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Victoria & Vancouver Island Real Estate Blog

Victoria & Vancouver Island Real Estate Blog

bcrea stats release

BC Home Sales Returning to Normal While Supply Hits Record Low

stat release may 13 2020  

Vancouver, BC – September 14, 2021.  The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 per cent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 per cent increase from last year.
"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as

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Updated 5 bed 5 bath main level walkout includes 1 bed legal suite

marinacres103cs

Beautifully updated and landscaped like new 5 bed 5 bath main level walkout, includes 1 bed legal suite on a no through road.

Welcoming Rock Wall garden terrace as you enter this large foyer leading to the spacious great room design, perfect for entertaining family and friends.

Kitchen with large working Island and gas cooking.

Access to the spacious deck with a gas outlet and mountain views.

Principal Bedroom soaker tub and walk-in shower.

2nd bedroom with the main bath and laundry close by, 3rd bedroom across from 2 piece bath, make it an office and work from home!

Lower level has a private guest suite and family room PLUS 1 bed legal suite with laundry and

1,383 Views, 0 Comments

Award-Winning Waterfront Shoal Point 2 Bed 3 Bath 2 Decks 10th Floor

marinacres103cs

Award-winning 2 bed 3 bath Shoal Point waterfront with sweeping 10th floor north and south views on 2 private decks, inner & outer harbour, Fisherman's Wharf, Sooke Hills, and Olympic Range.

Entering the foyer you are captivated by extraordinary water views that are captured throughout the whole home!

Large living room and seating area with sculptured gas fireplace, windows everywhere, and large deck!

2 sided gas fireplace between kitchen & dining areas, side access to terrace view area, cook's kitchen and nook, tons of cabinetry & gas cooking.

The principal bedroom with fireplace, seating, and desk space, with closet & 5 piece en-suite. Concierge, pool, tub,

1,328 Views, 0 Comments

bcrea header

Bank of Canada Interest Rate Announcement - September 8, 2021

The Bank of Canada maintained its overnight rate at 0.25 percent this morning, a level it considers its effective lower bound. The Bank reiterated what it calls "extraordinary forward guidance" in committing to leaving the overnight rate at 0.25 percent until slack in the economy is absorbed and inflation sustainably returns to its 2 percent target. The  Bank projects that will not occur until the second half of 2022. The Bank is also continuing its quantitative easing (QE) program, purchasing $2 billion of Government of Canada bonds per week. In the statement accompanying the decision, the Bank noted that the the supply-chain disruptions and the pull-back in housing market activity that

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Stunning Ocean View Custom Built Home

marinacres103cs

Stunning oceanview custom 2006 home located in Greater Victoria's best areas of natural beauty-the Esquimalt Lagoon & Coburg Peninsula beach area.

3 beds, Den/office, 3 baths 3000+ sqft with 9' ceilings throughout.

Amazing quality features includes: Mahogany hw flooring, crown moldings, thermal windows, sound system, large tinted pic windows to take advantage of ocean & mountain views.

Gorgeous living room with FP & dining rm with spacious deck overlooking the water & large covered deck off the kitchen at the back with gas bib for the BBQ.

Master on main with FP, walk-in dressing rm & ensuite with jetted tub.

Downstairs you will find another 2 large bedrooms, a home theatre room & a huge

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Willow Point 3 Bed, 2.5 Bath Townhome close to the Beach! Close to Beach!

marinacres103cs

3 Bed 3 bath Adult-oriented townhome located in desirable Willow Point, a short stroll to the beach and all amenities in sought after Glen Abby estates!

Meticulously landscaped grounds leading up to your inviting main level entry home complete with a garage and concrete storage area.

Spacious entry houses a half bath and laundry with access to the utility room and walk-in pantry storage.

Bright bayed kitchen and breakfast area feature white cabinetry and quartz counters, niche for coffee bar or work area from home.

Large dining and living rooms with gas fireplace open to Private deck overlooking the parklike greenbelt for hours of watching Eagle, deer, and

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bcrea nowcast

BC Monthly Real GDP Estimate for June 2021 & Preliminary Estimate for July 2021 (Updated: August 31, 2021)

  aug31

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for June 2021 is 8.9 percent. For comparison, year-over-year growth in the Canadian economy in June was 8 percent. We have also included a preliminary estimate for July 2021 of 7.1 percent. Growth in BC remains very strong compared to this time last year but continues to decelerate as base-year effects fade and uncertainty due to the ongoing COVID-19 pandemic constrains some economic activity. The average annual growth for the first half of 2021 is estimated to be 7 percent.  

Download the full report (PDF)

For more

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May30-1  

Canadian Real GDP Growth, Q2'2021 - August 31, 2021

The Canadian economy contracted in the second quarter with output falling 1.1 percent on an annualized basis. That decline follows three prior quarters of very strong growth. Most of the decline in real GDP was driven by slowing home sales and lower exports. After rising to record levels, home sales activity across the country has moderated. However, the downshift from record activity to lower, but still strong sales were significant enough to negatively impact economic growth.  That shift in the housing market was compounded by lower exports, which fell 4 percent largely due to supply chain disruptions, as well as flat household spending due to COVID-19 restrictions put in place in the

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Ground Floor Condo at Waters Edge

marinacres103cs

Resort lifestyle at Waters Edge Village!

Wonderful 2 bedrooms, 2 bath 1200+ sq ft, located on Saanichton Bay.

Fabulous huge patio/deck with ground floor access. Enjoy the Clubhouse - features an indoor pool, hot tub, library, gym, social games room & guest suite.

Tennis Court, putting green & seaside pathways with beach access, a real bonus.

This well-managed 55+ community is convenient to Saanichton & Sidney shopping, dining, excellent Hospital, Victoria Airport & Ferries.

A move-in ready home - upgrades include interior paint & wallpaper, carpets, appliances, new toilet, and bath.

Secure underground parking, (part of Strata Lot), separate storage locker & workshop.

Two elevators!

2,166 Views, 0 Comments

bcrea header

May30-1  

COVID-19 Recovery Dashboard - August 26, 2021

According to the COVID-19 Recovery Dashboard, in July most BC housing markets continued to calm from a peak in March. While sales and new listings continued declining, the seasonally adjusted 6-month moving-average for housing starts hit a record level in the province for a second consecutive month. Rents are also beginning to rise sharply in major centers across the province. The average rate for a 1-bedroom apartment rose 6.5% in Vancouver and 8.9% in Victoria in July.

Retail sales continue to post strong figures, with July sales 13% above February 2020 levels. Throughout the month of July and most of August, restaurant reservations have trended upward in Toronto, Montreal, and Vancouver.

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