Mikaila Rhodes Victoria Realtor®

Cell: 778-679-1028 |

As of March 17th, 2017 CMHC increased its' mortgage loan insurance premiums, the graph below from CMHC shows the change in rates based on your down payment:

 

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My Greater Victoria Real Estate Market Update is now available! 

 

"The Victoria Real Estate Market had a healthy start to 2017. A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6% fewer than the 772 properties that sold in February last year. Although sales are below where they were a year ago at the same time, sales for February and January were still well above the 10 year average. We won't see the same sales volume this year to meet or beat last year's record breaking numbers due to many factors, including the present lack of inventory and very high demand. There were 1,537 active listings for sale on the Victoria Real Estate Board MLS® at the end of February 2017, which is 40% less than the 2,562 active listings at the end of February 2016.

The Provincial Government announced last month that effective February 22nd, first time home buyers will receive a full exemption on Property Transfer Tax for any purchase up to $500,000, and a partial exemption for purchases up to $525,000. This is an increase from $475,000 for a full exemption and $500,000 for a partial exemption which was raised in 2014. Although this isn't a large increase it is a step in the right direction, and hopefully they continue to raise this amount over time, but for first time home buyers this could save you $8,000 on your home purchase of $500,000. The BC Home Partnership Program is also available for first time home buyers now, providing a repayable loan which is interest and payment free for the first 5 years and available on purchases up to $750,000. For full details ..."

 

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Victoria Real Estate Market Healthy Heading into Spring

March 1, 2017 -  A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year. 

"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000. 

Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016. 

"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."

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It’s March 1st, which means it’s time for a new contest 

 

For March the winner will receive a gift card for two Long Flights (9 samples of cider each!) and an Artisan Lunch Plate from Sea Cider Farm & Ciderhouse  Enjoy the beautiful view overlooking Haro Strait and a delicious snack and drinks ($53 value *can be spent on other menu items)!

 

LIKE, SHARE & POST (for a bonus entry)

 

*Contest Rules*

 

1. “LIKE” my Facebook page https://www.facebook.com/MikailaRhodesRealtor/

 

2. "LIKE" and “SHARE” the post on Facebook

 

3. OPTIONAL for a bonus entry: “TAG” a friend you would like to enjoy a Flight of Cider and Artisan Lunch Plate with 

 

Good luck and WINNER will be announced March 17th!!

 

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NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.