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November 2022

Found 8 blog entries for November 2022.

Victoria Market Overview - Sales increased in October from a very slow September but things are slowing down again in November. We are still very much at an inventory level where the market is sensitive to any amount of buyers participating or abstaining from it. If we were at more historic inventory levels the relatively small amount of buyer activity in either direction would have less of an impact. While we might not be at “historical” inventory levels, the number of listings on the market has basically doubled in the last 12 months and buyers have more options than they have had in the last few years. It is worth pointing out that while things are slow, it's not dead. Properties that are priced properly aren’t going in 10 offers but they still

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Canadian Inflation (October 2022) - November 16, 2022

Canadian prices, as measured by the Consumer Price Index (CPI), rose 6.9 per cent on a year-over-year basis in October, a rate of change equal to the prior month. After falling for the prior three months, a rise in gasoline prices in October kept the CPI steady year-over-year. Excluding energy, the CPI rose 6.2 per cent year over year in October, down from 6.3 per cent last month. Rising interest rates also contributed to an increase in mortgage interest costs, which was up 11.2 per cent year-over-year as Canadians renewed or initiated higher-rate mortgages. Slowing increases in food prices, meanwhile, dampened overall CPI growth. Month-over-month, on a seasonally-adjusted basis,

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Vancouver Island Real Estate - on all of Vancouver Island,  including both the Victoria and Vancouver Island Real Estate Boards (VREB and VIREB) there was a total of 822 properties sold in October 2022. For the report on VREB numbers click HERE. Looking at the VIREB numbers here, there was a total of 342 sales in that area, 429 of which were single-family homes, 42 were condos, and 51 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 -37% +3%
Condos -65% -19%
Townhomes -41% +4%

In some areas of the island, the Cowichan Valley, for example, October was one of the lowest sales

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Endless Opportunities in the Westshore

marinacres103cs

Welcome to 550 Phelps Avenue, a completely updated revenue property or family home with loads of income potential.

There are three separate living spaces including two three-bedroom suites and a bachelor. 

So many upgrades including new kitchens with quartz countertops, stainless steel appliances, Centra Premium windows, flooring, painting, baseboards, and trim.

All of the suites have new heat pumps with private climate controls in each living space and their own laundry. 

200 amp service, and updated R40 insulation; this home is turnkey ready.

There is ample parking including room for an RV and boat.

The backyard features a large fully fenced flat useable yard complete with an outdoor

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Affordable Opportunity to Own a 2-3 Bed Home

Large 2 or 3 Bed 14 Ft. Manufactured home in a private quiet setting minutes from Sooke Town Centre!

Well-cared for family-friendly park allows good parking and so close to all amenities plus recreation and on a bus route.

The bright large vaulted living room with newer flooring except for an additional flex room which is perfect for 3rd bedroom or family room area.

Spacious Dining close to a good working kitchen for family gatherings.

Newer upgrades include a bathroom with tiled shower for wheelchair access in 2021, a roof 2019, Hot water tank 2021, new lighting, 36-inch doors for wheelchair access, some windows and drywalled hall, and some new skirting with material for 2 sides

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Exceptionally Well-Located Property

STOP PAYING RENT and let your business pay your own mortgage with this rare opportunity.

This exceptionally well-located property is perfect for investment or personal use.

The existing General Commercial (C-2) zoning presents a long list of opportunities to the end user plus great future development prospects.

Just shy of 1,000 SqFt main floor (+ approximately 1,000 SqFt of crawl space for storage), this corner unit has high foot and street traffic with tons of exposure.

Centrally located, your business could be just minutes away from downtown, Uptown Mall and major highways.

There are 5 dedicated surface parking stalls, and the roof was redone less than 10 years ago.

Your business could be

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Build your Dream Waterfront Home!

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At the very end of the Saanich Peninsula, you will find Land's End Road - One of the most exclusive locations on Vancouver Island and some of the most elegant homes and estates in the country fit for royalty.

The location is close to the BC Ferry terminal, Victoria International Airport, Horth Hill Park as well as other parks and trails.

This is a rare opportunity to build your dream home on this 28,000-square-foot lot overlooking Satellite Channel and Mount Tuan Ecological Reserve on Salt Spring Island.

The View spans from Cowichan Bay to the ferry traffic coming in and out of Shwartz Bay, Sampson Narrows and Pender Island enjoy the views off your deck from this mid-bank property watching all of the

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Canadian Employment (October 2022) - November 4, 2022

Canadian employment rose by 108,000 (0.6 per cent) to 19.656 million in October. The Canadian unemployment rate remained steady from last month at 5.2 per cent, hovering just above all-time lows. Average hourly wages were up 5.6 per cent from this time last year. Wage gains remain below the inflation rate, however, which hit 6.9 per cent year-over-year in the most-recent data. Total hours worked were up 2.2 per cent year-over-year. 

Employment in BC rose by 0.4 per cent to 2.762 million in October, while Metro Vancouver's employment rose by 0.3 per cent month over month. BC's unemployment rate fell in October to 4.2 per cent, just shy of the all-time low, while Metro Vancouver's rate

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