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July 2022

Found 12 blog entries for July 2022.

2 Bedroom Condo on the Golf Course!

marinacres103cs

Welcome to the Ironwood.

This development is located right on the Gorge Vale Golf Club and central to all that Victoria has to offer, with walking trails and the beautiful Gorge park just a 5 minute walk away and transit right in front of the building.

The well-looked-after strata offer its owners a home with no size restrictions on their pet, no age restrictions, and allows rentals as well.

The well-kept second-floor corner unit lets in loads of natural light with lots of windows in the living space and offers a decent-sized covered deck for year-round BBQs.

The kitchen is just off of the main living space and has ample space with lots of cupboards.

The primary bedroom has a large

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May30-1  

COVID-19 Recovery Dashboard - July 28, 2022

In BC in June, home sales declined, while starts and new listings ticked upwards modestly. Sales fell in all areas of the province, with the lower mainland and Vancouver Island now below pre-pandemic levels. Rental costs in Vancouver and Victoria continue to rise broadly and remain elevated relative to most other points since the onset of the pandemic.

Retail sales rose in May to a new record. As of July, restaurant reservations in Vancouver are roughly at pre-pandemic levels. In BC, Google’s measure of movement trends is currently just 5 per cent below pre-pandemic levels.

Although aggregate employment has recovered in BC to pre-pandemic levels, the accommodation and

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Wonderful Family Home in a Quiet Cul-De-Saq

   

Spectacular transformation in Colwood Lake!

This beautiful home offers 3 bedrooms, and 3 bathrooms along with a 1 bedroom/1 bathroom suite that has its own entrance and laundry, what a great mortgage helper. 

You will appreciate the quality throughout this home, from the stunning glass railing to the bright white kitchen with quartz countertops, stainless appliances, and beautiful tiled floors. 

The open concept kitchen looks out to the dining room that has patio doors leading to the wrap-around deck. 

The living room offers you a cozy fireplace and large windows overlooking the quiet cul de sac. 

The main bathroom is stunning, with a 5-foot shower surrounded by gorgeous

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Breaking into the Real Estate Market in Victoria is challenging and the competition is fierce, there are several Real Estate Agencies that are vying for top position.

This article will help agents understand what it will take to be one of the Top Realtors in this area or any area and will help clients understand what to look for in a Top Real Estate Agent and Real Estate Agency.

To become a Top Real Estate Agent, you must first possess a strong work ethic and be coachable, be knowledgeable in the industry, have excellent people and business skills and be able to close deals professionally and efficiently.

Being one of the Top Real Estate Agents is difficult, and it takes hard work. It's important to remember that to be the best, you have to work

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Victoria and Vancouver Island's Top Real Estate Agency Weights In On The Real Estate Affordability Crisis.

Does Canada Have an Affordability Housing Crisis?

Yes we do! And it's a national problem. Over the past two years, house prices have gone up by 50%. The typical home price in Canada across the country is over $800,000. It's a huge problem. There's a big disconnect between what people earn and what housing costs. The average salary in Canada is just over $50,000, but the average home price is more than 10 times that. So there's a big gap.  This has affected Vancouver Island as well and Our Top Real Estate Agents work hard at helping clients navigate through these challenges. 

There are a lot of factors driving up housing prices, including low

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Reviewing June and July to date in the Victoria Real Estate Market we see that the previously red hot sales have continued to stumble in a big way while inventory used the cooler climate to grow. The increasing inventory is great news for buyers, presenting more options and greatly reducing the occurrence of multiple offer bidding and properties selling over ask. That being said, inventory is still well below historical levels and any attempt at long-term stability will need to involve new housing products matching the pace of population growth. The more relaxed market conditions are mostly a result of a huge change on the demand side. Sales in June were way down and July has continued that trend. While the change in the market is refreshing for many,

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Vancouver Island Real Estate continued the trend of sliding sales and increasing inventory, with more options for buyers but hurdles in affordability with rising interest rates.

Digging into the Numbers, on all of Vancouver Island, there was a total of 1170 properties sold in June 2022 (both Victoria Real Estate Board (VREB) and Vancouver Island Real Estate Board (VIREB). For a closer look at VREB numbers click HERE. Looking at the VIREB numbers, of the total 558 sales in that area 408 were single-family homes, 82 were condos and 68 were townhomes. Here is a breakdown of year-over-year and month-over-month percentages for each property segment:

  Year/year Month/month
Single Family Dwellings -23% -10%
Condos -37%
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May30-1  

Canadian Housing Starts (June 2022) - July 18, 2022

Canadian housing starts fell by 8.3k (3 per cent) to 273.8k units in June at a seasonally-adjusted annual rate (SAAR). Comparing year-over-year, starts were down from June of 2021 (1.6 per cent). Single-detached housing starts declined 3.9 per cent to 72.1k, while multi-family and others fell 2.6 per cent to 201.8k (SAAR). 

In British Columbia, starts rose 34.6 per cent in June, rising to 56.4k units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts declined 10.3 per cent m/m to 6.9k units while multi-family starts rose 48.4 per cent to 46k units. Starts in the province were 15.3 per cent below the levels from June 2021.

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May30-1  

Canadian Employment (June 2022) - July 8, 2022

Canadian employment declined by 43,000 (-0.2 per cent) to 19.597 million in June, falling for the first time since January. As a result of fewer people looking for work, the Canadian unemployment rate also declined by 0.2 to 4.9 per cent, the lowest rate on record for a fourth consecutive month. Average hourly wages were up 5.2 per cent on a year-over-year basis, increasing from 3.9 per cent in May and 3.3 per cent in April. Wage gains remain below the inflation rate, however, which hit 7.7 per cent year-over-year in the most-recent data. Total hours worked rose 1.3 per cent in June, the first increase since March 2022.

Employment in BC grew by 6.1k to 2.747 million in June, while Metro

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Urban-Style Condo

Welcome to the Zen, urban-style condominiums in Fairfield nestled perfectly between Rockland and Downtown for the ultimate downtown living without all the hustle.

This charming condo is steps to all amenities with an impressive walk score of 89 and a transit score labeled excellent at 88.

The absolutely adorable condo is perfectly laid out to maximize space and flow.

The main living room has floor-to-ceiling windows allowing for ample light and an adorable Juliette balcony is slightly recessed to buffer the sound making the space extremely quiet and private.

The kitchen is spacious and features an island, all updated appliances, and loads of cabinetry.

Built-ins everywhere for maximum storage this condo was

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