Posted by: Daryl & Wendy Ashby | May 2, 2015

April in Review

“We’ve seen modest sales increases in the area for the past two years, which we’ve attributed to a growing consumer confidence in the market. The past three months have been exceptional, and I think have surprised most people watching the market; I certainly haven’t seen forecasts even close to the numbers we see today.

It’s possible that consumers who were hesitant to make a move or purchase their first house during the recent economic downturn may have waited to see conditions like we see now – the favourable interest rates, good selection of prices and properties, and increased confidence in the local economy.”

There were 3,945 active listings for sale on the Multiple Listing Service® at the end of April, 10.4% fewer than the 4,404 active listings in April 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $562,000. The benchmark value for the same home this month has increased by 3.5% to $581,700.

“The last time we saw this many transactions in an April was in 2007 when we saw 898 sales. The market is good, but prices aren’t crazy – despite the activity levels, values in our local market are still recovering from the peaks we saw in 2008 and 2010. Depending on the area, single family property values are as much as nine percent below the 2010 values. It is a great time to buy or sell property in our area.”

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Posted by: Daryl & Wendy Ashby | April 2, 2015

Boy Do We Have a Deal for You

Have you considered a rental unit or downsizing so you can have a little bit more liquid cash on hand each month. Check out the three condominiums we are marketing in Greater Victoria. One of them may just fit your bill.

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103 – 611 Goldstream Ave is a perfect starter at $287,900. Offering 2 bedroom, 2 bath corner suite with a very large, private / quiet corner patio providing an exterior entrance if desired. This condo is sheltered from Goldstream Ave. as it is tucked around the corner off Fairway Ave., with a nice sunny South facing outlook to the courtyard area. A spacious, well laid out 1050 sq. ft suite that is immaculate including Bamboo floors, electric fireplace, wood cabinets, granite kitchen counters & breakfast bar, stainless steel appl., 9ft ceilings, tile & glass baths, contemporary lighting & plumbing fixtures, soaker tub & separate shower in master bath, in-suite laundry. Secure underground parking with a storage locker. Walk to shops, all amenities, golf, medical building, and on bus route.

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105 – 820 Short St is another great choice having just been reduced to $289,000. Centrally located within walking distance of the prime Uptown Mall. This is your perfect home if you wish to downsize, tired of paying rent, taking first steps to entering the market or desire an investment property that will never go vacant. This 2 bedroom, 2 bath, 1000 sq. ft. unit offers an open floor plan, vaulted ceilings and floor to ceiling windows. The kitchen features granite counters, 4 piece bath, stacking laundry, open living/dining area along with 2nd bd rm or office space. The loft over looks the living area and hosts a 3 piece bath. PETS are welcome and RENTALS allowed, secured underground parking, locker and bike storage. Fresh paint and new flooring, makes this turn-key! Seller wants this sold!

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Last but definitely not least is 302 – 4536 Viewmont Ave at $295,000. Only steps from the Commonwealth Rec Center and Elk Lake Golf Course, this 55 plus home is located on a quiet no through road, and provides the Royal Oak Plaza and Broadmead shopping centre within walking distance. Within this corner suite you will find an open floor plan you will find 2 bedrooms and 2 baths. All tile floors feature in-floor heating, the kitchen hosts stainless steel appliances incl. a microwave and garburator. This unit has hardly been lived in and is still in new condition. Secure underground parking, storage locker, and pets allowed.

So don’t delay. Call Cheryl or Daryl today at 250 478 9141 for your personal, no hassle tour.

Posted by: Daryl & Wendy Ashby | April 2, 2015

It’s Looking Good Out There

April 1, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7% increase compared to the 575 properties sold in the same month last year.

“We saw 393 single family homes in the region sell in the month of March. The last time we saw numbers this high in March was in 2010 when 414 single family homes sold. And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year.”

There were 3,769 active listings for sale on the Multiple Listing Service® at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64% to $569,700.

“Why the increase in activity? We expect the market to be busy in the spring – real estate has a seasonal trend. Interesting this year was that the momentum we saw in the market over the course of 2014 has continued to increase. Consumer confidence in local real estate appears to be high, and it’s likely that buyers are taking advantage of low interest rates.”

Posted by: Daryl & Wendy Ashby | March 6, 2015

Looking Good

Early spring-like weather and bursting blossoms provided a big boost to real estate sales in Greater Victoria last month.

The sale of single-family homes in Greater Victoria hit a seven-year high for the month of February as 285 of those properties were sold. That’s the most for the second month of the year since 2008, when 295 single-family homes sold just before the start of the recession.

Overall, the Victoria Real Estate Board said 542 properties sold in the region during February, up from 412 properties sold in the same month last year and the 351 properties sold in January.

Posted by: Daryl & Wendy Ashby | March 3, 2015

February at a Glance

There were 542 properties sold in the Victoria region this February, a 31.6% increase compared to the 412 properties sold in the same month last year and a 54.4% increase compared to the 351 properties sold last month in January.

“The trees bloomed early in Victoria, and so did local real estate. February was a busy month with numbers closer to what we would expect to see in the spring season with 285 single family homes sold over the course of the month. We’ve not seen that many single family homes sell in a February since 2008 when we tracked 295 transactions. Though buyers are already in spring purchase mode, the amount of available inventory may not be quite up to the pace. We continue to track the trend of higher year-over-year sales, and lower year-over-year active listings that we started to see in mid-2013.”

There were 3,480 active listings for sale on the Multiple Listing Service® at the end of February, 7.7% fewer than the 3,770 active listings in February 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $549,700. The benchmark value for the same home this month has increased by 1.33% to $557,000.

“The Board certainly anticipated an increase in sales for spring, but the increase we’ve seen exceeded their expectations. “The early spring combined with available low interest rates will likely create more demand for Victoria real estate as the rest of Canada digs out from winter.”

Posted by: Daryl & Wendy Ashby | January 27, 2015

Affordable Ownership

New Listing $287,900 – There is no justification to paying a landlord’s mortgage when you can purchase.

103 – 611 Goldstream Ave is a 1050 sq. ft. 2 bed, two 4 pc baths, plus a 287 sq. ft. wrap around patio / private entrance. Ideally situation adjacent to the Royal Colwood Golf Course on the quiet residential Fairway Ave, this home is only a block from Langford’s city core or walking distance to all the Westshore Malls & Big Box stores. With secure underground parking and an extra rented space if needed, this home should be first on your list for consideration.

Call Cheryl or Daryl Ashby today for your private viewing 250 478 9141.

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Posted by: Daryl & Wendy Ashby | January 16, 2015

2014 in Review

Greater Victoria experienced strong sales & improved homebuilding in 2014. Cameron Muir, Economist for BCREA states you can expect more of the same in 2015. “Last year saw 15 per cent increase in Greater Victoria home sales and we expect a six and seven per cent this year as prices continue to improve. We anticipate an increase of about 2.5 per cent in 2015, on the heels of a 3.2 per cent increase in average selling price during 2014.” Muir said; “beyond 2016, growth could be higher, spurred on by anticipated investment in liquefied natural gas and transportation projects. Better employment numbers will help underpin housing demand as will continued low interest rates which have more downward pressure than up.” Greater Victoria saw 1,315 new homes started in 2014, which is predicted to jump by an additional 500 in 2015. In 2014, we saw a decline in vacancy rate across B.C. [to 1.5 per cent last year from 2.4 in 2013] while in Victoria the rate slid from 2.8 per cent in 2013 to 1.5 in 2014, a rate driven by in-migration. In all; the future looks like its a great time to invest.

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Posted by: Daryl & Wendy Ashby | December 16, 2014

Cameron Muir Speaks Out

With the overnight Bank of Canada rate recently lowered to one per cent, Cameron is going on record as stating this marks the longest period without a change in the Bank’s policy rate since the 1950’s.

With every rainbow there has to be some rain and as Cameron has put it; “The most pressing development for the Canadian economy, and therefore monetary policy, is the recent downturn in oil prices. The consequences for an oil-producing country like Canada can be complex and will likely be felt on inflation through lower energy products. He is suggesting a delay in inflation returning to the Bank’s 2 per cent target starting next year with perhaps a 25 basis point increase.

That should translate to a modestly higher mortgage rate in 2015.”

Posted by: Daryl & Wendy Ashby | December 9, 2014

Stay Tuned – New Listings Coming

Being forewarned is to be forearmed; so the saying goes.
If you have been looking for the perfect Condo / Apartment in the Viewmont area of Royal Oak or James Bay District of the City of Victoria; STAY TUNED.
We are currently in the process of preparing listing documents for two such Condos and would like you to have an opportunity to be the first to view them.
If either area interest you, please feel free to call Cheryl at 259 478 9141 to arrange a personal viewing.

Posted by: Daryl & Wendy Ashby | December 8, 2014

2015 is Looking Good

Hindsight is a blessing for most of us but never does it prove more to be so than when predicting what the future holds in the Real Estate marketplace.
With 2014 now all be a faint memory, the slump we have witnessed over the past few years appears for the most part to have past as many of the districts within Greater Victoria show positive growth in their average sale prices.
While the Victoria Real Estate Board does an excellent job in providing their monthly and year end reports, we believe you may benefit with us breaking out each district so that you as an investor might better judge where to place your hard earned dollar and where the rest of us might see wisdom in putting down roots.
Below you will find the year long increase / decrease in average sale value, and the year-to-date average sale value in comparison to 2013.
Victoria, minus 0.8%, 2013 = $559,500, 2014 = $555,000
Vic. West, plus 1.7%, 2013 = $449,750, 2014 = $457,500
Esquimalt, plus 6.3%, 2013 = $458,000, 2014 = $487,000
View Royal, minus 1.5%, 2013 = $529,000, 2014 = $521,130
Saanich East, plus 2.9%, 2013 = 583,000, 2014 = $600,000
Saanich West, plus 4.1%, 2013 = $490,000, 2014 = $510,000
Langford, plus 1.4%, 2013 = $440,000, 2014 = $445,900
Colwood, plus 1.4%, 2013 = $468,500, 2014 = $475,000
Sooke, minus 1.3%, 2013 = $383,000, 2014 = $378,000
Central Saanich, plus 1.8%, 2013 = $550,000, 2014 = $559,900
North Saanich, plus 5.5%, 2013 = 6.35%, 2014 = $670,000
Sidney, plus 5.1%, 2013 = $435,000, 2014 = $457,000

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