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Victoria Real Estate Market Stats

Here are the most up to date stats about the Victoria Real Estate Market.  These were provided by the Victoria Real Estate Board. Please do not hesitate to contact me deedrie@deedrieballard.com if you have any questions, or would like additional information. 

Victoria Real Estate Market Stats

I would like to share the most up to date stats about the Victoria Real Estate Market.  These were provided by the Victoria Real Estate Board.  Should you have any questions, or would like additional information, please contact me at deedrie@deedrieballard.com.  I always enjoy discussing the market!

 

Victoria Real Estate Market Stats

Here are the most up to date stats about the Victoria Real Estate Market supplied by the Victoria Real Estate Board.  Please contact me at deedrie@deedrieballard.com if you would like to discuss the market or have any questions.

 

Victoria Real Estate Market Stats

Here are the most up to date stats about the Victoria Real Estate Market supplied by the Victoria Real Estate Board.  Please contact me at deedrie@deedrieballard.com if you would like to discuss the market or if you have any questions.

Victoria MLS Market Share for June 2013

Here are the most up to date stats about the Victoria Real Estate Market supplied by the Victoria Real Estate Board.  I look forward to discussing the market or if you have any questions please contact me at deedrie@deedrieballard.com.

Victoria Market Stats Update May 2013

 

Here are the most up to date stats about the Victoria Real Estate Market supplied by the Victoria Real Estate Board. Please contact me at deedrie@deedrieballard.com if you would like to discuss the market or if you have any questions.


Victoria Market Share October 2012

Here are the most up to date stats about the Victoria Real Estate Market proficed by the Victoria Real Estate Board. Please contact me  at deedrie@deedrieballard.com if you would like to discuss the market or if you have any questions.

 

Federal Measures Make Impact on
 Victoria Real Estate Market
November 1, 2012
 
VICTORIA, BC - While prices held steady through most of the Greater Victoria region's real estate market in October, government lending regulations have had the desired "cooling effect" on year-over-year sales numbers.
Total MLS® sales for October 2012 were 373 compared to 483 in October 2011. During the month, 211 single family homes sold throughout the Victoria Real Estate Board's region, compared to 260 in October 2011. The average price for single family homes was $576,720, down 2% from last October's average of $590,539. The median price for the same period is down $24,000 (4.5%). Month-over-month, both sales volume and the six-month average for single family homes are flat.
Active listings are 4,876.
"Overall sales for Greater Victoria are down 19%," says Carol Crabb, President of the Victoria Real Estate Board. "Federal measures to slow real estate sales nationally are having a local affect. Our REALTORS® tell me that with the reduced amortization rates, many buyers are having trouble getting financing for the type of home that fits their needs, particularly first-time buyers.“
Crabb also notes that there are fluctuations across the region. Sales and prices are flat in the Core Municipalities, while sales are down on the Saanich Peninsula, with declined sales and prices on the Westshore. "I strongly caution against reading too much into the numbers," she says.
"Both activity and prices vary by sub-area. For some the sample size is always small, so a sale of one or two properties can result in a 50% change."
There were 92 condominium sales last month, 37% fewer than during October 2011. Six manufactured homes sold compared to 10 during the previous October. Townhome sales declined 37% and the average price dropped from $428,040 to $387,769, a 9% decrease.
Total Waterfront Single Family Dwellings sold: 15, up 3 from 2011
Total Non-waterfront Single Family Dwellings sold: 196, down 52 sales from September 2011
Single Family Dwellings sold over $1 million: 11 (1 over $2 million, 1 over$3 million)

Victoria Real Estate Market Stats August 2012

Here are the most up to date stats about the Victoria Real Estate Market proficed by the Victoria Real Estate Board. Please contact me  at deedrie@deedrieballard.com if you would like to discuss the market or if you have any questions.

 

A Steady, Flat Real Estate Market Continues in Greater Victoria
September 4, 2012
 
VICTORIA, BC - The August real estate market continues to be steady and flat, considered by the Victoria Real Estate Board to reflect the "wait and see" attitude its Member REALTORS® are hearing from the buying public.
 
Total MLS® residential sales for August 2012 was 462 compared to 542 for the same period in 2011.
 
During the month, 240 single family homes sold throughout the Victoria Real Estate Board’s region, 67 fewer than the 307 sold in August 2011.
 
The average price for single family homes sold in Greater Victoria last month was $590,843, down from August 2011’s average of $652,841. The median price is down by $17,000 to $530,000. There are 5,034 active listings.
 
"Sales are down 11.5% over August 2011" says Carol Crabb, Presidentof the Victoria Real Estate Board."When seasonally adjusted, there is little change from July 2012. It’s a flat market which we suspect will continue for the next few months and not trending in either direction. The overall provincial outlook is strong, with employers replacing part-time positions with full-time, and ongoing low interest rates. The British Columbia Real Estate Association predicts the resulting consumer confidence will move the provincial economy from flat to strong in 2013.
 
Other categories are also holding steady. Condominium and manufactured home sales are virtually unchanged over August 2011, while townhomes sales continue to be softer.
Total Waterfront Single Family Dwellings sold: 25, down 3 sales from 2011
 
Total Non-waterfront Single Family Dwellings sold: 215, down 64 sales from August 2011
 
Single Family Dwellings sold over $1 million: 10 (1 over $2 million)

 

Victoria Real Estate Market Stats August 2012

Here are the most up to date stats about the Victoria Real Estate Market proficed by the Victoria Real Estate Board. Please contact me  at deedrie@deedrieballard.com if you would like to discuss the market or if you have any questions.

 

A Steady, Flat Real Estate Market Continues in Greater Victoria
September 4, 2012
 
VICTORIA, BC - The August real estate market continues to be steady and flat, considered by the Victoria Real Estate Board to reflect the "wait and see" attitude its Member REALTORS® are hearing from the buying public.
 
Total MLS® residential sales for August 2012 was 462 compared to 542 for the same period in 2011.
 
During the month, 240 single family homes sold throughout the Victoria Real Estate Board’s region, 67 fewer than the 307 sold in August 2011.
 
The average price for single family homes sold in Greater Victoria last month was $590,843, down from August 2011’s average of $652,841. The median price is down by $17,000 to $530,000. There are 5,034 active listings.
 
"Sales are down 11.5% over August 2011" says Carol Crabb, Presidentof the Victoria Real Estate Board."When seasonally adjusted, there is little change from July 2012. It’s a flat market which we suspect will continue for the next few months and not trending in either direction. The overall provincial outlook is strong, with employers replacing part-time positions with full-time, and ongoing low interest rates. The British Columbia Real Estate Association predicts the resulting consumer confidence will move the provincial economy from flat to strong in 2013.
 
Other categories are also holding steady. Condominium and manufactured home sales are virtually unchanged over August 2011, while townhomes sales continue to be softer.
Total Waterfront Single Family Dwellings sold: 25, down 3 sales from 2011
 
Total Non-waterfront Single Family Dwellings sold: 215, down 64 sales from August 2011
 
Single Family Dwellings sold over $1 million: 10 (1 over $2 million)

 

Victoria Real Estate Market Stats June 2012

Here are the most up to date stats about the Victoria Real Esate Market provided by the Victoria Real Estate Board.  Please contact me at deedrie@deedrieballard.com if you have any questions or would like to discuss the market.

Second Quarter Of 2012
Greater Victoria Real Estate Market
Continues Slow Growth
July 3, 2012
 
VICTORIA, BC - It's been a typical spring market in Greater Victoria real estate with good volume but average prices lower than a year ago.
Last month 370 single family homes sold throughout the Victoria Real Estate Board's region, whereas 348 sold in June 2011. The average price for single family homes sold in Greater Victoria last month was $580,557, a decrease from June 2011's average of $629,292.
Total MLS® sales for June 2012 was 637, with 602 of those residential, compared to 618 and 596 respectively for the same period in 2011, and 659 and 636 last month. There are 5,189 active listings.
"For our market, an average month is 500 sales," says Carol Crabb, President of the Victoria Real Estate Board. "Volume during the last
three months has been well ahead of that number.
Residential sales increased in the Second Quarter of 2012 over the same period in 2011. House sales in Greater Victoria totaled 993 over 924 for Q2 in 2011; 496 condos over 453 in 2011; 189 townhouses over 174; and 44 manufactured homes over 37. Crabb notes, "For the quarter, average price are lower than last year: $608,072 versus the second quarter of 2011 at $624,773.
 
Total waterfront Single Family Dwellings sold: 16, down 8 sales over June 2011
 
Total non-waterfront Single Family Dwellings sold: 354, up 30 sales over June 2011
 
Single Family Dwellings sold over $1 million: 21 (3 over $2 million)

Victoria MLS Market April 2012 Stats

April Stats about the Victoria Real Estate Market.  These were provided by the Victoria Real Estate Board.  Please don't hesitate to contact me deedrie@deedrieballard.com if you have any questions or would like additional information.

 

FLAT MARKET IN APRIL 2012 MAINTAINS BALANCED REAL ESTATE IN GREATER VICTORIA
May 1, 2012
VICTORIA, BC -Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. "That's good news for both buyers and sellers," says Carol Crabb, President of the Victoria Real Estate Board. "The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume." The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000.

Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®," Crabb says.
Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012. Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013.
 
Total waterfront Single Family Dwellings sold: 13, down 1 sale over April 2011
Total non-waterfront Single Family Dwellings sold: 316, down 9 sales over
April 2011
Single Family Dwellings sold over $1 million: 18 (3 over $2 million)


 

March 2012 MLS Statistics

Here are the most up to date stats about the Victoria Real Estate Market. These were provided by the Victoria Real Esate Board.  Please don't hesitate to contact me deedrie@deedrieballard.com as I always enjoy discussing the market!

Victoria Real Estate Market Reflects Consumer Confidence

   February 2012 Victoria Real Estate Market
              Reflects Consumer Confidence

              March 1, 2012 VICTORIA, BC

 
The story continues from last month when the Victoria Real Estate Board reported a relatively stable market when compared to the same time in 2011, but REALTORS® report they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.
 
February’s sale volume was virtually identical to that of February 2011, but the average price softened by 5% for single family homes month over February 2011. The average sales price for a single family home in Greater Victoria was $579,985, with a six-month average of $594,027, showing a corresponding decrease of 4.7% over February 2011.

"REALTORS® are reporting increased showings, especially since the Provincial budget announcements," says Carol Crabb, President of the Victoria Real Estate Board. "Our Members tell me the HST transition rules, increased HST rebates and New Home First-time Buyers Bonus are stimulating traffic for both new houses
and condos.
 
"I think the BC budget also instilled consumer confidence. Potential buyers can see that our economy is stable and mortgage rates are
incredibly low", Crabb says. "Not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions. We encourage buyers to work with REALTORS® to ensure they are educated about current market conditions and recently announced government incentives."
With 3,977 active listings at the end of February, Crabb notes increased supply levels and sales are expected in keeping with the normal historical trend of spring activity.

The B.C. First-Time New Home Buyers Bonus

 

 

If you are a BC First-Time New Home Buyer this will apply to you.  Should you want additional information or have any questions, please do not hesitate to contact me at deedrie@deedrieballard.com.

 

Victoria Market Leader 2011

 

This Victoria Market Leader 2011 Graph was prepared by the Victoria Real Esate Board .  Please don't hesistate to contact me at deedrie@deedrieballard.com should you wish to discuss or have any questions.

 

HST Threshold Being Raised

This article on the HST Threshold has been provided by the Victoria Real Estate Board. Please don't hesitate to contact me at deedrie@ deedrieballard.com should you like additional information or have any questions.

 

HST Threshold being raised to $850,000 effective April 1, 2012
Government announces the transition rules for the HST early
 
The Honourable Kevin Falcon, Minister of Finance, held a press conference today in Victoria to announce transition rules for the harmonized sales tax and the affect it will have on the home building industry. Effective April 1, 2012, the threshold for new housing rebates will be increased from $525,000 to $850,000. Furthermore, this rebate will not be available for secondary homes (outside the Metro Vancouver and Capital Regional District).
 
The Victoria Real Estate Board was present for a pre-briefing with Minister Kevin Falcon, along with other key stakeholders from BC’s housing sector in the province.
 
Be reminded that if your clients are considering amending existing agreements as a result of this announcement, they should seek legal advice before doing so.
 
BCREA is working with legal and tax experts to prepare draft contract language that REALTORS® can include in their listing agreements and Contracts of Purchase and Sale, as well as a series frequently asked questions. This material is expected to be available the week of February 20, and will be posted on the BCREA website as a resource for both REALTORS® and their clients.
Members can find the government’s announcement here: http://www.newsroom.gov.bc.ca/2012/02/transition-measures-support-new-home-buyers-builders.html
Some of the key elements include:
-The B.C. new housing rebate threshold will be increased to $850,000, effective April 1, 2012 with a maximum rebate of $42,500.
-A provincial grant of up to $ 42,500 will be available for purchasers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital regional districts priced up to $850,000, effective April 1, 2012.
-For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the seven per cent provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of two per cent on the full house price.
-The temporary housing transition measures will be in place for two years, until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.
 
The BC Ministry of Finance has updated their PST in BC website: http://www.pstinbc.ca/buying_goods/buying_a_home
The Canadian Ministry of Finance has also released its transitional rules, with examples related to the sale of real property. The rules note:
-In the case of a sale of real property, tax generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient under the agreement of purchase and sale. However, where the property supplied is a residential condominium unit in a condominium complex which has not, at the time possession is transferred, been registered as a condominium, tax is not payable until ownership of the unit is transferred or, if earlier, 60 days following the date of registration.
 
There are several examples listed in the rules, which can be found here: http://www.fin.gc.ca/n12/data/12-017_1-eng.asp
The Board will post further information as soon as it becomes available.
 
Maggie Kerr-Southin, Manager, Communications, Victoria Real Estate Board - www.vreb.org
3035 Nanaimo Street, Victoria BC V8T 4W2 - Direct Phone: 250.920.4652

PPlease consider the environment  before printing this email.
 
 

How Buyers Find The Home They Purchase

 Courtesy of the Victoria Real Estate Board.  If you would like to discuss don't hesitate to contact me at deedrie@deedrieballard.com

Latest Victoria Real Estate Market Activity

Hello,

Below is the most up to date activity about the Victoria Real Estate Market. These were provided by the Victoria Real Estate Board. I always enjoy looking for trends, and comparing the statistics with previous years. If you have any questions, or would like additional information, please don't hesitate to contact me. deedrie@deedrieballard.com. I always enjoy discussing the market!

Deedrie Ballard

JANUARY 2012 SHOWS INCREASED ACTIVITY IN VICTORIA REAL ESTATE MARKET VICTORIA, BC
 
While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4%. “These numbers definitely match what we have been hearing from our Members,” says Carol Crabb, President of the Victoria Real Estate Board. “Showings have increased, sales are slowly increasing and there is a sense of optimism among area REALTORS®. “Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices trending up or The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price. “That said, buyers seem to be tired of all the doom and gloom stories about the global economy,” Crabb adds. “Interest rates are good and they are keeping our Members busy with showings.”
  
 
 
 
 
 
 
 

Month End Stats from Victoria Real Estate Board

Courtesy of the Victoria Real Estate Board here are the lastest stats.

Wednesday February 1, 2012 7:55am:

  January January
  2012 2011
Net Unconditional Sales: 372 339
New Listings: 1,088 1,187
Active Listings: 3,715 3,283

Please Note

For any additional info or if you have any questions, please feel free to contact me at deedrie@deedrieballard.com

  • Left Column: stats for the entire month from this year
  • Right Column: stats for the entire month from last year

Deedrie Ballard's Blog Introduction

I am pleased and excited to introduce my new Blog! My intention is to utilize this to communicate my interests and passions. Real Estate information will be my primary objective; I intend to post information regarding my current listings, useful tips about buying and selling homes, clear up some of the Real Estate jargon that is used in the industry, illustrate how the market is interpreted and how it can be beneficial to you, provide some helpful guidelines about the finer details about preparing your home to be sold, and much much more. Of course, I will not ignore the fun and entertaining side of real estate – I’ll showcase unique homes, creative interior designs, imaginative landscaping creations, and other inspired and artistic finds I come across. 

It is clear real estate, and everything it encompasses is something I am truly passionate about, but I also want to highlights other aspects of my life. I’ve been very active in the Victoria community for an extensive time. I’ve been involved with numerous charities, boards, and committees and I intend to shed some light on some of these wonderful organizations. The Victoria community is a vibrant melting pot of culture and events and I hope to share some of these with you.

Sincerely,

Deedrie Ballard

 

Real Estate Jargon Revealed

 

For me, discussing Real Estate, and the endless possibilities if offers comes as second nature. I’m passionate about the subject and have been a professional in this industry for an extensive period of time. At some point this industry touches almost everyone’s life in one way or another; however, for many the terminology that is used can sometimes seem confusing and restricting. Here I aim to clear up some of the jargon that surround real estate, and clarify some of the ideas and procedures.

Appraisal: The act of estimating the market value of a property.

Appreciation: The increase in value in a home from when the home was first purchased.

Balanced Market: A market condition is where the demand for property equals the supply of available properties for sale. There are typically a good number of homes available to choose from at fair and stable prices.

Buyer’s Market: A market condition where there are a higher number of homes to choose from, than buyers able to purchase. Houses will typically remain un-sold for longer periods and tend to sell at a lower price, allowing for increased negotiating leverage for buyers.

Closing Costs: Costs, in addition to the purchase price of the property, such as legal fees, transfer fees and disbursements. Closing costs typically range from 2% - 4% of a property’s selling price and are payable on the closing day.

Closing Date: The date in which the sale of a property becomes final
.

Conditional Offer: An Offer to Purchase that is subject to specified conditions, for example, on approved financing or upon an approved home inspection. Conditional offers typically have a stipulated time limit within which the specified conditions must be met.

Condominium Fees or Strata: Payments made by owners of condominiums or townhouses to the property management of a complex that is allocated to pay expenses, such as maintenance, repairs and management costs.

Contract of Purchase and Sale: A written contract detailing the terms under which the buyer agrees to buy. If accepted by the seller, it forms a legally binding contract subject to the terms and conditions stated in the document.

Counteroffer: When an original offer to the seller is not accepted, the seller may counteroffer.

Depreciation: The decrease in value in a home from when the home was first purchased.

Easement: A right acquired for access to or over another person's land for a specific purpose, such as a driveway or public utilities.

Equity: The difference between the price for which a property could be sold and the total debts registered against the property.

Listing: A written agreement between a property owner and a real estate representative authorizing the agency to offer the owner's real property for sale.

Real Estate Broker: A brokerage that represents a principal in a real estate trade.

Seller's Market: A market condition where there are a higher number of buyers than homes available to purchase. Houses will typically sell faster and at a higher price.

Strata or Condominium Fees: Payments made by owners of condominiums or townhouses to the property management of a complex that is allocated to pay expenses such as maintenance, repairs and management costs.

Survey: A document that shows the property boundaries and measurements, specifies the location of buildings on the property, and indicates any easements or encroachments.

Tenant: An individual who occupies land or tenement under a landlord.

 

Great time to invest in a new home - Buyer's Market!

 

Real Estate Sales and Prices Soften in July

A total of 523 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 618 sales in June but very close to the 527 sales in July of last year. Overall prices, meantime, declined somewhat across all major property types.

Victoria Real Estate Board President, Dennis Fimrite, noted that despite the drop in the number of sales last month compared to June, market activity is now very close to what we saw at this time last year. “In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year.”

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently 14 per cent higher than a year ago. “The available choice for buyers increased further last month with 5,094 properties available for sale at the end of July, up slightly from the 5,050 properties available for sale at the end of June.” Fimrite added that the increasing inventory means sellers need to be realistic in pricing their homes in order to attract qualified buyers. “A REALTOR’S® expertise can be invaluable in today’s market to help sellers price their homes to best advantage,” added Fimrite.

The average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price also declined to $535,000 while the six-month average declined to $615,439. There were 13 single family home sales of over $1 million in July including two on the Gulf Islands. The overall average price for condominiums last month was $315,371, down from $320,172 in June. The average for the last six months declined to $327,762. The median price for condominiums in July also declined to $289,000. The average price of all townhomes sold last month declined to $412,178 from $444,768 in June. The median price also declined to $385,000 while the six month average declined to $443,341.

MLS® sales last month included 283 single family homes, 147 condominiums, 47 townhomes and 19 manufactured homes.

 

Courtesy of the Victoria Real Estate Board.

How to choose an agent - Buyers and sellers.

As you can imagine, when buying or selling a home choosing the right agent for you can be the pivotal decision which makes the experience smooth and enjoyable or frustrating and a sour memory. I came across this Times Colonist article which provides a great overview of some of the things one should look for when choosing an agent and some helpful questions to ensure you will have a pleasant experience. To view my testimonials, visit the testimonial section on my website, or email me for additional reviews deedrie@deedrieballard.com

I hope you find this useful.

Deedrie.

Pedro Arrais, Times Colonist

Published: Wednesday, August 24, 2011

With 1,325 active real estate agents in the Greater Victoria area, one might expect it to be easy to find an agent to sell a house.

But finding the right real estate agent to list a home can be a lot like finding a life partner - pick the right one and the experience can be positive. Choose the wrong agent and the experience can lead to months of frustration and an unsold house.

Ted Baker recently sold his mother's house and shares the trials and tribulations from his experience. Tony Joe, a real estate agent with Re/Max Camosun Oak Bay, was the listing agent and shares his insight on today's changing market.

For some people it's not difficult to choose a real estate agent - they pick one based on personal recommendation from friends and family. According to a report by the National Association of Realtors, more than half of home buyers found their agent this way.

"People typically go with people they know," says Joe, who has been selling for 20 years. "For the consumer's standpoint its all about networking. Unlike other areas of sales, real estate agents have access to the same inventory pool. What sets them apart is their level of experience, professionalism, knowledge and . marketing or negotiation style."

He says that more than 90 per cent of his business is from referrals, compared with the industry average of 50 per cent.

"Personality has a lot to do with it," says Baker, who used to do renovation work on homes. "One needs to be able to rely on the capability of the agent to get the job done."

To help you select an agent with the right skills, testimonials, experience, competence and reliability, here are a few pointers.

BE PREPARED

Information is power. Baker suggest people get an independent appraisal - which costs about $125 - to get an independent third-party evaluation of the property.

A pre-sale home inspection is also useful to identify and correct potential problems in a house. A buyer will likely uncover the same issue when they get the house inspected as a condition of the sale.

BEWARE OF AN AGENT TRYING TO BUY A LISTING

In order to secure a listing, some agents will purposely overvalue a home. They tell potential clients they can get more for a house than other agents.

Because the inflated house is more expensive than comparable homes, it will linger on the market until the price is lowered.

"Ask the real estate agent to justify the price," says Baker. "Ask to see listings of homes for sale in the last three to four months for comparison."

INTERVIEW PROSPECTIVE REALTORS

Increasingly people interview a number of agents to determine if the "chemistry" works.

"Ask about productivity," says Joe. "Real estate is a complicated process. Find out about the agent's knowledge and experience."

ASK ABOUT EXPECTATIONS

"When I interviewed different agents, I asked them 'What are you going to do for me?' " says Baker. Some agents have a detailed written plan about how they will advertise and market a property.

ASK FOR RECOMMENDATIONS

Any agent who has been selling for a while should have a list of happy customers. Many people would trust a recommendation by a friend or family member. As a last resort, a person can review a real estate agent's qualifications by viewing their website.

ASK ABOUT COMMISSIONS

Real estate agents can be flexible as to the commission structure. Most charge six or seven per cent on the first $100,000 and three per cent on the balance. Some have a flat percentage of the total price. On a $500,000 house, with the above 7/3 calculation, a seller would pay the agent $19,000. Finding an agent who will sell for less will obviously affect the bottom line.

"The only question I regretted not asking was if the agent would reduce his commission if the house sold within 30 days," says Baker. "Because there would be less work involved - fewer open houses, fewer showings - shouldn't the cost of selling also go down?"

Also, when an offer is tendered and the parties are slightly apart, it is appropriate to ask if the agent is willing to forgo a portion of their commission in order to secure the sale.

FIND OUT IF THE AGENT IS GENEROUS TO OTHER AGENTS

One of the reasons a person lists a home with a real estate agent and the professional listing service is because he wants other real estate agents showing the home to their clients.

A listing agent who is generous in sharing the potential commission with others typically gets more house viewings.

"Not all agents work well with others," says Joe.

FIND OUT HOW MANY OTHER LISTINGS AN AGENT HAS

"An agent with 50 listings is spread out too thin," says Baker. "There's no way an agent with that many listings can put time into a sale."

He is more comfortable listing with an agent who has, at most, 10 listings to service.

FIND THE MARKET THE AGENT IS TARGETING

It is important that the agent chosen has experience both in the property type and price range. If he primarily sells luxury houses, he is not likely going to have many buyers looking for an entry-level condominium, for example.

FIND AN AGENT WHO KNOWS THE REGIONAL MARKET

Baker says he recommends finding an agent who works within 15 kilometres of the listed home. "He will know the area and he will know the market better."

TYPICAL FAQS

Here are a number of interview questions that people have posed to Tony Joe in his career:

·         General

·         How long have you been selling real estate full time?

·         How many transactions have you been involved with in your entire career?

·         How many transactions did you handle in the last calendar year?

·         How many transactions have you handled year-to-date?

·         Have you ever been subject of a disciplinary action?

·         Are you a listing agent or a buyer's agent?

·         If both, what is your percentage of listing sales to buyer sales?

·         Do you have a list of references to call and a list of testimonials? Can you have another professional real estate agent vouch for your business practices and integrity?

·         What price range do you generally work in?

·         Do you dual represent or "double end"?

·         Do you have a network of other productive agents from other firms which you work with?

·         Do you attend training and technical update seminars above and beyond the local minimum standards?

·         What would you say are your strongest attributes as an agent?

·         For people looking to buy a home

·         Are you experienced in multiple offer scenarios?

·         Do you have contacts in the mortgage business?

·         Is your negotiation style collaborative or confrontational?

·         Can you recommend building inspectors who will be critical and prepared to fail a house on inspection?

·         What is your after-sale support program?

·         For people looking to sell

·         What is your success rate (listings taken to sold)?

·         What is your list price to sell price ratio?

·         What is your average days on market?

·         What is your advertising strategy? Do you have a marketing plan?

·         Do you provide feedback from agents?

·         Tell me about a recent complicated transaction for which you found the solution.

parrais@timescolonist.com

 

Victoria the Garden City

Victoria the Garden City

Those of us fortunate enough to live in Victoria BC, often appreciate and delight in the incredible landscapes that it surround us with. Internationally Victoria is known as the Garden City of Canada. Many envision Butchart Gardens or Victoria’s famous hanging flower baskets when asked to picture the Garden City. Being situated on the West Coast allows us our temperate climate all year round, and provides the perfect medium for the green lush gardens experienced here. Of course, this wonderful foliage environment can add value to your home, even if you’re not an accomplished green thumb! Here are a few tips to increase the curb appeal and value of your property:

  • -       Cut the lawn regularly
  • -       Trim shrubs and hedges
  • -       Weed and edge gardens
  • -       Remove all debris, discarded wood scraps, and other materials from the yard and around the house
  • -       Window boxes are a fairly inexpensive and quick way to give your home some instant charm.
  • -       Green your grass with turf paint. The result is instantaneous, lasting and affordable. It's commonly used on golf courses to maintain year-round greens, and can add luster to any dull yard, without damaging the grass.
  • -       Use planter boxes, and pots to fill in sparse areas and add some colour to your yard.  

o   However, be careful to avoid a cluttered look, which can actually diminish the value of your home!  

Picture of English Country Garden - Free Pictures - FreeFoto.com

Photo Courtesy of: Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License, FreeFoto FREE USE - http://weblogs.about.com/gi/o.htm?zi=1/XJ&zTi=1&sdn=weblogs&cdn=compute&tm=16958&gps=216_255_1276_508&f=00&su=p284.12.336.ip_p504.1.336.ip_&tt=3&bt=0&bts=1&zu=http%3A//www.freefoto.com/

Picture of English Country Garden - Free Pictures - FreeFoto.com

It is important that before you put your home on the market, it’s in the best possible condition. Spending some time and money on general maintenance, or simple upgrades can ensure you get top dollar for your home. Here are some tips for both professional and do it yourself options to increase your home’s market value.

The following renovation guide highlights the approximate percentage of direct increase to a home’s value by having professional upgrades done to a 1,100sqft home.

Renovation

Cost Range

% of Investment Returned

 

 

 

Standard Hardwood

$9,000 - $12,500

60 – 80%

Remodel Bathroom

$6,000 - $10,000

50 – 85%

Basement Development

$50 - $75/sqft

50 – 70%

Aluminum Siding

$5 - $11/sqft

45 – 65%

Interior Paint

$3,000 - $5,000

80 – 115%

Courtesy of Ergil & Jackson Appraisers Ltd.

To get an even larger return for your efforts, here are 8 Easy Do-It-Yourself Renovations.

Refinish or Reface Kitchen Cabinets
Consider either refinishing existing cabinet doors with paint, stain, or laminate; or reface them, which means putting new doors on existing kitchen boxes. Hint: Order one door and one drawer front before ordering the whole set so you know they'll really work. This is an easy way to give your kitchen a ‘new’ and updated look, without completely remodeling it.

Buy New Knobs for Cabinetry
Replace wood knobs with modern stainless ones, or swap cold metal ones for antique colored glass knobs to add some character to room.

Add Track Lighting
Because these go on the surface of the ceiling, as opposed to “pot” or “can” lights that are recessed, you can install these yourself. Adding light to a room can help it look larger and warmer.

Insulate the Attic and Other Energy-Sucking Areas
Caulk around windows and spaces between the floor and baseboards. Service your furnace so it produces the most for the least, and insulate your visible pipes for heat loss. Buy a “draft stopper” or “draft guard” for the bottoms of your doors (a cheap fix from $10 per door) so wind or heat doesn’t slip through. You don’t want potential buyers to feel your home is too “drafty”.

Tile the Bathroom Floor or Kitchen Backsplash
Make sure the surface is a flat and dry surface -- like cement or plywood subfloor, an even wall, or a tiled surface you want to cover with new tiles. Use spacers between tiles and the notched trowel to create even ridges on the mortar under the tiles.

Replace Faucets and Fixtures
A new, modern faucet can make a sink in your kitchen or bathroom look brand new again. As long as the new fixtures don’t require a smaller hole in the furniture or sink than the one that’s already there, it’s an easy upgrade. 

Add Wainscoting 
What looks like an intricate wall design is actually a straightforward DIY project, provided you’re working with even walls in good condition. Basically, you just need to purchase the wainscoting (according to your measurements) along with a coordinating baseboard and rail, and some glue or nails to put it up. Simple and easy way to make a room look brand new!!

Paint
Is it obvious? Yes. It is an easy solution to changing the entire look of a room in an instant!
Paint a whole room, add a bold accent to a wall, or do some fresh, glossy white trim for the cost of a few gallons of paint. Painting right before putting a home on the market is perhaps, one of the easiest and cheapest ways to increase the market value.

 

 

MLS Stats from the Victoria Real Estate Board

Hello,

I like to keep a close eye on the Market, and I'm always looking for market trends and opportunities that I can pass along to my clients. Below I've posted the most recent stats and newsletter that is provided to me from the Victoria Real Estate Board. If you have any comments, questions, or would like to find out how the Victoria real estate market can benefit you, please email me at deedrie@deedrieballard.com

I am always happy to discuss all real estate related inquires.

Sincerely,

Deedrie Ballard

  September September
  2011 2010
Net Unconditional Sales: 458 395
New Listings: 1,303 1,211
Active Listings: 4,940 4,323


Please Note

    • Left Column: stats for the entire month from this year
    • Right Column: stats for the entire month from last year

 

 

October 3, 2011

Real Estate Sales Ease in September Outlook for Balance of 2011 Remains Stable

Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other
properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542
sales in August. Sales last month were, however, 16 per cent higher than the 395 sales in September of last
year. Prices, meantime, remained mixed depending on the property type.
 

Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some
easing of sales in September. “There has been some softening in activity over the last year with the number of
sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two
months have been higher than in August and September of last year and we anticipate stable market conditions
for the balance of this year.” Fimrite noted that despite economic uncertainty, interest rates remain very
attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over
$1 million in September including one in Saanich East at over $6 million.
 

Fimrite added that the number of properties available for sale remained virtually unchanged last month with
inventory levels currently 14 per cent higher than a year ago. “The number of properties available for sale
declined very slightly last month to 4,940 compared to 4,944 at the end of August.”
 

The average price for single-family homes sold in Greater Victoria last month was $622,393, down from
$652,841 in August. The median price also declined to $535,000 while the six-month average increased slightly to $622,519. The overall average price for condominiums last month was $332,490, down from $339,057 in August. The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900. The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 while the six month average increased slightly to $447,127. MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 manufactured homes.

Happy Thanksgiving

Happy Thanksgiving

The Thanksgiving holiday is upon us again, and it is one of my favorite times of year. It gives us the opportunity to be surrounded by family and friends, and appreciate the numerous things we are blessed with. I am fortunate enough to have an amazing group of people in my life that I am truly thankful for. My business relies on the recommendations and support of those close to me, and I want to take a moment and say a heartfelt thank you to all of the people who continuously support me.

Thanksgiving is a time to reflect on the seemingly everyday things we are fortunate enough to have in our lives, such as a turkey dinner on the table, a warm place to sleep, and a roof over our heads. Some are not as privileged and it is times such as these, to keep them in mind. This year I would like to draw attention to the wonderful non-profit organization “The Upper Room” who is partnered with “Open Door”. Every Thanksgiving they offer a free meal to any and all in need, serving over 600 people a year. I encourage you to give freely to those in need this year, and help make Victoria a better place for all. For more information on how to donate or volunteer, please call (250) 388-7112.

From my family to yours, a very happy Thanksgiving!

Deedrie Ballard

Home Sales Edge Higher in September

Home Sales Edge Higher in September

Latest information from the British Columbia Real Estate Association

Courtesy of: http://www.bcrea.bc.ca/docs/news-2011/2011-09.pdf

Vancouver, BC – October 14, 2011. The British Columbia Real Estate Association (BCREA)
reports that Multiple Listing Service® (MLS®) residential unit sales in the province rose 8.8 per
cent to 5995 units in September compared to the same month last year. The average MLS®
residential price increased 6 per cent to $523,568 last month compared to September 2010.

 

 

“MLS® home sales edged up 3 per cent in September compared to August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment.”

“Despite a modest gain in unit sales, total active residential listings in the province remained elevated in September,” added Muir. A total of 55,616 homes were listed on the MLS® in the province at the end of September.

Year-to-date, BC residential sales dollar volume increased 17.5 per cent to $34.8 billion, compared to the same period last year. Residential unit sales increased 3.2 per cent to 61,127 units, while the average MLS® residential price rose 13.9 per cent to $569,922 over the same period.

 If you would like additional information on the above, or you have any real estate questions, please do not hesitate to contact me deedrie@deedrieballard.com

Sincerely,

Deedrie Ballard

October's Month-End Market Statistics - from the Victoria Real Estate Board

Hello,

I wanted to share the most up to date stats about the Victoria Real Estate Market. These were provided by the Victoria Real Estate Board. I always enjoy looking for trends, and comparing the statistics with previous years. If you have any questions, or would like additional information, please don't hesitate to contact me. deedrie@deedrieballard.com I always enjoy discussing the market!!

Deedrie Ballard

 

Tuesday November 1, 2011 7:50am:

  October October
  2011 2010
Net Unconditional Sales: 483 467
New Listings: 1,086 976
Active Listings: 4,687 4,046


Please Note

 

 

  • Left Column: stats for the entire month from this year
  • Right Column: stats for the entire month from last year

Victoria house prices up 123 per cent in a decade

I recently came accross this article in the Times Colonist, and thought it appropriate to share on my blog. Now is an excellent time to invest in the market! If you have any questions, or would like additional information about the article below, or the Victoria Real Estate market, please do not hesitate to contact me deedrie@deedrieballard.com

Sincerely,

Deedrie Ballard

Victoria house prices up 123 per cent in a decade

Greater Victoria's housing prices have more than doubled in the past decade, reflecting a trend in major markets across Canada, according to a new report.

The average price for all types of housing in the capital region climbed by 123 per cent, to $504,561 in 2010 from $225,731 in 2000, said the Housing Evolution Report released Monday by Re/Max.

Greater Victoria placed ninth among rates of increases calculated for 16 real estate markets. Price increases range from a high of 173 per cent in Regina and 165 per cent in Edmonton to 68 per cent in London-St. Thomas and 77 per cent in Greater Vancouver.

Nationally, the average price of a home rose to $339,030 last year, up from $163,951 in 2000.

Greater Victoria's climb has not been steady, as real estate markets cooled when the 2008 global financial crisis put the brakes on a red-hot housing market.

"My sense of it is that we are stabilizing," said Geoff McLean, an agent with Re/Max Camosun. "People have been waiting for the bottom of the market. We are probably there or just past it."

The Re/Max report attributed the 10-year price boost to supply, demand and overall economic performance, as well as new housing construction, renovations and infill.

Within the capital region, the average price has gone up for both single-family houses and condominiums, the report said.

About 39 per cent of Greater Victoria homes were built before 1970, the report said. "Renovation is occurring at a rapid pace as Victorians move to improve the value of their properties through upgrades. Infill continues in trendy core areas of the city such as Fernwood and James Bay, where properties are purchased and rezoned for single-family homes or strata duplexes."

Residential building permit values totalled $4.5 billion from 2000 to 2010, the report said. Of that, 20 per cent have been targeted for renovation.

The report said new condominium projects are springing up "as the cost of owning a single-detached home grows increasingly prohibitive."

Greater Victoria is one of the most expensive markets in the country, as every month several homes sell for more than $1 million. The average price of a single-family home in October was $595,836 and the average for a condominium was $307,329, according to the most recent data from the Victoria Real Estate Board.

Statistics Canada said in a report that between January and the end of September, the total value of residential building permits in Greater Victoria was $342.27 million, down from $365.28 million for the same months in 2010.

The Canada Mortgage and Housing Corp. said in its fall outlook housing starts are predicted to reach 1,700 — including 1,110 multi-family units — this year. That will increase to 1,850, including 1,200 multi-family units, in 2012.

The annual average sales price will be $505,000 next year, the agency said.

Greater Victoria's resale market is moving toward balanced conditions with a slight increase in 2012, the federal agency said. Sales through the Multiple Listing Service are expected to increase seven per cent in 2012, after declining four per cent this year.

Home ownership demand was tempered by a slower-than-expected recovery in full-time employment, CMHC said. This year is expected to produce 5,900 sales, slightly below 2010 numbers. Total sales for next year are predicted to increase to 6,300.

cjwilson@timescolonist.com


Read more: http://www.timescolonist.com/business/Victoria+house+prices+cent+decade/5669823/story.html#ixzz1d95h5Q16

Real Estate Activity Increases in October

Below is the latest statistics and updates from the Victoria Real Estate Board - I hope you find it as interesting as I do. If you have any questions, or would like to discuss how the Victoria Real Estate Market can benefit you, please don't hesitate to contact me deedrie@deedrieballard.com

Deedrie Ballard

Real Estate Activity Increases in October

November 1, 2011

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, "It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year." Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. "There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000," noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.

Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. "The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September."

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from $622,393 in September. However, the median price increased to $539,750 while the sixmonth average decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000 while the average for the last six months declined to $323,039. The average price of all townhomes sold last month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six month average declined to $438,167.

Compare New Home Costs in Victoria to other Canadian cities.

Take a look at this interesting article I've come across. Should you have any questions, or comments, I would love to discuss. Please feel free to email me at deedrie@deedrieballard.com

Financial Post · Nov. 9, 2011 | Last Updated: Nov. 9, 2011 10:10 AM ET

OTTAWA —_Prices for new homes edged up in September, led by the Toronto area, Statistics Canada said Wednesday.

The federal agency said prices rose 0.2 per cent during the month, following a 0.1 per cent gain in August. It was the sixth the straight monthly increase in the agency's new housing price index.

Economists had expected prices to rise by between 0.1 and 0.2 per cent in September.

The Toronto and Oshawa, Ont. region —_accounting for 27 per cent of the index —_recorded a gain of 0.3 per cent. The smaller Winnipeg region had the largest percentage increase at 1.4, and Halifax gained 0.7 per cent.

"In Winnipeg, price increases were primarily the result of higher material and labour costs as well as higher land values," Statistics Canada said. "Builders in Halifax cited higher material and labour costs as the main reason for their price increases."

Prices were higher in eight of the 21 metropolitan regions surveyed, while five declined and eight were flat.

Among the regions posting declines, the biggest drop was in the New Brunswick area encompassing Saint John, Fredericton and Moncton, where the index declined 0.3 per cent. The Edmonton area was also down 0.3 per cent.

"Some builders in Saint John, Fredericton and Moncton cited slower market conditions as the primary reason for their price decreases, while a few builders in Edmonton moved to new development areas with lower priced lots," the agency said.

On a year-ove-year basis, prices were up 2.3 per cent in September, in line with 12-month increases in July and August.

The biggest 12-month gains in September were in Winnipeg, up 5.5 per cent, and the Toronto and Oshawa region, up 5.4 per cent.

On Tuesday, Canada Mortgage and Housing Corp. reported housing starts were down 1.1 per cent to an annualized rate of 207,600 units. That compared to 208,800 the month before, revised up from the previously reported 205,900.

Meanwhile, data last week showed construction intension weakened in September, as the value of building permits declined for the third straight month.

Statistics Canada said permit values fell 4.9 per cent to $5.6 billion during the month.

Home price index (% change September from August):

St. John's 4.1

Charlottetown 2.8

Halifax 2.4

Saint John, Fredericton and Moncton, N.B. 0.1

Quebec 1.5

Montreal 1.7

Ottawa-Gatineau 3.5

Toronto and Oshawa, Ont. 5.4

Hamilton 0.4

St. Catharines-Niagara, Ont. -0.8

London 1.3

Kitchener-Cambridge-Waterloo, Ont. 3.2

Windsor, Ont. -3.4

Greater Sudbury and Thunder Bay, Ont. 1.8

Winnipeg 5.5

Regina 5.1

Saskatoon 1.2

Calgary -0.5

Edmonton 0.6

Vancouver 0.1

Victoria 0.0

Source: Statistics Canada

$6.5-million sale tops region's real estate - Times Colonist Artice, featuring Deedrie Ballard

I'm honoured that the Times Colonist is featuring my listing/sale of  3155 Beach Drive! Please read below for details.

An Oak Bay property has sold for $6.5 million, the highest amount paid for a home this year in the capital region.

The waterfront property at 3155 Beach Dr. was purchased by a local resident who is planning to build a new house on the site, agent Deedrie Ballard of Re/Max Camosun said Thursday.

The property was one of 11 sold in the region last month for more than $1 million.

The Oak Bay sale "shows that people have confidence in the market. It ties in with Victoria being a great place to live and work," said Dennis Fimrite, president of the Victoria Real Estate Board.

Last month's 482 sales on the Multiple Listing Service were on par with October's 483 sales, board figures show. There were 479 sales in November 2010.

The average price for a single-family home dropped slightly to $592,034 in November from $595,836 in October.

The median price last month was $530,000.

Condominium prices rose to an average of $320,558 in November from $307,329 in October. The median was $296,000.

The average price for a townhouse declined last month to $380,675 from $428,040 in October.

November's median was $360,000.

November's sales included 293 single-family houses, 104 condos and 48 townhouses. The total value of all sales through the board was $234 million.

Inventory for sale decreased to 4,329 last month from 4,687 in October.

cjwilson@timescolonist.com

 

December Month End Statistics - from Victoria Real Estate Board

I thought you may be interested in the month end statistics provided from the Victoria Real Estate Board. For more information, please email me at deedrie@deedrieballard.com

Monday, December 5, 2011 8:00am

  MTD December
  2011 2010
Net Unconditional Sales: 45 349
New Listings: 78 522
Active Listings: 3,948 3,252


Please Note

 

  • Left Column: stats so far this month
  • Right Column: stats for the entire month from last year

Month End Stats from the Victoria Real Estate Board

 

 

Cou

December December
  2011 2010
Net Unconditional Sales: 339 349
New Listings: 505 522
Active Listings: 3,780 3,252

Please Note

Courtesty of the Victoria Real Estate Board, these are the statistics from this December and last December. If you have any questions, or would like more information, please don't hesitate to contact me at deedrie@deedrieballard.com

 

  • Left Column: stats for the entire month from this year
  • Right Column: stats for the entire month from last year