Similar in some ways to how a person with mental health issues may feel the social stigma commonly associated with mental illness, homes and properties can also become stigmatized. In the real estate world these locations are usually known as “stigmatized property” or “psychologically impacted property.” A property with this kind of local or media interest may be difficult to sell. Homes that might become stigmatized include those where a murder or suicide occurred, the home of a pedophile, the location of a drug operation or a drive-by shooting, or the address of a brothel. The knowledge that something like this occurred in your home, even if it was at another time, can be very unsettling for potential buyers and result in difficulty selling the

The Victoria real estate market remained sizzling hot through September and summer’s end and has continued into the start of fall with 704 sales in September 2015, up from 565 in September of 2014 and only 10 fewer than May 2015’s 714. There were 962 new listings for the month and the overall supply available dropped to a new low of just 3,478 listings, down 5.7% from last month and 18.2% from the same month last year. Overall we remain in an overall strong seller’s market with demand exceeding supply and less than a 5 month overall supply of listings.

While the natural result of this under supply is rising prices, which we have experienced in general, the changes are inconsistent through our marketplace The imbalance is strongly tipped in

We are continuing to generally enjoy a strong sellers’ market with sales up and listing supply down. There are many contributing factors, the most significant of which I think is the level of consumer confidence. As the balance of those who believe now is a good time to buy exceeds those who feel otherwise, the market is pushed forward very positively. Tracking the home price index shows prices have generally increased an average of over 8% in the past year.

August’s sales numbers were the highest for an August since 2007 at 741 and the number of listings available for sale declined to a total of just 3,688 listings for sale. With the “balance” of supply and demand at a 5 month supply we are still in a “Sellers’ Market” overall. The market is very

Although seasonally down as expected from June’s record setting pace, our market has not slowed at all really. In July 2015 the VREB reported 796 sales vs 681 in July 2014, that’s a 17% increase. The supply of listings has also remained low overall with just 3,942 equal to just shy of a 5 month overall supply which is an “undersupply” giving us a “Seller’s Market” with continuing upward pressure on prices.

The Luxury Home market in Victoria is hot with a significant increase in sales from a year ago. There were 38 sales in the region in July over $1 Million compared to 26 in the same month last year, a 46% increase. From my observations, this is primarily resulting from an outflow of Vancouverites. They see great value in our market after theirs has

Ron Neal's Candid Thoughts on the Victoria Real Estate Market for June 2015

Click HERE to watch Ron's interview on Victoria's CHEK 6 TV News

The weather is hot, but our real estate market is even hotter! Our market is on fire, the busiest we've been since before global financial crisis of 2008. There were 910 sales reported by The Victoria Real Estate Board for June 2015, an increase of 33% over 680 sales in June 2014. The number of available listings for sale is also down to just 4,003 at the end of June from 4,695 at the end of June 2014. That translates to just a 4.4 Month overall supply which = "A Seller's Market". Our team, The Neal Estate Team, had 12 accepted offers for our buyers and sellers last week, about as many as a typical month

Sales activity continues to be brisk up again for last month over the same month last year. The actual sales increase year over year is a substantial 26.8% with 905 MLS sales reported May 2015 versus 714 in May 2014. Almost back to the blistering pace we were on in 2007 with 963 sales in May of that year.

The number of active listings available for sale continues at a lower supply than the same time last year with 4.043 at the end of May compared to 4,672 in May 2014.

With those numbers the ratio of sales to current listings has dropped to just an overall 4 month supply from close to a 7 month supply at the same time last year. This current imbalance favours home sellers with more buyers competing for fewer listings and most would agree that we are

Both CMHC and Genworth increased their premiums effective June 1,2015 for first time home buyers for those with less than 10% down payment.The actual increase is from 3.15% to 3.60%. The result is that the monthly payment for the insurance for an average $300,000 mortgage increase by $4.50 per month to $36.00 from $31.50.When you break it down it's clear to see that in itself we should not expect this increase to have any significant impact on the market.

There wasn’t anything very exciting about this year’s federal budget but there were some savings and incentives impacting both estate planning and assistance to the elderly to stay in homes longer.

• For those over 65, the new Home Accessibility Tax Credit (HATC) provides a 15% tax credit on home improvements of up to $10,000 to retrofit your home. The credit is also available to caregivers and for those qualified for the disability tax credit. It can even be claimed in addition to medical expense credits for the same renovations.
• Selling a qualified Canadian Farm or Fishery? The capital gains exemption has increased to One Million Dollars for sales after April 20, 2015.
• Good news for charities and philanthropists. For those who donate property

Literally every day I’m asked, “How’s the market Ron?” Being the positive minded optimist and salesman that I am of course I start with “Great!” The I have to add, “Depending of course on area, property type and price range you’re referring to.”

I reviewed properties listed between January 1st and March 31st of 2015. I calculated the number and percentage of them that had sold by May 1st 2015. I considered various districts and map areas, price ranges and property types. Here are a few random examples to illustrate:

• 46.4% of Single Family
• 43.8% of condos
• 11.3% of lots
• 6.1% of Commercial
• 49.6% under $500,000
• 25.3% over $1 Million
• 56.4% of Saanich East
• 32.1% of Metchosin
• Lakehill 77.8%
• Cordova Bay 35.6%
• Uplands 27.8%,

“My experience with the Neal Estate Team was excellent. I especially appreciated (seller’s request) the fact that no open houses were held, other than for the realtors. Advertising coverage of my home was extensive and this resulted in many showings, which led to the sale. Your staff were most personable and professional.”– Geri Stanwick

“Communicative, efficient, professional service. Agent very understanding and professional. Extremely pleased with you!!” – Leslie Kozlowski  

“We dealt with Richard and he was great! Very helpful, honest advice and service.” Victoria Williams  

“Very knowledgable about the area, and a very good study of the market in that area. Would have been lost without the help. Also very pleased with the fees charged and