It’s an exciting time to be in real estate in Victoria. It can also be stressful, especially for home buyers who are competing for a very short supply of listings. Our team has developed and engaged new strategies to assist both buyers and sellers giving them maximum advantages in these unprecedented market conditions.

With 1,289 sales in the month of May, 42% more than May 2015 and an inventory of active listings at the end of the month at only 2,406, down 40% from May 2015, the supply has dropped to just a 1.9 month supply. Furthermore, many of those listed as available are already under contract but not yet reported sold waiting for condition removals.

The spring is normally our busiest time of the year for new listings and sales. This year is

Real estate is now selling at a frantic, borderline chaotic rate here in Greater Victoria. The pace experienced for the past few years in Vancouver is now spreading to the island and other parts of BC. There wasn’t much time for sleep in the real estate business last month here in Victoria as we blasted past all time record sales standing since May 1991, the month before I was first licensed.

There were a total of 1,286 properties sold in Greater Victoria for the month, a more than a 50% increase for VREB for the month compared to last year with 840 sales (which was by no means a slow month!). For the first time since 2007 on the way to our busiest month ever, The Neal Estate Team exceeded one sale per day for the month meaning we represented the

On a frequent regular basis I’m asked “How’s the market Ron?” I’m also asked to predict the future! Of course there are many factors that contribute to our market including unpredictable and unforeseen forces that can and do often have sudden impact. The fact is that the current trend is a rising market, after several years of a flat or down market for Greater Victoria (while prices rose in other areas including Vancouver and Calgary). It’s all part of a somewhat predictable cycle. It’s our turn!

Today our market is a bit crazy actually, significantly under supplied with seeming insatiable demand and a critical shortage of listings available. While the market activity is reaching into more rural areas and all property types and price ranges, it varies

We didn’t have much of a winter in Victoria this year, I didn’t have to shovel snow even once and I was out bike riding and counting flowers in my front yard last week. Not that there’s anything very unusual about that, we really do enjoy mild weather enabling outdoor activities year round such as golf and we’re the cycling capital of Canada. Another of many reasons why so many visitors to Victoria decide to make this their home. We also enjoy an enviable quiet and safe lifestyle with level economy led by Tech 1st (which surprises most) and Tourism 2nd with Government 3rd (including our Pacific naval base and provincial government capital). It’s no wonder we have about 4,000 more newcomers (+1%) on a net basis annually.

The best way to describe our

There aren’t many things that highlight individual differences so starkly as a home renovation or buying/selling a home. If you are considering any these moves in the now or in the near future, read on to see how you can protect your relationship from common pitfalls during a stressful time.

There seem to be 4 consistent areas of strife in a renovation (you may be able to name more!):

1. Your quality of life is affected
2. There is a lack of control (over a lot of variables)
3. Finances
4. Unfinished projects

                                                                                                       Fred Harper

In short, as Sheri Stritof, a marriage expert says, “A remodeling project requires that the two of you are able to talk

The trend we experienced through 2015 has continued as expected into our start to 2016. There are fewer properties for sale and more selling, creating upwards pressure on prices. Core area premium properties continue to attract the most interest from buyers, resulting in more frequent competition for the same listings. The Victoria Real Estate Board reported 539 sales in January 2016, up 53% from 351 sold in January of 2015 and the most in January in 14 years! The total number of properties available for sale at the end of January 2016 was only 2,471 which is down 25% from 3283 at the end of January 2015.

This ratio of sales to listings represents a 4.5 month supply confirming a Seller’s market. The resultant shift in prices from one year ago for

There is a new arrival at the office of Ron Neal and The Neal Estate Team at RE/MAX Alliance Victoria … meet Dolly! Dolly is fifteen pounds of Brindle French bulldog and she is very happy to meet you. In fact, she’s become an integral part of our RE/MAX Alliance family and her owner, Jamie, explains the difference she makes in a work day:

“She spends her days in our office at RE/MAX Alliance bringing smiles to faces, she turns moments of frustration into deep breaths with the wiggle of her bum when she sneaks into people’s office unexpectedly for a quick back scratch. From time to time she unexpectedly greets our clients and to their surprise they find themselves smiling too.”

This positive effect jives with several studies that demonstrate the

BC Property Value Assessment notices went out last week to owners of the approximately 360,000 households on Vancouver Island. Most notices reflect changes of between -5% and +10% for property values on the island from July 2014 to July 2015. Despite the overall robust market, some property values declined in the period. The cumulative value of property on Vancouver Island raised from $164 Billion to $170 Billion and more than $2 Billion of that increase was from new construction, subdivisions and rezoning.

 The summary below demonstrates market trends for the period for typical single family homes throughout Greater Victoria:

If you are concerned that your new BCAA property assessment does not accurately reflect your property’s value, you

The year ended with continuing strong demand and short supply with 465 sales in December, 19.5% higher than December of 2014. The number of active listings at the end of the month was down 21.6% from the same time last year to only 2,517 listings. There were 8,295 sales reported on Victoria MLS for the year, our strongest year since 2007.

There are many factors that influence our market. Trends can rapidly change with local, provincial, federal and global events. As we’ve witnessed, subtle changes with mortgage rules or interest rates can change things swiftly. The current strength of the market comes from consumer confidence also fueled by strong investment from buyers from outside of our market area (primarily lower mainland and Alberta). It’s my

At this time of year many people consider not only how they can give to their loved ones but also how they can improve the lives of others. When considering how to give it can become overwhelming as we develop an awareness of all the areas of other’s needs.

Ron Neal has personal interest in giving back to his community by giving to BC Children’s Hospital (BCCH). Ron’s sister lost a newborn son with heart trouble who was cared for at the Hospital, and he’s seen first hand how BCCH helps BC’s sickest kids. Ron’s nephew also received intensive medical care from BCCH while in a lengthy coma as a teenager following a bicycle accident. Although he was wearing a helmet at the time the injuries he sustained required the kind of care only BC Children’s Hospital