Is it a Buyer’s or Seller’s Market?

A study of real estate activity from February to May 2019 which looks at the sales-to-active-listings ratio (SAR) in each individual neighbourhood, for all property types reveals Vancouver Island hotspots that remain firmly in a seller’s market. There are 34 Island neighbourhoods which are still seller’s markets. The three hottest areas were in South Jingle Pot in Nanaimo, Campbell River Central and Victoria’s Jubilee neighbourhood, all at 32 per cent SAR. In the single-family market, Nanaimo’s Old City was by far the hottest spot with an SAR of 67 per cent. Condos are most in demand in Victoria West, with a 33 per cent SAR.

A figure over 20 per cent indicates a seller’s market, while 12 to 20 per cent is a balanced market, and below 12 per cent is a buyer’s market.

Reference: https://www.timescolonist.com/real-estate/which-vancouver-island-neighbourhoods-are-still-seller-s-markets-infographic-1.23884138

Housing Prices Down Slightly in Greater Victoria

According to the Victoria Real Estate Board (VREB), the benchmark value for a single-family home in Victoria’s core was 859,600 in June 2019 compared with $898,500 in June last year – a 4.3 per cent drop. However, Victoria officially remains a seller’s market as measured by the sales-to-active listings ratio.


Reference:
https://www.vicnews.com/news/statistics-canada-warns-of-deteriorating-market-conditions-in-greater-victoria
https://www.vreb.org/current-statistics

Thinking of Buying an Electric Vehicle?

Rising gas prices, the B.C. incentive and a new federal incentive are all encouraging public interest and sales of electric vehicles. According to the New Car Dealers association which administers applications for the B.C. incentives, they handed out 9000 applications for electric vehicle incentives between Jan. 1 and July 3 with 5,500 submitted in May and June.

Rising gas prices has been the primary factor driving interest. In April and May, gas prices peaked at $1.62 per liter and despite the recent gas war in Greater Victoria, prices are likely rising again soon. In May, the Federal government announced it would offer rebates of up to $5,000 toward the purchase of a new electric vehicle. Today, combined federal and B.C. incentives can knock $8,000 off the price of an electric vehicle.

Roughly 25 per cent of carbon emissions in Canada come from transportation, with personal vehicles accounting for half. The Canadian power grid is over 80 per cent non-polluting and getting cleaner every year. That means when we plug an electric car into that grid, we’re not only saving money, we’re also significantly reducing pollution and our carbon footprint.

Sources:
https://www.timescolonist.com/business/price-war-fuels-wide-range-of-gasoline-prices-in-greater-victoria-1.23875410
https://www.nationalobserver.com/2019/06/17/opinion/canadian-government-making-smart-investments-electric-vehicles

Victoria Neighbourhoods – North Saanich

North Saanich has some of the most striking and magnificent properties on Vancouver Island, many with an ocean view. Large estates and acreages guarantee privacy and solitude, away from the madding crowd. Money Sense magazine ranked North Saanich as the fourth best place to live in Canada in 2017 - based on access to health services; high wealth and incomes; and low crime.

Adventure and fun await. Want to feel the thrill of jumping from a plane at 10,000 feet? Capital City Skydiving in North Saanich provides a once-in-a-lifetime experience. The air is sweet and fragrant at the Victoria Lavender Farm where you will find a purple field of lavender, strolling gardens, and a rare bird display. Outdoor enthusiasts and hikers will enjoy the many scenic trails in John Dean Provincial Park, hikes up Mt. Newton and forays into Horth Hill Regional Park. With BC Ferries is at your doorstep, exploring one of the Gulf Island is an easy, single-day adventure.

Deep Cove Chalet in North Saanich is on USA Today's 'Ten Best' list world-wide for its French cuisine with a West Coast twist. Snowdon House Gourmet & Gifts offers home-made gourmet treats packaged in hand-crafted finery. Experience mouth-watering homemade biscotti at Melinda's Biscotti Bakery Cafe. Enjoy fresh local produce at The Fickle Fig Farm Market, a year-round farmers market, bakery and bistro.

For a quiet afternoon, kick back at the Sidney / North Saanich Vancouver Island Regional Library which offers innovative programs for children and adults. McTavish Academy of Art will feed a creative soul, and for science buffs, there is The Institute of Ocean Sciences. Panorama Recreation Centre (https://www.crd.bc.ca/panorama), the major recreation centre in the area, is a state-of-the-art facility with southern Vancouver Island's tallest and longest water slide.

Schools in the area include North Saanich Middle School and Deep Cove Elementary.

Welcome to North Saanich, where life is simply beautiful.

Victoria Neighbourhoods - Uplands

Architect John Olmsted was famous for designing some of the best neighbourhoods and parks in North America. In 1907, he was commissioned to craft a beautiful landscape in north east Oak Bay. The result was Uplands; an early 20th century neighbourhood of impressive homes, winding streets amongst fully grown trees, manicured gardens, and unique globe streetlamps. It is a peaceful and idyllic with no overhead wires to distract the eye from the landscape.

If you enjoy sailing, you will love Royal Victoria Yacht Club. https://www.rvyc.bc.ca It is the oldest in western Canada and they host regular regattas and sailing races. New sailors are always welcome. The club provides a wide range of services including moorage, cruising excursions, kayak & stand up paddle boards rentals, dining and themed events. As they put it, they offer “fun for kids from two to one hundred and two.”

The Uplands Golf Club https://www.uplandsgolfclub.com is a challenging course with exceptional fairways and greens you can play any time of the year. They have hosted many RCGA, National, Provincial and local championships including PGA Tour Canada. A Google reviewer called it a “mecca for socializing and a facility that allows you to participate in a physical activity well into your 80's.”

There are plenty of schools to choose from, especially for younger families. Five Elementary schools and one Secondary school are within the boundaries of the Uplands. They include: Uplands Park Elementary, McGirr Elementary, Randerson Ridge Elementary, Rutherford Elementary School, Frank J. Ney Elementary and Dover Bay Secondary. The Four Seasons Montessori school also finds its home here.

Uplands Park and the adjoining Cattle Point feature breathtaking ocean views from the craggy shoreline. You will see Discovery and Chatham Islands, The San Juan Islands beyond, and on a clear day, Mount Baker’s snow covered peak. Storm watchers will especially enjoy the wild winter winds and surf crashing over the jagged rocks, filling the air with salt spray. Down a set of stairs, there is a causeway that takes you south to Willows Beach with its family friendly playground.

Rental Only Zones in Victoria

Victoria councillors decided Thursday to begin consulting with building owners and the public on plans to apply residential rental tenure zoning to all 500 existing purpose-built rental buildings — containing about 16,000 apartment units — in the city. If approved, this would mean only residential rental units would be permitted on the properties.

“It’s a move that’s needed in a city where 61 per cent of residents are renters, said Mayor Lisa Helps.
 “This is a non-starter,” says David Hutniak, CEO of Landlord B.C. who feels new zoning should “absolutely not” be imposed without the owners’ consent.

Read the full story in Times Colonist online: https://www.timescolonist.com/news/local/victoria-eyes-forever-rentals-but-landlords-say-no-way-1.23876766

Reviewing June’s Greater Victoria Housing

The MLS® HPI benchmark value for a single-family home in the Victoria core area last month was $859,600, down by 4.3 per cent from $898,500 in June 2018. The MLS® HPI benchmark value for a condominium was $524,100 last month, which is an increase of 2.97 per cent from $509,000 in June 2018.

The number of year-to-year sales rose. A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018.

There is more inventory on the market giving buyers more choice. Active listings have risen 17.1 per cent from June 2018. There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019.

Reference: https://www.vreb.org/current-statistics