Thanks to all of my wonderful friends and clients for your support!

Victoria Real Estate Board

December 2, 2013

VICTORIA BC - Greater Victoria real estate sales moderated in November following a brisk June-to-October market. According to the Victoria Real Estate Board (VREB) MLS® System, 412 properties sold compared to 366 in November 2012, an increase of 12.6 per cent.

"We saw market activity slow down after a very busy five months," says Shelley Mann, VREB President. "While sales were higher than in November 2012, fewer sales than previous months indicate a pull back in consumer demand."

Flat employment and weak economic growth are likely contributors to a moderating market. Mann also notes that active listings continued to decline, with 4,017 at the end November compared to 4,488 in November 2012. December and January are typically the slowest months for real estate sales.

For November 2013, the MLS® HPI benchmark price for the Greater Victoria single family benchmark home was $482,300 and its corresponding index value was 136.5. (This represents a 36.5 per cent increase since January 2005, when the index was 100). This benchmark price decreased 0.72 per cent over the past month and decreased 3.11 per cent over the last year.

At the regional level, the benchmark price for the single family benchmark home in the Core municipalities was $548,600, an increase of 0.14 per cent over the previous month and a 1.65 per cent decrease over November 2012. In Westshore, the benchmark price for the single family benchmark home was $403,600, a decrease of 1.70 per cent over October 2013 and 5.94 per cent decrease over November 2012. The benchmark price for the single family benchmark home on the Peninsula was $508,000 for November, a decrease of 0.04 per cent over the previous month and a 2.57 per cent decrease year-over-year.

There was a total of 381 single family homes sold in November, an increase of 11 per cent over November 2012. November also saw the reporting of 99 condominium sales and 49 townhouse sales in Greater Victoria. Benchmark prices for the Greater Victoria condominium benchmark home and for the Greater Victoria townhouse benchmark home for November were $280,600 and $389,000 respectively.

Total Waterfront Single Family Dwellings sold: 9, up 3 over November 2012
Total Non-waterfront Single Family Dwellings sold: 207, up 11 over November 2012
Single Family Dwellings sold over $1 million: 7 (1 over $2 million)

On November 1st, the VREB adopted the MLS® Home Price Index (MLS® HPI) to report residential property price trends. The methodology used by MLS® HPI has been endorsed by Statistics Canada, Canada Mortgage and Housing Corporation, the Bank of Canada, Finance Canada and Central 1 Credit Union.

At the heart of the MLS® HPI is the concept of the "benchmark" home, a notional home that has the most common features of a typical home in a given area. The benchmark home is not meant to represent any actual house, condo or townhouse, but merely provides an identical example to track market changes. There are separate benchmark houses, condos and townhouses in each distinct area of the Greater Victoria region, enabling price tracking of very distinct markets.

For more information on MLS®HPI benchmark prices and index values for November, visit www.vreb.org. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,224 Members.

The fun annual tradition of our Christmas mail out is done. We finished it! It is all gone!. Hundreds of letters equalling around 60 pounds were stuffed into cloth grocery bags and taken off to the post office yesterday.

We took the time to design and order the calendars and the cards, we had them printed, ordered our envelopes, bought the postage and then spent this week stuffing the envelopes!.

Santa has finished in the workshop and now all the little card “gifts “ are gone out into the world. We are excited because now we know our wonderful friends and clients will begin to receive them.

Want to come join my "Rosie VIP club" and be part of the fun? Contact me anytime, always happy to help.....

You see, working with me has its benefits!

Rosemarie

Victoria Real Estate Board

November 1, 2013

VICTORIA BC - Greater Victoria continued to experience strong home sales during the month of October, reports the Victoria Real Estate Board (VREB). According to the Board's MLS® System, 512 properties sold compared to 373 in October 2012, an increase of 37.27 per cent. There were 4,322 active listings.

"While we are all very pleased with the October results, we are tempering our enthusiasm," says Shelley Mann, Board President. "After a slow market for the last half of 2012, we are still climbing back to previous annual sales numbers."

Today, the VREB and joins the Canadian Real Estate Association and ten major real estate markets in Canada by adopting a new approach to the reporting of trends in residential property prices. Instead of relying on average and median sale prices which are subject to fluctuation, the Board moved to a new system called the MLS® Home Price Index (MLS® HPI). The methodology used by MLS® HPI has been endorsed by Statistics Canada, Canada Mortgage and Housing Corporation, the Bank of Canada, Finance Canada and Central 1 Credit Union.

At the heart of the MLS® HPI is the concept of the "benchmark" home, a notional home comprising the most common attributes of typical homes in a given area. Through the analysis of ten years of VREB MLS® sales data, MLS® HPI has defined benchmark homes for Greater Victoria as a whole as well as for each of our regions, districts and neighbourhoods. In each of these areas, MLS® HPI has defined a benchmark home for each category: single family homes, townhouses and condo apartments. Each month, VREB MLS® sales data will be fed into the MLS® HPI to calculate and track changes in the prices of our benchmark homes.

Benchmark prices are generally lower than corresponding medians and averages. MLS® HPI estimates the values of our typical homes, whereas medians and averages merely reflect the overall selling prices of the particular mix of homes that sold in a given month.

In a manner similar to the Consumer Price Index (CPI), MLS® HPI maintains a running index of the percentage change in benchmark prices. Like the CPI, the MLS® HPI assigns an index value of 100 to the benchmark prices at its starting point: January 2005. By tracking both benchmark prices and index values each month, MLS® HPI will provide a much clearer picture of real estate market trends in Greater Victoria.

"Past reporting of averages and medians showed flat pricing across the Board's trading area but MLS® HPI indicates a moderate decline in prices in many markets over the last year," Mann says. "Benchmark prices are flat month-over-month, and we will be watching very carefully to see where pricing goes.

"With average and median prices, it was often difficult to gauge whether prices of typical homes were rising or falling, but the HPI provides us with exactly this type of information," she says.

For October 2013, the benchmark price for the Greater Victoria single family benchmark home was $485,400 and its corresponding MLS® HPI index value was 137.2. (This represents a 37.2 per cent increase since January 2005, when the index was 100). This benchmark price increased 0.15 per cent over the past month and decreased 3.18 per cent over the last year.

At the regional level, the benchmark price for the single family benchmark home in the Core municipalities was $547,800, a decrease of 0.56 per cent over the previous month and a 2.66 per cent decrease over October 2012. In Westshore, the benchmark price for the single family benchmark home was $410,600, a decrease of 0.37 per cent over September 2013 and 4.37 per cent decrease over October 2012. The benchmark price for the single family benchmark home on the Peninsula was $508,700 for September, an increase of 1.22 per cent over the previous month and a 3.56 per cent decrease year-over-year.

There were a total of 274 single family homes sold in September, an increase of 29 per cent over September 2012. September also saw the reporting of 126 condominium sales and 51 townhouse sales in Greater Victoria. Benchmark prices for the Greater Victoria condominium benchmark home and for the Greater Victoria townhouse benchmark home for September $283,100 and $393,100 respectively.

Total Waterfront Single Family Dwellings sold: 17, up 2 over October 2012
Total Non-waterfront Single Family Dwellings sold: 257, up 62 over October 2012
Single Family Dwellings sold over $1 million: 16 (1 over $2 million)

For more information on MLS®HPI benchmark prices and index values for September, visit www.vreb.org. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,224 Members.

More info: http://www.vreb.org/mls_statistics/current_statistics.html

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#202-1680 Poplar Avenue: 2 bed, 1 bath condo - $219,000

Bought in 2010 for $257,000! Now listing it $38,000 below purchase price! This bright & spacious 2 bedroom corner suite looks SE to Mt. Tolmie. On a quiet street, just steps to a full range of shopping, eateries, transit, & amenities.

http://rosiesays.ca/mylistings.html/details-34830598

With Royal Le Page Coast Capital Realty.

Thanks to all of my wonderful friends and clients for your support!

Andre and Kathryn Pickersgill pictured at my Client Appreciation Event, September 2013

Rosie helped us to purchase a condo this Spring, when Kathryn and I were looking for an investment property and place for our son to live while he attends the University of Victoria.  When I placed calls to several Realtors listing condos of interest to us, Rosie was the first to respond, and immediately arranged for us to see all the units on our list.  At our first meeting, she not only impressed with her friendly manner, but had already thoroughly researched the University condo market, and had brought information on several other very suitable properties for us to consider.  After multiple, efficiently organized viewings, we found the perfect property.  Rosie was extremely helpful and knowledgeable in preparing our offer, walking us through all the important considerations (strata rules, building considerations, market conditions, etc.) prior to making our offer.  She then communicated effectively and quickly with the seller’s Agent and us to complete the deal completely to our satisfaction.

We have worked with several Realtors over the past 20 years, and we are going to stick with Rosie from now on.  “Real”, “honest”, “fun” and “gutsy” are words that we use to describe her.  She has experience, and was willing to share her opinions in a supportive manner.  She has heart, and soul, and truly engaged with us on both a business and a personal level.  We really felt important and cared for during the entire process, and wholeheartedly recommend her to anyone looking for excellent Realtor service.

Andre and Kathryn Pickersgill

Victoria, BC