August 2022

Canadian Monthly Economic Growth (Q2'2022) - August 31, 2022

The Canadian economy rose 0.1 per cent in June, up for the fifth consecutive month. Goods-producing sectors rose 0.1 per cent while services-producing industries were up 0.2 per cent. Canadian real GDP is now roughly 2.3 per cent above its pre-pandemic, February 2020 level. However, preliminary estimates suggest that output in the Canadian economy declined 0.1 per cent in July.

Growth in the second quarter of 2022 registered 3.3 per cent at an annualized rate from the prior quarter, rising for the fourth consecutive month. Growth was driven by increased business investment in inventories and household spending. As consumers returned to offices amid easing COVID restrictions,

Centrally Located Family Home

Find Out More About 479 Hewgate Street

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Townhouse Style Two-Bed Two-Bath Condo

Welcome to Cityside Condos.

Unit number 104 is a 998 finished square foot, two-bed, two full 4-piece bath condo located in Victoria's Burnside neighbourhood.

It has its own private south-facing garden level entrance right off a 250+ square foot gated patio. This 2008 build offers freedom just steps away from the Selkirk Waterway, close to cafes, shops, Mayfair  Mall, and Selkirk Montessori.

You will enjoy the open concept floor plan as you enter this spacious two-bedroom split condo.

The living room seamlessly flows into the dining room and kitchen. This private design offers generously sized bedrooms on either side of the front entrance and main living space.

The Primary Bedroom boasts a

Family Home with 2 Bed Suite

Welcome home to 911 Wild Ridge Way, the PERFECT family home with an existing 2-bedroom mortgage helper and 3 full bedrooms, and 2 full bathrooms upstairs! This is the best floor plan and best location in the cul-de-sac with an easy maintenance but very usable yard all located in a family-friendly neighborhood on a no-through road directly across from walking trails.

Upstairs boasts a large open floor plan with 9'ceilings, new vinyl flooring, an electric fireplace, and access to the sunny covered deck overlooking a fenced flat rear yard.

The master bedroom has a walk-in closet and full ensuite plus two additional bedrooms and a 4-piece bath.

Downstairs features a 2 bedroom, 1 bathroom in-law suite

Gated Community of Oceanwood Gardens

Welcome to the quiet, adult-oriented, gated community at Oceanwood Gardens centrally located in the heart of Parksville.

This immaculate one-level, 2-bedroom, 2-bathroom, patio home features a double garage,  spacious driveway and a 5’11” crawl space complete with a hobby room and lots of shelving for extra storage.

As you enter this tastefully updated home you will sense the bright and airy feeling of the open concept design, 9’  ceilings, large windows flooding in the natural light, and high-end laminate flooring throughout.

The kitchen features newer stainless-steel appliances,  lots of cupboard space, a pantry, a breakfast bar, and a separate eating area.

The living room boasts a gas

Nestled among the old-growth trees in picturesque and tranquil Otter Point 

Welcome to 7705 Tugwell Road nestled among the old-growth trees in picturesque and tranquil Otter Point.

Situated on a level bright half-acre lot without a neighbour in sight yet only five minutes to Sooke town centre.

Easy floor plan with the 1970’s split level entry conveniently has the bedrooms located on the main level.

The open floor plan features an updated kitchen with stainless steel appliances, loads of shaker cabinetry, and ample countertop space.

A large over-the-sink window allows for loads of light and a peaceful view of your extremely private park-like backyard.

Gleaming birch hardwood throughout the dining and family room complete with a

Private executive home with a LEGAL 2 bedroom walkout suite 

Private executive home with a LEGAL 2 bedroom walkout suite on just over 1 Acre of land in the coveted North Saanich Lands End neighbourhood.

You'll sure to be impressed with the over 2,500 sq/ft of sprawling single-level living on the bright and open main floor with fantastic views of Salt Spring Island and The Straight of Georgia from almost every room!!

The Main level includes 4 beds and 2 baths, a huge eat-in chef's kitchen w/ new stainless steel appliances, a formal dining room, a family room with wood burning fireplace, a living room with a gas fireplace, a large deck with NG hookups for BBQ.

The generous Primary bedroom with private deck, walk-in closet, and

Vancouver Island Real Estate Overview - Vancouver Island is seeing a significant slow down in sales as buyers wait on the sidelines to see what will happen next. Rising interest rates have taken a chunk out of the affordability pie and hesitancy about what home prices will do in the near future have many not wanting to buy at a peak. Summer is typically a slower period in Real Estate and seeing how many buyers return in the spring will tell us a lot about the medium-range future of the market.

Digging into the Numbers - There was a total of 933 sales on all of Vancouver Island. 510 of those sales were in the Victoria area and you can read more about or Victoria report HERE. The rest of the sales were in the Vancouver Island Real Estate Board area

Reviewing July and August to Date in the Victoria Real Estate Market - Both July and August have seen a huge decrease in property sales in Victoria as well as significant increases in inventory. And as of August 15th, Victoria is trending well under half last year's sales volume (12.6 sales per day compared to 28.8 sales per day in August last year). These numbers show a continuation of a slow down which was present in July and will likely continue at least until the end of the month and likely longer. This “slow down” relieved a lot of pressure from any buyers who are still out there looking and is considered by most to be a sign of a pretty reasonable market correction. The swift change has revealed lots of opportunities where there might not have

ATTENTION DEVELOPERS AND INVESTORS!

Already zoned medium density allowing for a large townhouse site this property is located in the ideal location in what is slated as the new Duncan town centre and very close to the new hospital that has already begun construction.  

This lot is situated perfectly between Fairfield and Ortona Road, so access is easy to enter in on Fairfield and exit to Ortona.

The land is flat and rectangular creating a very easy and cost-effective development.

There is a home on the property that is tenanted and sellers would prefer a long close so this allows ample time for permits.  

Expected to fit approximately 44 townhomes, buyers to do their due diligence. 

Find Out More About 2817 Fairfield Street