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Victoria & Vancouver Island Real Estate Blog

Victoria & Vancouver Island Real Estate Blog

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May30-1  

Canadian Retail Sales (May 2021) - July 23, 2021

Canadian retail sales decreased 2.1% m/m to $53.8 billion on a seasonally adjusted basis in May. Including the declines in April, sales were down 7.5% from the March peak. Declines occurred in 8 of 11 retail sectors measured by Statistics Canada, with the largest drops in building material and garden equipment and supplies dealers (-11.3%) and motor vehicle and parts dealers (-2.4%). The declines in April and May were driven by third-wave restrictions. In May, 5.6% of Canadian retailers reported being closed for at least one business day, up from 5% in April. Due to the rapidly evolving situation, Statistics Canada is reporting an advanced retail sales figure for June based on just 59.9%

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8 Acres of Waterfront on Pender Island

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This stunning location boasts 660ft of accessible ocean frontage in one of Pender Island's very desirable locations Bedwell Harbor.

With views of Poets Cove Resort through to Medicine beach, you are living in your own private nature sanctuary.

The 8-acre property has a meandering driveway from Pirates Road to the beach with 4 different naturally terraced levels offering all kinds of potential.

The top-level has stunning views of your property and ocean, & the existing outbuilding is serviced with power.

As you wind your way down to the beach, each terrace is large and partially opened, ready for your imagination.

Arriving at the beachfront, you are greeted with a large cleared area and

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Family Home on Over Three Acres

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Welcome to 1049 Herd Road, an updated 4 bed 3 bath family home on over three acres. 

Set far back from the road a meandering driveway will take you to a perched ledge where your home sits with fantastic views looking out over your property and the views beyond. 

The split level entry creates an open feel while still providing privacy. 

With a beachy vibe, the ceilings have been vaulted and shiplapped creating a charming cozy space in the family room with built-ins and custom millwork.

Doors lead you to your expansive sun-drenched deck perfect to take advantage of the scenery beyond.  

A bright open kitchen is centred as the hub of the house with stainless steel appliances. 

The bright primary

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May30-1  

Canadian Housing Starts (June 2021) - July 16, 2021

Canadian housing starts continued at a historically high level in June. Although housing starts decreased to 282.1k units (-1.5% m/m) in June at a seasonally adjusted annual rate (SAAR), on a year-over-year basis starts were still 33% above their June 2020 levels. The six-month moving average of SAAR housing starts rose 3.1% to 293.6k units in June. Single-detached housing starts declined 6.9% from May, while all other housing starts rose 0.9%. 

In BC starts rose faster than any other province in June, up 43% m/m to 68k units SAAR in all areas of the province. The level remains just below a record March when new units were constructed at a 71K unit annualized pace. In terms of the

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Stonecliffe complex in View Royal

marinacres103cs Welcome to unit 41 in the highly sought-after Stonecliffe complex in View Royal.    A short walk to Thetis Lake, nature trails, and the galloping goose, this executive three-level townhouse is sure to please.    An end unit offering one of the most parking spaces in the development and backing onto Edwards park.    The main level of this three-bedroom three-bathroom home features a spacious great room area with rich hardwood floors which includes a generous sized living room with a gas fireplace, and a separate dining room with glass doors leading to your sun-drenched patio.    The full kitchen features ample gleaming granite countertop space, custom cabinetry, a walk-in pantry, and…
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Single family home sales for June 2021 in the Vancouver Island Island Real Estate market (excluding the Greater Victoria area) hit 533 transactions, only 2 less sales than in May and 11.2% less than June the previous year. Condos also decreased with only 134 sales in the month, 10% down from the previous month. Lastly, townhomes decreased the most with an 18% drop from May and a 15% drop compared to June last year. 

As sales cooled, inventory managed to creep up a little with 2% more single family homes on the market at the end of June compared to the end of May. Condos listings were up 16% in the same time comparison, townhomes were up 23%. While an increase in inventory is a great sign, we are still very undersupplied and there will need to be a

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Sales volume decreased 10.2% from May to June 2021 with 942 sales total for the month. This is the third consecutive month of declining sales volume from the peak in March. Although it is typical for the market to slow down somewhat in the summer, we could also be seeing the beginning of demand burnout as buyers that were pulled forward by low interest rates have either bought or dropped out. On the other hand, the drought of new listings and low inventory levels are the obvious maximum constraint on demand and it might be that if new inventory is added the sales numbers might jump to match.

By property type, single-family homes sales were down 18.1% from May with 440 sales (down 4.3% from June 2020); condo sales on the other hand were up 4% from

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May30-1  

Canadian Employment (June 2021) - July 9, 2021

Canadian employment grew by 231,000 jobs in June (1.2%, m/m) to 18.79 million, led by a 264,000 rise in the number of part-time jobs (offsetting a small decline in the number of full-time jobs). This growth brings employment back to nearly the levels in March, prior to two consecutive months of decline amid third-wave restrictions. The level of Canadian employment is now -1.8% (-340k) below its February 2020 pre-pandemic level. Ontario and other provinces eased third-wave restrictions in June. As a result, the industries driving growth in June across Canada were in accommodation & food services (+101k) and retail trade (+75k). The unemployment rate declined 0.4% to 7.8%.

In BC, employment

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Alert!!! First-Time Home Buyer or Investor!!!

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Here is a home with so much potential and perfect for a young family or investor where you can do what you want.

Bring your creativity to this 2 bedroom, 1 bath home conveniently located in an established area close to old city Nanaimo, schools, transit, recreation center, parks, and all amenities.

Built in 1915 this home has had so much love and has been taken care of. Brand-new LG wi-fi fridge, stove, and dishwasher in this adorable kitchen with new windows and slider window to your enclosed patio.

Even your own separate laundry room with a brand-new LG washer and dryer.

New laminate flooring and light fixtures in the spacious main living area, digital electrical baseboard

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Executive Home in Desirable Area

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This Executive Home in a Desirable family-oriented area close to parks and great schools has been completely renovated with high-end finishes.   

Centrally located on the Oak Bay/Saanich border with Hillside Mall for shopping, restaurants, and the Royal Jubilee Hospital all close by, not to mention situated close to both UVic and Camosun college campuses. 

With gleaming hardwood floors, in-floor heating in both the bathroom and the kitchen, and quartz countertops and Bosch appliances in the kitchen this renovated 3 bed / 3 bath home with suite potential is a showstopper.   

Just last year the heating system has been upgraded to an NTI modern efficient heating system yet the home maintains its

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