July 2014

While our market is generally viewed as balanced now, the market varies considerably by area, property type and price range. Activity is strong in Greater Victoria’s most popular areas including south of Fort Street (Fairfield, James Bay and Rockland), east of Foul Bay (all of Oak Bay) and the University area (including Mt Tolmie, Gordon Head, Mt Doug, Cadboro Bay, Ten Mile Point, Queenswood and Arbutus). Activity in other areas is generally vastly improved compared to a couple years ago, however, rural areas and high end are still over supplied and not recovering as rapidly as the most popular areas. Our market is considered balanced by most when 15-20% of the supply is selling each month. In Oak Bay last month 18% of the available listings sold and 20%…

Victoria’s Empress Hotel was recently sold before most people even knew that it was being offered for sale!  A Vancouver developer, Nat Bosa, closed on the 106 year old hotel sale less than 3 weeks after it was announced for sale.  It had been previously owned by Ivanhoe Cambridge, a Quebec pension fund company, who had purchased the Empress Hotel in 2007.  The hotel offers 477 rooms and was designed by the same architect as BC’s legislature and BC Assessment showed the value of the Empress at $89.9 million, although the sale price has not been released to the public. The Empress Hotel is a national treasure rich in history (and ghostly sightings).  There are many reports that ghosts and apparitions haunt the iconic hotel, including a ghost said to be…