August 8, 2011

REALTORS® Participate in Home Energy Ratings Program

Victoria area REALTORS® will play a key role in a Time of Sale Home Energy Labelling Pilot Project that will provide sellers in the Capital Regional District (CRD) with a free (regular cost $150) EnerGuide for Houses rating that will be placed on the Victoria Real Estate Board’s (VREB) Multiple Listing Service® (MLS®) System database. The first 100 homes to register in the pilot will receive a home energy assessment which takes into account a home’s windows, doors, insulation, heating equipment and air leakage.

VREB President, Dennis Fimrite, notes that the program represents Phase II of a similar pilot project conducted in 2010 which offered a BC Hydro rebate of the assessment cost but which only applied to sellers on Salt Spring Island and in the Municipality of Oak Bay. "We are pleased to be part of this much wider program that will benefit more sellers and buyers," said Fimrite. "Today’s consumers are interested in the energy consumption of their purchases. The energy assessment will make sellers and buyers eligible for substantial government rebates for home energy efficiency upgrades; it will also provide sellers with an additional marketing tool by providing potential buyers with important information on the energy efficiency potential of a home," added Fimrite.

The pilot program, which runs from September to December 31, 2011, is a partnership involving the VREB, CRD, City of Victoria, Township of Esquimalt, Town of View Royal, BC Hydro and the Province.

More information on the pilot program is available at or by contacting your REALTOR®.
Victoria Real Estate Board Wins Three National Awards - VREB News release available in  PDF format.

Real Estate Sales and Prices Soften in July

August 2, 2011

A total of 523 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 618 sales in June but very close to the 527 sales in July of last year. Overall prices, meantime, declined somewhat across all major property types.

Victoria Real Estate Board President, Dennis Fimrite, noted that despite the drop in the number of sales last month compared to June, market activity is now very close to what we saw at this time last year. "In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year."

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently 14 per cent higher than a year ago. "The available choice for buyers increased further last month with 5,094 properties available for sale at the end of July, up slightly from the 5,050 properties available for sale at the end of June." Fimrite added that the increasing inventory means sellers need to be realistic in pricing their homes in order to attract qualified buyers. "A REALTOR’S® expertise can be invaluable in today’s market to help sellers price their homes to best advantage," added Fimrite.

The average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price also declined to $535,000 while the six-month average declined to $615,439. There were 13 single family home sales of over $1 million in July including two on the Gulf Islands. The overall average price for condominiums last month was $315,371, down from $320,172 in June. The average for the last six months declined to $327,762. The median price for condominiums in July also declined to $289,000. The average price of all townhomes sold last month declined to $412,178 from $444,768 in June. The median price also declined to $385,000 while the six month average declined to $443,341.

MLS® sales last month included 283 single family homes, 147 condominiums, 47 townhomes and 19 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.