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Victoria & Vancouver Island Real Estate Blog

Victoria & Vancouver Island Real Estate Blog

Saanich Executive Estate

Welcome to 4207 Blenkinsop Road, a newly custom-designed and built sprawling estate situated on a large perfectly flat professionally graded with underground drainage to assure year-round use of the two-acre property. 

Boasting over 10,000 square feet of indoor living space and an outdoor oasis complete with a large pool with tanning ledge and dual slides, a sports court for pickleball and basketball with floodlights for all-day play, an outdoor kitchen, a living room, fully covered wifi capable twelve people hot tub with built-in sound system lighting and Bellagio style fountains, shower, two fire features and so much more.

Just entering this property will take your breath away as you pull through the large

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May30-1  

Canadian Housing Starts (November 2022) - December 15, 2022

The Canadian economy contracted 8.2 percent at a quarterly annualized rate in the first quarter, including a 7.2 percent decline in March following the paralysis of economic activity brought on by the COVID-19 pandemic. Household spending fell 2.3 percent, the steepest drop ever recorded, while exports were down 3 percent and government spending fell 1 percent due to school closures and government curtailments.  Total housing investment was down 0.1 percent, with both renovation spending and ownership transfer costs falling. New home construction, however, rose 1.6 percent.

As dramatic as the first quarter decline appears, it will almost certainly be overshadowed by the

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Vancouver Island Real Estate - In November 2022, a total of 746 properties were sold throughout Vancouver Island, across both the Victoria and Vancouver Island Real Estate Boards (VREB and VIREB). Of the 362 sales reported by the VIREB, 244 of these were single-family homes, 54 were condos, and 64 were townhomes. For more information on the VREB numbers, please click HERE to read our full report.

  Year/year Month/month
Single Family Dwellings -30% -2%
Condos -50% +29%
Townhomes -52% -10%

Last month, there were 1,195 active listings of single-family detached properties, compared to 1,360 in October and 301 in November 2021. The inventory of condos was 286 units, up from 64 one a year ago,

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Victoria Market Overview - So far in December new listings are hitting the market at a noticeably higher rate than they were at end of last year. Meanwhile, sales are slower in the same comparison. Going back a bit further and looking at November, sales slowed significantly as did new listings and inventory in general. None of this is shocking as we move closer and closer to Christmas and the traditionally slowest of Real Estate seasons. Over and above the seasonal normalities, interest rates are having a huge impact on how consumers are viewing the future. The future, it seems, too many buyers isn’t one that they can imagine themselves taking on the financial burden of a home. And to sellers, the future isn’t yet one where they will need to sell due

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Adorable Suite in Carrie Street

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Welcome to 106-859 Carrie St.

A great opportunity for a student, a first-time home, or just a chance to live close to town at an affordable price rarely found in today's market.

This adorable ground level, one bed, one bath is spacious and offers a lot of natural lighting.

The unit has many upgrades and the location can’t be beaten with bus routes right at your front door and shopping very nearby.

Close to the Gorge waterway, downtown Victoria, the DND, and Gorge Vale golf club.

The layout of this condo is ideal with an oversize primary bedroom complete with a walk-in closet.

The bathroom has a shower, bath, and dual sinks with updated cabinetry and a tiled floor.

The kitchen will be a

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Great Family Home in the heart of Beautiful Saanichton

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This charming 3 bed 2 bath townhome is the perfect place for a young family, first-time home buyer, or in an investment property.

Kitchen and living room are on the main floor with a large south-facing deck off the livingroom this is the perfect place to watch the gorgeous evening sunsets.

3 bedrooms and a main bath on the 3rd floor make it easy to have a peaceful evening after a long day.

The primary bedroom with a walkthrough to the bathroom also has another beautiful south-facing deck and extra large closet space.

Being right in the heart of Saanichton it's only a 5-minute walk to the grocery store, pharmacy, home hardware, multiple restaurants, and coffee shops.

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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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May30-1  

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

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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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