April 3, 2018 A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 percent fewer than the 929 properties sold in March last year, but a 26.2 percent increase from the month previous. The sales of condominiums were down 28.2 percent from last year in March with 211 units sold. Single-family homes were 30.8 percent down from the year previous, with 337 sold this March.
"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government's new mortgage qualification rules. Combine these factors with rising interest rates and you've got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty."
There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2018, an increase of 14.3 percent compared to the month of February and 13.5 percent more than the 1,556 active listings for sale at the end of March 2017.
"Despite all of the above, we continue to see benchmark price increases across our market and demand persists - partly due to low inventory -
Full Article Here
There has been quite an uproarious backlash against the looming BC speculation tax, prompting some backpedaling and revamping by the BC NDP...
People with cottages and second homes on the Gulf Islands or in rural areas will not pay the speculation tax, Finance Minister Carole James announced Monday in response to concerns from British Columbians that the new tax would cost them thousands of dollars.
James also announced changes to the geographic areas where the tax will apply, removing Parksville, Qualicum, unincorporated Gulf Islands and the Juan de Fuca electoral area.
“People with cottages at the lake, or cabins, or the islands, will not pay this tax. People with second homes outside of high-cost urban areas will not pay the tax.”
More than 99 percent of British Columbians will not pay the tax, James said. “Only those who own multiple properties and leave them empty in major cities will be asked to contribute,” James said.
Murray Hamilton, the strata property manager for about 400 cottages around Horne Lake, said owners breathed a sigh of relief after hearing Monday that Parksville and Qualicum are no longer in the speculation tax area. “It’s very good news. Owners are very relieved.”
Read Full Times Colonist Article Here
Outside Matters! Curb appeal has a huge impact on a buyer's impression of your home No matter how glorious your home looks on the inside. Since you only have one chance to make a first impression, it’s important to make people feel welcome, safe and impressed as they approach the house. Spruce up your home’s exterior with inexpensive shrubs and brightly colored flowers. Make sure your grass is cut, unsightly weeds pulled, and driveway-walkway swept. Ensure all exterior lights by the front door are working.
Don't go Overboard with Renos! Quick fixes before selling are recommended and always pay off. Major renovations and makeovers before selling aren't always necessary, especially if you don't recover your expenses or get your money back in the sale of your home. Instead, do updates that will pay off and get you top dollar. Get a new fresh coat of paint for the walls. Make sure burnt out light bulbs are replaced, clean the curtains or go buy some inexpensive new ones. Update door handles, light switches and fixtures and cabinet hardware. Make sure closet doors are on track, fix leaky faucets and clean the grout in bathrooms and floors. Clean your gutters, and powerwash exterior siding if need be.
Storage space! Storage is something every buyer is looking for and can never have enough of. Declutter your storage areas and closets, by at least half if you can, then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.
Show Ready! Your house needs to be "show-ready" at all times. Showing requests can be impromptu, so be available and flexible for viewing requests within reason. Don’t leave dishes in the sink, vacuum and dust on a daily basis, make sure the beds are made, bathrooms clean uncluttered and sparkling. It’s a little inconvenient, but it will get your house sold.
Lights On! Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in the sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable and for more money.
Having good feng shui in the bedroom nourishes and strengthens your health and well-being, which is unquestionably important. Having good feng shui in the bedroom also creates a stronger flow of love energy in your life.
The Bed: Your bed is one of the most important pieces of furniture in your home and a worthwhile investment. You spend at least 6-8 hours there every night, so understanding how to choose the best bed to support your health and well-being is well worth the effort.
Follow the 5 basic feng shui guidelines for your bed.
- Have your bed easily approachable from both sides
- Have two bedside tables (one on each side)
- Avoid having the bed directly in line with the door
- Invest in good quality bedding that feels and looks good.
- Invest in an attractive solid headboard and footboard.
An attractive and balanced bed is very important in creating a perfect feng shui bedroom. A good mattress, a solid headboard and high-quality sheets from natural fibers are also very important in creating harmonious feng shui energy. If the configuration of the room is such that a bed placed in line with the door is the only option, ensure you have a good footboard of reasonable height as well. Make sure your bedroom's air quality isn't stale. Open windows to freshen your bedroom space.
Ideal Feng Shui Bedroom Colors
This step is really easy: Have at least some decor items in skin color tones to create warm, good feng shui in your bedroom. Skin color tones also work best as bedroom wall colors, because they create an energy similar to an embrace. The energy of skin color tones is the earthy, warm, nourishing energy that we all need, especially during nighttime. A good feng shui bedroom decor is a balanced decor that promotes the best flow of energy for restorative sleep, as well as sexual healing.
Feng shui balance of all four elements is important and the fire element is well represented via lighting. Of course, during the daytime, natural light is the number 1 nutrient and is considered medicine for your body. Be sure to let natural light in during the day to purify and revive the energy in your bedroom.
It is important to have an intelligent lighting system in your bedroom, meaning to not limit your lighting to one poor overhead ceiling lamp with depressing light.
If you have to have electrical lights, be smart and do your best by creating light energy that nourishes you and creates a sensual, warm feeling (as well as gives good direct lighting if you like to read in bed). This means you can have at least 2-3 layers of lighting. Best lighting for the bedroom are actually natural candles; they will not only give a warm glow and bring the feng shui fire element into your bedroom (very important!), but also purify the energy in your bedroom. Another wonderful choice would be Himalayan salt lamps; fantastic for their healing glow and energy in the bedroom.
Are we headed towards a more balanced market in 2018?
A total of 462 properties sold in the Victoria Real Estate Board region this December, 1.9 per cent fewer than the 471 properties sold in December last year.
A grand total of 8,944 properties sold over the course of 2017, 15.8 percent fewer than the record breaking 10,622 that sold in 2016. 2017 sales came in at 21.7 per cent over the ten year average of 7,349 properties sold.
"Early in 2017 we discussed how the Victoria area housing market would be different than the record breaking year we had in 2016 and that over the course of the year we'd probably see a gradual return to a more balanced market. We did see evidence of this change come early in the year, as multiple offers and rapid price increases leveled out," says Victoria Real Estate Board President Ara Balabanian. "However, the ongoing low inventory of properties for sale meant that buyers continued to experience competitive situations in high demand areas, and multiple offers were still a common occurrence as buyers negotiated in a tighter market. What we couldn't anticipate were outside factors such as changes to mortgage qualifying rules that may have pushed people into the market early. The pending mortgage stress test in particular is likely to have caused much of the increased activity we've seen in November and December."
There were 1,384 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2017, a decrease of 21.5 per cent compared to the month of November and 7.3 per cent fewer than the 1,493 active listings for sale at the end of December 2016. This is the lowest level of inventory for the area in the month of December since the statistic was tracked in 1996.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2016 was $753,900. The benchmark value for the same home in December 2017 has increased by 9.3 per cent to $823,800, and is slightly lower than November's value of $824,600.
"Overall, the low inventory and the continued interest in Victoria real estate meant that well-priced homes were quick to sell in 2017. Moving forward, we expect to see more inventory come into the market, which will continue to move us toward a more balanced state," adds President Balabanian. "We also expect housing prices to remain stable, without the increases we tracked in 2016, and anticipate steady slow growth. In markets like these, it's important to enlist the services of a REALTOR® to help you navigate what may be your largest transaction ever."
For a Complete Statistical Package Click Here
No matter how much you love your current property, you may be dreaming of the day you can buy up into a better home in a better neighbourhood. Is that day today, or, is it a few years down the road? Here’s a quick way to make that assessment. First, make a list of all the practical reasons why it might be time to move up. Those reasons might include features such as: more bedrooms, proximity to work and school, a larger backyard with trees, nearby parks and walking paths and better access to things you enjoy like theatre. Next, make a list of the emotional reasons for making such a move. Those reasons might include memorable get-togethers with friends on a more spacious deck, an easier and less stressful commute to work, more family time with the kids and enjoyable Saturday golf at a nearby course. Finally, take a financial snapshot to determine if you can afford to move up. You’ll need to get a good idea of what your current property will sell for in today’s market, average price of homes in your desired neighbourhood, and how much mortgage you’ll need. Once you have all that down on paper, you’ll have a clear picture of your readiness. If the practical and emotional reasons for buying up are compelling, and you can afford to make the move, then you have your answer. The time is now! By the way, if you need help in making this determination – especially figuring out what your home will likely sell for, call today.
You’re standing by your window admiring the view. Then you notice it. Moisture has built-up around the edges of the glass. Should you worry? It all depends on the reason for the build up. Assuming you have traditional double-pane glass in your windows, there are a few things to look for if you notice moisture. Often, moisture at the bottom of the windows is simply caused by too much humidity in your indoor air. If that’s the case, simply adjust your humidifier. If the moisture is on the exterior of the window, typically there’s also no problem with the window itself. It may have rained recently or the outside humidity may have spiked causing the accumulation. Generally, there’s no reason for concern. However, if the moisture is in between the two panes of glass, the seal has broken and surrounding air – along with its water content – has made its way in. This disrupts the thermal barrier of the window, reducing its energy efficiency. In fact, the glass might feel noticeably colder than your other windows on chilly days. In that case, you’ll need to replace the pane. Similarly, if the moisture is coming in through only one spot — the bottom right corner, for example — then you might have a leak. If you have a wood frame or sill, you may also notice a growing water stain. It’s important to get leaks fixed quickly. There may be water damage occurring within the frame that you cannot see.
When you’re about to sell your home, it may be disheartening to see so many other properties for sale in your neighbourhood. You may be thinking, “That’s a lot of competition! Will our property get noticed?” Fortunately, there are many proven strategies for standing out in a sea of For Sale signs. First of all, keep in mind that many home purchasers come from the REALTOR’S personal network of buyers who want to move into your area. So, choosing the right REALTOR® is crucial. Second, remember that when there are other properties for sale on your street, curb appeal becomes even more important. There are many simple things you can do to make your property look great to those driving around looking at homes. Make sure your property looks as picture perfect as possible. In a competitive market, it’s also more important than ever to highlight features of your home that are unique and enticing. If, for example, you have a large backyard deck and brand new hardwood flooring, make sure these are mentioned prominently on the feature sheet. Finally, be as flexible as you can be when scheduling viewings and open houses. Don’t forget that other listed properties in your neighbourhood draw in buyers, who may notice your home. It’s not uncommon for a buyer to view a property and then scout the neighbourhood. So, you want buyers to be able to see your home on short notice and at a convenient time for them. If there are several other nearby properties for sale, it means things are hot from a real estate point of view. You want to roll out the red carpet to buyers. Looking for help selling your home quickly and for the best price? Call today!
Figuring out how much time you should spend viewing properties for sale is a little like asking, “How long should I spend trying on shoes?”
The answer seems obvious: As long as it takes to make a decision!
Buying a home is significantly more complex than purchasing shoes – and the stakes are higher too! You need to make sure you have all the information necessary to confidently make the best decision.
There are basically three stages to viewing a property:
When you view a home on a macro basis, you’re looking at it from an overall perspective. For example, you may do a general walk-through to get a first impression and determine if the property has the basic features you need, such as the number of bedrooms and the size of the backyard.
Macro viewing is often the fastest stage in the viewing process and can sometimes take just a few minutes.
If you like what you see, then it’s onto the micro stage. At this stage you take a closer look at the details of the property. You might, for example, spend extra time in the master bedroom imagining how your furniture would look and fit.
The micro stage takes longer simply because the home is now on your shortlist. You’re interested and are considering making an offer.
Finally, the professional stage involves getting a qualified home inspector to go over the property with a fine tooth comb. That typically occurs after you’ve made an offer. As your REALTORS®, we will guide you through a viewing so you’ll know what to look for and can make a smart, informed decision. Call today.
When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket. However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well. For example, what conditions are in the offer? If Offer #1 is conditional upon the buyer selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again. In that circumstance, accepting the lower offer may be your best move. There’s also financing to consider. Most buyers will attach a certificate from their mortgage lender to show that they can afford the home and will likely secure financing with little difficulty. If you get an offer where the ability of the buyer to get financing is in doubt, that’s a red flag. The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider. As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, we will guide you toward making the right decision.
As some of you may know, I have joined the board of directors for the Broadmead Area Resident’s Association (BARA) this year. BARA has organised the following two events for this summer; Saturday Afternoon Music and the BARA Annual Community Day. The afternoon music will be taking place every Saturday in August, starting at 1:00pm in Broadmead Village. The community day will be taking place Saturday, September 11th in Broadmead Village. The Dodd Team is looking forward to taking part in the BARA Annual Community Day for our second year! We enjoyed seeing some familiar faces and meeting new ones, we hope to do the same this coming month.
Also, please feel free to contact me anytime if you have any questions about the association or the events mentioned above.
Summer has officially started and if you have neglected your home during the winter months it will now show. Get on top of your summer home maintenance now! Summer is the best time to do outdoor improvements such as landscaping. The way your home looks upon entry is everything! A bright and flourishing garden is inviting and will put a smile on the faces of potential buyers. Another very important factor is that everything should look pristine. Power wash the exterior of your home and make sure your windows are sparkling. This will also enhance the natural light coming into your home. Other factors to look at are repairing your driveway, refinishing wooden surfaces, pest control, cleaning your gutters and your roof. Your home naturally shows best in the summer months, so why not take a few extra steps to have it look perfect!
“You must be making a fortune!”
This is what we here from most friends and clients these days. People are very aware that the market right now is extremely hectic and busy. As realtors, we are thriving in it for the most part. Just the other day I spoke to a colleague who told me they had made more income this year to date then the last two years combined. Things are definitely moving fast and we expect prices to keep rising. However, due to these factors it is harder to price homes and tougher for people to find suitable properties.
Our phone may be ringing off the hook, but we always have room for more clients. Contact us today if you are thinking of buying or selling property.
The majority of people buying local property may not originate from where you think. 70.54% are from right here in Greater Victoria and 97.97% are from Canada. Yes, you heard me right. Many people are under the impression that the majority of buyers are coming from the United States or Asia. In reality, buyers from outside Canada make up only 2.03%. Now these stats are true for 2015, but we expect that with the loonie being down and a very active market the numbers for buyers outside of Canada will likely rise.
As for the other parts of Canada, Alberta makes up the next largest percentage of local buyers at a mere 5.66%.
Apparently, we locals love where we live and we wouldn't want to live anywhere else.
The west shore is divided into five different municipalities, all with their own charm. All five feature gorgeous walking/hiking trails, abundant marine life and a passionate community. Colwood, known as the city by the sea, is making big moves in improving their environmental footprint with their Solar Colwood Project. Langford prides itself with a brand new sport complex that gives residents of the West Shore the ability to enjoy family time all year long. The breathtaking Highlands are mainly a residential community that are passionate about the environment and conservation of the land. Here you will find native animal and plant life among the vast amount of public park land. Metchosin is your destination if you love being surrounded by marine life. From whale and seal watching to fishing Metchosin will swim its way straight into your heart. View Royal, is the baby of the west shore municipalities, joining west shore last. Their community of 9,500 residents sit at the southern tip of Vancouver Island. View Royal is made up of fantastic parks and waterways with its summer hot spot, Thetis Lake Regional Park.
I have listed a new property at 444 Conway RD in VICTORIA.
Follow the stamped walkway to this Custom built west coast style home. Find custom cabinets + millwork, hand-scraped hardwood + travertine floors. Just through the entryway the home opens up into living room w/ 18' ceilings + French doors straight onto the patio. Dining room divides living room + kitchen with its open layout, perfect for entertaining. Bright + spacious kitchen boasts a sink in the island, a gas cooktop, in floor heat + SS APLS. Step into the master bed with his + her closets + ensuite incl. custom tile shower, 2 person soaker + in-floor heat. Above the garage 1 bed Sound proofed suite w/ granite + laundry. Exterior feat. incl. private fully fenced hedged yard, waterfall, Koi pond, sprinklers, RV + boat parking.
We had an extremely active market in 2015 and it is expected to remain that way in 2016. With 8,295 transactions in 2015 this marks an increase of 23.8% from 2014. Not only did 2015 bring in more sales, but sales at higher prices. The benchmark value went up 9.4% from December 2014 in comparison to December 2015.
Due to the spike in activity, we now have a low inventory and we are currently looking for new properties to market. Unlike recent years, you do not need to wait until the spring to put your house on the market. It is a great time to sell now, please contact us if you or someone you know is considering listing one a property.
When showing your home during the winter holidays my number one suggestion is to turn up the heat. Nothing shows worse than a home with a chill. If you have a gas fireplace, turn it on before you leave for the showing. Another tip to do pre showing is to simmer some winter scents (Cinnamon sticks, oranges, cloves or whatever you fancy) to help give your house a festive and cozy feel. Another way to emphasize that cozy feel, place a throw on the back of your couch, preferably one that’s woolen. One more tip for the inside of your home is to arrange a winter themed centerpiece for your dining room table.
Now moving to the exterior of your home, I suggest hanging a festive decoration on your front door such as a wreath, a star or whatever you think is appropriate. Also, hang some tasteful lights around the exterior of your home as well as inside. No matter what holiday people might be celebrating, every winter holiday celebrates the light.
I definitely recommend decorating your house, as no one likes a Scrooge, but I encourage you to take a minimalist approach. Do not hang up massive amounts of decorations. Try to keep what décor you do put up to be classy and clean. Please refer to our DIY Holiday Pinterest board if you need some helpful ideas.
Follow Dodd Team's board DIY Holiday Home Decor on Pinterest.
Gordon Head Statistics
For Sale Now
Single Family Detached
$534,000 - $4 Mill.
$480,000 - $1.2 Mill.
Sold This Year
Single Family Detached
$448,000 - $1.9 Mill.
$335,000 - $684,000
Broadmead Area Resident’s Association
Buying Real Estate in Victoria
Dodd Team, Victoria, Real Estate, Market, Statistics, Buying, Selling, Homes, Development
Greater Victoria Market
Home Buying Victoria bc
Home, seller, Victoria, BC, de-clutter, market, real estate, tips
homes in victoria
market, activity, victoria
selling real estate in Victoria
SW Interurban, Saanich West Real Estate
Victoria Real Estate
Victoria Real Estate Board