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Posts tagged ‘January’

Strong Start to 2013 for Sooke Sales – Sooke Real Estate Statistics – January 2013

Ahh, Winter on the West Coast!

Ahh, Winter on the West Coast!

It’s been a busy first month of the year for local real estate agents – myself included! After a very quiet last quarter of 2012, I’m hoping this means that we can look forward to a year marked by robust sales yet affordable prices here in Sooke. Let’s see how the numbers break down: Read more

Sooke Real Estate Sales Statistics – January 2012

Where did January go? A fun start to the new year, a short trip to New York, and a couple of snow days and all of a sudden it was February! I’m going to try to keep track of statistics for Sooke at the end of each month and post them here so you can follow along. Along with the numbers, I’ll give you my opinion of what the vibe is like in the market and what the other REALTORS® are saying. Read more

Victoria BC Real Estate Buyer’s Profile – January 2010

The Railyards in Victoria, BC (Vic West)

The Railyards in Victoria, BC (Vic West) Credit: pnwra on Flickr

Last month, I started a new series about buyer activity in the greater Victoria real estate market. The data comes directly from the “man (or woman) on the street” by way of a survey sent out by the Victoria Real Estate Board to agents who worked with a buyer to complete a transaction in that month.

Key highlights from this month’s data:

  • 25% of buyers used high-ratio (more than 80%) financing to purchase their home
  • Sooke, Langford, Colwood and Metchosin accounted for 20% of all purchases last month
  • Only three buyers found out about the property they bought via print media like a classified ad or real estate newspaper/magazine.
  • Agents are reporting more traffic at open houses, and more instances of multiple offers on the same property.

Check out the full details of the survey here.

Tim Ayres – Sooke Real Estate Professional

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Bank of Canada Cuts Interest Rate To Lowest Rate In History At January Meeting

SNIP!

SNIP!

Hello Google Searchers! A post about the March 3, 2009 announcement can be found here!

This morning, the Bank of Canada lowered its key overnight lending rate (the rate at which it lends funds to Canada’s commercial banks) to 1%, slashing it a further 0.5% and taking to 3.5% the total amount shaved off the key overnight rate since the current trend of trimming it started last year.

The Bank believes that the Canadian economy will contract 1.2% this year and we will experience two quarters of deflation and expects the economy will start to turn around in 2010, with a healthy growth of 3.8% as changes to policy take hold. The Bank also noted that the lower Canadian dollar will make Canadian commodities cheaper to other countries.

Because the Bank doesn’t foresee core inflation returning to its target 2% until 2011, you can expect interest rates to remain low for all of this year and next.

Canada’s big banks have already indicated that they would be matching the full 0.5% rate cut, trimming their prime rates to 3%. I believe this is a good sign that the availability of credit has loosened up somewhat. In recent months, when the Bank of Canada has made a cut to interest rates, the big banks have been hesitant to match the cut in their prime consumer lending rates, opting to keep the savings to themselves to offset higher credit costs.

As a result, anybody on a variable rate mortgage is now saving more money, and anyone shopping for a new mortgage just increased their buying power. With inventory on the MLS starting to ramp up, this combination is great if you’ve been thinking about buying.

The full Bank of Canada news release can be found here.

For more information and sound advice on real estate in Victoria and Sooke, please contact me.

Tim Ayres – Sooke Real Estate Professional

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Just use the form or link below this post.

You can bookmark this post using the button below,
or subscribe to this blog for free updates using the big buttons on the sidebar!

Strong Start to 2008 Victoria BC Real Estate Market

Both sales and Listings up over January of last year.

Sales of homes and other properties in the Greater Victoria area got off to a solid start in the first month of 2008. There were 464 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in January, up from the 442 sales in the same month a year ago. There were 408 sales in December. Meantime, the total number of properties available for sale rose to 3,027 – a 14 per cent increase over January of last year.

Victoria Real Estate Board President, Tony Joe, says the market remains very healthy and the strong sales and increase in inventory represent good news for sellers and buyers. “There continues to be strong demand for homes that are realistically priced and the increase in the number of properties available for sale means more choice for buyers,” said Joe. Joe noted that nearly 29 per cent of single family homes sold for less than $450,000 last month while nearly 37 per cent of all condominiums sold for under $275,000 in January.

Joe added that 19 sales of over $1 million had an upward impact on the average price of single family homes, “The average price of single family homes sold in January in Greater Victoria was $606,449 but it is important to note that the median price was considerably lower at $530,200.” The six-month average for single family homes was $586,338. The average price of all condominiums sold in January was $349,045; the average for the last six months was $326,904. The median was again lower at $304,450. The average price of all townhomes sold last month was $423,774; the six month average was $419,926. The median price was $392,950.

MLS® sales last month included 249 single family homes, 125 condominiums, 43 townhomes and 16 manufactured homes.

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

Courtesy Victoria Real Estate Board

Tim Ayres


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