The Victoria Times-Colonist tells us the cost of housing in British Columbia’s capital city has doubled in the last decade and that reality is reflected in cities across Canada. Citing the Housing Evolution Report, the Times-Colonist found the average price for all types of housing in the Greater Victoria region climbed by 123 per cent to C$504,561 in 2010 from $225,731 in 2000.

It’s no secret that Toronto is the North American condo king. Maybe T.O. is the new Dubai given the number of high-rise towers being raised. Regardless, the National Post says from 2000 to 2010, the average value of a Canadian home doubled, rising to $339,030 from $163,951. The money involved is huge, with the value of residential building permits issued across Canada in the past decade pegged at $340 billion.

The Post also identified Winnipeg as the future real estate hot spot and it has nil to do with that city landing an NHL franchise in recent months (though you might expect that to be a factor in Canada).

“Winnipeg is seen as having the biggest potential for future growth, as it leads the nation with having the largest stock of older homes. More than half of the city’s owned housing was built before 1970.”

The Montreal Gazette, said Regina leads nationally with respect to the rise in average home prices by 173 per cent in the last 10 years.

“Other cities include: Edmonton with 165 per cent, Saskatoon with 163 per cent, Winnipeg with 158 per cent, Kelowna with 156 per cent, St. John’s with 149 per cent, Greater Vancouver 128 per cent and Calgary with 126 per cent.”

The Toronto Sun adds home renovations are helping boost housing prices.

“Revitalization, renovation and new construction have been largely underestimated in terms of overall impact on rising average price,” Elton Ash, regional executive vice-president, Re/Max of Western Canada, told the Sun. “Yet, outside of supply and demand, these have been among the foremost variables influencing real estate values.”

While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December, annual sales for single family homes, townhomes and manufactured homes had increased, while condominium sales decreased by 15% compared to December 2010.

“This may be the result of an increased number of lower priced single-family homes that became available,” says Carol Crabb, President of the Victoria Real Estate Board.

Crabb cites that housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.

“This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August,” says Crabb. “During the last quarter of 2011, it has been virtually unchanged month over month.”

“While we were trending towards a buyers’ market, based on both the prices and number of properties for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced market,” she says.

December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active listings has been fewer than 4,000 since February 2011.

December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales in November. There were 349 sales in December 2010. Crabb notes that sales typically decline each December, reflective of the holiday season.

The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly from $592,034 in November. The median price also increased to $535,750 while the six-month average declined to $607,221. The overall average price for condominiums last month was $312,066, down from $320,558 in November. The median price for condominiums in December also decreased to $270,000 while the average for the last six months declined marginally to $321,177. The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. The median price increased to $375,000 from 360,000, while the six month average declined to $416,361.

There were six sales of single-family homes marginally over $1 million, with one in View Royal and five in Saanich East. The highest volume of sales in December 2011 was in Saanich East.

MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 11 manufactured homes, totaling 320 residential sales.

December 1, 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 activity softened throughout Greater Victoria last month with a total of 458 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542 sales in August. Sales last month were, however, 16 per cent higher than the 395 sales in September of last year. Prices, meantime, remained mixed depending on the property type.

Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some easing of sales in September. “There has been some softening in activity over the last year with sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two months have been higher than in August and September of last year and we anticipate stable market conditions for the balance of this year.” Fimrite noted that despite economic uncertainty, interest rates remain very attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over $1 million in September including one in Saanich East at over $6 million.

Fimrite added that the number of properties available for sale remained virtually unchanged last month with inventory levels currently 14 per cent higher than a year ago. “The number of properties available for sale declined very slightly last month to 4,940 compared to 4,944 at the end of August.”

The average price for single-family homes sold in Greater Victoria last month was $622,393, down from $652,841 in August. The median price also declined to $535,000 while the six-month average increased slightly to $622,519. The overall average price for condominiums last month was $332,490, down from $339,057 in August. The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900. The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 while the six month average increased slightly to $447,127.

MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 manufactured homes.

October 3, 2011

Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542 sales in August. Sales last month were, however, 16 per cent higher than the 395 sales in September of last year. Prices, meantime, remained mixed depending on the property type.

Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some easing of sales in September. “There has been some softening in activity over the last year with sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two months have been higher than in August and September of last year and we anticipate stable market conditions for the balance of this year.” Fimrite noted that despite economic uncertainty, interest rates remain very attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over $1 million in September including one in Saanich East at over $6 million.

Fimrite added that the number of properties available for sale remained virtually unchanged last month with inventory levels currently 14 per cent higher than a year ago. “The number of properties available for sale declined very slightly last month to 4,940 compared to 4,944 at the end of August.”

The average price for single-family homes sold in Greater Victoria last month was $622,393, down from $652,841 in August. The median price also declined to $535,000 while the six-month average increased slightly to $622,519. The overall average price for condominiums last month was $332,490, down from $339,057 in August. The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900. The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 while the six month average increased slightly to $447,127.

MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 manufactured homes.

Real estate sales activity picked up throughout Greater Victoria last month with a total of 542 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 523 sales in July. There were 425 sales in August of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that the increase in market activity is positive news: “The increase in sales reflects ongoing stability in the market. Although there was some modest increase in overall prices in August it is important to note that prices can fluctuate month-to-month depending on the properties sold and it takes time for trends to develop. Higher priced sales in particular can have a significant impact on overall average prices.” Fimrite noted that there were 25 single family home sales of over $1 million in August including one in Oak Bay and one in North Saanich at over $3 million each.

Fimrite added that the number of properties available for sale declined at the end of last month with inventory levels currently 13 per cent higher than a year ago. “The available choice for buyers has been at record highs in recent months but the number of properties available for sale dipped below 5,000 last month to 4,944 compared to 5,094 at the end of July.”

The average price for single-family homes sold in Greater Victoria last month was $652,841, up from $581,117 in July. The median price also increased to $547,000 while the six-month average increased to $621,960. The overall average price for condominiums last month was $339,047, up from $315,371 in July. The average for the last six months increased to $329,951. However, the median price for condominiums in August declined to $271,500. The average price of all townhomes sold last month increased to $437,079 from $412,178 in July. The median price also increased to $416,700 while the six month average also increased to $446,135.

MLS® sales last month included 307 single family homes, 128 condominiums, 68 townhomes and 15 manufactured homes.

Victoria Real Estate Board President, Dennis Fimrite, noted that the increase in market activity is positive news: “The increase in sales reflects ongoing stability in the market. Although there was some modest increase in overall prices in August it is important to note that prices can fluctuate month-to-month depending on the properties sold and it takes time for trends to develop. Higher priced sales in particular can have a significant impact on overall average prices.” Fimrite noted that there were 25 single family home sales of over $1 million in August including one in Oak Bay and one in North Saanich at over $3 million each.

Fimrite added that the number of properties available for sale declined at the end of last month with inventory levels currently 13 per cent higher than a year ago. “The available choice for buyers has been at record highs in recent months but the number of properties available for sale dipped below 5,000 last month to 4,944 compared to 5,094 at the end of July.”

The average price for single-family homes sold in Greater Victoria last month was $652,841, up from $581,117 in July. The median price also increased to $547,000 while the six-month average increased to $621,960. The overall average price for condominiums last month was $339,047, up from $315,371 in July. The average for the last six months increased to $329,951. However, the median price for condominiums in August declined to $271,500. The average price of all townhomes sold last month increased to $437,079 from $412,178 in July. The median price also increased to $416,700 while the six month average also increased to $446,135.

MLS® sales last month included 307 single family homes, 128 condominiums, 68 townhomes and 15 manufactured homes.

Victoria Real Estate Board President, Dennis Fimrite, noted that despite the drop in the number of sales last month compared to June, market activity is now very close to what we saw at this time last year. “In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year.”

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently 14 per cent higher than a year ago. “The available choice for buyers increased further last month with 5,094 properties available for sale at the end of July, up slightly from the 5,050 properties available for sale at the end of June.” Fimrite added that the increasing inventory means sellers need to be realistic in pricing their homes in order to attract qualified buyers. “A REALTOR’S® expertise can be invaluable in today’s market to help sellers price their homes to best advantage,” added Fimrite.

The average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price also declined to $535,000 while the six-month average declined to $615,439. There were 13 single family home sales of over $1 million in July including two on the Gulf Islands. The overall average price for condominiums last month was $315,371, down from $320,172 in June. The average for the last six months declined to $327,762. The median price for condominiums in July also declined to $289,000. The average price of all townhomes sold last month declined to $412,178 from $444,768 in June. The median price also declined to $385,000 while the six month average declined to $443,341.

MLS® sales last month included 283 single family homes, 147 condominiums, 47 townhomes and 19 manufactured homes.

A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity has returned to comparable levels of a year ago. “Overall sales so far this year are down 21 per cent compared to a year ago. It’s important to note, however, that the first few months of last year were very active compared to this year and we are now seeing a return to similar market conditions of a year ago.”

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently seven per cent higher than a year ago. “The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June – the highest monthly level in 15 years.” Fimrite add that there were 4,857 properties available for sale at the end of May.

The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June. The overall average price for condominiums last month was $320,172, down from $328,345 in May. The average for the last six months rose to $329,402. The median price for condominiums in June also rose to $300,000. The average price of all townhomes sold last month declined to $444,768 from $466,845 in May. The median price also declined to $399,000 while the six month average rose to $448,159.

MLS® sales last month included 348 single family homes, 177 condominiums, 62 townhomes and nine manufactured homes.

The number of property sales throughout Greater Victoria in May showed little change compared to April while overall prices showed some softening. A total of 572 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), virtually unchanged from the 574 sales in April. There were 695 sales in May of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity so far this year is considerably slower than in the same period a year ago, “Sales so far this year are running nearly 21 per cent behind last year’s levels. It’s important to remember, however, that the first six months of last year were very active and sales activity subsequently slowed considerably over the summer and into the fall.”

Fimrite added that the number of properties available for sale continued to increase at the end of last month which is typical for this time of year. “There is plenty of choice now on the market for buyers with 4,857 properties available for sale at the end of May – up from 4,561 properties available at the end of April. Inventory levels are currently seven per cent higher than a year ago.” Fimrite noted that while overall market conditions remain balanced, it’s important for sellers to price their homes realistically to attract attention from buyers.

The average price for single-family homes sold in Greater Victoria last month was $628,462, up from $615,533 in April. The median price, however, declined slightly to $553,000 while the six-month average also declined slightly to $620,488. There were 26 single family home sales of over $1 million in May including one on the Gulf Islands. There were three sales in Oak Bay and one sale in Saanich West of over $2 million. The overall average price for condominiums last month was $328,345, down from $353,858 in April. The average for the last six months declined to $327,757. The median price for condominiums in May declined to $294,000. The average price of all townhomes sold last month declined to $466,845 from $480,621 in April. The median price also declined to $432,332 while the six month average rose to $447,581.

MLS® sales last month included 353 single family homes, 123 condominiums, 51 townhomes and 17 manufactured homes.

The number of property sales throughout Greater Victoria softened in April while prices remained steady, showing increases for condominiums and townhomes and minor movement for single family homes. A total of 574 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down from the 622 sales in March. There were 756 sales in April of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that although sales are running below last year’s levels, the steady prices reflect ongoing stability in the market. “Sales so far this year are running over 20 per cent below last year’s levels but it is important to remember that sales were exceptionally strong during the first few months of 2010. Tighter credit conditions and anticipated higher mortgage rates have and will have some moderating effect on the market and prices are expected to remain relatively flat and stable for the time being.” Fimrite added that the number of properties available for sale continued to rise at the end of last month as more people put their homes up for sale as expected at this time of year. “There were 4,561 properties available for sale at the end of April – up from 4,100 properties available at the end of March. Inventory levels are currently eight per cent higher than a year ago.”

The average price for single-family homes sold in Greater Victoria last month was $615,533, down slightly from $619,275 in March. The median price declined to $556,000 while the six-month average also declined to $621,412. There were 18 single family home sales of over $1 million in April. The overall average price for condominiums was $353,858 last month, up from $325,581 in March. The average for the last six months rose to $331,108. The median price for condominiums in April rose to $301,000. The average price of all townhomes sold last month rose to $480,621 from $434,626 in March. The median price also rose to $460,000 while the six month average rose to $439,450.

MLS® sales last month included 315 single family homes, 153 condominiums, 61 townhomes and 11 manufactured homes.