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Victoria & Vancouver Island Real Estate Blog

Victoria & Vancouver Island Real Estate Blog

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May30-1  

Canadian Retail Sales (August 2021) - October 22, 2021

Canadian seasonally-adjusted retail sales rose 2.1% to $57.2 billion in August. The rise was driven by sales at food and beverage stores (4.8%), gasoline stations (3.8%), and clothing and clothing accessories stores (+3.9%). COVID restrictions were generally eased across the country in August. According to Statistics Canada's survey, just 0.6% of retailers were closed at some point in August. Preliminary estimates, based on roughly 54% of respondents reporting so far to the agency, indicate that retail sales declined 1.9% in September. 

In BC, sales rose 1% to a fresh record in August, erasing a drop in July. Compared to the same month last year, retail sales were up 8.6% in the

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One of the Largest Homes in the Desirable Marigold, West Saanich Area

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Endless Potential = Won’t Last!

One of the largest homes in the desirable Marigold, West Saanich area at 4732 sqft., 9 bedrooms, 5 bathrooms, former licensed Community Care Home.

Perfect for either a large family home with a home-based business, the revenue potential for a 3-bedroom suite downstairs, and/or a master suite that could be turned into a Bed and Breakfast and/or student housing.

Close to Camosun College, Victoria General Hospital, several elementary, middle, and secondary schools as well as transit and shopping.

Located on a quiet cul-de-sac, this home backs onto the Panama Flats offering privacy, bird watching, and access to several cycling and

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May30-1  

Canadian Inflation (September 2021) - October 20, 2021

Canadian prices, as measured by the Consumer Price Index (CPI), rose 4.4% on a year-over-year basis in September, rising at the fastest rate since 2003. On a month-over-month basis, the CPI was up 0.2% in September. The Bank of Canada's preferred measures of core inflation (which use techniques to strip out volatile elements) rose an average of 2.7% year-over-year in September. Major drivers of the year-over-year price increase included transportation prices (+9.1%), shelter (+4.8%) and food prices (+3.9%) partly on continuing supply-chain difficulties. The homeowner replacement cost index, which measures the cost of replacing home structures, rose 14.4% year-over-year in

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Executive Home Perched at the Top of Bear Mountain Golf Resort

marinacres103cs Welcome to 2344 Nicklaus Drive an executive home perched at the top of World Class Bear Mountain Golf Resort.    A four-bedroom and den home with a legal one-bedroom suite above the garage.    Attention to detail is clearly evident with gleaming hardwood floors, custom built-in cabinetry and fireplace, coffered ceilings, wainscoting, and paneled walls.    The gleaming kitchen is the hub of the home with a large island, quartz countertops, farmhouse sinks, built-in wine rack, five-burner gas stove, dual sinks, and a massive hidden walk-in pantry with automated lights disguised as cabinetry.    The primary bedroom offers beautiful views, two oversized walk-in…
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A two-bed two-bath Unit in the Highly sought after “Nova” Building

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Welcome to unit 302 at 1615 Bay Street, a two-bed two-bath unit in the highly sought-after “Nova” building. 

This is a turnkey opportunity with fresh paint and brand-new carpets.

Space to move with a full-size kitchen featuring granite countertops, stainless appliances, and soft-close maple cabinets. 

An open concept vibe including a cozy fireplace, private patio, laminate, and tile flooring, in-suite laundry, covered parking, and bike storage. 

With very few restrictions, rentals pets kids and BBQs are welcome. 

Only minutes to the Jubilee hospital, Camosun College Fernwood village, or downtown Victoria. 

On major bus routes and close to grocery stores and

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Vancouver Island continues to face challenges in regard to inventory and rapidly rising house prices. While inventory did increase in September (compared to August), it did not increase as much as one might have hoped considering traditional seasonal factors. Typically, the last months of the year see a significant decrease in inventory before a busier spring market, but as inventory is already staggeringly low it would have been nice to see a pre-slump bump.

Rural areas specifically have had a tremendous increase in value much to the dismay of buyers who missed out last year. As COVID buyers prioritized square footage over closeness to city centres and many workers found remote employment suddenly possible, the benchmark (average home in the area)

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Victoria and South Vancouver Island remained parched amidst an inventory drought while thirsty buyers bought anything that was listed anywhere near reasonable pricing. 

There were 4 more listings on the market at the end of September compared to the end of August 2021 (1,124 listings compared to 1,120). This was a smaller increase than hoped for considering the winter months traditionally see a decrease in inventory (by about a quarter) and the number of new listings that came on this September was the lowest in about a decade and a half.

The Neal Estate Team sold 3.6% of the total sales in the Victoria area in September and increased our month-over-month transaction volume by 7.1% while the rest of the market declined 8.4% from August. 761

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BC Monthly Real GDP Estimate for July 2021 and Preliminary Estimate for August 2021

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The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for July 2021 is 6.9 percent. For comparison, year-over-year growth in the Canadian economy in June was 4.7 percent. We have also included a preliminary estimate for August 2021 of 6.7 percent. The BCREA Nowcast estimate of average growth in the BC economy through the first 8 months of  2021 is estimated at 7 percent.

Download the full report (PDF)

For more information, please contact:

Brendon Ogmundson
Chief Economist
604.742.2796
bogmundson@bcrea.bc.ca 
 

BCREA is the professional association for more than 23,000 REALTORS® in

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May30-1  

Canadian Monthly Real GDP Growth (July 2021) - October 1, 2021

The Canadian economy contracted 0.1 percent in July following growth of 0.6 percent in June.  The level of GDP remains about 2 percent below its pre-pandemic level of February 2020.  The majority of Canadian industries actually grew in July, led by re-opening of many provincial economies which led to a strong increase in the accommodation and food services sectors. That strength was more than offset, however, by declines in agriculture, manufacturing, and wholesale trade. On the bright side, Statistics Canada's preliminary estimate for August real GDP is showing a strong bounce back, with output across the economy rising 0.7 percent on a monthly basis. 

Given today's release, we

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South Facing Home on the corner of a Quiet Family Friendly Street

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Welcome to 3595 Goldspur Road in beautiful Olympic View, six-bedroom six-bathroom south facing home on the corner of a quiet family-friendly street.  

As you enter you will appreciate the high-end finishings with a glassed entry, gleaming hardwood floors, and nine-foot ceilings.  

Open concept living the great room is encased in windows and features a gas fireplace and large double doors to your private patio.  

The attached kitchen showcases custom cabinetry, quartz countertops, designer backsplash, gas stove, walk-in pantry, and an island perfect for entertaining.

Also on the main is a generous sized office, computer nook, and bathroom.  

Upstairs the primary

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