 20:02:12 GMT

A total of 613 properties sold in the Victoria Real Estate Board region this March, 4.3 per cent more than the 588 properties sold in March 2024 and 16.1 per cent more than in February 2025. Sales of condominiums were up 14.1 per cent from March 2024 with 202 units sold. Sales of single family homes increased by 2.1 per cent from March 2024 with 292 sold.

“The economic uncertainty the world faces right now certainly colours our local real estate market,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “In spite of this, our market remains as it has in recent months - stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers.”

There were 3,023 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025, an increase of 14.9 per cent compared to the previous month of February and an 14.2 per cent increase from the 2,647 active listings for sale at the end of March 2024.

“As in past months, the balanced market in March softened the demand-side pressures of markets we’ve seen in recent years. There is more time for decision making, which is a positive aspect for both sellers and buyers,” adds Chair VanderWal. “Thoughtfully priced and presented homes are selling well and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2024 was $1,288,400. The benchmark value for the same home in March 2025 increased by 3.6 per cent to $1,335,300, up from February’s value of $1,309,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2024 was $558,200 while the benchmark value for the same condominium in March 2025 increased by 0.4 per cent to $560,400, up from the February value of $551,900.

Dealing with Spring Weather Challenges When Selling Your Home

Mon, 24 Mar 2025 21:17:28 GMT

Although spring brings longer daylight hours, it also brings unpredictable weather. Rain, mud, and fluctuating temperatures can present challenges for home sellers. Thankfully, by planning and taking proactive steps, your home can remain appealing regardless of the weather.

Here are some tips to help you navigate common spring weather challenges when selling your home:

1. Keep Curb Appeal Intact Despite Rain

Curb appeal is crucial when selling a home, but spring rain can leave your property looking messy. To keep your home inviting:

Ensure gutters are clear of debris to prevent overflow and water damage.
Place a fresh layer of mulch in garden beds to prevent soil from washing away.
Keep the lawn trimmed and edged, and remove any debris after storms.
Consider adding potted flowers near the entrance for a welcoming touch.

2. Prevent Mud From Being Tracked Indoors

With frequent spring showers, mud can become a major concern. Protect your home's interior by:

Placing durable doormats outside and inside all entryways
Providing potential buyers with disposable shoe covers
Keeping a mop and cleaning supplies handy for quick touch-ups before showings

3. Maximize Natural Light

Spring weather can be overcast, making interiors appear dim. To brighten your home:

Open curtains and blinds to let in as much natural light as possible.
Use warm, bright lighting in darker rooms.
Clean windows inside and out to remove grime from winter months.
Add mirrors to reflect light and create an airy feel.

4. Maintain a Comfortable Indoor Temperature

Spring temperatures can fluctuate dramatically. Keep your home comfortable by:

Adjusting the thermostat to maintain a pleasant indoor temperature
Using ceiling fans or portable heaters if needed to balance warmth and airflow
Ensuring your HVAC system is in good working order to avoid unexpected issues

5. Address Moisture and Humidity

Spring humidity can lead to musty odours and condensation. To prevent moisture-related problems:

Use dehumidifiers in damp areas like basements.
Run exhaust fans in bathrooms and kitchens to reduce humidity.
Check for and repair any leaks in the roof or plumbing.

6. Highlight Spring's Best Features

Spring is a season of renewal, making it the perfect time to showcase your home's charm. Enhance your property's appeal by:

Displaying fresh flowers or greenery inside to create a welcoming atmosphere
Setting up outdoor spaces like patios or decks with clean furniture and decor
Staging rooms with light, fresh-coloured accessories to complement the season

Spring weather can be unpredictable, but with the right preparation, you can keep your home looking its best. By maintaining curb appeal, managing mud, maximizing light, and ensuring indoor comfort, you can attract buyers and secure a successful sale. With thoughtful planning, your home will look wonderful — rain or shine!

Buying a Home on a Budget: Is a Condo or Townhouse a Better Deal?

Mon, 10 Mar 2025 20:18:00 GMT

For many homebuyers, especially first-timers, affordability is a top priority. If you're working within a budget, you may be considering whether a condo or a townhouse is the better financial choice. Both offer advantages, but the right decision depends on several factors.

Cost Considerations

When it comes to upfront costs, condos are generally more affordable than townhouses. In most markets, condos have a lower purchase price per square foot because they tend to be smaller and lack private yards. However, monthly condo fees can be high, covering expenses such as building maintenance, landscaping, and amenities like a gym or pool.

Townhouses, on the other hand, typically come with a higher purchase price but lower strata fees when compared to condos. This is because townhouse owners are usually responsible for maintaining the exterior and sometimes even the land around their property. If you're on a strict budget, it's crucial to factor in both the mortgage payments and ongoing fees when determining what you can afford.

Maintenance and Responsibilities

One of the biggest differences between condos and townhouses is the level of maintenance required. Condo owners enjoy a hands-off approach, as the strata council usually takes care of exterior upkeep, roof repairs, and landscaping. This makes condos an attractive option for busy professionals, retirees, or those who travel frequently.

Townhouse owners, by contrast, may have more responsibility for property maintenance. While some communities offer shared services through the strata council, owners may be responsible for repairs to their home's roof, exterior, and yard. This additional responsibility can translate to unexpected costs, so budgeting for maintenance is essential.

Lifestyle and Privacy

Your lifestyle and need for privacy can also influence whether a condo or townhouse is the better fit. Condos often resemble apartment living, with units stacked on top of or beside one another. Noise from neighbours can be a concern, and outdoor space is typically limited to a balcony or shared courtyard.

Townhouses offer more privacy, as they usually have fewer shared walls and often include a small yard or patio. This can be a significant perk for families, pet owners, or anyone who enjoys outdoor living. Additionally, townhouses provide a greater sense of independence, as owners have more control over their property compared to condo dwellers, who must adhere to stricter strata rules.

Long-Term Investment

From an investment perspective, both condos and townhouses can appreciate in value, but townhouses may have a slight edge. Because they offer more space and often include land, townhouses tend to appreciate faster than condos. Additionally, condos are more vulnerable to fluctuations in strata fees, special assessments, and market demand.

However, condos can still be a smart investment, especially in high-demand urban areas where single-family homes and townhouses are out of reach for many buyers. If you choose a well-managed building in a desirable location, a condo can be a worthwhile investment with strong rental potential.

Which is the Better Deal?

The answer depends on your financial situation, lifestyle preferences, and long-term goals. A condo may be the best choice if you're looking for a lower upfront cost and minimal maintenance. However, if you prefer more space, privacy, and greater long-term appreciation potential, a townhouse might be worth the extra investment.

Before making a decision, carefully evaluate your budget, consider the costs beyond the purchase price, and consider your lifestyle needs. By doing your research and weighing the pros and cons, you can find the best home that fits your budget and future plans.

February a steady month for Greater Victoria buyers and sellers

Wed, 05 Mar 2025 21:46:31 GMT

A total of 528 properties sold in the Victoria Real Estate Board region this February, 12.3 per cent more than the 470 properties sold in February 2024 and 25.1 per cent more than in January 2025. Sales of condominiums were up 26.3 per cent from February 2024 with 192 units sold. Sales of single family homes increased by 4.5 per cent from February 2024 with 234 sold.

“February was another stable month for local real estate,” said 2025 Victoria Real Estate Board Chair Dirk VanderWal. “The combination of slowly growing inventory and slightly increased sales means that our market remains in balance from the start of the year, which creates comfortable conditions for both buyers and sellers. Nearly two years of steady prices combined with recent favourable interest rates are positive factors for our market. Thus far, 2025 has been a good year to buy and sell.”

There were 2,630 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2025, an increase of 9.8 per cent compared to the previous month of January and an 11.3 per cent increase from the 2,364 active listings for sale at the end of February 2024.

“In these market conditions properties need to be well presented and properly priced to be successful,” adds Chair VanderWal. “We are following our typical early spring market cycle, which generally speaking peaks in late spring. Hopefully in the upcoming weeks we’ll see more inventory enter the market to meet consumer demand. We will also watch what impacts any changes to global economic policies may have on our market if and when they occur. Right now, there are many factors that impact your housing decisions, and your favourite local REALTOR® is ready to help you navigate the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2024 was $1,262,200. The benchmark value for the same home in February 2025 increased by 3.7 per cent to $1,309,500, up from January’s value of $1,287,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2024 was $554,700 while the benchmark value for the same condominium in February 2025 decreased by 0.5 per cent to $551,900, up from the January value of $548,100.

Timeless vs. Trendy: Home Décor Styles That Won't Go Out of Fashion

Fri, 21 Feb 2025 21:29:28 GMT

When decorating your home, following the latest design trends is tempting. From bold accent walls to curved furniture, social media, and interior design magazines constantly introduce new styles that make homes feel fresh and exciting. However, trends come and go, sometimes fading within a few years, leaving homeowners with outdated designs and expensive renovations.

Conversely, timeless décor ensures your home looks elegant and stylish without frequent updates. So, how do you strike the perfect balance between trendy and timeless?

Let's explore the key elements of each and how to incorporate both to keep your home looking beautiful for years to come.

What Defines a Timeless Home?

A timeless design maintains its appeal regardless of changing trends. These styles often focus on simplicity, functionality, and quality craftsmanship. Key characteristics of timeless décor include:

Neutral Color Palettes: Shades of white, beige, grey, and earth tones create a classic and versatile backdrop that complements any decor.
High-Quality Materials: Natural materials like hardwood, stone, and linen age beautifully and add a sense of durability.
Classic Furniture Silhouettes: Traditional styles like Chesterfield sofas, Shaker-style cabinetry, and Windsor chairs have remained popular for decades.
Functional Layouts: A well-designed space prioritizes comfort and practicality, ensuring the home feels inviting and usable.

Timeless design isn't boring; it's about choosing foundational elements that will remain stylish over time while allowing for flexibility in smaller details.

Trendy Decor: What's Popular Now?

Trendy designs bring a fresh and modern look to a home but often have a short lifespan. Some of the biggest recent trends include:

Bold Accent Walls: Deep greens, navy blues, and wallpaper murals create dramatic focal points.
Maximalism: Layered patterns, bold colours, and an eclectic mix of décor create a visually dynamic space.
Curved Furniture: Sofas and chairs with soft, rounded edges add a contemporary, inviting feel.
Industrial & Raw Materials: Exposed brick, concrete, and metal details create a modern, edgy look.

While these trends can be exciting, homeowners should be mindful of how quickly they might fade. What's trendy today could look outdated in just a few years.

How to Blend Timeless and Trendy for a Balanced Look

Instead of committing entirely to classic or trendy décor, the best approach is to mix the two to keep your home both modern and enduring. Here's how:

Use Trendy Colours in Small Doses: Instead of painting an entire room a bold colour, introduce trendy hues through pillows, rugs, or accent pieces.
Invest in Timeless Foundation Pieces: Choose neutral, high-quality furniture that will last. A well-made sofa or hardwood dining table can last for decades.
Experiment with Accessories: As styles evolve, swap out trendy items like light fixtures, cabinet hardware, or decorative vases,
Keep Permanent Fixtures Classic: Kitchen cabinets, flooring, and built-ins should have a neutral, lasting appeal to prevent costly renovations.

Timeless Styles That Always Work

If you want to ensure your home remains stylish over time, consider these classic interior design styles:

Mid-Century Modern: Characterized by clean lines, warm wood tones, and functional furniture.
Traditional & Classic: Elegant detailing, symmetrical layouts, and neutral tones create a sophisticated feel.
Scandinavian Minimalism: Light woods, simple designs, and a clutter-free aesthetic ensure a calming space.
Farmhouse Chic: Rustic charm, neutral colours, and cozy textures bring a warm and inviting atmosphere.

Homeowners can create a stylish and enduring space by balancing timeless elements with subtle, trendy accents. The key is to invest in high-quality, neutral foundation pieces while using trends to refresh and personalize your space. This approach allows your home to evolve while maintaining its elegance and functionality for years to come.

2025 housing market kicks off with good balance of inventory and stable pricing

Wed, 05 Feb 2025 21:38:35 GMT

February 3, 2025 A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8 per cent more than the 341 properties sold in January 2024 and 0.2 per cent more than in December 2024. Sales of condominiums were up 30.4 per cent from January 2024 with 146 units sold. Sales of single family homes increased by 19.8 per cent from January 2024 with 194 sold.

"We've seen a strong hand off from the December market to January with a good sense of momentum building," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025."

There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6 per cent compared to the previous month of December and an 11.9 per cent increase from the 2,140 active listings for sale at the end of January 2024.

"The overall housing market in the Greater Victoria Area continues to show signs of balance," adds Chair VanderWal. "There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward. As always, buying or selling your home is one of the largest financial decisions you'll make, and your favourite local REALTOR® is your best resource to help you navigate the process."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 per cent to $1,287,200, down from December's value of $1,306,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 per cent to $548,100, up from the December value of $547,800.

Warm Up Your Home This Winter With a Hot Chocolate Bar

Wed, 29 Jan 2025 01:01:00 GMT

One of the greatest joys of owning a home is the memories you make inside. A hot chocolate bar is the ultimate way to elevate any winter gathering, offering guests a fun and interactive experience. Whether it's a cozy night with family or a party with friends and neighbours, creating a DIY hot chocolate station will bring warmth and joy to any occasion.

Here's how to set up the perfect hot chocolate bar everyone will love:

1. Choose the Right Location

Start by selecting an area in your home that can accommodate a small station for the hot chocolate bar. A kitchen counter, dining table, or living room corner can work well. Ideally, you want a place where guests can comfortably gather around and help themselves.

If you're hosting a larger event, consider setting up your hot chocolate station on a buffet table, complete with a decorative tablecloth to set the scene. Ensure the station is easily accessible and has enough space for guests to move around.

2. Pick Your Hot Chocolate Base

A good hot chocolate bar starts with the perfect base. You should offer at least two or three hot chocolate options so guests can choose their preferred flavor.

Classic Hot Chocolate: A rich, creamy classic hot chocolate is a must-have. Use high-quality cocoa powder or chocolate chips for a decadent flavor. You can prepare the base in a slow cooker or large pot to keep it warm throughout the event.
White Hot Chocolate: White hot chocolate is a delicious option for those who prefer a lighter version. It's made with white chocolate and milk, providing a sweet, creamy drink that contrasts nicely with the classic version.
Flavored Hot Chocolates: Unique flavors such as peppermint, salted caramel, or cinnamon can add a twist to your hot chocolate bar. Offering flavored syrups or infusions allows guests to personalize their drink and try something new.

3. Offer a Variety of Toppings

The key to a successful hot chocolate bar lies in the toppings. Make sure you have a diverse selection that allows your guests to customize their drinks to their liking. Here are some fun and festive topping ideas:

Marshmallows: Offer a variety of marshmallows, such as mini, large, or flavored ones like chocolate-dipped ones.
Whipped Cream: A must for any hot chocolate lover! You can serve traditional whipped cream or flavored versions like cinnamon or chocolate whipped cream.
Chocolate Shavings or Chips: To make the drink even more indulgent, add a bit of extra chocolate, such as chocolate shavings, chips, or grated chocolate.
Caramel Sauce or Syrups: For added flavor, offer various syrups, such as caramel, butterscotch, and chocolate sauce, for guests to drizzle on top.
Nuts and Spices: For a little extra crunch and flavor, include toppings such as chopped nuts (like almonds or hazelnuts) and spices like cinnamon, nutmeg, or chili powder for a bit of heat.

4. Include Warm Add-Ons

In addition to toppings, you can include a few warm add-ins to make the hot chocolate even more delightful. Consider offering:

Flavored Liquors: For an adult-only touch, provide options like Baileys Irish Cream, Kahlúa, or amaretto that guests can add to their hot chocolate for a boozy twist.
Hot Coffee or Espresso: Offer a hot coffee option for those who like combining hot chocolate with a little java. A shot of espresso can add a sophisticated flavor to the mix.

5. Add Some Decorative Elements

A hot chocolate bar isn't just about the drink — it's about creating an inviting and festive atmosphere. Here are some decorative touches to make your hot chocolate station visually appealing:

Themed Tableware: Use fun mugs, festive cups, or mason jars to serve the hot chocolate. For a special touch, you can even personalize the mugs with guests' names.
Winter Decorations: Decorate the area with cozy, winter-themed elements like faux snow, twinkling lights, pinecones, and garlands. Try labeling the toppings with wooden crates or a chalkboard sign for a more rustic feel.
Serving Containers: Use clear jars or bowls to make the toppings easy to see. Label each topping with a small sign or tag so guests know their selection.

6. Organize the Station

Once you have all the elements prepared, arrange them on your table or counter. Here's a suggested layout:

Hot chocolate base: To stay warm throughout the event, keep your hot chocolate base(s) in large containers, such as slow cookers or thermoses.
Toppings: Arrange your toppings in small bowls or jars across the table.
Add-ins and extras: For easy access, place your syrups, marshmallows, whipped cream, and warm add-ins like liquor or coffee at the front.
Serveware: Place spoons, stirrers, and napkins near the bar so guests can help themselves.

7. Provide Drink Accessories

Make the hot chocolate bar more enjoyable by offering drink accessories like stir sticks, spoons, and festive straws. You can also provide napkins for any spills or drips.

A hot chocolate bar is a delightful and interactive way to add a touch of warmth and whimsy to your winter gatherings. With various drink bases, fun toppings, and seasonal decorations, your guests will enjoy customizing their perfect cup of hot chocolate. Your hot chocolate station will be a hit with all ages, creating lasting memories and plenty of sweet moments.

The Biggest Myths About Selling a Home

Wed, 15 Jan 2025 20:18:41 GMT

If you've never sold a house previously, it's normal not to know what to expect. When seeking advice from neighbours, friends, or family, it might seem like everyone thinks they're experts on real estate transactions, but that likely isn't the case. It's common to hear myths and tall tales about the market or the selling process.

As a first-time seller, don't believe everything you hear. Getting caught up in real estate myths can lead to bad decisions that cost you money in the long run. If you're planning on selling your home soon, be cognizant of these five myths about selling a home:

1. Renovations And Staging Aren't Important

One of the biggest myths we hear in a hot seller's market is that staging and renovations aren't necessary because buyers are so eager to make an offer. This is simply untrue. Even though the market is incredibly competitive, a home in bad shape will still be unattractive to buyers. Making renovations and staging your home is still your best bet for generating the best return. Just because the market isn't hot doesn't mean sellers should skip the important parts of the process.

2. You Can Save Money By Selling Your Home Yourself

While it's possible to sell a home independently, you'll need experience, skills, and a lot of time to pull it off seamlessly. While it may save you from paying an agent commission, there is also a good chance you'll leave money on the table.

Real estate agents perform many tasks that provide tremendous value by helping you achieve a higher sale price. Staging, marketing, and negotiating are all important pieces. You might not get the best return without an expert in your corner.

3. Setting A High Price Leaves Room For Negotiation

Many sellers think setting the bar high will leave more room for negotiation, but the truth is that many buyers won't even consider a home priced well above its value. By setting too high an asking price, you're ultimately putting yourself in a position where you'll likely have to reduce it after a few weeks. This may lead to buyer suspicions about potential problems.

4. Open Houses Don't Sell Homes

Open houses have been a common home-selling tactic for decades and didn't disappear during the pandemic, as many believe. While many assume real estate agents hold open houses to drum up new business, they can be very effective for sales. They are likely to generate quick exposure to the market and attract more interested buyers in a shorter time.

5. The Market Will Continue To Rise

Home values have consistently increased for many years except for two recent economic downturns. However, these recent recessions have proven that real estate is not a risk-free investment. The myth that home values will continue to rise yearly may influence a seller's decision to list their home. However, the truth is that home values can and do fall and will fall again.

Selling a home isn't always easy, so arming yourself with accurate information is the best way to make decisions that will yield a good return. Of course, experienced real estate agents are often the best source of reliable information about the market.

2024 Victoria Real Estate Market Year in Review

Thu, 09 Jan 2025 00:03:24 GMT

A total of 421 properties sold in the Victoria Real Estate Board region this December, 28 per cent more than the 329 properties sold in December 2023 and a 23.6 per cent decrease from November 2024. Sales of condominiums were up 25 per cent from December 2023 with 135 units sold. Sales of single family homes increased 20.9 per cent from December 2023 with 191 sold. A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the 6,207 sold in 2023.

“2024 was a fairly calm year for local real estate,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers! It has been a year of stability and predictability. Prices have been relatively level for the past two years now, which has made it easier for buyers and sellers to navigate transactions with confidence. Even though 2024 had more months with over 3,000 listings than we have had in many years, we do continue to see low inventory levels when compared to long term averages. If inventory remains low and we see an increase in demand, we could very quickly return to a market where there is upward pressure on pricing. This is why the Board will continue to advocate for gentle density development in 2025.”

There were 2,290 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2024, a decrease of 19.3 per cent compared to the previous month of November but a 7.4 per cent increase from the 2,132 active listings for sale at the end of December 2023.

“The future for the market is of course impossible to predict,” added Chair Lidstone. “Recent changes that extend amortization periods for first time buyers, and updates to the property transfer tax thresholds help make homes more attainable, and hopefully help more people to enter the housing market. Consistent interest rates will also increase the ability for folks to make a move. As always, our market is subject to many influences and the purchase and sale process is complex. If you are contemplating buying or selling in 2025, call your favourite local REALTOR® who can create the best strategy for you and for your property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2023 was $1,272,000. The benchmark value for the same home in December 2024 increased by 2.7 per cent to $1,306,400, up 0.3 per cent from November’s value of $1,302,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2023 was $556,500 while the benchmark value for the same condominium in December 2024 decreased by 1.6 per cent to $547,800, an increase of 0.6 per cent from the November value of $544,400.

Protecting Your Home During Holiday Travel

Fri, 20 Dec 2024 19:01:16 GMT

Whether you are visiting family for the holidays or planning a relaxing winter getaway, ensuring the safety of your home while you're away is essential. Taking a few proactive steps can reduce the risk of break-ins, water damage, or other unforeseen issues, allowing you to enjoy your vacation worry-free.

Here's how to protect your home during holiday travel.

1. Secure All Entry Points

Before leaving, double-check that all doors and windows are securely locked. This includes the obvious front and back doors and less commonly used entry points like basement windows, garage doors, and sliding patio doors. If your locks are outdated, consider upgrading to deadbolts or smart locks for added security. And don't forget to secure your garage. If your garage has an automatic door opener, unplug it while you're away to prevent hackers from accessing the system.

2. Install a Security System

A home security system is one of the most effective ways to deter potential burglars. Modern systems include cameras, motion detectors, and door/window sensors that can be monitored remotely through your smartphone. Many systems also allow you to receive real-time alerts about unusual activity. If you already have a security system, ensure it's in working order before leaving. Visible security cameras and signs indicating a monitored system can be strong deterrents.

3. Use Smart Home Technology

Smart home devices can make your house appear occupied even when you're not there. Smart lights can be programmed to turn on and off at random intervals, mimicking your usual routine. Smart blinds can also open and close periodically. These small adjustments can make your home less of a target. Some devices allow you to monitor your home remotely. Smart thermostats, for example, let you control the temperature to prevent issues like frozen pipes without wasting energy.

4. Enlist Help from Neighbours

A trusted neighbour can be one of your best resources for protecting your home. Ask them to monitor your property, collect mail, and bring in packages or newspapers to avoid signaling an empty home. Leave them a key and contact information in emergencies. Depending on the season, you might also consider arranging for someone to shovel snow or maintain the yard to keep up appearances.

5. Don't Advertise Your Absence

While sharing holiday plans on social media is tempting, avoid posting details until after you return. Announcing your travel plans publicly can inadvertently alert potential burglars. Instead, keep your plans limited to trusted friends and family.

6. Prepare for Emergencies

Unforeseen events like water leaks, electrical issues, or power outages can cause significant damage if left unattended. Before leaving, turn off the main water supply to prevent leaks or install a water leak detector with automatic shut-off capabilities. Unplug non-essential electronics to avoid the risk of electrical fires or power surges. Additionally, ensure your smoke alarms and carbon monoxide detectors are working properly. If possible, install devices that send alerts to your phone in an emergency.

7. Create the Illusion of Occupancy

Leaving a car in the driveway or having a neighbour park there occasionally can create the impression that someone is home. Similarly, timed outdoor lights can add to this illusion.

Taking these steps can significantly enhance the safety of your home during your holiday travel. By combining modern technology, good neighbourly relationships, and a bit of strategic planning, you can enjoy your trip with peace of mind, knowing your home is well-protected.

Planning Your Home Sale Timeline: From Prep to Closing

Wed, 11 Dec 2024 21:52:00 GMT

Selling a home is a significant undertaking that requires abundant planning. However, with a well-structured timeline to help you stay on track, you can remain organized as you navigate the complexities of the selling process.

Here's a step-by-step guide to help you create an effective home sale timeline:

1. Evaluate Your Readiness to Sell

The first thing you need to do about six to 12 months from when you would want to close is thoroughly evaluate your readiness to sell. Consider a few factors when determining your readiness, such as your financial situation, market conditions, and lifestyle needs. You will have the best luck selling for a good price in a market where buyers have less inventory. You also want to ensure that it's the right time to move to a different property and that you will have the finances to do so. When planning financially for your move, you will want to calculate your home equity and evaluate how that aligns with your plans for purchasing your next property.

2. Hire a Real Estate Agent

You must work with a local real estate agent with experience and a proven track record of successful home sales to attract the most buyers and get the most competitive price. You will want to hire an agent about 3-6 months before listing your property to have time to prepare adequately. Start by checking out some reviews of agents in your area online and interview a few until you find the right match.

3. Clean and Make Repairs

A couple of the most important steps, which you should take about 3-4 months before listing your property, are cleaning up and making necessary repairs or upgrades. Cleaning the house should always begin with decluttering and organizing the space by removing unnecessary items you're not planning to bring to your next home. A pre-listing inspection can help you identify what in the home may need to be fixed or replaced, as can your agent.

4. Discuss the Selling Strategy

A good sales strategy begins with setting a competitive price. Your real estate agent can help you determine a fair price for your home in the current market by providing you with a Comparative Market Analysis (CMA) report. Aside from pricing, you will want to discuss digital marketing assets like property photos and videos with your agent and plans for home tours and open houses a few months before listing.

5. Launch and Monitor Listing Progress

Once your agent completes all the necessary procedures and has prepared the proper marketing, they will launch your listing on the MLS (Multiple Listing Service). Once your listing is active, they should update you frequently on buyer engagement and interest. You will want to keep it tidy inside and out while your home is on the market to accommodate frequent showings or drive-bys.

6. Evaluate Offers and Negotiate

Once you get an offer or even multiple, you will want to evaluate the price along with the terms and conditions of the sale, such as a timeline for closing and any contingencies. Depending on the quality of the offers, you may want to negotiate for the best price possible. You will want to ask your agent for negotiation advice as they likely have more experience.

7. Prepare for Closing

Finally, to prepare for closing, you must coordinate with lawyers, inspectors, and lenders to ensure you complete all necessary paperwork and have all the documents needed to close the transaction. Once you accept an offer, you can expect the transaction to close in about 1-2 months.

By carefully planning your home sale timeline, you can make informed decisions, reduce stress, and achieve your goals. Whether you are moving across town or the country, this process sets the foundation for a successful transition.

A warm start to winter sales in the Victoria real estate market

Tue, 03 Dec 2024 23:10:00 GMT

A total of 551 properties sold in the Victoria Real Estate Board region this November, 39.8 per cent more than the 394 properties sold in November 2023 and a 15.7 per cent decrease from October 2024. Sales of condominiums were up 55 per cent from November 2023 with 186 units sold. Sales of single family homes increased by 36.3 per cent from November 2023 with 263 sold.

“I’ve found that buyers and sellers are feeling optimistic right now,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”

There were 2,836 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2024, a decrease of 10.3 per cent compared to the previous month of October and a 7.3 per cent increase from the 2,644 active listings for sale at the end of November 2023. “Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply,” adds Chair Lidstone.

“Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it’s likely the momentum we saw building in November will carry on in December to some extent. If you’re considering a new home for the holidays, connect with your favourite local REALTOR® to create your plan.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2023 was $1,290,100. The benchmark value for the same home in November 2024 increased by 1 per cent to $1,302,900, up from October’s value of $1,300,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2023 was $571,300 while the benchmark value for the same condominium in November 2024 decreased by 4.7 per cent to $544,400, down from the October value of $547,800.

Eco-Friendly Ideas for Holiday Decorating

Thu, 21 Nov 2024 21:09:00 GMT

The holiday season is a time of joy, warmth, and creativity. However, it can also result in significant waste and environmental impact. Adopting eco-friendly holiday décor reduces your carbon footprint and encourages sustainable traditions.

Here are some creative and environmentally conscious ideas for decorating your home this holiday season.

1. Natural Decorations

Nature provides endless inspiration for holiday décor. Pinecones, branches, dried flowers, and evergreen boughs make beautiful, biodegradable decorations. You can create garlands by stringing together cranberries, popcorn, or dried orange slices. These can be composted after the holidays, leaving no waste behind.

Consider using potted plants instead of a cut Christmas tree. A small potted pine, spruce, or fir can be decorated with ornaments and lights and later replanted in your garden or cared for indoors.

2. DIY Ornaments

Homemade ornaments are eco-friendly and add a personal touch to your holiday décor. Craft unique decorations using materials like fabric scraps, paper, or salt dough. For example, cut old greeting cards into festive shapes or create origami ornaments using recycled paper.

Repurposing household items like bottle caps, wine corks, or mason jar lids can also result in stunning ornaments. Involve your family in these projects to make the decorating process a shared experience.

3. Sustainable Wrapping and Display

Swap traditional wrapping paper, which often contains plastic and glitter, for reusable or recyclable alternatives. Use fabric wraps, newspaper, or brown kraft paper decorated with stamps or drawings. Store-bought gift bags can also be reused year after year.

Display wrapped gifts as part of your décor by stacking them under the tree or on shelves. Adding simple ribbons or sprigs of greenery can elevate the presentation while keeping it eco-conscious.

4. Energy Efficient Lighting

Holiday lights are a staple of festive décor, but they can consume much energy. Instead, opt for LED lights, which use significantly less electricity than traditional incandescent bulbs. Solar-powered outdoor lights are another excellent choice.

To reduce energy consumption, set your lights on a timer so they're only on during peak evening hours. This practice saves energy and extends the life of your light strings.

5. Upcycled and Vintage Finds

Thrift stores and vintage shops are treasure troves for unique and sustainable holiday décor. Look for second-hand ornaments, candleholders, and table linens. Upcycling old items into festive decorations can also be a rewarding and eco-friendly hobby. For instance, turn an old sweater into stockings or make a lantern out of a glass jar.

6. Edible Decorations

Incorporating food into your decorations can add charm and reduce waste. Adorn your tree with gingerbread cookies, candy canes, or cinnamon sticks, and then enjoy them later. Create a stunning centerpiece with a fruit bowl or a wreath with dried herbs and spices.

7. Avoid Single-Use Plastic

Whenever possible, avoid decorations made of single-use plastics. Instead, invest in high-quality, durable pieces that you can use year after year. Choose biodegradable materials, like wood or fabric, over plastic.

By embracing these eco-friendly holiday décor ideas, you can celebrate the season while honouring the planet. Sustainable decorating reduces waste and fosters creativity and mindfulness, making the holidays even more meaningful.

How to Maintain Curb Appeal When Selling During Winter

Thu, 14 Nov 2024 21:55:00 GMT

Selling your home during winter presents unique challenges, especially regarding curb appeal. Winter's harsh conditions, shorter days, and sometimes drab landscapes can make it difficult for your home to stand out. However, with a little effort and creativity, you can ensure your home is as inviting and appealing as it would be in any other season.

These are practical tips to enhance your home's curb appeal in winter.

1. Enhance Lighting

Winter days are shorter, meaning prospective buyers may visit your home in low-light conditions. Ensure all exterior lights are functional and consider upgrading to brighter, warm-toned LED bulbs to create a welcoming ambiance. Highlight key features with strategically placed lighting, such as along pathways, around your entryway, or showcasing a well-maintained garden bed.

2. Add Seasonal Décor

Tasteful winter-themed décor can add warmth and charm to your home's exterior. A simple wreath on the door, a pair of planters filled with evergreen boughs, or string lights on trees can create an inviting look. However, avoid overly festive or personal decorations, as they may not appeal to everyone. Stick to neutral, classic designs that enhance your home's aesthetic.

3. Maintain Landscaping

While winter may limit lush greenery, keeping your yard tidy is crucial. Trim bushes, remove dead branches, and rake any remaining leaves. If snow is present, ensure it's evenly shoveled to avoid a messy appearance. Consider planting winter-friendly greenery, such as evergreen shrubs, to add a touch of life to your yard.

4. Refresh Your Exterior

A fresh coat of paint on your front door, shutters, or trim can make a big difference, especially against a snowy backdrop. Clean your windows to let in as much natural light as possible, and ensure your siding and gutters are free from dirt and debris. Cleanliness and small improvements signal pride in ownership.

5. Focus on the Front Door

The front door is a focal point; it can benefit from extra attention in winter. In addition to a fresh coat of paint or a welcoming wreath, ensure your door hardware is polished and in good condition. A clean, attractive doormat can also make a strong statement.

6. Showcase the Warmth From Inside

Winter buyers often want a sense of coziness. Keep your curtains open during showings to let in light and reveal a warm, inviting interior. If you have a fireplace, light it to create an irresistible sense of comfort. This inside-out approach adds to your home's curb appeal from the street.

7. Pay Attention to Details

Small touches, such as well-maintained house numbers, a polished mailbox, or even a clean, freshly painted garage door, can elevate your home's appearance. Attention to detail reassures buyers that the property has been well cared for.

Selling your home in winter may come with extra effort, but maintaining curb appeal can make a significant difference. By keeping your property safe, clean, and inviting and incorporating simple touches of seasonal charm, you can help buyers envision themselves living there — even during the coldest months of the year.

Homeownership on a Budget: Top Tips to Save on Costs

Wed, 13 Nov 2024 19:33:48 GMT

Owning a home comes with many costs that can strain your budget. But homeowners can save money with savvy strategies.

Here are some top tips to help you enjoy the advantages of homeownership without breaking the bank.

1. Smart Energy Savings

Reducing energy costs is one of the most effective ways to cut home expenses. Start by sealing drafts around windows and doors with weatherstripping or caulk, saving up to 20% on heating and cooling bills. Additionally, consider adding insulation in attics, basements, and other areas where heat might escape. Installing a programmable thermostat can also help by lowering temperatures when you're away or asleep, leading to 10-15% energy savings over time.

Also, consider switching to energy-efficient LED bulbs and appliances, which use significantly less power than traditional options. While they may have a higher upfront cost, the savings over time make them worth the investment.

2. Routine Maintenance and DIY Repairs

Regular maintenance can prevent costly repairs down the road. For example, cleaning your gutters twice yearly keeps them working properly and prevents water damage. Changing HVAC filters every three months keeps your heating and cooling systems efficient, reducing energy costs and prolonging the unit's life.

Learning basic DIY skills can also save money. Tasks like fixing a leaky faucet, unclogging drains, and painting can be done without hiring a professional. YouTube tutorials and home improvement blogs are great resources to help you get started.

3. Mindful Landscaping

Landscaping can enhance your home's curb appeal but doesn't have to be costly. Choose native, drought-resistant plants requiring minimal water and maintenance, reducing water bills and landscaping costs. Mulching around plants can also help retain moisture, keeping them healthier and reducing the need for frequent watering.

If you want to grow vegetables, a small garden can be cost-effective and add fresh produce to your table. Start with easy-to-grow vegetables like tomatoes, lettuce, and herbs, which can yield a rewarding harvest with minimal upkeep.

4. Use Energy-Efficient Appliances and Smart Tech

If you're upgrading appliances, choose energy-efficient models with a high Energy Star rating. Although these appliances might have a higher purchase price, they consume less energy, resulting in lower utility bills. Investing in smart home technology, like a smart thermostat or energy-monitoring plugs, allows you to control usage and identify energy-draining devices.

5. Shop Around for Insurance

Homeowners insurance is essential, but premiums vary widely among providers. Shopping around for coverage and comparing quotes can help you find a plan that suits your needs at the best possible rate. Be sure to ask about discounts, such as bundling your home and auto insurance, which can lower premiums. Also, regularly reviewing your policy ensures you aren't overpaying for coverage you no longer need.

6. Be Strategic About Home Improvements

Some home improvements add value to your home, while others don't. Focus on cost-effective upgrades that enhance your quality of life and resale value. For example, kitchen and bathroom updates, fresh paint, and new flooring yield a good return on investment. Avoid high-cost renovations unless necessary, and consider doing smaller updates yourself if possible.

Homeownership doesn't have to drain your budget. By following these tips, you can enjoy the benefits of owning a home while keeping costs in check.

Victoria market exceeds expectations but remains balanced

Fri, 01 Nov 2024 21:02:00 GMT

A total of 654 properties sold in the Victoria Real Estate Board region this October, 60.7 per cent more than the 407 properties sold in October 2023 and a 14.5 per cent increase from September 2024. Sales of condominiums were up 32.6 per cent from October 2023 with 187 units sold. Sales of single family homes increased by 76.2 per cent from October 2023 with 340 sold.

“Sales did increase notably over last year, but it’s important to include some context,” said 2024 Victoria Real Estate Board Chair-Elect Dirk VanderWal. “October 2023 saw the fewest sales in that month since 2008, which distorts a year-over-year comparison; in fact, last month’s sales count was almost exactly on the ten-year average for the month. With that context, although we’ve certainly seen a notable increase in sales month over month, this does signal a return to a more average market for this time of year. The number of homes available on the market has remained relatively consistent, which has also created the benefit of a more balanced market for buyers and sellers, even with the increase in sales numbers.”

There were 3,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2024, a decrease of 6 per cent compared to the previous month of September and a 14.7 per cent increase from the 2,756 active listings for sale at the end of October 2023.

“I think it’s safe to say that many consumers have been watching the Bank of Canada rate announcements, and that could be influencing their decision making,” adds Chair-Elect VanderWal. “Recent rate drops likely encouraged a few more buyers and sellers to enter the market, and we may see that trend continue in November, the month which traditionally begins our market’s winter lull. Even though sales were higher last month, we are still experiencing a comfortable environment for buyers and sellers to negotiate. There are fewer multiple offers and more time for the decision-making process. It is hard to predict what the winter market will bring, so it’s a great idea to consult with your favourite local REALTOR® to discuss the current market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2023 was $1,310,100. The benchmark value for the same home in October 2024 decreased by 0.8 per cent to $1,300,200, up from September’s value of $1,279,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2023 was $578,800 while the benchmark value for the same condominium in October 2024 decreased by 5.4 per cent to $547,800, down from the September value of $553,400.

Home Selling Psychology: How to Overcome Emotional Attachment

Thu, 24 Oct 2024 18:20:40 GMT

When selling a home, it can be challenging to remove emotional attachment. Whether it's the house where you and your spouse first lived, where you raised a family, or where you've created lasting memories, selling it can feel like an emotional process. However, too much emotional investment can interfere with making sound, objective decisions.

Here's how to manage and remove emotional attachment when selling a home:

1. Understand That It's a Financial Transaction

First and foremost, shifting your mindset from thinking of your home as an emotional space to thinking of it as a financial asset is crucial. While your home has been the setting for important life events, it's also an investment, and selling it is a business decision. Focusing on the financial gain, market conditions, and sale price can help you reframe the process.

To do this effectively, research the real estate market, understand current trends, and consider how selling your home will positively impact your finances. Whether it's downsizing, upgrading, or investing the proceeds elsewhere, keeping your eyes on the financial outcome will help detach from the sentimental value.

2. Depersonalize the Space

Depersonalizing your home is a crucial step in emotionally detaching from it. Remove personal items like family photos, children's artwork, and other objects tied to your memories. This will help you see the property as a house, not your home.

From a practical perspective, depersonalizing also allows potential buyers to envision the space as their future home, increasing the likelihood of a sale. When the house is no longer filled with personal items, it will feel less like your space, making it easier to distance yourself emotionally.

3. Focus on the Future

Feeling sad about selling a home with personal memories is natural, but focusing on the future is also essential. Think about what lies ahead instead of dwelling on what you're leaving behind. Whether you're moving into a new home, relocating to a different area, or embarking on a new adventure, focusing on the excitement of what comes next can help shift your perspective.

Consider writing a list of what you look forward to after the sale. This exercise can help you focus on your future rather than clinging to the past.

4. Hire a Real Estate Agent

One way to take the emotional weight off your shoulders is to hire a professional real estate agent. Agents are experts in the home-selling process and can objectively guide you through the transaction. They can help you price your home based on market value rather than any personal attachment you may have.

A real estate agent will also handle the negotiations on your behalf, which can be a relief if you're emotionally tied to the outcome. Their experience and knowledge will provide a buffer between you and the stress of the selling process.

5. Consider the Buyer's Perspective

Finally, it's essential to remind yourself that, to a buyer, your home is simply a property. They won't see it through the same emotional lens that you do. Instead of thinking about the memories you've created, try to see your home from their perspective.

By shifting your focus to the needs and desires of the buyer, you can start to let go of the emotional ties that make it difficult to sell. After all, the goal is to present the house as a desirable asset that will appeal to others.

Selling a home is often a sentimental experience, but emotional attachment can cloud your judgment and hinder the sale process. Following these tips can reduce emotional attachment and allow you to proceed with the sale confidently and through the appropriate lens.

Victoria Real Estate Market Current Conditions Benefit Buyers and Sellers

Fri, 04 Oct 2024 22:57:55 GMT

A total of 571 properties sold in the Victoria Real Estate Board region this September, 15.8 per cent more than the 493 properties sold in September 2023 and a 4.8 per cent increase from August 2024. Sales of condominiums were up 21.9 per cent from September 2023 with 189 units sold. Sales of single family homes increased by 19.3 per cent from September 2023 with 272 sold.

“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”

There were 3,361 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2024, an increase of 5.3 per cent compared to the previous month of August and a 24.5 per cent increase from the 2,699 active listings for sale at the end of September 2023.

“In times of more balanced markets,” adds Chair Lidstone. “There is less pressure on pricing and more opportunity to take time to make big decisions on real estate. However, there are still situations where you can encounter competition. When the house, price and location are all highly desirable for buyers, we can see situations where there are competing offers. As always if you are thinking about making a move, connecting with a local REALTOR® to start building your strategy is advisable.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2023 was $1,316,100. The benchmark value for the same home in September 2024 decreased by 2.8 per cent to $1,279,700, down from August’s value of $1,287,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2023 was $583,400 while the benchmark value for the same condominium in September 2024 decreased by 5.1 per cent to $553,400, down from the August value of $559,200.

Choosing a Home That Boosts Your Mental Health

Wed, 02 Oct 2024 00:29:00 GMT

Your living environment is crucial to your overall well-being, so the right home can significantly enhance your mental health. Choosing a home that promotes mental wellness involves considering factors such as location, design, and the emotional impact of your space.

Here's how to choose a home that supports your mental health:

1. Prioritize Natural Light

Exposure to natural light is essential for regulating your body's circadian rhythms, directly impacting your mood and sleep. Homes with large windows and ample sunlight can help reduce symptoms of depression, anxiety, and seasonal affective disorder (SAD). When touring potential homes, observe how much natural light the space receives during different times of the day. Rooms facing south or with unobstructed windows typically offer the most sunlight.

2. Choose a Location With Green Spaces

Proximity to nature has proven mental health benefits, including reducing stress and improving cognitive function. A home located near parks, gardens, or natural landscapes provides opportunities for outdoor activities such as walking or simply enjoying a calming view. If possible, prioritize homes with easy access to green spaces, as this can be a valuable tool for stress management and mental rejuvenation.

3. Ensure Peace and Quiet

Noise pollution can increase stress levels, disrupt sleep, and negatively affect your mental health. A home situated in a quiet neighbourhood, away from busy roads or industrial areas, will help create a serene environment. Consider visiting the area at different times of the day to gauge noise levels. Look for soundproof windows or thick walls to minimize disturbances and promote a peaceful living space.

4. Consider Air Quality and Ventilation

Indoor air quality is often overlooked but critical for physical and mental health. Poor air quality can contribute to feelings of fatigue and anxiety, while good ventilation supports clearer thinking and better mood regulation. When choosing a home, ensure adequate ventilation, including operable windows and well-maintained HVAC systems. Homes away from high-traffic areas will also have fewer pollutants entering the living space.

5. Evaluate Community and Opportunities for Social Connection

Your mental health is closely tied to your social environment. A supportive community can provide a sense of belonging, reduce feelings of isolation, and increase overall life satisfaction. When choosing a home, consider its proximity to family, friends, and community resources such as recreational centres or social clubs. Living in a neighbourhood that fosters connection and community engagement can have a profoundly positive impact on your emotional well-being.

6. Opt for a Minimalistic Design

The design of your home can also influence your mental health. Overly cluttered or chaotic spaces can lead to feelings of anxiety and overwhelm. Look for homes with clean, open layouts that encourage simplicity and minimalism. If you're moving into a home that needs redecorating, aim for neutral colours and functional designs that promote a sense of calm and organization.

Choosing a home that boosts your mental health involves more than just finding a functional living space. It requires thoughtful consideration of the elements contributing to emotional well-being. By prioritizing these factors, you can create an environment that supports your physical and mental health, leading to a happier, more fulfilling life.

Victoria’s Summer Real Estate Market Meets Seasonal Expectations

Fri, 06 Sep 2024 19:25:00 GMT

A total of 545 properties sold in the Victoria Real Estate Board region this August, 0.2 per cent more than the 544 properties sold in August 2023 and a 16.5 per cent decrease from July 2024. Sales of condominiums were up 10.4 per cent from August 2023 with 181 units sold. Sales of single family homes decreased by 7.7 per cent from August 2023 with 252 sold.

“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations. It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”

There were 3,191 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2024, a decrease of 4.7 per cent compared to the previous month of July and a 28.2 per cent increase from the 2,490 active listings for sale at the end of August 2023.

“It’s likely our market will trend a bit busier in the upcoming fall months,” adds Chair Lidstone. “In September people return their attention to work and school and to bigger projects like making a move. Week by week into the fall our market will evolve so if you are considering listing or buying a home in the Victoria area, connect with your favourite local REALTOR® to help develop your best real estate strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2023 was $1,327,800. The benchmark value for the same home in August 2024 decreased by 3 per cent to $1,287,400, down from July’s value of $1,296,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2023 was $575,900 while the benchmark value for the same condominium in August 2024 decreased by 2.9 per cent to $559,200, down from the July value of $567,800.

5 Steps to Prepare Your Home for Fall

Sun, 01 Sep 2024 23:43:00 GMT

As the vibrant days of summer give way to the cool embrace of fall, it's time to prepare your home for the changing season. Fall is a time of transition, and preparing your home can ensure it remains comfortable, energy-efficient, and ready for the colder months ahead. Here are some steps to take to prepare your home for fall.

1. Inspect and Clean Your Heating System

One of the most important tasks to prepare for fall is to ensure your heating system is working and ready to endure the season ahead. Before the cold weather sets in, have a professional inspect your furnace, heat pump, or boiler. This inspection should include checking for any leaks, cracks, or other issues that could affect the system's efficiency. Changing the air filters is also essential to ensure your heating system runs smoothly and efficiently. A clean filter improves air quality and helps the system run more effectively, saving energy and lowering utility bills.

2. Clean Eavestroughs and Downspouts

Falling leaves are a hallmark of autumn, but they can also clog eavestroughs and downspouts, leading to potential water damage. Take the time to clean out your eavestroughs and ensure downspouts are clear of debris. Clogged gutters can cause water to overflow and damage your roof, siding, and foundation. Ensure that water is directed away from your home to prevent water from pooling around the foundation, which can lead to basement leaks or other structural issues. Installing eavestrough guards is also a great idea to help keep debris out and reduce the frequency of cleaning.

3. Prepare Your Lawn and Garden

As you prepare your home for fall, don't forget about your lawn and garden. Rake up fallen leaves to prevent them from suffocating your grass and creating brown patches. Fall is also the perfect time to aerate your lawn, which helps improve soil health and allows water, nutrients, and air to reach the grass roots more effectively.

4. Test Smoke and Carbon Monoxide

With the increased use of heating systems in the fall, it's crucial to ensure your smoke and carbon monoxide detectors are in working order. Test each device and replace batteries if needed. This is also an excellent time to review your family's emergency plan and ensure everyone knows what to do in case of a fire or carbon monoxide leak. Safety should always be a priority when preparing your home for the season.

5. Transition Your Home Decor

Finally, preparing your home for fall isn't just about maintenance — it's also a time to transition your décor to reflect the season's warmth and coziness. Consider adding throws, cushions, and area rugs in rich, warm tones like burgundy, gold, and orange. Swap out lightweight summer bedding for heavier blankets or duvets to keep warm during cooler nights. Scented candles in autumnal scents like cinnamon, apple, and pumpkin spice can also help create a cozy and inviting atmosphere in your home.

By taking these steps to prepare your home for fall, you can ensure it remains comfortable, energy-efficient, and safe throughout the season. Taking proactive measures now can help you avoid potential issues and allow you to enjoy the beauty and comfort of fall to the fullest.

Victoria housing market remains steady for buyers and sellers over summer

Mon, 05 Aug 2024 22:19:00 GMT

A total of 650 properties sold in the Victoria Real Estate Board region this July, 9.2 per cent more than the 595 properties sold in July 2023 and a 1.7 per cent decrease from June 2024. Sales of condominiums were up 6.5 per cent from July 2023 with 213 units sold. Sales of single family homes increased by 8.9 percent from July 2023 with 319 sold.

“The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “The sales in July tracked very closely to June numbers, which may have surprised some who expected that summer vacations would take more buyers out of the market. We did see inventory shrink a little from the previous month. This is not unusual for this time of year, but it is a trend we’ll keep an eye on because inventory levels are crucial to keeping our market balanced.”

There were 3,348 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2024, a decrease of 3.2 per cent compared to the previous month of June and a 38.4 per cent increase from the 2,419 active listings for sale at the end of July 2023.

“There continues to be a lot of government intervention in our housing market,” adds Chair Lidstone. “Recently, the provincial government announced changes to the Residential Tenancy Act that have resulted in some uncertainty for those considering homes with rental options. The changes have made an already complex transaction much more complicated and have added more risk. If you are considering purchasing or selling a tenanted or rental property, it’s imperative to bring in the assistance of a REALTOR® to navigate new requirements and ensure your transaction is successful.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2023 was $1,322,800. The benchmark value for the same home in July 2024 decreased by 2 per cent to $1,296,100, up from June’s value of $1,295,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2023 was $571,500 while the benchmark value for the same condominium in July 2024 decreased by 0.6 per cent to $567,800, down from the June value of $567,900.

Baking Soda and Vinegar Aren't Your Only Natural Cleaning Solutions

Thu, 04 Jul 2024 00:15:00 GMT

Whether you're out of your usual cleaning products or prefer a more eco-friendly home improvement alternative to chemical-based cleaners, the natural cleaning solutions found in your kitchen might surprise you. And we're not just talking about home improvement standards baking soda and vinegar! You can clean almost every part of your home with these supplies and get great results.

Lemons for Cleaning and Brighter Whites

The natural acidity and pleasant scent of lemons make them ideal for a variety of home improvement purposes, and you can also use lemons to brighten white clothes. Put a few sliced lemons into a pot of simmering water, then add any clothes you want to whiten and let the mixture simmer. When you remove the clothing items, they should have a lighter look.

Clean Tough Grease Buildup with Coffee

Scrubbing your grill grate can be a tough home improvement task no matter what cleaner you use, but one of the best grill cleaners is likely already sitting on your kitchen counter. Make a large pot of coffee, pour it into a large pan, and let your grill grate soak for at least 30 minutes. After you remove the grate from the coffee, it should be much easier to scrub away stubborn grease buildup.

Coarse Salt Is Great for Cleaning Cooking Surfaces

If you're looking for a natural way to clean cooking surfaces — especially anything made from cast iron — then coarse salt is an excellent candidate. Coarse salt absorbs grease, so it's useful for scouring kitchenware, stove-tops, and any surface where grease builds up.

Natural Wood Polish with Olive Oil and Lemon

Mix olive oil with a splash of fresh lemon juice for a natural wood polish that brings the best out of wood surfaces without leaving behind chemical residue. This combination is excellent for polishing wood floors, but you should always polish a small, out-of-the-way area first to ensure that the mixture works for the type of wood in your home.

Club Soda for Stain Removal

Whether you use it on carpets or clothing, club soda is one of the best stain removers you can have in your home. The carbonation of club soda helps lift stains to the surface, making them easier to remove. Just pour some club soda on the stain, allow it to soak, then give it a thorough cleaning.

Cream of Tartar Cleans and Refreshes Stainless Steel

Cream of tartar is mildly acidic but still gentle enough to use for cleaning and home improvement projects. It's especially useful for stainless steel surfaces, including your ink. Just mix the cream of tartar with a small amount of water to create a paste, spread the paste on the surface you want to clean, and wash it off with warm water.

Freshen Your Microwave with Lemon Juice and Water

Any leftover used lemons can be put to work cleaning your microwave. Just place the used lemons into a bowl of water, place the bowl in the microwave, heat it until it boils, then remove it. The steam adds a fresh scent and makes it easy to wipe away messes with minimal effort.

While natural cleaners may sometimes require more elbow grease than their store-bought counterparts, the results are more than worth it. Using natural cleaners is an easy way to save money on home improvement, embrace green living, and tackle tough messes.

More time and choice in the Victoria real estate market

Tue, 04 Jun 2024 21:36:00 GMT

A total of 763 properties sold in the Victoria Real Estate Board region this May, 1.5 per cent fewer than the 775 properties sold in May 2023 and a 12.5 per cent increase from April 2024. Sales of condominiums were down 5.2 per cent from May 2023 with 235 units sold. Sales of single family homes exactly matched the number from May 2023 with 399 sold.

“Spring is generally prime time for real estate in Victoria,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “And May is typically when we are at or near to the peak of activity in our property market. This May was another stable month for both buyers and sellers. With more inventory on the market, consumers had more choice and could take time to make decisions and complete their due diligence. The additional listings also meant less pressure on pricing, so prices remained relatively flat.”

There were 3,338 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2024, an increase of 10.6 per cent compared to the previous month of April and a 52.5 per cent increase from the 2,189 active listings for sale at the end of May 2023.

“After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance,” adds Chair Lidstone. “A lot of folks who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better. Of course, as always, I recommend connecting with your favourite REALTOR® to create a strategy specific to your needs.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2023 was $1,300,900. The benchmark value for the same home in May 2024 increased by 0.7 per cent to $1,309,700, up from April’s value of $1,301,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2023 was $562,900 while the benchmark value for the same condominium in May 2024 increased by 1.2 per cent to $569,500, up from the April value of $561,200.

Nail Down New Flooring

Mon, 06 May 2024 18:50:47 GMT

When it comes to renovating a home for sale, many people look up — to a new roof. However, it's a good idea not to overlook what's beneath your feet: flooring and carpet. New flooring can make your home much more attractive to prospective buyers.

Choosing the right new flooring can be tougher than it seems. In addition to getting the perfect look and feel, you also have to consider factors like moisture, durability, and cost.

Although there are many kinds of flooring out there, most homes will sport one out of just five options. Understanding the benefits and drawbacks of each type will help you make the right selection to add value to your property.

Let's take a closer look:

Vinyl

Vinyl is made from synthetic polymers with added colour and is the most budget-conscious choice. It's easy to clean, and it resists water damage, so it tends to be the best selection for areas like kitchens and laundry rooms where other floors show age fast.

Things to Remember:

A broom, mop, and soapy water will usually clean stains from vinyl very easily.

Vinyl can be tough to repair when damaged, so avoid cracks and harsh chemicals.
Vinyl comes in large, cost-effective sheets.

Tile

Tile is made from ceramic or porcelain. It combines the strong water resistance of vinyl with a premium appearance most associated with bathrooms. It can also be an excellent choice for kitchens since it won't fade with repeated cleaning. Faux finishes can enhance its appearance.

Things to Remember:

Tile is easy to clean, but grout is a notorious dirt magnet; replace it every 5-10 years.
Tile usually requires pro installation.

Composite or Engineered Wood

Processed wood flooring can look similar to hardwood but is made by compressing multiple layers of plywood with a single hardwood layer on top. It is very versatile, with easy installation over any subfloor, and is good in any moisture-free environment.

Things to Remember:

Sweeping and mopping will keep processed wood looking like new for many years.
Beware of footwear! Heels, cleats, and any heavy, dragging object can harm the wood.
Handy homeowners can handle the installation.

Hardwood

Hardwood is considered the "gold standard" and adds value to almost any home. It tends to last for about a century but will require more maintenance than other floors. It can be sanded and re-finished to extend its lifespan and will work in any moisture-free area.

Things to Remember:

Weekly broom cleaning and monthly mopping will meet most of this floor's needs.
As scratches and dullness set in after a while, the floor can be restored by buffing it.
Hardwood can vary in price but tends to be among the most expensive options.

Carpet

Carpet is the go-to flooring in bedrooms, living areas, and many playrooms because of its comfort. It can be made from polyester, nylon, or polypropylene, with plenty of colours and styles to choose from. For the most part, it will last throughout the life of the home, but it can show wear in high-traffic areas.

Things to Remember:

Spills must be cleaned immediately to prevent staining.
Vacuuming a few times a week will keep the carpet clean.
A carpet usually needs professional installation but costs less than other options.

Just like a fresh coat of paint, new flooring can refresh a home's look before going to market. Your real estate agent can advise you about flooring trends that match buyers' tastes.

Hey Buyers! This Home-buying Plan Is For You

Wed, 24 Apr 2024 20:45:56 GMT

Attention home buyers! You probably can’t wait to get out there and make an offer on your new home. But wait a minute. Don’t start shopping without a plan.

It will save you time and money and make sure you get the right home for you.

Get your finances in order. This includes saving for your down payment, deciding on a budget, and getting pre-approved for your mortgage.
Do some research and decide on features. Once you have a budget you’ll have a better idea of where you can look for homes, what type of home you’ll be looking for and what features are within your budget. Knowing the neighborhoods and deciding what home features are absolute must-haves gives you a good place to start narrowing down the search.
Your real estate agent. You'll need a close ally by your side to guide you through the home-buying process. From pre-approval to closing day, I can make your home-buying process easy.
Start your home search. Since you already know what you’re looking for this will be the fun part!
Find the right home for you and make an offer. This is really where the final paperwork starts. You’ll put in an offer on paper and start the mortgage process.
Get your home appraised and inspected. Many first-time buyers don’t realize these are two different things. The appraisal is required by your mortgage company and the appraiser is a neutral party that examines the property to determine the current actual value. With a home inspection, the inspector examines the house for major and minor defects and safety issues. Often the sale of the home is contingent on the inspection showing the home has no significant defects. Most buyers get a general home inspection, but depending on the situation, you may need additional inspections such as a pest or sewer inspection or a radon test.
Get homeowners insurance. Contact your insurance agent and shop around for the right coverage.
Do the closing paperwork. This is the last opportunity to make sure you understand everything and sign the papers. You will have some money due at closing and get the keys.

That’s it. Just a few simple steps and you’re on your way to moving into your new home! Contact me when you're ready to get your own home-buying plan started. I'll be glad to help.

Supply still key to Victoria's housing market

Wed, 03 Apr 2024 20:35:11 GMT

April 2, 2024 A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.

"We've concluded a rather quiet first quarter and are transitioning into the spring market," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "Many of our local REALTOR® members are noting that more shoppers are coming into the market - but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year."

There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.

"The increases in inventory we've seen in recent months really help to improve the health of our market," adds Chair Lidstone. "We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home. As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points. If you're considering a move over the course of the spring market, connect with your favourite local Realtor for to-the-minute insight into our market to create your strategy."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February's value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.

7 Ways To Keep Your Emotions In Check When Selling

Tue, 19 Mar 2024 20:23:01 GMT

How stressful is selling your home? Respondents in one survey ranked it higher than divorce, losing a job, and becoming a first-time parent. Emotions can cause you to make bad decisions at a time when it's important to keep a clear head. Here are some expert tips to keep your emotions in check when selling your home.

1. Understand Why You're Selling

Have you accepted a great new job offer? Maybe you need more room for your growing family. Understanding why you're selling your home lets you focus on the ultimate goal and keep from being distracted by bumps and curves along the way.

2. Declutter and Depersonalize

As you prepare to sell your home and move to a new one, reminders of memories made in your current house will become even more important to you. Make a point to clear any clutter and pack up photos, souvenirs, and other personal memorabilia. In addition to minimizing your attachment, this activity will make your home more attractive to potential buyers.

3. Avoid Expectations

Unfulfilled expectations lead to disappointment, which in turn leads to emotional thinking. For instance, if you set your mind on selling your home within a specific time period and it doesn't happen, you may start to panic and make poor decisions. Deal with the factors you can control and stay flexible with the rest.

4. Stay Out of Showings and Open Houses

As a home seller, it's only natural to be curious about the reactions of potential buyers, but the homeowner side of you makes it hard to remain neutral in the face of negative comments or disinterest. Make it easier on yourself and buyers by finding somewhere else to be during showings and open houses.

5. Set an Accurate Sell Price

Your home may be priceless in your eyes, but buyers aren't paying for sentimental value. Don't let emotion cloud objectivity and cause you to scare buyers off with an inflated price. Study the current housing market, particularly in your neighbourhood, and price your home accordingly.

6. Follow a Positive Lifestyle

When stress causes you to lose sleep or eat poorly, it affects you emotionally as well as physically. Ultimately, you end up in a vicious circle where bad health and negative emotions feed off each other. Don't let the process of selling your home consume your days. Take care of yourself and make time for enjoyable activities to maintain balance.

7. Hire a Real Estate Agent

The real estate industry is constantly changing, so no matter how many homes you've sold, it's difficult to stay up-to-date on trends, regulations, and market conditions. An experienced real estate agent can skillfully guide you through the process and be an objective third party to keep you on track.

Selling your home is a potent emotional experience. Acknowledge your feelings, but don't let them take over. Approach the sale as the business transaction it is and pour your emotions into making your new house a home.

More inventory means greater opportunity in Victoria real estate market

Mon, 04 Mar 2024 23:07:51 GMT

March 1, 2024 A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 per cent more than the 460 properties sold in February 2023 and a 37.8 per cent increase from January 2024. Sales of condominiums were down 5.6 per cent from February 2023 with 152 units sold. Sales of single family homes increased 1.8 per cent from February 2023 with 224 sold.

"We saw glimmers of a start to the spring market over the course of February," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "In addition to the increase in sales, more than five hundred new listings came to market when compared to last year's inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We've also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable."

There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2024, an increase of 10.5 per cent compared to the previous month of January and a 30.7 per cent increase from the 1,809 active listings for sale at the end of February 2023.

"We noted an increase in townhome sales this past month," adds Chair Lidstone. "Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the fifty per cent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it's a great time to connect with your REALTOR® to make a plan."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January's value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.

What Every Homeowner Should Have In Case Of Emergencies

Wed, 14 Feb 2024 23:30:17 GMT

Storms, fires, floods, and power outages all have the power to disrupt your life. You can't stop emergencies from happening, but you can gather all the things you'll need to be prepared should a crisis arise.

If you have a messy closet or basement storage area in need of attention, your home improvement project can serve a dual purpose. Remove the junk, add inexpensive shelving, and stock them with emergency provisions. Add a tight-sealing storage container to protect your food from water and contaminants. In no time, you'll have a home emergency resource center that would make any survivalist proud.

Here are ten things to include:

Water
Even if you have a reliable water system, storms, animals, and bacteria can contaminate your supply. Water in bottles or pouches is an easy fix for water potability issues. You should also keep water purification tablets to treat water from questionable sources.

Food
Even if a fire or storm doesn't destroy your home, it might still contaminate your food. So you don't go hungry, stock up on cans or pouches of fruits, veggies, tuna, chicken, and other items. For variety, add granola and protein bars, peanut butter, dried beans, rice, and beef jerky. And don't forget the coffee and the can opener.

Paper Goods
So don't forget to add toilet paper and paper towels to your list. Store them in a waterproof container.

Light Source
Fortunately, there are several alternatives to battery-operated flashlights. One cool flashlight has water-powered cells. Another option available lets you hand-crank the flashlight. If you prefer the old-fashioned kind, don't forget the batteries.

Waterproof Matches
If the power is out, you'll still need to cook. That might mean firing up your grill or making a campfire. Either way, you'll need a waterproof lighter or waterproof matches. Both will light up even if they get wet.

First-aid Kit
Minor cuts and abrasions can be a real pain. Be sure to store an emergency kit to care for minor dings.

Fire Extinguisher
A fire extinguisher can keep a minor emergency from becoming a major catastrophe. Keep one upstairs and downstairs to manage not-so-friendly flames before they burn out of control.

Extra Clothes
You never know how long an emergency will last. Store extra clothes in a waterproof container, just in case.

Basic Tools
Add a few tools to your emergency stash: a hammer, pliers, screwdrivers, and a small hatchet so you can cut wood for a campfire. You might also want to add an extra set of house and car keys.

Personal Documents
The thing about emergencies is that you never know what might happen. Make copies of documents (driver's license, birth certificates, marriage license, passports) and store them in a waterproof container. You'll have backup copies if you lose the originals.

No homeowner wants to see an emergency situation in their home. But with the right prep, you can ensure your family and belongings will be safe in the event of a potentially serious emergency.

A balanced market means opportunity for buyers and sellers in Victoria

Sun, 04 Feb 2024 01:42:00 GMT

A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes increased 35 per cent from January 2023 with 162 sold.

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023.

“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000.

7 Tips for Millennials Buying Their First Home

Mon, 29 Jan 2024 20:19:24 GMT

If you were born somewhere between 1980 and 1998, you are a part of the Millennial generation. Since you were born with the Internet practically at your fingertips, it only makes sense to say you live in a research-driven world.

Today, Millennials make up the largest group of home buyers and are powering the modern housing market. If homeownership is a part of your Canadian dream, here are seven tips to help you have a better idea of what it takes to buy your first home.

Educate yourself.

When you're ready to make the plunge into buying your first home, I can walk with you through the home-buying process. We will research available financial programs for first-time home buyers, discuss the mortgage application and approval processes, talk about what happens after you have a contract in place, learn about closing costs…the list goes on and on.

Get pre-approved for a mortgage.

Before you start your home search, you need to know your budget. The pre-approval process will help you do this. While the pre-approval process gives you an idea of how much home you can afford, it is not the same as loan approval. It’s a quick review of your income and expenses and an estimate of what the lender would be willing to loan you. Loan approval requires documentation (paycheck stubs, tax returns, bank statements, home appraisals), and that all happens once you have a contract in place, so get your documents together.

Decide where you want to live.

Do you want a condo or single-family home? We can talk about different neighborhoods and decide which one fits best with your lifestyle.

Don’t expect to get everything you want.

Studies show that most people stay in a home between six and nine years. It stands to reason you may buy several homes in your lifetime. Buy what you can afford and what works for you now (and possibly for the next few years to come).

Don’t overspend.

Lenders are in the business of lending money. You may technically be able to afford a more expensive home, but that might mean you never go on vacation (or even out to dinner).

Be realistic.

If you’re handy, buy something that needs work. If not, forego the fixer-upper. It’s not as easy as it looks on TV unless you have a big budget for contractors.

Get a home inspection.

An inspection should uncover foundation problems, water damage, and big-ticket electrical or plumbing issues that you just won’t find on a walk through.

Contact me when you're ready to start the search for your first home.

The 2023 Victoria real estate market year in review

Thu, 04 Jan 2024 20:29:02 GMT

January 2, 2024 A total of 329 properties sold in the Victoria Real Estate Board region this December, 2.8 per cent more than the 320 properties sold in December 2022 and a 16.5 per cent decrease from November 2023. Sales of condominiums were up 14.9 per cent from December 2022 with 108 units sold. Sales of single family homes increased 1.3 per cent from December 2022 with 158 sold.

A grand total of 6,207 properties sold over the course of 2023, 8.77 per cent fewer than the 6,804 sold in 2022.

"I've spoken a lot this year about our market's return to traditional seasonal patterns," said 2023 Victoria Real Estate Board Chair Graden Sol. "And at the conclusion of 2023 we can see that this trend continues. This is a welcome relief for sellers and buyers after an extraordinary five years of real estate market disruption. Everyone benefits from a more predictable real estate market, so it is encouraging to see the rhythm of seasonal trends reestablished. If this continues into 2024, we should see more inventory added in January and February and an increase in sales as consumers prepare for the spring market. True to seasonal form, December met expectations and was a slow month, both for sales and for new listings."

There were 2,132 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2023, a decrease of 19.4 per cent compared to the previous month of November but a 26.3 per cent increase from the 1,688 active listings for sale at the end of December 2022.

"The single biggest impact on the housing market this year was interest rates," adds Chair Sol. "The increased cost of borrowing money meant that consumers had less purchasing power, which resulted in a drop in transactions. There is however still huge demand for housing in our market and as we move forward into 2024 and beyond, we need to continue to put focus on the creation of new supply so that as market activity increases prices don't increase as quickly. The only way to moderate housing prices is to bring supply closer to meeting demand. As always, our market is subject to many influences and the purchase and sale process is complex. If you are contemplating buying or selling in 2024, call your favourite local Realtor who can create the best strategy for you and for your property."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2022 was $1,236,500. The benchmark value for the same home in December 2023 increased by 2.5 per cent to $1,268,000, down from November's value of $1,286,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2022 was $565,800 while the benchmark value for the same condominium in December 2023 decreased by 0.7 per cent to $562,000, down from the November value of $577,400.

Choosing the Ideal Paint Colour when Preparing your Home for Sale

Tue, 02 Jan 2024 21:22:00 GMT

Painting your home, especially the main floor, is the most affordable way to make your listing look great to buyers. But what paint colours should you choose?

Here are a few tips.

When it comes to selecting a palette, neutrality reigns supreme. Bright, eccentric colours may reflect your personality, but remember, you're trying to appeal to a wide array of potential buyers. Neutral colours like whites, greys, and beiges are not only safe but also allow buyers to envision their own furniture and decor in the space.

However, don't think of neutral as boring. Many subtle shades can add depth and character to a room. For example, a soft grey with a hint of blue can make a space feel serene and relaxing, and is ideal for bathrooms or bedrooms.

The living room and kitchen are often social hubs of a home, and warmer neutrals can make these spaces feel welcoming. Shades like taupe or a creamy off-white can make these areas inviting yet versatile.

Lastly, remember to take lighting into account. The way a colour appears can dramatically change under different lighting conditions. Always test paint samples under various light conditions before committing.

Slower winter markets can benefit buyers and sellers

Tue, 05 Dec 2023 20:56:50 GMT

December 1, 2023 A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6 per cent increase from the 384 properties sold in November 2022 and a 3.2 per cent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single family homes increased by 6 per cent from November 2022 with 193 sold.

"It's unsurprising to see this slight relaxation of sales in the market," said Victoria Real Estate Board Chair Graden Sol. "Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy twenty-five per cent increase in the number of listings on market compared to last year and this is positive news as we recover from that long-term trend of very low inventory."

There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.

"The longer we are in balanced market conditions, the easier transitions for buyers and sellers become," adds Sol. "Local people who planned to sell and move within the Greater Victoria area may have hesitated to list their homes back when record low inventory meant less choice when they became buyers. Now that we see some balance in the market, these people have more inventory to pick from and may feel more confident listing their existing home. And of course, all buyers are having better experiences with more time and more choice. We always anticipate a seasonal reduction in activity over winter, but if you are contemplating a move in the new year, now is an excellent time to consult with your favourite REALTOR® to create your strategy."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2022 was $1,248,600. The benchmark value for the same home in November 2023 increased by 3 per cent to $1,286,400, which is down from October's value of $1,305,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2022 was $568,400, while the benchmark value for the same condominium in November 2023 increased by 1.6 per cent to $577,400, which is down from the October value of $585,600.

Emphasize the “Outdoor Living” Potential of your Home

Fri, 01 Dec 2023 22:01:00 GMT

Outdoor living spaces have become the new heartbeat of homes — even in the winter. They now serve as an extension of the indoors, a place where homeowners can dine, entertain, and relax. So, it’s smart to emphasize the outdoor living potential of your home when you list.

Your garden is the first outdoor element potential buyers see. Well-maintained, colourful plants can make a fantastic first impression, so keep the garden lush and appealing. Include a variety of perennial and annual plants that bloom at different times in the season. Consider planting in containers or raised beds for easy maintenance, and use garden ornaments sparingly to keep the focus on the natural beauty of the space.

Next, your patio or deck can act as an outdoor living room. Consider staging it to make it look that way. Highlight any attractive, weather-resistant furniture you have. String lights or solar lanterns add a touch of warmth and make the space usable even after the sun sets.

And don’t forget about your barbecue or outdoor kitchen. A well-equipped, clean, and functional outdoor cooking area can be a big draw. Ensure grills, burners, and other cooking appliances are in good condition.

Finally, remember that not all outdoor spaces need to be elaborate. Sometimes, simple lawn chairs or a modest patio set can add to the appeal. The key is to make the outdoor space inviting, no matter how small it is.

One last tip: If you plan to list during winter, ensure you have pictures of your outdoor space during good weather, ideally in summer. Those will be a helpful addition to the listing materials.

When to Compromise on your “Must-Have” List

Tue, 14 Nov 2023 19:41:58 GMT

When you’re shopping for a new home, you’ll likely have a list of "must-haves" that are essential to your ideal living space. However, there are circumstances in which it may be worth compromising on your list of non-negotiables.

Location

While having four bedrooms or a large backyard may be high on your priority list, a desirable location with easy access to schools, work, and amenities could outweigh those specific features. Keep an open mind and consider adjusting your must-haves if it means securing a home in an ideal neighbourhood.

Budget

Sometimes, your dream home may exceed your price range. In such cases, it can be beneficial to explore properties that may lack a few desired features but offer the potential for customization or renovation in the future. This way, you can gradually transform the house into your dream home while staying within your financial means.

Feeling

What if you walk into a home and it just feels right, even though it’s lacking a feature on your must-have list? It might be worth going with that feeling. Keep in mind that what a property is lacking today may be remedied over time with improvements and renovations.

Feng Shui-Inspired Home Staging Tips

Thu, 09 Nov 2023 19:34:39 GMT

When you’re selling your home, you want to make it as attractive as possible to buyers. One compelling strategy that has been gaining traction is the application of Feng Shui principles to home staging.

How?

Embracing Feng Shui staging techniques starts with decluttering. Clutter restricts the free flow of 'chi' or positive energy. Hence, a clean, clutter-free space is crucial. It promotes an open, spacious feel, which in turn evokes a sense of tranquillity and comfort.

Natural lighting, a key element in Feng Shui, is another crucial consideration. Bright spaces are synonymous with positivity and openness. Ensuring ample natural light penetrates every corner of the home helps draw positive energy in and makes the space look larger and more inviting.

In Feng Shui, colours hold significant meaning. For instance, earth tones such as beige and soft yellow can create a welcoming environment, while blues and greens, symbolizing water and wood elements respectively, encourage tranquillity. Incorporating these colour schemes can create a balanced and calming atmosphere, which is sure to appeal to potential buyers.

The positioning of furniture also plays a role in Feng Shui. Furniture should be arranged to promote a smooth flow of energy and should not obstruct pathways. In smaller spaces in particular, strategic furniture placement can make the area appear more substantial and organized.

You don’t have to go full-on Feng Shui to make your home look great to buyers. But, implementing a few of these ideas can pay off if buyers get a more positive and serene feeling when viewing your home.

Interest rates a large factor in Victoria real estate market

Fri, 03 Nov 2023 20:32:46 GMT

A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold.

“Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol. “The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

There were 2,756 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2023, an increase of 2.1 per cent compared to the previous month of September and a 25.7 per cent increase from the 2,192 active listings for sale at the end of October 2022.

“The good news in October was that we continued to see a slow and steady increase in the number of available properties for sale,” adds Sol. “This additional inventory is positive for buyers who will have more selection than they’ve experienced in recent years. The real estate market tends to slow down in late fall and winter, but there are still a good number of active buyers. If you’re thinking about making a move during the colder months, reach out to your local REALTOR® to plan your strategy.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.

How to Emphasize the Remote Working Potential of your Listing

Tue, 24 Oct 2023 19:52:27 GMT

By all accounts, remote working is here to stay. In fact, according to a survey by McKinsey & Co (a research institute), 58% of workers say they can work at home at least part of the time. So, highlighting the remote working potential of your listing can be a major selling point.

One thing you can do is stage your home by creating a home office space of some kind. It doesn’t have to take up an entire room. It could simply be a nook with a desk and chair. Just be sure the space looks comfortable and functional. If possible, add shelves. And make sure the lighting is adequate for working.

A buyer will see the space and imagine themselves spending hours working there. So, the more pleasant and attractive you make the area, the better. Consider adding a couple of plants and other attractive decor.

If you have an existing home office, declutter it as much as possible and remove personal items. The desk should be clear of papers, files and other items. Also, take down any diplomas and certificates hanging on the wall. You want buyers to picture themselves working there, not you!

By highlighting the remote working potential of your home, you can make it more appealing to buyers looking for a functional and flexible space to work.

Autumn Landscaping Tips when Selling your Home

Thu, 12 Oct 2023 19:10:53 GMT

Landscaping may not be the first thing that comes to mind when selling your home in autumn. However, the outside of your home is still the first thing buyers see, so it’s worth exploring ways to update your landscaping to create a cozy and welcoming feel.

Here are just a few ideas:

1. Add potted plants: Potted plants are an easy way to make your outdoors more attractive, especially along walkways and around your front door. And, because they’re potted, they can quickly be removed should the weather turn inclement.

2. Keep it Tidy: As leaves begin to fall, make sure to rake them up and keep your lawn and landscaping looking neat and tidy. This will help potential buyers see the full potential of your outdoor space without being distracted by clutter.

3. Light it Up: As the days get shorter, outdoor lighting can be a great way to showcase your home's exterior. Consider adding some string lights to your patio or walkway or installing some spotlights to highlight your landscaping.

4. Emphasize Outdoor Living: There is a growing trend for enjoying outdoor living well into the fall. So, emphasize your outdoor living spaces by adding comfortable seating or updating your patio furniture to make it suitable for cooler days and evenings.

5. Add Seasonal Accents: Adding some seasonal accents to your landscaping can help create a cohesive look. Consider adding some pumpkins or gourds to your front porch or incorporating some autumn themed decor into your outdoor spaces.

By following these autumn landscaping tips, you can help make your home more attractive to potential buyers. So, embrace the changing seasons and use your landscaping to create a warm and inviting atmosphere that buyers will love.

Want more tips on how to make your home more attractive to buyers?

Call today.

How to Make Storage Space Look More Spacious and Functional

Fri, 06 Oct 2023 18:32:43 GMT

Buyers will notice closets, storage rooms, and other storage spaces. So, it pays to make those areas look as spacious and functional as possible.

Here are some tips on how to maximize your storage spaces and make them more appealing to buyers:

1. Declutter and organize: A cluttered and disorganized storage space can give the impression that there isn't enough room. Start by decluttering and getting rid of items you no longer need. Then, organize what's left by using shelving, baskets, or containers to keep everything in its place.

2. Paint or replace shelves: If your shelves are looking worn or outdated, consider painting or replacing them. Adding a fresh coat of paint can give the space a clean and updated look. Replace old, sagging shelves with sturdy and adjustable ones to make the space look more functional.

3. Maximize vertical space: Don't overlook the space above your head. Use the full height of your closets by installing additional high shelves or hanging organizers from the ceiling. This will free up space on the floor and make the area feel more spacious.

4. Add lighting: A well-lit storage space not only looks more inviting but also helps you find what you need. Consider adding lighting fixtures or even battery-operated LED lights to your closets and basement storage rooms.

5. Create a designated storage area: If you have items that you don't use regularly, create a designated storage area in your basement or garage. This will keep them out of sight and make your living space feel less cluttered.

By implementing these tips, you can make your storage spaces look more spacious and functional, which can ultimately help you sell your home more quickly and at a higher price.

While value of homes in Victoria remains stable, the cost to own continues to rise

Wed, 04 Oct 2023 20:36:23 GMT

October 3, 2023

A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4 per cent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 per cent from September 2022 with 228 sold.

"What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall," said Victoria Real Estate Board Chair Graden Sol. "We have seen a slight return to a more balanced market in recent weeks. Our inventory right now features almost a thousand more listings for sale than we saw than at the start of this year."

There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2023, an increase of 8.4 per cent compared to the previous month of August and a 17.3 per cent increase from the 2,300 active listings for sale at the end of September 2022.

"That increase in inventory means there are more properties for prospective buyers," Sol notes. "More inventory also means buyers may have more time to shop, though in many of our local markets a well-priced property will sell rapidly, and we're still seeing some multiple offer situations. The challenge of the day is that there are many buyers who hope to find homes in the missing middle - families who seek two- or three-bedroom homes at attainable price points - who are challenged by our current interest rate environment. Though housing prices have remained reasonably stable this year, the cost of carrying a mortgage has increased tremendously. This means that many first-time buyers and families are unable to purchase homes in our current market. With so many variables at play in each of the micro markets within Greater Victoria, it's a good time to meet with your Realtor to discuss strategy if you are considering a move."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2022 was $1,299,500. The benchmark value for the same home in September 2023 increased by 1 per cent to $1,312,200, which is down from August's value of $1,323,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2022 was $581,500, while the benchmark value for the same condominium in September 2023 increased by 1.4 per cent to $589,600, which is up from the August value of $582,000.

Simple and Affordable Ideas for Improving Curb Appeal

Tue, 19 Sep 2023 20:58:32 GMT

Curb appeal is important. It’s the first thing buyers see when they drive up to your home — and, often, the first impression they get. Fortunately, you don't have to break the bank to achieve a great-looking exterior. Here are some simple and affordable ideas for enhancing your home's curb appeal:

1. Add a fresh coat of paint: One of the easiest ways to make your home look brand new is by adding a fresh coat of paint to the exterior. Choose a colour that complements the architectural style and surroundings of your home.

2. Upgrade the front door: Your front door is the focal point of your home's exterior. Consider painting it a bold colour, replacing it with a modern style, or simply adding a new doorknob and knocker.

3. Install outdoor lighting: Outdoor lighting not only improves your home's curb appeal but also adds security and safety. Consider adding solar-powered pathway lights, wall-mounted fixtures, or even string lights to your front porch.

4. Update your mailbox: An outdated mailbox can detract from your home's appearance. Consider upgrading to a modern style or painting your existing mailbox with a fresh coat of paint.

5. Add landscaping: A well-manicured lawn and some strategically placed plants can instantly improve your home's curb appeal. Plant colourful flowers or add potted plants to your front porch.

6. Power wash your driveway and sidewalks: Over time, dirt and grime can build up on your driveway and sidewalks, making them look dull and dirty. Rent a power washer or hire a professional to clean them up.

Improving your home's curb appeal doesn't have to be expensive or time consuming. By implementing these simple and affordable ideas, you can make your home more attractive to potential buyers and increase its value. Remember, the first impression is the most important one, so make sure your home's exterior looks its best!

Victoria Real Estate Market Needs Better Mix of Housing Supply to Help Restore Balance

Fri, 01 Sep 2023 18:53:00 GMT

A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold.

“Real estate activity this month reflected what we’d expect to see in an average late summer housing market,” said Victoria Real Estate Board Chair Graden Sol. “The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September.”

There were 2,490 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2023, an increase of 2.9 per cent compared to the previous month of July and a 16.5 per cent increase from the 2,137 active listings for sale at the end of August 2022.

“The focus in our market and by all levels of government needs to be on opening up more supply,” Sol notes. “Our inventory levels, though up from last year, are still too low to support a well-balanced market. A decade ago, we saw over 5,000 active listings in August. Another important piece of supply is the housing mix that is available. Most residential properties for sale in our market last month were single family homes – this type of property is generally at the top price point. Missing middle homes, such as townhomes and condos represented only 37.1% of listings for sale. Townhomes, which in my experience are what a lot of families hope to purchase, represented only 9.8% of the residential properties for sale. This imbalance in the mix of housing options means there is the potential for more price pressure on these types of properties because demand is concentrated at more attainable price points.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2022 was $1,327,700. The benchmark value for the same home in August 2023 decreased by 0.3 per cent to $1,323,900, which is up from July’s value of $1,318,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2022 was $583,700, while the benchmark value for the same condominium in August 2023 decreased by 0.3 per cent to $582,000, which is up from the July value of $578,000.

5 Ways to Make Your Next Home More Affordable

Tue, 29 Aug 2023 20:04:14 GMT

Are you thinking about finding your next home? It can be tricky balancing what you want with what you can practically afford. Here are some tips that can make buying your dream home more doable:

1. Save for a larger down payment. A larger down payment can lower your monthly mortgage costs and possibly help you get a better interest rate.

2. Look at neighbourhoods that are less “in demand.” Some areas have the reputation of being desirable or exclusive and – as a result – expensive. But, there may be neighbourhoods that are not as in demand and yet ideal (and more affordable) for you. Explore that possibility.

3. Consider a fixer-upper. A home that needs some work may be more affordable, and you can save money by doing some of the renovations yourself.

4. Think about buying a smaller home. A smaller property can be more affordable and easier to maintain, especially if you’re downsizing.

5. Research mortgage options. Shop around for the best mortgage rates and consider different types of mortgages. A better mortgage rate and terms may make an out-of-reach home affordable for you.

Any of these tips will help increase the probability that you’ll be able to buy your dream home at a price that works for you.

Low-Cost Staging Ideas for the Outside of your Home

Tue, 22 Aug 2023 19:42:00 GMT

When it comes to selling your home, preparing the exterior can be just as important as preparing the interior. The outside of your home is the first thing potential buyers see, and it can greatly impact their first impression of your property.

Luckily, there are several low-cost outdoor improvements that will make your home more appealing to buyers.

First, consider adding some potted plants or flowers to your front porch or entryway. This can help add some colour and life to your home's exterior, and create a welcoming atmosphere for potential buyers. Even in winter, small potted evergreens can have an impact.

Next, consider cleaning up your landscaping. This can include trimming overgrown bushes and trees, mowing the lawn, and removing any dead plants or debris. By doing so, you can make your home look well-maintained and attractive to potential buyers.

You may also want to consider adding some outdoor lighting to your property. This can include adding some solar-powered lights along your driveway or walkway, or even adding some outdoor string lights to your patio or deck. Outdoor lighting can create an inviting atmosphere, and make your home look more attractive to potential buyers.

Finally, consider giving your front door a fresh coat of paint. Your front door is a focal point of your home's exterior, and painting it will make a big difference. If you’re changing the colour, be sure to pick one that complements the façade.

These outdoor improvements don’t cost much, but will increase your home's curb appeal, which is proven to help sell your property faster and for a better price.

Need more advice on how to create the “wow” factor in your home when you sell? Call today!

Victoria Real Estate sales reflect summer trends

Wed, 02 Aug 2023 22:06:17 GMT

A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 per cent more than the 510 properties sold in July 2022 and a 15.6 per cent decrease from June 2023. Sales of condominiums were up 16.3 per cent from July 2022 with 200 units sold. Sales of single family homes increased 15.4 per cent from July 2022 with 293 sold.

“We talked about the return to seasonal norms last month,” said Victoria Real Estate Board Chair Graden Sol. “The July numbers reinforce the re-establishment of seasonal patterns with a slow-down in activity as the summer season set in. This dip in activity doesn’t come as a surprise — it aligns with the familiar and expected seasonal patterns that have been observed in our market over the years.”

There were 2,419 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2023, an increase of 3.3 per cent compared to the previous month of June and a 11.9 per cent increase from the 2,162 active listings for sale at the end of July 2022.

“The good news is that, despite a slowdown in sales, we did witness an increase in inventory coming to the market in July,” Sol notes. “These new listings are quite encouraging, as they indicate a growing movement in our market and show that consumers are becoming more willing to take action and make a move. The additional inventory translates to more choices for buyers and makes it easier for sellers who are looking to make a property change. Another positive aspect of a typical summer market is that there may be fewer active buyers due to people taking vacations during this time of year. Although we continue to see well-priced properties receive competing offers, there might be less competition compared to previous months. If you are contemplating a summer move, it would be wise to connect with your local REALTOR® for assistance. Your Realtor possesses up-to-the-minute information for Victoria and knows how to navigate the market efficiently.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2022 was $1,366,100. The benchmark value for the same home in July 2023 decreased by 3.5 per cent to $1,318,800, which is up from June’s value of $1,310,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2022 was $600,000, while the benchmark value for the same condominium in July 2023 decreased by 3.7 per cent to $578,000, which is up from the June value of $573,800.