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February 2012 Victoria Real Estate Market Reflects Consumer Confidence

March 1st, 2012

The story continues from last month when the Victoria Real Estate Board reported a relatively stable market when compared to the same time in 2011, but REALTORS® report they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.
February’s sale volume was virtually identical to that of February 2011, but the average price softened by 5% for single family homes over February 2011. The average sales price for a single family home in Greater Victoria was $579,985, with a six-month average of $594,027, showing a corresponding decrease of 4.7% over February 2011.
“REALTORS® are reporting increased showings, especially since the Provincial budget announcements,” says Carol Crabb, President of the Victoria Real Estate Board. “Our Members tell me the HST transition rules, increased HST rebates and New Home First-time Buyers Bonus are stimulating traffic for both new houses and condos.
“I think the BC budget also instilled consumer confidence. Potential buyers can see that our economy is stable and mortgage rates are incredibly low”, Crabb says. “Not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions. We encourage buyers to work with REALTORS® to ensure they are educated about current market conditions and recently announced government incentives.”
With 3,977 active listings at the end of February, Crabb notes increased supply levels and sales are expected in keeping with the normal historical trend of spring activity.

Total non-waterfront Single Family Dwellings sold: 258, up 4 sales over February 2011
Total waterfront Single Family Dwellings sold: 7, down 3 sales over February 2011
Single Family Dwellings sold over $1 million: 14 (1 over $2 million)

Real Estate Activity Stable in November

December 1st, 2011

Real estate sales activity remained steady throughout Greater Victoria last month with a total of 482 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from 483 sales in October. There were 479 sales in November of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the continued stability in sales is indicative of a balanced and healthy market, “We were pleased to see that sales last month were higher than in November of last year and showed little change from October. Looking forward, we anticipate continued stability as we move into 2012.” Fimrite noted that there was some variability in prices last month, depending on property type, “It’s important to look at price changes over several months to determine what trends are developing as there will always be month-to-month fluctuations in prices depending on what properties sell in a given month.” He added that that there were 11 single family home sales of over $1 million in November including one for over $6 million in Oak Bay.

Fimrite added that the number of properties available for sale eased last month to 4,329 compared to 4,687 at the end of October. “Inventory levels remained 16 per cent higher than a year ago but have fallen back from a peak of over 5,000 seen earlier this year.”

The average price for single-family homes sold in Greater Victoria last month was $592,034, down slightly from $595,836 in October. The median price also declined to $530,000 while the six-month average declined to $613,259. The overall average price for condominiums last month was $320,558, up from $307,329 in October. The median price for condominiums in November also increased to $296,000 while the average for the last six months declined slightly to $321,941. The average price of all townhomes sold last month was $380,675 compared to $428,040 in October. The median price declined to $360,000 while the six month average declined to $425,095.

MLS® sales last month included 293 single family homes, 104 condominiums, 48 townhomes and 10 manufactured homes.

Real Estate Sales Increase in February

March 1st, 2011

The number of property sales throughout Greater Victoria rose in February. Prices remained mixed while the number of properties available for sale also rose. A total of 488 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up from the 339 sales in January. There were 621 sales in February of last year.

Dennis Fimrite, VREB President

Victoria Real Estate Board President, Dennis Fimrite, commented that the increase in February was not unexpected, “It is common to see the market pick up following the December – January holiday period and last month’s significant increase in sales along with relatively stable prices demonstrates ongoing confidence in the market by both buyers and sellers.” Fimrite added that although February’s sales were below the sales totals for February of a year ago, the beginning of 2010 was marked by an unusually strong market that softened as the year progressed. He noted that inventory levels also rose in February, “There were 3,714 properties available for sale at the end of February – up from 3,283 properties available at the end of January. Inventory levels are currently 13 per cent higher than a year ago.”

Fimrite added that despite ongoing concerns about affordability, it’s important to note that a substantial number of homes are selling in the mid-priced range, “Nearly half of the single family homes that sold last month went for under $550,000 while 46 per cent of condominiums last month sold for under $275,000.”

The average price for single-family homes sold in Greater Victoria last month was $610,975 up from $603,401 in January. The median price, however, declined to $564,950. The six-month average rose slightly to $623,389. There were 14 single family home sales of over $1 million in February including one on the Gulf Islands. The overall average price for condominiums was $323,844 last month, up slightly $323,002 in January. The average for the last six months also rose slightly to $320,717. The median price for condominiums in February, however, declined to $285,444. The average price of all townhomes sold last month declined to $415,591 from $447,792 in January. The median price also declined to $393,000 while the six month average declined slightly to $432,194.

MLS® sales last month included 264 single family homes, 134 condominiums, 52 townhomes and 17 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

2010 – A Return to a Balanced Real Estate Market

January 4th, 2011

Last year was marked by a return to a balanced real estate market in the Greater Victoria area. Sales were strong in the early months of the year, then softened mid-year before regaining strength in the fall. A total of 6,546 homes and other properties sold in 2010 – a decline of 19 per cent compared to 2009 but almost the same number as the 6,519 sales in 2008. The value of all property transactions through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) system also declined by 14 per cent to nearly $3.24 billion.

Victoria Real Estate Board President, Dennis Fimrite, noted that while sales declined last year compared to 2009, overall average prices were stable and showed modest increases across major property types. The overall average price for single family homes increased by nearly 8.5 per cent; the average price for condominiums rose over four per cent and the average price for townhomes rose over three per cent.

Fimrite says the return to balanced market conditions is good news for both buyers and sellers, “We expect balanced market conditions to continue in the coming months and this will give both sellers and buyers a sense of stability when making important decisions regarding their future housing needs. Continued attractive mortgage rates will also contribute to a stable and balanced market.”

Fimrite added that December saw a normal decrease in sales compared to November with some minor fluctuations in prices. There were 349 sales in December, down from 479 sales in November. The average price of single family homes in Greater Victoria last month was $647,063. There were sixteen sales of over $1 million in December, including two on the Gulf Islands. The six-month average was $620,911 while the median price was significantly lower at $574,750. The average price of all condominiums sold in December was $301,671; the average for the last six months was $320,279 while the median was $285,000. The average price of all townhomes sold last month was $434,783; the six-month average was $431,182 and the median was $415,000.

MLS® sales last month included 181 single family homes, 105 condominiums, 29 townhomes and nine manufactured homes.

Fimrite noted that the number of properties available for sale declined further in December to 3,252. However, this was still 25 per cent higher than a year earlier.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Home For The Holidays – Open House

December 20th, 2010

Join us during the Holiday Season for an Open House of our newly furnished Show Suite at 102-758 Sayward Hill Terrace. Bring along your out-of-town guests and explore condominium living at Sayward Hill. The holidays are all about entertaining and our suites offer large, spacious open floor plans of over 1,900 square feet of quality and luxury to showcase your home to friends and family. Great use of space for everyone to feel comfortable and relaxed next to warmth of the gas fireplace while enjoying the snow-capped view of Mt. Baker and the lush greens of Cordova Bay Golf Course through the floor-to-ceiling windows. The gourmet kitchen offers an 11′ granite eating bar for guests to gather and experience the tastes of the home chef and the separate guest bedroom suite area offers privacy for all. 

Home For the Holidays

You can take your visitors out for a round of golf – yes, even in the Winter Season here in Victoria – or stroll through the local shops at Mattick’s Farm, including the Red Barn Market, where you can pick out hand-selected BBQ options for yes, Winter Barbequing at Sayward Hill. The Lochside Trail offers a great escape by foot or bike into the farm fields of the Hunt Valley or heading South on the Trail will lead you to Broadmead Village Shopping Centre. Sayward Hill is a unique place to live and entertain – come and explore your options today!

OPEN HOUSE December 28-29-30 from 2:00 pm to 4:00 pm
102-758 Sayward Hill Terrace-Priced at $977,270 inc. HST
103-758 Sayward Hill Terrace-Priced at $977,270 inc. HST
104-758 Sayward Hill Terrace-Priced at $969,000

For More Information Please Contact Ingrid Jarisz – Sayward Hill Sales Office – 250-882-5295.

Green Living At Sayward Hill

April 21st, 2010

Celebrate Earth Day April 22

 To mark the celebration of Earth Day on April 22, it seems appropriate to share what Sayward Hill is doing to reduce the carbon footprint of our condominium owners and neighbours in Cordova Bay. Our development is located within the District of Saanich who has recently undertaken a climate action plan of their own. If you could compress the amount of carbon dioxide being pumped Saanich’s air annually — about 521,000 tonnes — a 3.2-centimetre deep mass covering 8,800 square kilometers over Vancouver Island would be the result. However, Saanich has a plan to cut that amount by one third over the next ten years as they became the first Capital Region municipality to adopt a climate action plan into its official community plan recently. By 2020, the goal is to see residents and businesses cut their emissions by 33 per cent. The municipality aims to cut its own emissions in half. The crux of the plan is dealing with emissions from vehicles, which makes up 62 of all greenhouse gas emissions in Saanich. The plan calls for short-term steps like improving sidewalks, bus shelters and adding bike lanes and trails. It also expects that 10 per cent of Saanich drivers will own electric cars by 2020, another provision that we are including in our buildings at Sayward Hill.  Mayor Frank Leonard said the plan isn’t perfect and will need the community to get behind the goals laid out. “Our work is still cut out for us there,” he said.

We commend the District of Saanich for tackling this issue and are proud to share some of the green living aspects that we have incorporated into our homes at Sayward Hill to help reduce the buildings’ impact on the ecosystem and provide a healthy living environment:

  • Low-emissivity (LowE) glass reduces heat gain and loss and the energy consumed in heating and cooling. In addition it filters out UV rays protecting your furniture from fading and avoiding the health concerns associated with UV rays.
  • Concrete construction reduces heat gain and loss reducing energy used in heating and cooling.  
  • Native, drought resistant, and low maintenance plantings reduce water consumption and use of fertilizers and pesticides.
  • Storm water from Sayward Hill is collected by the golf course and used for irrigation. 
  • Energy efficient appliances significantly reduce energy and water consumption.
  • Low flow toilets reduce water consumption.
  • Cork flooring, used in the kitchens, is made from the bark of the cork tree, which re-grows its bark, making it a completely renewable product.
  • Marmoleum flooring, used in the laundry and storage rooms, is a natural, biodegradable product that contains no formaldehyde and produces no toxic off-gases.
  • Napoleon fireplaces were selected for their high efficiency rating for heat production.
  • Low VOC paints only used through the suites and common hallways and lobbies.
  • Insulation contains 60% recycled material.
  • Cordova Bay Golf Course is a certified Audubon Sanctuary and adheres to high environmental standards. Cordova Bay is further designated as a bird sanctuary with over 70 different species of birds.

How to Save $22,750 with the HST

March 31st, 2010

Save Almost $23,000 with HST

July 1, 2010 is fast approaching but there is still time to save before the harmonized sales tax (HST) comes into effect, especially with the purchase of new real estate at Sayward Hill. Here is a quick snapshot of what the new tax is all about and how you can save almost $23,000 if you act before July 1st.  

The HST combines the five per cent federal goods and services tax (GST) and the seven per cent provincial sales tax (PST). The GST and PST will be eliminated. With the HST, some things will likely cost more. For example, goods that are now exempt from the PST will have the HST added on; for those items, consumers will pay a 12 per cent tax, instead of 5 per cent for just the GST. 

Examples of items that will have a higher cost because of the HST: 

  • restaurant meals 
  • bicycles 
  • private sales of vehicles, boats and aircraft 

Taxes reduced as a result of the HST: 

  • Provincial portion of the HST on accommodation reduced to seven per cent from eight per cent 
  • Provincial portion of the HST on liquor reduced in restaurants to seven per cent from 10 per cent 

Measures to offset increased costs to some industries: 

  • Point-of-sale rebates for the seven per cent portion of the HST on books, motor fuels, children’s clothing and footwear, children’s car seats, children’s diapers, feminine hygiene products 
  • Provincial rebate and credit for the provincial portion of the HST payable on energy purchased for residential use 
  • Purchasers of new houses costing up to $525,000 will be eligible to receive a rebate of 71.43 per cent of the provincial portion of the HST, up to a maximum of $26,250. Houses over $525,000 will receive a flat rebate of $26,250, but the buyer pays the higher rate on the balance.

We have calculated how you can save almost $23,000 based on the new HST tax formulas: 

758 Sayward Hill Terrace

When a sale of one of the remaining new condos at 758 Sayward Hill Terrace takes place after July 1st, Jawl Developments, as the Builder/Developer has the ability to claim back the embedded PST that was otherwise incurred during construction of the building which would otherwise not be paid back through the HST. The BC Government estimates this amount at 2% of the consideration paid, estimated as follows: 

$1,029,000 price including GST   
$     49,000 5% GST   
$  980,000 Consideration paid   $980,000 x 2% Builder’s Rebate = $19,600   

We estimate the  Builder’s Rebate amount of $19,600 which we can reduce the purchase price by and claim back from the government. In this scenario, with a contract signed after July 1st, a buyer would be subject to HST, so the new calculation of the purchase price is as follows: 

$    980,000     Consideration 
$+ 117,600      12% HST Paid  
$-     26,250      BC New Housing Rebate (maximum rebate) 
$-     19,600      Less Builder’s PST 2% Rebate  
$1,051,750      TOTAL PURCHASE PRICE after July 1, 2010 
$1,029,000     TOTAL PURCHASE PRICE on June 30, 2010

$      22,750     TOTAL SAVINGS

In summary, a savings of $22,750 is available if a purchase is made before July 1st, 2010.  For more information on the remaining,  3 brand-new residences at 758 Sayward Hill Terrace,please contact Ingrid Jarisz of our Sales Office at 250-658-4700 x1 or email to info@saywardhill.com

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