In this unprecedented real estate market, Veronica and I have had the privilege of helping with many successful transactions. Here are a few Thanks and Congrats from this Winter’s activities…

Congrats to our Manitoba buyers who were able to secure a fabulous investment/retirement condo at Bear Mountain at a great price in this market!

Huge congrats to our landlord client who decided this hot market was the perfect time to sell her three suite home in Saanich.

Congrats to our buyer and thank you to our past client for the referral – a solid investment property was scooped up successfully in a sought after location. Great choice!

Welcome to our mainland buyer who sold in Vancouver and secured a beautiful, condo in downtown Victoria. Thanks to one of our Vancouver colleagues for trusting us with the referral of her client. Go team! 

Full Jan VREB Stats found here. 

From VREB President...

Victoria Real Estate Market’s Record Breaking 2016, Demand Likely to Continue in 2017

January 3 2017, Victoria, BC

A total of 471 properties sold in the Victoria Real Estate Board region this December, 1.3 per cent more than the 465 properties sold in December last year.

Inventory levels edged lower than last year, with 1,493 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2016, 40.7 per cent fewer than the 2,517 active listings at the end of December 2015.

“As we expected, 2016 broke records in terms of the number of properties sold in our area,” notes Mike Nugent, outgoing 2016 President of the Board. “10,622 properties sold, which exceeds our previous high of 9,241 sales in 1991.” The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2015 was $613,600. The benchmark value for the same home in December 2016 has increased by 23.6 per cent to $758,500.

“We expect sales to continue to be strong but we don’t expect to see the phenomenal activity we saw in 2016 for 2017. Inventory continues to be low,” adds President Nugent. “You can’t sell something that isn’t there. There is certainly an ongoing demand for properties. This is reflected in the fact that 25 per cent of sales this month sold over their asking price. The majority of these properties were in the up to $750,000 price point, so your average buyer will face a competitive market.”