Your Monthly real estate update
“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable.”
“There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2024, an increase of 10.5 per cent compared to the previous month of January and a 30.7 per cent increase from the 1,809 active listings for sale at the end of February 2023.”
The statistics below show changes in average prices over the year & month, and the full press release from the board is linked below!
Average Sale Price Feb 2023 Feb 2024 Jan 2024
Single Family Dwelling $1,285,306 $1,262,314 $1,219,501
Condo/Apt $579,025 $596,896 $579,983
Row/Townhouse $788,113 $848,059 $712,445
*VREB February 2024 – Read the full press release here*
Speculation & Vacancy Tax Reminder!
“The speculation and vacancy tax is designed to turn vacant homes into housing for people in British Columbia, and ensure foreign owners and those with primarily foreign income contribute fairly to B.C.’s tax system. Residential property owners in the designated taxable areas declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31.” If you do not qualify for an exemption (which 99% of homeowners do), “the speculation and vacancy tax is due on the first business day in July (July 2 in 2024).”
For more information on this, click here.
Financing Update
- “Inflation has cooled, but will it get hung up on the way down? The BoC hasn’t quite backed off its rate-hike rhetoric. When can we look to some rate relief? Here’s what I see.“
- At the announcement last week, Bank of Canada held interest rates and “The overall message is that it’s too early to cut, and that they need to see more progress on inflation.” (Read full article)
- Looking for a trusted advisor to discuss financing or re-financing? Reach out and I can put you in touch with a trusted and knowledgeable broker.
Featured Listing!
909-647 Michigan St, Victoria
$268,900
- 1 Bedroom, 1 Bathroom Leasehold Condo.
- 607 Fin Sq Ft.
- Located in the highly sought after James Bay!
- A quick walk to the Inner Harbour, Fisherman’s Wharf, Beacon Hill Park, Parliament, and all major amenities including major bus routes!
- This steel and concrete leasehold building is professionally managed and includes underground parking, storage locker, sauna, hot tub, outdoor pool and bike storage with monthly fee’s including heat, hot water, and property taxes
- The perfect place for a first time home buyer or investor.
Reach out for details or floorplans!
New Price!
504-3555 Outrigger Rd, Nanoose Bay
$415,000
- 1 Bedroom, 1 Bathroom Waterfront Condo.
- 767 Fin Sq Ft overlooking the marina.
- Minutes to hiking trails, the forest, beach, and Fairwinds golf course.
- Experience the best of waterfront living while only a short drive to Parksville & Nanaimo.
- This unit is pet friendly, is approved for in suite laundry, and includes underground parking & storage.
- A great investment whether for personal enjoyment or to hold as a rental.
Reach out for details or floorplans!
March Events
St. Patricks Day Festival – Downtown
March 17 at 11am – 3pm
BLOOM Market – Langford
March 23 at 11am – 3pm
Lego Exhibition – Sidney
Ends April 1st
Since the Royal LePage Shelter Foundation was founded in 1998, it has proudly grown to become the largest public foundation in Canada dedicated exclusively to funding women’s shelters and domestic violence prevention. Royal LePage is the only Canadian real estate company with its own charitable foundation.