Courtesy of the Victoria Real Estate Board
Monthly Newsletter & Current MLS Statistics
June 2, 2008
With a return to a balanced real estate market, home buyers in the Victoria area now have a much larger pool of properties from which to choose. The number of properties available for sale increased to 4,332 in May - a 25 % increase over the same month a year ago and the highest level since June 1998.
Victoria Real Estate Board President, Tony Joe, notes that despite this increase, prices and sales remain stable although the number of sales is down compared to a year ago. "There was a total of 770 sales of homes and other properties in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from the 768 sales in April but down from the 963 sales in May of last year."
Joe noted that a significant number of new properties came on the market last month: "There were 1,850 new listings in May - the highest number for a single month in over 18-years". Joe added that 24 sales over $1 million had an impact on the overall average price of single family homes in Greater Victoria which last month was $601,897;
the six-month average was $606,985,
though median was considerably lower at $545,000.
There were also three sales on the Gulf Islands of over $1 million.
The average price of all condominiums sold in May was $336,157;
the average for the last six months was $333,208.
The median was again lower at $295,500.
The average price of all townhomes sold last month was $435,058;
the six month average was $433,854. The median price was $394,900.
MLS® sales last month included 470 single family homes, 168 condominiums, 71 townhomes and 25 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
Courtesy of the Victoria Real Estate Board
Friday, June 6, 2008
Who is Moving to Victoria, BC?
Victoria, the jewel of Vancouver Island and located on the southern tip, boasts the mildest climate in Canada, having pleasantly warm summers and mild winters. The Pacific Ocean is at your doorstep ... what better place to live? Selling Real Estate in Victoria has become my passion, and it is where I meet people from all over North America as well as those from Europe.
Most overseas clients come from the UK. While the rest of Canada sees a record influx of immigrants from Asia and the Middle East, Greater Victoria continues to attract its traditionally strong base of people from the USA and the UK. This is according to the Language and Immigration 2006 census data, which shows the percentage of foreign-born population in Richmond, Burnaby and Vancouver was 60%, 50% and 40% respectively, while that of Victoria was 20%.
The BC Government Stats website has some interesting figures with regard to the population in Victoria, for example:
GREATER VICTORIA CENSUS SNAPSHOT
Total population: 325,060
Total immigrant population: 61,980 or 19.1 %
New immigrants (2001-2006) 5,975
TOP FIVE SOURCES OF NEW IMMIGRANTS
United States 885
China 840
United Kingdom 620
Philippines 380
India 280
MOTHER TONGUE English: 274,955
French: 5,580
Other: 43,830
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