• Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...
  • Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...

Blog

Rising House Prices and Rising Interest Rate: April Updates - Tag: News

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 - Tag: News

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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2022 Projections: Seller's Market and High Rent - Tag: News

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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Flood Insurance Information - Tag: News

Posted by Jack Barker

As the events of the past week have shown, extreme weather risks need to be a consideration when purchasing a home. While Victoria itself hasn’t been too badly affected by the floods, it’s still a good idea to keep these issues in mind, and to ensure you’re protected should the worst case scenario happen.  

This brings us around to the important topic of home insurance, and in particular, protection against extreme weather and floods. 

We’re going to look in a little more detail at one of the most important insurance protections for British Columbians: flood insurance. 

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Moving to Victoria - October Property Market Updates - Tag: News

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 - Tag: News

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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Decrease in First-Time Buyers: March Updates - Tag: News

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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Changes in the Market: December Updates - Tag: News

Posted by Jack Barker

As we close out what has been a strenuous year for all of us, we’re ending our monthly roundups for 2020 with some positive news that perfectly sums up what has been a strange year for the BC real estate market. 

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