June 1, 2023  A total of 775 properties sold in the Victoria Real Estate Board region this May, 1.8 per cent more than the 761 properties sold in May 2022 and a 21.7 per cent increase from April 2023. Sales of condominiums were down 0.8 per cent from May 2022 with 248 units sold. Sales of single family homes increased 8.7 per cent from May 2022 with 399 sold.

"The month of May marks the highest number of sales we've seen since April of last year," said Victoria Real Estate Board Chair Graden Sol. "While we haven't seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales higher than the month previous. With momentum building, there's an indication of consumer optimism in the market heading into June. However, if the ongoing lack of homes for sale persists and inventory is not added, we risk a return to an overheated market with pressure on pricing."

There were 2,189 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2023, an increase of 7.1 per cent compared to the previous month of April and a 23.3 per cent increase from the 1,776 active listings for sale at the end of May 2022.

"The return of consumer confidence we indicated last month appears to be staying strong," adds Sol. "The slight uptick in inventory means there is more selection, though of course on well-priced properties buyers need to come prepared to move at pace with the help of their REALTOR® to ensure they are well positioned in the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2022 was $1,424,000. The benchmark value for the same home in May 2023 decreased by 8.9 per cent to $1,297,600, which is up from April's value of $1,295,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2022 was $619,500, while the benchmark value for the same condominium in May 2023 decreased by 8.1 per cent to $569,300, which is up from the April value of $564,000.

When you’re selling your property, hosting an Open House will provide an excellent opportunity to attract buyers. Ideally, people will see your property that day and decide to make an offer.

That would be exciting!

So, what can you do to prepare for the day? Here are a few suggestions:

1. Make sure the entire house is clean and tidy. Think of making it “guest ready.”
2. Plan to leave early and come back late. Recognize that people may not arrive nor leave precisely on time.
3. If possible, remove pets. Take them to a friend’s house or pet daycare.
4. If you’re concerned about valuables (such as jewelry), lock them somewhere safe. For example, you can hide them in the trunk of your
car.
5. Avoid cooking the morning of an Open House. The odours may linger.
6. Provide ample space by the front entrance for shoes and boots.
7. If possible, avoid having any deliveries that day.
8. Make sure interior doors are unlocked, including the door to the garage.

Finally, resist the urge to “drop by” and see how things are going. Instead, take the time to do something enjoyable, such as an outing to the park or mall.

Want more ideas for selling your home quickly and for top dollar? Call today.

There’s no doubt about it. Buying a home that is “move in ready” is a real convenience. All you need to do is get your belongings in place, and you’re ready to enjoy living in your new home. You don’t even need to paint. That’s why move-in-ready homes tend to attract more buyers.

However, there are advantages to buying a property that needs work. And, if you’re currently shopping for a new home, a listing that requires some repairs, upgrades, or renovations might be worth considering.

Why?

Properties that need work tend to be priced lower than comparable move-in ready listings. Depending on market demand, the price savings can range from modest (just a few thousand dollars) to substantial.

Also, homes that need work tend to attract fewer buyers and offers, so there’s less competition.

Another advantage is the opportunity to get into a desirable area you otherwise might not have afforded. It might be worth the extra work you’d need to put into the home to live in your dream neighbourhood.

But, while there are advantages, there are also important caveats.

The first caveat is you must know the scope of work that is required before making any decision to purchase. How will you get the work done? How much will you need to budget for the improvements? Are you prepared for the realities of living in a property during renovations?

The second caveat is you must anticipate any issues that can’t be seen during a typical viewing. The last thing you want is to pay for a major repair you weren’t expecting. That’s why getting a professional home inspection as a condition of your offer is often a good idea.

There’s a lot to think about when you’re buying a “needs work” property. But, I can help you make an informed decision. Call today.

May 1, 2023  A total of 637 properties sold in the Victoria Real Estate Board region this April, 22.7 per cent fewer than the 824 properties sold in April 2022 but an 8 per cent increase from March 2023. Sales of condominiums were down 21.8 per cent from April 2022 with 205 units sold. Sales of single family homes decreased 19.4 per cent from April 2022 with 325 sold.

"Sales numbers for this April are more moderate than the higher levels we've seen in recent years," said Victoria Real Estate Board Chair Graden Sol. "We are in a familiar market pattern, where the majority of sales for the year occur in the spring. While we've seen an increase in sales over the previous month, we're not expecting a return to record setting activity. Our inventory levels continue to be very low and new properties are slow to come onto market. More inventory is needed to balance the supply against spring demand. The good news is that prices have stabilized for now. If listings do not pick up over this season, there is a risk that the price stabilization could turn and we could see prices increase."

There were 2,043 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2023, an increase of 3.7 per cent compared to the previous month of March and a 49.7 per cent increase from the 1,365 active listings for sale at the end of April 2022.

"Though we are seeing multiple offers in our market, these situations are dependent on a number of factors including price, competition, area, condition of home, etc.," adds Sol. "This means sellers should seek clarity on what to expect during their transaction as this spring market continues to evolve. Overall, consumer confidence in the market has returned. Accurately priced homes are selling quickly and close to list price. Your REALTOR® can help you understand the pulse of the market should you be contemplating buying or selling this spring."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2022 was $1,424,900. The benchmark value for the same home in April 2023 decreased by 11.3 per cent to $1,264,200, which is up from March's value of $1,236,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2022 was $630,200, while the benchmark value for the same condominium in April 2023 decreased by 10.3 per cent to $565,000, which is up from the March value of $560,300.

There are many reasons homeowners may need to sell their property — fast. Work relocations, changes in family makeup, and financial needs are among the most common.

If you find yourself in a position where you need to sell quickly, you don’t necessarily have to go to market with a temptingly low price. Here are some other ways to accelerate the sale of your home:

1. Make your property as move-in ready as possible. Get any needed repairs done. Ensure everything is tidy.
2. Hire the help you need. Getting a professional to do some or all of the prep work, will save you time. And, the cost may be offset by a boost to your home’s sale-value.
3. Use the latest staging techniques to make your home look great to buyers. Staging is proven to help sell a property faster.
4. Remove as many impediments to a quick sale as possible. Consider offers with conditions. Be flexible when it comes to a buyer’s need for a particular closing date.
5. Accommodate as many viewing appointments as possible in the early days of the listing. They may be inconvenient, but the more buyers see your property, the more likely you are to get a quick offer.
6. Make sure your home is marketed in a way that attracts qualified buyers, quickly.

These are just some of the many ways to list and sell your property, faster, while still getting a good price. There are other techniques that can be employed, depending on your listing and market conditions.

Want to learn more? Call me!

April 3, 2023  A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 per cent fewer than the 833 properties sold in March 2022 but a 28.3 per cent increase from February 2023. Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.

"We've seen our sales numbers this month almost double from January," said Victoria Real Estate Board Chair Graden Sol. "As we move further into spring, we expect that the return to confidence we've seen in the market will continue. What we can't predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others - by working with your REALTOR® you can better understand the market you are in."

There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 per cent compared to the previous month of February and an 85.3 per cent increase from the 1,063 active listings for sale at the end of March 2022. "Demand is recovering," adds Sol. "Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties.

Inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier Eby's announcement this week about the provincial government's Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to $1,236,200, down from February's value of $1,247,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 per cent to $560,300, down from the February value of $568,200.

When you’re preparing your home for a sale, you should declutter as much as possible. That makes your property appear neater and more spacious to buyers.

 However, that doesn’t mean you have to toss items in the trash or haul them to a landfill site. There are many other, more environmentally-friendly ways to dispose of unwanted items.

 One popular technique is to sell them online. Even if you think an old chair isn’t worth much, as the saying goes, “One person’s junk is another’s treasure.” There are several websites for selling items quickly, including Facebook Marketplace. In fact, you can list items today and potentially sell them this week. Just be sure to set prices low, as people tend to look for deals on these sites.

 You can also give away items. Post items you’re willing to part with for free on your community’s Facebook page. You can also pin a poster to an announcements board in your neighbourhood.

 Donating items is also an option. There are many charities that accept items such as clothes, furnishings, tools, kitchenware, and sports equipment. Google “Where to donate items” and then add the name of your area.

 Finally, an old-fashioned garage or yard sale can be effective. Place signs throughout your neighbourhood announcing the sale. Start your sale early. Many hardcore garage sale lovers will be there as soon as you open, even if that’s 7am!

When preparing your property for sale, you want to make it as attractive as possible to buyers. After all, the more buyers like what they see, the higher the probability you’ll get good offers.

That’s why it’s advisable to clean, declutter, decorate, fix, and improve as much as possible.

But, how far should you go with fixing and improving? For example, should you tear down the old deck and build a new one? Or, should you leave it as is?

Should you paint the main floor? Or is it okay to leave the faded finish and few wall dents just as they are?

Those can be difficult questions to answer because many factors come into play.

• What is the traditional return on investment for that home improvement? (In other words, how much will you get back when you sell?)
• To what degree will the fix or improvement help sell your home faster and/or for a higher price?
• If you don’t make the fix or improvement, will those deficiencies be likely to dissuade buyers who would otherwise be interested in buying your property?
• What are the current market conditions? Are there other listings in the area competing with yours?
• How much will the fix or improvement cost? Is it affordable, given the benefits of having a listing that’s more attractive and move-in ready?

Once you have answers to those questions, you’ll have a clearer idea of whether to fix it or leave it as is.

I can help you get those answers. Call today.

Imagine you’d been keeping your eye on a desirable neighbourhood over the years. You had hoped that one day you could buy a home there. But, then you saw prices creeping up — to a point where they became unaffordable.

“Oh well,” you’d thought. “I guess we won’t be moving there!”

That scenario is familiar to many homeowners. In fact, you too may have been keeping your eye on a neighbourhood you’d love to get into but have decided it’s become too expensive.

If that’s so, it might be worth taking a second look.

The real estate market changes. One year an area might be a red-hot seller’s market with prices soaring. The next year, things may have cooled, and prices stabilized.

That means the desirable neighbourhood you’ve been coveting might, today, be more affordable than you think. Prices might have become more reasonable. There might be more inventory (more homes for sale), giving you, the buyer, a competitive edge.

And, don’t forget that your own property may have gone up in value, perhaps considerably. That means the money you make from selling your home may make buying in the desirable neighbourhood doable.

It’s something to think about!

So, if you’re dreaming of getting into a particular neighbourhood, don’t make assumptions about affordability. At least, not yet. Find out the current state of the market. You might be delighted to learn that the “un” has been dropped from the previously unaffordable for that area!

A total of 460 properties sold in the Victoria Real Estate Board region this February, 35.9 per cent fewer than the 718 properties sold in February 2022 but a 65.5 per cent increase from January 2023. Sales of condominiums were down 39.7 per cent from February 2022 with 161 units sold. Sales of single family homes decreased 28.8 per cent from February 2022 with 220 sold.

“Last month we talked about the optimism building in the local market that our REALTORS® saw, and now we can see it in the market statistics,” said Victoria Real Estate Board Chair Graden Sol. “We can confirm the return of buyer confidence by the increase in sales through the late winter. The market is seeing some positive growth as we move into springtime, which is traditionally the busiest market for home sales. Inventory levels are starting to increase, a welcome trend when compared to the record lows of last year. We’re also seeing a stabilization at some price points and properties that are priced in accordance with current market conditions are selling at a good pace.”

There were 1,809 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2023, an increase of 4 per cent compared to the previous month of January and a 113.1 per cent increase from the 849 active listings for sale at the end of February 2022.

“The market today is different than we have seen in recent years,” adds Sol. “There’s plenty of demand from buyers, and we are still low in inventory, but there are opportunities in a less pressurized environment for consumers to get into a new home. Most buyers will find they have more time to view homes, make decisions and do their due diligence in this somewhat more relaxed market. Of course, we are heading into a new season which is typically very active. The statistics in this report reflect what happened last month. Prudent buyers and sellers will seek the knowledge of their Realtor to determine the up-to-the-minute conditions and how to best navigate the market.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2022 was $1,321,400. The benchmark value in February 2023 decreased by 5.6 per cent to $1,247,200, down from January’s value of $1,251,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2022 was $580,900, while the benchmark value in February 2023 decreased by 2.2 per cent to $568,200, down from the January value of $578,300.

February 1, 2023 

A total of 278 properties sold in the Victoria Real Estate Board region this January, 41.4 per cent fewer than the 474 properties sold in January 2022 and a 13.1 per cent decrease from December 2022. Sales of condominiums were down 46.3 per cent from January 2022 with 101 units sold. Sales of single family homes decreased 33 per cent from January 2022 with 120 sold.

"If you're looking at the statistics, this January was one of the slowest we've seen on record," says 2023 Victoria Real Estate Board Chair Graden Sol. "However, we did see a mid-month surge in activity as buyers seemed to regain confidence after the rapid interest rate increases of last year. It may be that consumers are moving past the market shock of the rate increases and economic uncertainty and that our market is regaining its equilibrium. What the data doesn't show is the optimism that many of our REALTOR® members are noting from their buyers and sellers, who remain active viewing homes and making offers. Interest rates, continued low inventory and the greater economic situation in our area will determine what our early spring market will look like."

There were 1,739 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 3 per cent compared to the previous month of December and a 133.7 per cent increase from the 744 active listings for sale at the end of January 2021.

"Despite the slower start to the market in January, and our constrained inventory levels, some consumers still found themselves in multiple offer situations, particularly on the types of properties that represent the crucial missing middle segment of our market. The Victoria City Council voting to move forward with their missing middle housing program is a great step in the right direction when we are considering how low inventory has impacted the attainability of housing in the CRD," adds Sol. "But this is one step in a marathon of work to be done to increase housing opportunities to meet our community's short- and long-term needs. Each municipality must keep their focus on adding gentle density where they can so that we do not face another swift increase in values when our market demand increases again."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2022 was $1,296,600. The benchmark value for the same home in January 2023 decreased by 3.5 per cent to $1,251,100, down from December's value of $1,283,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2022 was $561,300, while the benchmark value for the same condominium in January 2023 increased by 3 per cent to $578,300, up from the December value of $574,300.

Are you thinking of selling your home this year? If so, you might be paying extra attention to housing market news covered by the regional and national media.

 While that news can be helpful information, it can sometimes say little about what’s happening in your particular neighbourhood. In fact, it’s possible for there to be a balanced market nationally or regionally, while at the same time your street may be experiencing a hot seller’s market!

 That’s why it’s important to understand what’s happening in your local “micro” housing market when you’re selling your home.

 What do you need to know about your local real estate scene? Here are a few questions to ask yourself:

• Is our neighbourhood a seller’s, buyer’s, or balanced market right now?

• If we list our home this month, will there be any competing listings in our area? If so, how many?

• How long is the average listing in our area taking to sell? A week? A month?

• How much are properties like ours in the neighbourhood selling for?

• How desirable is our neighbourhood? How many buyers are actively looking to move here? Are there currently buyers eager to purchase a home like ours?

• What are the demographics of buyers looking to buy in our neighbourhood?

• How important is it to fix up and stage my home if I decide to sell?

Getting these local insights will be far more helpful than the national news when you put your property on the market. So, find out what’s happening right here, in your neighbourhood.