October 1, 2021
A total of 761 properties sold in the Victoria Real Estate Board region this September, 23.1 per cent fewer than the 989 properties sold in September 2020 and 8.4 per cent fewer than the previous month of August. Condominium sales were up 9.3 per cent from September 2020 with 306 units sold. 11.3 per cent fewer condominiums sold in September 2021 than in the previous month of August. Sales of single family homes were down 38.6 per cent from September 2020 with 331 sold. 7.3 per cent fewer single family homes sold in September 2021 than in the previous month of August.
"We are in a situation this month that is very similar to last month," said Victoria Real Estate Board President David Langlois. "We have seen a lot of demand for homes of all types, but very little inventory come onto the market. And just like last month, it would be inaccurate to say that the market has slowed down and certainly an oversimplification to say the market is experiencing traditional seasonal slowing. What we are experiencing is a continued response to long-term low inventory levels."
There were 1,124 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2021, 53 per cent fewer properties than the 2,389 available at the end of September 2020 but four properties more than the 1,120 active listings for sale at the end of August 2021.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2020 was $879,700. The benchmark value for the same home in September 2021 increased by 25.1 per cent to $1,100,200, a 1 per cent increase from the previous month of August. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2020 was $482,000, while the benchmark value for the same condominium in September 2021 increased by 13.3 per cent to $545,900.
"It’s a complex market and it has been for some time here in Greater Victoria," added President Langlois. "We have a lot of people who want to share in this wonderful community, but we do not have the homes to answer the demand at all points in the housing spectrum. Adding more inventory - be it rental or market housing - requires a commitment to building from our community members. If you support more homes, you need to vocally support projects coming through your local municipal council. Many amazing developments never happen or are buried in expense, which adds to the end cost, before they make it through years of permitting because of opposition at public reviews - often by a small but vocal minority. In order to stop our cycle of pressure on pricing due to limited supply, our community must choose to commit to new housing or commit to prices escalating further."
When prospective buyers view your property, you hope they will think it’s the perfect fit for them. It might well be. However, there are things that can get in the way of a buyer recognizing that perfect fit and making an offer.
Take a look at these common reasons why some buyers will walk away from an otherwise ideal property:
1. Poor staging.
Is staging really that important? According to several studies, an effectively staged home will usually sell faster and for a higher price. Staging not only makes your home look good to buyers, it also shows off all the positive characteristics of your property.
Psychologists tell us that clutter often makes people uneasy. That’s definitely not the feeling you want to convey when showing your property! Also, clutter is more apparent to visitors than it may be to you. So, if you have a room that seems a bit cramped to you, imagine how it feels to the buyer.
3. Maintenance issues.
Just as clutter does, maintenance issues make buyers uneasy. If they see a dripping faucet in the bathroom, they may worry there are more serious issues lurking elsewhere. Also, maintenance issues are distracting. (Buyers will notice the faucet leak rather than the beautiful tiles.) So, get any needed repairs done when preparing your home for sale.
4. List price.
Setting the list price is both an art and a science. You want the price to attract as many qualified buyers as possible. If it’s set too high — or even too low — buyers who might have otherwise made an offer won’t even bother to see your property. Make sure your home is priced right.
The good news is, these situations are easy to avoid. So don’t give buyers reasons not to like your property, especially if it may be ideal for them. Make sure your home shows its best.
What is it about your property that stands out? What will buyers like most about it? What are your home’s most enticing features?
Answering those questions will help you determine which features to emphasize when selling your home. After all, you want buyers to notice and appreciate your property’s best characteristics.
But here’s the challenge...
It can be difficult to determine which features of your home are particularly desirable to buyers. You live there! So, there might be a fantastic characteristic of your property that you’ve gotten used to. You might not even realize its value.
One way to gain perspective is to ask friends, “What is it about our property that you like most? What stands out to you?” Ask them to be candid. Often, they’ll reveal characteristics about your home that may surprise you. You’ll definitely gain insights that will help you when listing.
Another technique is to compare your property to others in the neighbourhood. Buyers often target neighbourhoods, so realizing how your home stands out can be helpful when marketing it. For example, your property might have a larger backyard than most others on the street, or it might have a lot of recent upgrades.
Another way to discover your home’s most attractive features is to talk to me. I can tell you what buyers will like most about your property.
Sept 1, 2021
A total of 831 properties sold in the Victoria Real Estate Board region this August, 15.1 per cent fewer than the 979 properties sold in August 2020 and 0.5 per cent fewer than the previous month of July. Condominium sales were up 31.7 per cent from August 2020 with 345 units sold. 21.5 per cent more condominiums sold in August 2021 than in the previous month of July. Sales of single family homes were down 29.9 per cent from August 2020 with 357 sold. 9.8 per cent fewer single family homes sold in August 2021 than in the previous month of July.
"Year over year numbers might indicate a slowing of our market, but there are two important factors to consider," said Victoria Real Estate Board President David Langlois. "The first is that our market is starved for inventory. It should come as no surprise that with half the available inventory of last August we sold fewer homes this August. Without the significant lack of inventory we’re experiencing, sales would most certainly have been comparable to, if not greater than, last August. The second factor is that the previous ten-year running average for sales in the month of August is 675 properties, so with 831 properties changing hands this August, it is clear that our market remains very robust and that lack of supply is the biggest issue impacting attainability for our community.”
There were 1,120 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2021, 56.7 per cent fewer properties than the 2,584 available at the end of August 2020 and 11.8 per cent fewer than the 1,270 active listings for sale at the end of July 2021.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2020 was $889,800. The benchmark value for the same home in August 2021 increased by 22.4 per cent to $1,089,400, a 0.7 per cent increase from the previous month of July. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2020 was $483,400, while the benchmark value for the same condominium in August 2021 was $540,600, an 11.8 per cent increase.
“The federal election will focus on each party’s proposed policies and programs for housing,'' added Langlois. "The primary issue for housing attainability has been and remains one of supply. While increasing a consumer's ability to pay through tax free savings accounts, extended mortgage terms, or altering stress test provisions may assist some buyers to obtain housing, it will do nothing to slow the price appreciation that the systemic lack of housing supply continues to fuel. Specific commitments such as incentivising municipalities with infrastructure grants for density improvements, increasing on-campus housing, supporting co-op and leasehold developments and utilizing surplus federal lands to directly add to housing stock can all provide a path to more supply. Debates about bidding processes and foreign buyers do not offer material solutions to improve supply nor the attainability of housing. The municipal, provincial and federal governments’ failure to support real growth and diversity in housing stocks has created the market conditions we find ourselves in today. Housing policy matters and we hope that all voters consider what each party proposes and the potential impact to our market."
Imagine a kid running a lemonade stand. He’s selling his product for 25 cents a cup. He’s doing okay. Sales are good. Then someone comes up to his stand and says, “I’ll give you 50 cents for a cup. But, I don’t have the money right now. Give me the lemonade and I’ll pay you later.”
Should he take the deal?
Chances are, you’d advise against it. After all, just because the price is high —in this case, double — doesn’t mean the offer is a good one. There’s a chance the customer won’t come back with the promised 50 cents!
That’s a simple example but applicable when considering multiple offers for your home. Yes, the offer with the highest price is often the one to accept, but there are situations when that’s not the case.
For example, you should be careful when considering the highest offer if the buyers’ financial situation is uncertain. Have they attached an appropriate deposit? Have they secured a prearranged mortgage from a reputable lender? Has their current home been sold, or is it at least listed for sale?
It may turn out that the offer is fine, but these are questions that should be considered.
Another scenario involves conditions. The highest offer might have conditions such as your property passing a home inspection or the buyers selling their current home. That would make the second-highest offer with no conditions more attractive — especially if the price isn’t far off that of the highest offer.
Keep in mind that you can ask to have conditions dropped in your counter-offer.
As you can see, deciding which offer to accept is not as straight-forward as it may seem, especially if you anticipate getting multiple offers.
Walk-through videos are becoming increasingly popular. The seller’s agent simply arranges a filmed tour of a home, often including commentary, and then makes the video available to prospects.
When you’re shopping for a new home, you want to get the most out of watching this type of video, especially if you’re relying on it to help you decide whether or not to make a viewing appointment.
Consider these suggestions:
• Remember, it’s a video. So take advantage of the ability to pause, go back and forth, and take screenshots you can review later.
• When you’re watching, look for everyday items that can give you perspective, such as a lamp, sofa or chair. These items will help you gain a more accurate sense of room sizes.
• Although that previous tip will help, it’s still difficult to judge room size on a video. So, don’t be quick to dismiss a listing because you think the rooms might be too small.
• Pay attention to what is not shown. Did the agent leave the ensuite bathroom out of the video? That may indicate an issue.
• When viewing the main rooms, such as the living room and kitchen, try to get a sense of how your furniture will fit.
• Make a list of features and characteristics you want in your next home. Have that list handy as you watch the video. You can use it as a checklist.
• While you’re watching, jot down any questions you have about the property.
After watching the video, if you like what you see, take the next step. Schedule a viewing appointment.
A total of 835 properties sold in the Victoria Real Estate Board region this July, 14.7 per cent fewer than the 979 properties sold in July 2020 and 11.4 per cent fewer than the previous month of June. Condominium sales were up 18.8 per cent from July 2020 with 284 units sold. 16 per cent fewer condominiums sold in July 2021 than in the previous month of June. Sales of single family homes were down 29.2 per cent from July 2020 with 396 sold. 10 per cent fewer single family homes sold in July 2021 than in the previous month of June.
“The real estate story right now continues to be inventory,” said Victoria Real Estate Board President David Langlois. “The market is driven by inventory; and fewer home listings lead to fewer home sales. In that context, these numbers do not reflect a downturn in our market but reveal sales falling due to this continued trend of low inventory.”
There were 1,270 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2021, 52.1 per cent fewer properties than the 2,653 available at the end of July 2020 and 7.6 per cent fewer than the 1,375 active listings for sale at the end of June 2021. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2020 was $909,900. The benchmark value for the same home in July 2021 increased by 18.9 per cent to $1,082,000, a 1.7 per cent increase from the previous month of June. The MLS® HPI benchmark value for a condominium in the Victoria Core in July 2020 was $494,900, while the benchmark value for the same condominium in July 2021 was $535,100, an 8.1 per cent increase.
“As a sort of housing gridlock continues to develop, the pressure to create more of all different types of homes in our community of should not be lessened,” added Langlois. “It is important for the long term health of our housing market that a strong focus continue on developing new homes to meet our growing demand. The current market is increasingly challenging for buyers and sellers. It’s important to access the expertise and knowledge of your local REALTOR® to ensure your interests are protected.”
After your home has been cleaned from top to bottom, it’s natural to want it to stay that way. Don’t you wish you could just wave a magic wand and the place would clean itself? Unfortunately, even Harry Potter can’t manage that!
However, when you’re preparing your property for sale, you really do need to keep it clean and ready for showings. There are several ways you can make doing that a bit easier.
Try these tips:
- The one-minute rule. If a cleaning or tidying task takes you less than a minute, consider doing it right away. For example, keeping the foyer clear of clutter.
- One room a day. After you’ve cleaned and tidied your home, maintain it by focusing on just one room a day. That’s manageable for most people.
- Prioritize the floors. If you can keep the floors clean, everything else will tend to fall into place. Consider a routine where you do a quick sweep or vacuum of the floors each evening.
- Declutter as much as possible. Clutter is the enemy of cleaning! When a room is free of clutter, it’s easier to keep it clean, tidy and looking great.
- Get extras. Buy an extra mop or broom so other household members can help with the cleaning. Also, be sure to stock up on cleaning supplies so you don’t run short just before a viewing appointment.
- Hire a cleaning service. Having a professional cleaning service come once a week—or twice a week when you’re showing your property frequently—can take a lot off your shoulders. Think of it as an investment in selling your home.
Keeping your home looking “guest-ready” makes your home show better and gets more buyers interested. But, the task doesn’t need to be daunting. Try these tips to make it easier!
Imagine you’re viewing a home for sale. You venture to the basement, check out the furnace room, and notice the water heater. Is it owned or rented? As a potential buyer, you’d want to know.
Now imagine a property you’re viewing has a brand-new gas fireplace. Nice! Is it under warranty? Is that warranty transferrable to you if you buy the home? Again, you’d want to know.
So, when you’re selling, it’s important to pull together all the necessary records you will need in order to answer these types of buyer questions. After all, if a particular warranty transfers to the new owner, that’s a selling point.
Take the time to find receipts, warranty certificates, and other documents related to:
• Renovations (such as a bathroom makeover)
• Major repairs or replacements (such as a new air conditioner)
• Service prepayments (such as a lawncare service paid annually)
• Purchases of major appliances and other items
Keep in mind that you may have purchased extended warranties or maintenance agreements at the time of purchase. Those may transfer to the new owner.
Also note that some guarantees or service agreements transfer automatically while others require the new owner to initiate that transfer. These documents could potentially add a few more benefits to buying your home. So, it’s worth the time it takes to dig them out!
As you may know, a fresh coat of paint is an inexpensive way to make your home look great to buyers. But, what if you don’t have time to paint the entire place? Here are three areas you should prioritize—and one you can potentially ignore.
1. Rooms with bold colours
A red bedroom and orange walk-in closet likely won’t appeal to everyone! Replacing personalized colours with a neutral colour scheme will present buyers with a “blank canvas” to which they can add their own personal touch.
When buyers view your home they linger in the kitchen, which makes it a key selling point. A new paint job will instantly make the space look cleaner and more inviting.
3. Interior doors
These become worn due to being touched multiple times a day, yet are often overlooked when painting. A new coat of paint on key doors, such as those for bedrooms and washrooms, can make a significant impact on the look of your home.
By the way, you may be able to pass on painting exterior doors. They’re often coated with a durable weather-resistant enamel and don’t usually need more than a good wash.
A total of 942 properties sold in the Victoria Real Estate Board region this June, 16.6 per cent more than the 808 properties sold in June 2020, but 10.2 per cent fewer than the previous month of May. Condominium sales were up 61.7 per cent from June 2020 with 338 units sold. 4 per cent more condominiums sold in June 2021 than in the previous month of May. Sales of single family homes were down 4.3 per cent from June 2020 with 440 sold. 18.1 per cent fewer single family homes sold in June 2021 than in the previous month of May.
“We are at a point now where we can look at yearly comparisons with a new lens,” said Victoria Real Estate Board President David Langlois. “In recent months we have been unable to glean anything by comparing year over year numbers because of the sudden and unexpected impact of the pandemic on the 2020 market. But June last year was when the market started its reacceleration. Buyers came back into the market in droves even though listings were restrained compared to long term averages.”
There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2021, 49 per cent fewer properties than the 2,698 available at the end of June 2020 and 5.2 per cent fewer than the 1,450 active listings for sale at the end of May 2021. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2020 was $896,700. The benchmark value for the same home in June 2021 increased by 18.6 per cent to $1,063,500, a 2.6 per cent increase from the previous month of May. The MLS® HPI benchmark value for a condominium in the Victoria Core in June 2020 was $490,400, while the benchmark value for the same condominium in June 2021 was $531,100, an 8.3 per cent increase.
“We see now even more sales activity than the return to the market we saw last year,” added Langlois. “And our inventory is much more restricted, with more than thirteen hundred fewer listings for sale than the year previous. We can see the strong impact this shrinking supply has had on year over year prices. There are many factors we need to watch while this summer’s market unfolds, including the change in borrowing rules that may impact first time buyers, declining levels of inventory and demand from outside of the province as tourism and travel reopens. Speak with your REALTOR® if you’d like fresh insight into our current market.”
June 1, 2021
The Victoria market continued to show its strength through the month of May, with a near record setting pace for sales and ongoing record low inventory levels. A total of 1,049 properties sold in the Victoria Real Estate Board region this May, 129.5 per cent more than the 457 properties sold in May 2020, but 6 per cent fewer than the previous month of April. Sales of condominiums were up 200.9 per cent from May 2020 with 325 units sold. 1.8 per cent fewer condominiums sold in May 2021 than in the previous month of April. Sales of single-family homes were up 111.4 per cent from May 2020 with 537 sold. 4.8 per cent fewer single-family homes sold in May 2021 than in the previous month of April.
"Victoria is an amazing place to live and we will continue to see demand for property here," said Victoria Real Estate Board President David Langlois. "In the future we need to support the creation of a housing market that can respond to demand and population growth and evolve with community needs. Adding inventory to the Greater Victoria market should be the focus of every municipal council across the region."
There were 1,450 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2021, 43 per cent fewer properties than the total available at the end of May 2020 and just 4 properties fewer than the 1,454 active listings for sale at the end of April 2021.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in May 2020 was $855,900. The benchmark value for the same home in May 2021 increased by 17 per cent to $1,036,100, a 3.9 per cent increase from the previous month of April. The MLS® HPI benchmark value for a condominium in the Victoria Core in May 2020 was $500,000, while the benchmark value for the same condominium in May 2021 was $526,000, a 5.2 per cent increase.
"Recently the City of Victoria moved to fast-track non-profit developments, which is an exciting step in the right direction," added Langlois. "But continued attention needs to be paid on housing of all types. By supporting an increase in urban density, we can ensure attainable housing, address missing middle family housing, increase tax revenues for community amenities and protect green space by slowing sprawl. If you are concerned about attainable housing and the future of homes in Greater Victoria, consider supporting the next housing development proposal in your neighbourhood."
There are two trends impacting real estate photography that you should know about if you’re thinking of selling this year.
First, more than ever before, buyers are relying on pictures to decide whether or not to schedule a viewing. They expect to be able to go online and “tour” your home via the photography. If they don’t form a good impression of your home from the pictures, they may quickly lose interest in your listing.
Second, everyone is a photographer these days! Most people have phones with cameras, and many think they can take a decent picture.
Unfortunately, taking a “decent picture” isn’t good enough.
Your listing photos need to accomplish a lot. They must:
- give buyers the information they need: room sizes, layout, views, property details, etc;
- showcase the most enticing features of your home;
- communicate the functionality, spaciousness and style of each room;
- provide a sense of what it’s going to be like to live there; and, much more.
In short, listing photos need to help sell your property. When you consider that these pictures are often the first look-see buyers get of your home, you can appreciate how important they are.
So, don’t leave listing photos to chance. There is an art and science to taking them.
Think of it this way. If better listing photos encourage just five percent more buyers to schedule a viewing, that could result in a faster sale at a higher price.
By the way, I’m well-versed in the best practices of taking great listing photos. Call me for more information.
Is it really possible to improve your kitchen’s look for about the cost of a takeout gourmet dinner with the family?
Obviously you’re not going to be able to do anything major, such as replace the cabinets within that budget. But, there are many surprisingly low-budget ways to spruce up the kitchen. Here are a few ideas:
• Do you have old cabinets? You’d be surprised how much newer they can look simply by replacing the knobs and/or handles. Pick a colour that blends, rather than contrasts, with the cabinets.
• Does your sink have a few stains? That’s not unusual! There are special cleaning products available to get out the toughest stains without damaging or scratching the sink’s finish.
• Lighting can have an enormous impact on the look and feel of a space, particularly the kitchen. Experiment with new lighting ideas. Try different bulb wattages. Consider a new lighting fixture that looks good and distributes the light more pleasantly.
• Often you don’t need to upgrade anything – you just need to do a little redecorating. Consider new window coverings. Declutter to create a greater sense of space. Play with such design touches as placing trendy cookbooks on the counter, adding a plant, or putting an attractive fruit basket on the counter.
Sure, depending on your choices, some of these ideas may cost you more than $100. However, any of these low-budget improvements can make your kitchen look considerably more attractive.
You’ll notice the difference. And, if you’re selling, so will buyers.
“Comparing last year’s April market to 2021 does not provide us any real insight into long term market trends,” said Victoria Real Estate Board President David Langlois. “Instead of comparing to last year’s numbers, we need to look at years before the pandemic to see how April 2021 compares to average. In the most recent five years pre-pandemic, the average number of sales in the month of April was 896. April 2016 holds the record for sales with 1,286 properties sold. The five-year average for active listings was 2,596, so we sit at more than one thousand homes fewer than a recent average level of inventory.”
A total of 1,116 properties sold in the Victoria Real Estate Board region this April, 288.9 per cent more than the 287 properties sold in April 2020, but 4.9 per cent fewer than the previous month of March. Sales of condominiums were up 353.4 per cent from April 2020 with 331 units sold. 12.2 per cent fewer condominiums sold in April 2021 than in the previous month of March. Sales of single family homes were up 246 per cent from April 2020 with 564 sold. 1.7 per cent fewer single family homes sold in April 2021 than in the previous month of March.
There were 1,454 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2021, 36.9 per cent fewer properties than the total available at the end of April 2020 and 11 per cent more than the 1,310 active listings for sale at the end of March 2021.
“We’ve seen an imbalance in our market for a quite a few months,” explained Langlois. “Our market is based on supply and demand and there is a disconnect right now with record low supply and high demand. Unfortunately, our housing supply is not as elastic as market demand is. Desire for homes in a certain market can erupt quickly, while building homes takes years. These realities make it hard to bring our market into balance. Efforts by government to dampen demand by making home ownership more expensive through taxes and borrowing limitations do not bring balance. Municipal governments adding costs and time delays to new developments do not bring balance. A commitment to developing our communities over the long term may.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2020 was $884,600. The benchmark value for the same home in April 2021 increased by 12.6 per cent to $996,500, a 2.9 per cent increase from the previous month of March. The MLS® HPI benchmark value for a condominium in the Victoria Core in April 2020 was $533,600, while the benchmark value for the same condominium in April 2021 was $547,600, a 2.6 per cent increase.
There’s no doubt about it. Preventing mice from entering your home is much easier than evicting them once they’ve moved in. If you take just a few simple precautions, you can avoid the trip to the store to buy traps or the call to the exterminator.
Here’s what the experts recommend:
- Install mouse-mesh in the drainage slots of exterior brick or siding. There are many types available on the market. (Note: make sure you don’t block water drainage!)
- Trim back tree branches that are within two feet of the siding or roof. Mice can jump horizontally as far as 15 inches.
- Make sure weather-stripping on doors and windows seal tightly. Mice can easily squeeze through weak spots and gaps, especially where stripping meets at a corner.
- Don’t leave open packages of any type of food — birdseed, apples, etc. — in the garage. That’s like telling the mice, “The buffet’s open!”
- Inspect the outside of your home and look for evidence of mice near walls, doors and windows. Look for mice droppings, which look like black rice.
- If you see a mouse outside your home, don’t shoo it away. Instead, watch where it goes. The mouse might show you how it’s getting in.
Taking these precautions will significantly reduce the chances of micebecoming unwanted guests in your home.
Is there a neighbourhood you drive through occasionally and think, “Wow. I’d love to live here. What a fantastic area”?
Why don’t you take that thought any further? Maybe you think getting into that neighbourhood just isn’t doable – at least, not right now.
Perhaps you’re worried about the home prices or the current lack of homes forsale in that area. Maybe there’s some other reason, such as the possibility of higher mortgage payments.
Of course, those are all valid concerns. But why not find out whether or not they would genuinely hold you back?
For example, if you’re wondering whether you can afford a home in that neighbourhood, you can find that out with a reasonable degree of certainty. You can:
- Get a current market value assessment so you know, approximately, what you’d likely get for your home.
- Find out the average selling price of homes in the target neighbourhood.
- Calculate what you’d be able to put down on a new home.
- Find out how much mortgage you’ll need and what your payments would be.
Once you’ve taken a closer look at the actual numbers, you might discover that a nice home in your desired neighbourhood is within reach.
So, get the facts you need instead of assuming you can’t get into the neighbourhood you want.
The fact might be, you can!
Call today if you’d like to explore that possibility. I can help you get the facts you need.
April 1, 2021
A total of 1,173 properties sold in the Victoria Real Estate Board region this March, 92.9 per cent more than the 608 properties sold in March 2020 and 35.9 per cent more than the previous month of February. Sales of condominiums were up 111.8 per cent from March 2020 with 377 units sold. Sales of single family homes were up 88.2 per cent from March 2020 with 574 sold.
"Limited supply with overwhelming demand has been the story for the first quarter of 2021," said Victoria Real Estate Board President David Langlois. "This time last year was the beginning of the pandemic and most everything was shut down – so we cannot compare year over year numbers – but if we look at longer term trends, the average number of sales from the month of March in the past ten years before 2020 was 715 properties. Numbers from last month are close to the market trends we saw in 2016, but with an even greater imbalance in inventory due to a surge in consumer demand for homes in the Victoria area."
There were 1,310 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2021, 41.8 per cent fewer properties than the total available at the end of March 2020 and 0.6 per cent properties fewer than the 1,318 active listings for sale at the end of February 2021.
"The underlying issue is a deficit in supply," explained Langlois. "Supply needs to be addressed by all levels of government and particularly by local governments which control land use policies and development processes. Equally important, governments need to ensure that measures they make to moderate the housing market do not exacerbate the problem by attempting to suppress demand by adding costs or qualification barriers. These sorts of measures raise the overall cost of housing and add even more challenges for first time buyers. We need to continue to push for both increased supply and sensible government policies around housing."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2020 was $879,600. The benchmark value for the same home in March 2021 increased by 10.1 per cent to $968,700 a 2.2 per cent increase from the previous month of February. The MLS® HPI benchmark value for a condominium in the Victoria Core in March 2020 was $531,800, while the benchmark value for the same condominium in March 2021 remained close to last year's value at $529,100 a 0.5 per cent decrease.
Like most homeowners, you probably don’t think of your property as just a building with rooms and a backyard. To you, it’s much more than that. It’s a home.
When you walk into your dining room, for example, you don’t merely see the table and chairs. You see memories. You recall laughter with family and friends. It’s emotional.
That’s what a home is all about.
However, buyers don’t want to buy your “home”. What they really want to buy is a property that has the potential to become THEIR home.
While you see memories of family dinners, they see room dimensions and what the dining room may look like with their furniture in it.
That’s why, when you’re selling your property, you need to keep emotions at bay as much as possible.
In fact, the best mindset is to think of your property as a product. The more attractively you present that product to prospective buyers, the more likely you are to get good offers.
That’s why cleaning, depersonalizing, and staging are so important.
It’s also why setting a price that aligns with your home’s current market value is important. You may have put your heart and soul — and many weekends — into landscaping the backyard to make it a summer oasis. It may, in fact, be a strong selling point of your property. But that improvement will only add to the selling price an amount that the market, not your emotions, dictates.
So keep emotions out of the selling process as much as possible. Save that energy for turning your next property into your dream home.
Want more tips on selling your property for the best price possible? Call today.
These days, just about everyone relies on the internet for work, school, entertainment, shopping, networking, you name it. So, speed and connectivity have become big issues.
Ideally, you want a fast, reliable connection — consistently.
If you have a router and connect with WIFI, here are some ways to boost the signal:
- Occasionally unplug your router, wait ten seconds, and then power up again. Routers get clogged with settings, protocols, code, you name it. Resetting the router is like cleaning the pipes.
- Connect your computer directly to the router with an ethernet cord. This hard-wiring will often double or even triple internet speed. The downside is, you’re restricted by the length of the cord.
- Check that you have the best router for your internet plan. Some newer high-speed plans require better routers, but you may not have been told that when you upgraded.
- Experiment with the placement of your router. The ideal spot is often on the main floor near the centre of your home. If possible, place it in an open space away from walls and other obstructions.
- Consider using Mesh WIFI. These are little “satellite” WIFI stations that you can place throughout your home. Your main router then connects to these, creating a much stronger WIFI signal in areas that were formerly weak.
Another way to improve your home WIFI is to contact your internet service provider. They’re the experts in their system and can advise you on how to create a better signal throughout your home.