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."

“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.

Where do buyers form the most lasting impression of a home for sale that they visit? On the main floor!

When buyers view a property, they often spend a lot of time on the main floor, thinking and imagining. They visualize cooking in the kitchen, having family dinners in the dining room, and entertaining guests in the living room. They even mentally calculate how their furniture will fit!

So, making the main floor look great to buyers is crucial when selling your property. How do you do that?

An effective technique is to walk your main floor the way a buyer would. Start at your front entrance. Stand there for a moment and look around. Get a sense of the impression a buyer is likely to get from that perspective.

Next, walk to the kitchen area, because that’s where buyers often venture next. Again, linger a while and look around. Does the kitchen look clean and seem as spacious as possible (given its size)?

Finally, check out the other rooms on the main floor, including the washroom, if there is one. Gauge how you feel and the impression you form as you visit these spaces.

Once you’ve done that mock tour, write down ideas that jumped out at you for improvements. Those may include uncluttering some areas, rearranging the furniture, adding or taking away items, etc.

This is a simple but powerful technique for improving how your main floor looks to buyers.

Call today for more staging ideas that will make your home sell faster and for a good price.

March 1, 2021 

A total of 863 properties sold in the Victoria Real Estate Board region this February, 53.3 per cent more than the 563 properties sold in February 2020 and 33.6 per cent more than the previous month of January. Sales of condominiums were up 65.7 per cent from February 2020 with 290 units sold. Sales of single family homes were up 43.9 per cent from February 2020 with 390 sold.

"Our early spring market is in full swing carrying on from a fast start in January," said Victoria Real Estate Board President David Langlois.  "Our market remains one with tightly constrained inventory and high demand. The good news is that we have seen some stabilization in listings and condo pricing between January and February, but we continue to see huge pressure on single family homes – new listings are snapped up as soon as they are listed. As a result, the pressure on single family homes continues to ramp up. There is significant competition for desirable homes – and in our marketplace most homes are desirable – and people competing for properties pushes prices up."

There were 1,318 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2021, 38 per cent fewer properties than the total available at the end of February 2020 and three properties fewer than the 1,321 active listings for sale at the end of January 2020.

"The theme for 2021 is going to be inventory - where does it come from and how much new supply can be approved - so that this situation does not persist," adds Langlois. "We've seen the government attempt to influence the housing market in hopes of dampening the demand for home ownership. The foreign buyer tax has changed nothing – our market continues to zoom forward with almost no foreign buyers. The government adjusted mortgage qualification rules, those are absorbed by the market and buyers adjust. Demand-suppression measures have not worked and their failure to moderate housing prices in our community has only exacerbated the pressure on the supply that was constrained ten years ago but is now at historically low levels. If you are concerned about housing prices and availability of housing in general in our community, please support development in your municipality. Be vocal with your local council or neighbourhood association – these stakeholders hold the power in these negotiations - and help to make space in your community. Gentle density and the building of new homes are the only pathway to moderate housing prices in our area."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 per cent to $948,200, a 1.7 per cent increase from the previous month of January. The MLS® HPI benchmark value for a condominium in the Victoria Core in February 2020 was $525,600, while the benchmark for the same condominium in February 2021 remained close to last year's value at $525,400, a 0.38 per cent decrease.

Staging is all about dressing up your home so that it looks its best to buyers. This can involve anything from rearranging furniture and doing some home improvements, to painting and redecorating, to even replacing existing furnishings and other items. The goal is to make key rooms look worthy of a magazine cover!

But is it worth the effort? Can’t you just clean and tidy and, perhaps, do a little painting?

Sometimes you can — especially if your home is in high demand and likely to get multiple offers.

However, in most cases, staging can help sell your property faster and for a higher price.

In fact, studies done by the home staging industry consistently reveal that staged homes sell for an average of 5-23% above list price. (That varies, of course, depending on the local market.)

Keep in mind that you don’t necessarily need to do extensive staging. You may, for example, be able to focus on only key rooms on the main floor — where buyers tend to form their lasting impressions — and then simply clean and declutter the other rooms.

When it comes to staging, you have many options. Each home is different and will have different staging needs.

Want to find out how staging may impact the sale of your property? Call today.