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        <title>Victoria &amp; Vancouver Island Real Estate Blog</title>
        <link>http://www.ronneal.com/blog/2014-07/</link>
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    <guid>https://www.ronneal.com/blog/ron-neals-victoria-real-estate-market-update-july-2014.html</guid>
    <link>https://www.ronneal.com/blog/ron-neals-victoria-real-estate-market-update-july-2014.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Ron Neals Victoria Real Estate Market Update July 2014</title>
    <description> <![CDATA[ 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 in Victoria compared to 11.5 in North Saanich and 10 in Sooke. Furthermore, just 6 of available listings over $1 Million sold during June.

At the end of June there were 4,695 total listings for sale on Victoria MLS with 680 total sales for the month of June representing 14.5 of listings sold or ratio of 1 in 7 sold for the month. Overall stability and improved conditions show continuing momentum of our market drifting closer to being truly balanced.

Media Release from VREB

A good time to buy or sell in Victoria as steady market conditions continue to create a balanced market. 

July 2, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for June 2014.

680 properties sold in the region in the month of June 2014 compared to 664 in June 2013 - an increase of 2.4 year over year. Compared to last month in May, there were 5 less sales, which follows a common seasonal trend as summer approaches. Compared to 2013, 2014 shows an 8.9 increase in year-to-date sales.

We continue to see slow and steady growth in our overall sales numbers, Victoria Real Estate Board President Tim Ayres says. May and June represent the top two sales months we have seen since spring 2010.

Once again we see balanced market conditions in June - as we did in March, April, and May this year, adds President Ayres. Market conditions track the ratio of sales to available inventory and indicate supply and demand. A balanced market is advantageous to sellers and buyers - pricing is more stable and predictable and there is less pressure on price either way.

The MLS® Home Price Index benchmark value for single family homes in the Victoria Core area for June is $556,200, which represents an increase in value of 1.8 over last year. The most common price range for single family homes in the entire region is $400,000 - $600,000. 48 of sales in June were in this range.

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the June 2014 report and the MLS® HPI is available from the Victoria Real Estate Board. ]]> </description>
    <pubDate>Mon, 07 Jul 2014 13:55:53 -0500</pubDate>
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    <guid>https://www.ronneal.com/blog/victorias-empress-hotel-sold.html</guid>
    <link>https://www.ronneal.com/blog/victorias-empress-hotel-sold.html</link>
        <author>ronneal@remax.net (Ron Neal)</author>
        <title>Victorias Empress Hotel SOLD</title>
    <description> <![CDATA[ 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 that of the architect himself. On the 6th floor, guests have reported seeing the ghost of a woman resembling a maid.

In 1980, The Empress Hotel was designated as a national historic site because of its Chateau-like design.  Canadian railways companies had promoted business travel along their railway and steamship lines in the 1900’s, and had many castle-like hotels built to encourage an elegant and upscale travel destination.  It was enlarged in 1910 and became a popular tourist hotel for the rich and famous who traveled to Victoria in the 1920’s.

Gossip followed this chateau for decades and Shirley Temple allegedly hid out in the Empress after leaving California when she received death threats  Many events for royalty were held at the Empress and it became famous for its afternoon “high tea” that serves 800 guests and tourists each day

With so much rich history, the Empress Hotel will forever be an important testament to Victoria’s development over the past 100 years.  The Bosa family has not publicly announced what their plans are with the hotel, and hopefully, the legacy of the Empress Hotel will continue unchanged except for ownership as the hotel employs 500 staff to look after the needs of its guests.

So, the next time you drive past Victoria’s Empress Hotel, you can share with your friends and family a little more history of this classic hotel.

Coincidentally, I was recently approached by the owner of another substantial landmark Victoria hotel who is also interested in selling and I am presently quietly seeking interested and qualified buyers. If anyone comes to mind, please have them contact me

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    <pubDate>Mon, 07 Jul 2014 13:27:15 -0500</pubDate>
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