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Rising House Prices and Rising Interest Rate: April Updates - Category: Market Trends

Posted by Jack Barker

According to the Canadian Real Estate Association the price of the average Canadian home has hit $816,720, its highest level on record, which is an increase of 20% compared to last year's level. However in Greater Victoria, the average cost for a single-family home is now over $1 million in all but three municipalities.

Across the region as a whole, the benchmark price stood at $1.141 million in March 2022, up 30.4% from March 2021.

But what is driving these rising prices?

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How Two Years of Pandemic Has Affected the Victoria Real Estate Market - Category: Market Trends

Posted by Jack Barker

As we find ourselves at the 2 year point of the Covid-19 pandemic, it’s worth taking stock of how things are playing out for both buyers and sellers in the real estate market. With the initial shock now firmly in the rearview, we have a clear idea of some of the lasting impacts, as well as some of the future trends that may have emerged. 

In keeping with that, here are our 3 key takeaways from how the pandemic has impacted Victoria and BC as a whole when it comes to the real estate market. 

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New Scheme for Buyers and Challenges for the Rental Market: February Updates - Category: Market Trends

Posted by Jack Barker

This February roundup will be taking a look forward and backwards, at two pieces of news that encompass both some of the challenges facing prospective first time buyers, and the solutions that can be utilized going forward. 

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2022 Projections: Seller's Market and High Rent - Category: Market Trends

Posted by Jack Barker

It has been a strange year for many of us — and this has often been reflected in an uncertain and atypical real estate market. But as we face down another year of uncertainty, many of us are having to make big decisions about our future, especially when it comes to where — and maybe more importantly, how — we live. 

Something that can help with these decisions is understanding where the experts expect things to head, and the most recent market trends, which is exactly what we’re looking at in this month’s roundup. 

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Moving to Victoria - October Property Market Updates - Category: Market Trends

Posted by Jack Barker

With more and more people moving to Victoria and Vancouver Island there is a high demand for properties, but a low inventory, and so house prices are rising.

There is currently about half as many residential listings as we would like to see for a balanced market, resulting in the aggregate price of a home in Greater Victoria increasing 27.7% year-over-year to $957,400 in the third quarter of 2021, while the aggregate price of a home in Canada increased 21.4% year-over-year to $749,800 in the third quarter of 2021.

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Victoria Housing Trends – September Updates - Category: Market Trends

Posted by Jack Barker

The Victoria real estate market continues to be characterized by low inventory and high prices. There is also a concern that raising interest rates will drastically reduce property market activity and prices across all of Canada.

Because many Canadians carry debt, they are particularly susceptible to interest rate movements – one only has to look at the events of 2018, where the rate of home price appreciation came to an abrupt end due to a series of interest rate hikes.

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3 Reasons You Should Consider Buying a House With a Friend - Category: Market Trends

Posted by Jack Barker

Purchasing property in this day and age seems like an impossible goal when you’re a single person. Buying a house with a friend can open you up to a lot more possibilities, including specialty loans created just for these situations.

A co-owner doubles your buying power because you’ll be combining your income and savings with someone else. There’s also the added bonus of building a closer relationship with your friend as you own your home together. 

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Buying Property Without Seeing it in Person - Category: Market Trends

Posted by Jack Barker

The past year has been difficult for many people, but restrictions on gathering in person have also given rise to technology we already had in place to be used differently.

Real estate agents and buyers alike have found that remote viewing is not only possible, but often more desirable for all parties involved.

The use of this technology means that the property can be staged at the seller’s convenience, and they don’t necessarily have to leave the property in order for remote viewings to take place. This also helps buyers who plan to move long distances make a purchase with no regrets.

Here are a few more reasons how and why you can buy a house without ever stepping foot in it. 

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Decrease in First-Time Buyers: March Updates - Category: Market Trends

Posted by Jack Barker

Much like 2020, 2021 has represented a uniquely challenging and unpredictable time for all of us, and that’s reflected in the most recent news out of the BC Real Estate Market. Here are some market trend updates to know about. 

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Sellers: Tips on Staging Your Home for Sale - Category: Market Trends

Posted by Jack Barker

If you’re looking to sell your home there are two things you need to know: what does the market look like in my area, and what can I do to make my home as appealing as possible to prospective buyers.

That’s precisely what we’re going to be taking a look at in this post, with an overview of how the Victoria real estate market looks after December 2020, and some tips on how to stage your home to make it as appealing to buyers as possible!

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