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CMHC Housing Assessment: Q3 2019 Highlights

Every Quarter, the Canadian Mortgage and Housing Corporation releases an assessment of the Canadian Housing Market… here are the findings from August 2019:

https://en.wikipedia.org/wiki/Canada_Mortgage_and_Housing_Corporation

Highlights:

  • The Housing Market Assessment (HMA)1 continues to indicate a moderate degree of overall vulnerability at the national level. However, imbalances between house prices and housing market fundamentals have narrowed over the past year.
  • After being flagged with a high degree of vulnerability for twelve consecutive quarters, the overall assessment of the Vancouver housing market has been changed to moderate as evidence of price acceleration has eased to low.
  • The degree of overall vulnerability remains high for Toronto, Hamilton and Victoria. But, conditions of overheating, price acceleration and overvaluation are showing signs of easing in all three centres.
  • Edmonton, Calgary, Saskatoon, Regina and Winnipeg continue to see a moderate degree of vulnerability in the overall assessment, where evidence of overbuilding continues to be observed.
  • A low degree of overall vulnerability is maintained for Ottawa, Montréal, Québec City, Moncton, Halifax and St. John’s. However, overheating conditions persist in Montréal and Moncton, as does overbuilding in St. John’s

If you’d like to see the full report, check out the report on their website:

https://www.cmhc-schl.gc.ca/en/data-and-research/publications-and-reports/housing-market-assessment

Dealing with Asbestos

This is one A-Word that most people don’t want to hear in Real Estate. Before you run screaming for the hills, it’s important to realize that asbestos is not as bad as you might think, and in more place than you ever imagined.

When it was first discovered as a building material, it was a breakthrough with many promising applications… it took a while before scientists discovered the dark side of asbestos.

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July 2019 – Monthly Market Update

Inventory continues to increase, sales volume slightly improved year over year, prices soften.

Hi everybody,  

Hope you’re all getting some great outdoor time!  It’s time again for our Monthly Market Update, a service which we provide as a courtesy to our loyal clients and contacts.

Pricing and Activity:  For June the core area (which takes in Victoria, Esquimalt, View Royal, Oak Bay and Saanich) is showing a price decrease of about 4.3% year over year.  The benchmark price of a single family home in the core is$859,600, just a bit less than last month’s $860,800 but less than last year’s $898,500.  Overall in our entire market area (which also takes in the islands, Western communities and over the Malahat)it’s also negative year over year but just a little (1.3%), standing at $754,200, lower than last month’s $756,000.Activity and pricing vary by area and also by type of property.  There are more sales of single family homes than any other class so it best represents the activity. 

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June – Monthly Market Update

Quick Summary:  Inventory continues to increase, sales volume improved year over year, and prices remain fairly constant.  

Hello everyone!  

Bring on summer!  Time for some fun in the sun!  It’s that time again for our Monthly Market Update, a service which we provide as a courtesy to our loyal clients and contacts.

Pricing and Activity:  For May the core area (which takes in Victoria, Esquimalt, View Royal, Oak Bay and Saanich) is showing a price decrease of about 2.9% year over year.  Thebenchmark price of a single family home in the core is$860,800, more than last month’s $843,500 but less than last year’s $886,200.  Overall in our entire market area (which also takes in the islands, Western communities and over the Malahat)it’s also negative year over year but just very slightly (less than 1%), standing at $756,000, and higher than last month’s $742,400.Activity and pricing vary by area and also by type of property.  There are more sales of single family homes than any other class so it best represents the activity. 

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Jenny’s Corner – April 2019

Quick Summary:  Sales numbers somewhat improved but activity still low, prices softening a little, and inventory increased slightly.

Hi Everybody, Happy April!  Time once again for my Monthly Market Update, provided as a courtesy to all my loyal clients and contacts.  Let’s get to it!

Pricing and Activity:The core area (which takes in Victoria, Esquimalt, View Royal, Oak Bay and Saanich) is showing a decrease ofabout 2.8% year over year.  Thebenchmark price of a single family home in the core is$843,600less than last month’s $845,900 and less than last year’s $867,900 showing the declining pattern continuingOverall in our entire market area (which takes in the islands, Western communities and over the Malahat)it’s also negative but just very slightly, at about .7% less than a year ago, standing at $741,000and actually just a bit higher than last month’s $739,500.It’s a statistic.  Activity and pricing vary by area and also by type of property.  There are more sales of single family homes than any other class so it best represents the activity. 

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Jenny’s Corner – March 2019

Quick Summary:  We are encouraged by the number of showings but sales numbers are lower and prices continue to soften.   Spring is always the busiest time in real estate, so we will have to wait to see if things improve when the weather breaks.

Hello everyone, welcome to March and hopefully spring arriving soon!  …waiting patiently!!  Time again already for my Monthly Market Update, a collection of statistics plus my opinion about the Victoria Real Estate market, which I provide as a courtesy to all my loyal clients and contacts.

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Jenny’s Corner – February 2019

Hello everyone, Happy February, and time for my Monthly Market Update, a service I provide to all my loyal clients and contacts.

Pricing and Activity:The core area (which takes in Victoria, Esquimalt, View Royal, Oak Bay and Saanich) is showing an increase of just under 1% year over year.  The benchmark price of a single family home in the core is$847,800less than last month’s $858,600but still slightly more than last year’s $840,100.It’s in a declining pattern for several months now though is still showing a very slight increase year over year, almost to the even point.  Overall in our entire market area it’s showing an increase of about 2% year over year, standing at $742,000.Activity and pricing vary by area and also by type of property.  There are more sales of single family homes than any other class so it best represents the activity. 

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Condo Crazy in #YYJ

With so many new condos being planned, proposed, built, and sold in Victoria, it can feel a little overwhelming to keep track of them all.

Victoria and the surrounding communities are seeing a building boom of epic proportions. In order to keep on top of the comings and goings of developments in Victoria, we frequently make use of the database of developments on citified.ca :

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2018 Recreational Property Report

If you’ve been looking at recreational property, you’re in good company!

Turns out, it’s one of the biggest trends of growth right now in Canada, with a lot of retirees (or wannabe retirees) actively shopping for a place to relax and unwind.

RE/MAX has just released their report, and if you’re on the West Coast, you may be shocked to see what is going on. For example, the median price of waterfront in Tofino, according to this report, has doubled since last year! Even our prime minister, Justin Trudeau, has seen the appeal of Tofino and will be spending part of his family Summer vacation there. (For the third Summer in a row!)

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New Rules: Disclosure of Representation in Trading Services

There has been a lot of buzz in the BC Market in the last few weeks about the new DORT Forms (Disclosure of representation in trading services).

This is a reference to a specific new section in a document put out by the Real Estate Council of British Columbia called the “Real Estate Rules”.

These rules are made by the council for anyone who is licensed to trade Real Estate in BC.

As of June 15, 2018, there are changes in Section 5.10 of these rules that have an impact on the way Realtors talk about “Representation”:

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