The Art of Real Estate in Victoria BC

2012 Real Estate stats month to date Feb 20

2012-02-20T22:26:00.000-08:00

	MTD	February
	2012	2011
Net Unconditional Sales:	311	488
New Listings:	818	1,276
Active Listings:	3,676	3,714

View Tony's video report for the week here

Provincial changes in HST

February sales stats to date- Feb 13 2012

2012-02-13T18:53:00.000-08:00

Monday, February 13, 2012 8:00am

	MTD	February
	2012	2011
Net Unconditional Sales:	179	488
New Listings:	557	1,276
Active Listings:	3,629	3,714

Watch the weekly video report here

CMHC predicts little change in Canadian housing market in 2012 and 2013

2012-02-13T11:53:00.000-08:00

OTTAWA - Canada Mortgage and Housing Corp. is predicting the Canadian housing market will remain fairly stable this year and next, with little change from 2011 in prices, new home construction and sales of existing homes.
The national housing agency said Monday in its first-quarter 2012 report that the foreseen stability stems from an economy that appears set to expand at only a moderate pace over the next two years. The Bank of Canada's key overnight rate — which affects mortgages tied to prime rates — will likely remain low until mid-2013, which should also act to keep activity on an even keel.
"With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011," CMHC deputy economist Mathieu Laberge said in a statement.
Low mortgage rates and high demand have driven housing prices sharply higher in large urban centres such as Toronto and Vancouver, leading many experts to warn that a housing bubble could burst when rates finally do rise.
Despite those warnings and alarms from top government officials that Canadians are taking on too much debt overall, the housing market has seen little change over the past few years, with price growth slowing but not retreating in most areas.
The CMHC says it expects the average house price in Canada to hit $368,900 for 2012, with a projected range between $330,000 and $410,000, according to data from the Canadian Real Estate Association's MLS service.
For 2013, that number rises to $379,000, with a range between $335,000 and $430,000.
"The moderate increases in the average MLS price are consistent with the balanced market conditions that occurred in 2011, and that are expected to continue in 2012 and 2013," CMHC said.
Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, while existing home sales are expected at about 457,300 units in 2012 and moving a little higher to 468,200 units in 2013.
The CMHC predicted that housing starts will be in the range of 164,000 to 212,700 units in 2012, and between 168,900 to 219,300 units in 2013. Existing home sales are expected in a range from 406,000 to 504,500 units in 2012, rising to 417,600 to 517,400 units in 2013.
Western Canada is expected to see strong growth in new housing starts, with Alberta leading the way with a 13.2 per cent increase. However, the agency said it expects housing starts in Saskatchewan to contract by about 2.7 per cent in 2013.
In Eastern Canada, all provinces are expected to see a contraction in housing starts for 2012, with "modest growth" returning to Quebec and Ontario in 2013.
The agency noted that the fate of an economic recovery in the United States, Canada's largest single trading partner, could have an immediate affect on Canada's housing industry —
"Some upsides include the potential that the U.S. could recover more quickly than anticipated, which would be positive for U.S. employment and economic growth," CMHC said.
"In turn, this could boost employment growth in Canada and thus lead to a stronger than expected housing market."
Conversely, if the U.S. recovery hits a snag and emerging economies see their growth slow while Europe suffers a slowdown, that could lead to slower employment growth in Canada and place a chilling effect on the demand for housing.

By: The Canadian Press

Posted: 02/13/2012 8:07 AM

Feb 2012 month to date stats

2012-02-07T00:08:00.000-08:00

Monday, February 6, 2012 8:00am

	MTD	February
	2012	2011
Net Unconditional Sales:	80	488
New Listings:	245	1,276
Active Listings:	3,539	3,714

Nothing much to report so far this month: new sales files are bound to be incoming during the next few days. We anticipate another increase over Feb 2011!

www.tonyjoe.ca
tony@tonyjoe.ca

January Month to Date sales stats

2012-01-30T22:56:00.000-08:00

Monday, January 30, 2012 8:00am

	MTD	January
	2012	2011
Net Unconditional Sales:	328	339
New Listings:	978	1,187
Active Listings:	3,551	3,283

See Tony's video report here

www.tonyjoe.ca
tony@tonyjoe.ca

Home Buyers: How much of a discount can I expect?

2012-01-26T14:16:00.000-08:00

We are commonly asked by buyers whether there is a specific formula to apply to determine how much off list price they can expect to pay.

Watch this video for the answer!

Tony Joe
RE/MAX Camosun
www.tonyjoe.ca
tony@tonyjoe.ca
250-370-7788

January sales stats month to date- January 23, 2012

2012-01-23T22:43:00.000-08:00

View Tony's weekly video here

	MTD	January
	2012	2011
Net Unconditional Sales:	240	339
New Listings:	717	1,187
Active Listings:	3,456	3,283

I was surprised to see these stats, considering the snow surprise the region encountered last week. As you are likely aware, our little town shuts down at the slightest sign of white flakes with schools closed and businesses on hiatus.

That being said, remember that sales take 7-14 days to be confirmed so many of the week's sales will have originated just before the snow. As a result, we may see a softer coming week however the market is not dead! Even during the week of snow, our phones were busy with people wanting to buy or sell Real Estate.

Stay tuned for next week's stats!

Tony
tony@tonyjoe.ca
http://www.tonyjoe.ca/

2.99% interest rate. How much lower can it get?

2012-01-22T12:50:00.000-08:00

http://www.vancouversun.com/business/lock+Pondering+merits+rate+financing/6025780/story.html

In 1991, my very first clients secured an excellent rate of 13.5%. Over the years, I've heard economists, consumers and financial experts say "it can't get any lower" when rates dropped past 7%, 6%, 5% and even the 4% in the not to distant past.

There are some who believe that high inventory, low rates and uncertain global economy will translate to plummeting prices but Victoria market fundamentals have always proven those to be incorrect assumptions.

I'll never forget a gentleman I met about 10 years ago: he wanted to sell his house because he felt Victoria prices would drop 50% in the next 6 months. Another agent sold his house and he ended up in the rental market only to watch prices DOUBLE in the 5 year span of 2002-2007. He effectively removed himself from an upward moving market and had to repurchase at a drastically higher price. I would call that a massive error- the economists and opinons he believed in betrayed him!

Last night I had a chat with Ken Strattford, www.businessvictoria.net who mentioned an article last week written by an economist in Florida who was quoted saying Victoria Real Estate prices will drop 60-70% in the next 12 months. What????? I'm not sure where he's getting this idea: we have the lowest vacancy rate in Canada, strong annual net migration of 3500 or so persons, and have a diverse economy including Government, Tourism, Military, Universities, Lifestyle (weather) and a growing Technology sector.

I need to find this Floridian economist and invite him to a game of blackjack. I may be totally unskilled at gambling but with a guestimate like his I'd stand to make some money!

Then and Now: Oak Bay Theatre

2012-01-20T14:22:00.000-08:00

From the Oak Bay News:
http://www.oakbaynews.com/community/137701443.html

Here's a photo I just snapped moments ago. It is now a Starbuck's and an art gallery however the sign remains!

Weekly stats, January 16 2012 (Video)

2012-01-17T20:17:00.000-08:00

Victoria Real Estate Board weekly stats

Weekly Victoria Real Estate stats: Jan 16 2012

2012-01-16T11:28:00.000-08:00

Monday, January 16, 2012 8:00am

	MTD	January
	2012	2011
Net Unconditional Sales:	154	339
New Listings:	497	1,187
Active Listings:	3,428	3,283

There's lots of activity out there, even though the numbers may not give that impression. Looks like we will (again!) exceed last year's sale figures but the dusting of snow we've had has definitely caused a few rescheduled appointments or delays in activity.

We are fielding many calls from owners who put off listing their home for sale in 2011, being ready to go now. As a result, the inventory for January will again be high- many options for those looking to buy!

Surrey woman ordered to sell condo over strata complaints: Times Colonist

2012-01-14T22:12:00.000-08:00

New precedence set in the Province of BC. This answers concerns that buyers occasionally have about what happens with problematic neighbours. It will be interesting to see where this decision goes with time.

Link to Times Colonist article here

Tips on selecting an agent

2012-01-13T22:46:00.000-08:00

There are 1300 Real Estate professionals serving Greater Victoria. Here are some pointers on how to find the right person for you:

· Do you feel a connection with the agent?

Buying or Selling a home is a complicated process. Does the agent give you the sense of competence, experience and knowledge? Do you feel you can trust this person and does rapport exist?

· Is he/she a Buyers Agent or a Sellers Agent?

Most agents do both. But many specialize in exclusively working with buyers or with sellers. Be sure to ask.

· Does the agent have recent experience in this price range and market area?

An agent who specializes in condo sales may not be able to provide valuable advice on commercial properties or vice versa. A true professional will explain their scope of expertise.

· How accessible is the agent?

If you require someone who can respond quickly to emails and text messaging, you need to determine in advance how the agent handles contact from you.

· What are the agent’s previous successes?

Testimonials from recent customers is a great way to gauge the agent’s dealings with other people. Good agents keep testimonials and often will provide contact information for you to speak directly with previous customers. You do background checks on employees or tenants- why not on your agent too?

If you are interviewing agents to serve you, please add us to your list. We’d be pleased to show you our results with buyers and sellers and demonstrate how we can help you reach your Real Estate goal.

info@tonyjoe.ca

250-370-7788

Ocean View suite at "The Pier"

2012-01-13T18:20:00.000-08:00

Just listed! 2007 built luxury condo at "The Pier" residences and resort.

Media link here

Arbutus one level home

2012-01-13T18:17:00.000-08:00

Just listed!

One level home in the Arbutus area.

Media Link here

Nine out of 10 condo owners like to be smoke free- Times Colonist

2012-01-12T08:30:00.000-08:00

I actually had this question posed not long ago. See this article on the topic:

http://www.timescolonist.com/technology/Nine+condo+owners+like+smoke+free/5978259/story.html

Hot MLS Pick of the Day

2012-01-12T07:42:00.000-08:00

Buyer Agent Susan Froher thinks this lovely property in Fernwood is a hot buy- I agree! 2 beds and 1 bath on 1042 square feet on a 6400sqft lot. Great intown location- only $465,000.

If interested or if you know someone who might be, call us at 250-370-7788 or info@tonyjoe.ca for more info.

"The Pier" in Sidney

2012-01-11T23:51:00.001-08:00

Just Listed! Luxury 2 bedroom, 2 bath suite in immaculate as-new condition available at The Pier residences and Spa at the waterfront in Sidney. $639,900.

ASSESSED VALUE: TRUTH OR FICTION?

2012-01-10T21:11:00.000-08:00

Whenever dramatic changes occur in our Real Estate Market, one of the most hotly debated topics among consumers and Real Estate professionals is the applicability of a property’s Assessed Value (referred to as ‘AV’ in this article) relative to pricing in the open market.

The double-standard relating to AV is just amazing. People want their AV to be as low as possible while living in their home, the idea being that lower Assessment means lower property taxes (FYI mill rates determine this, not necessarily the AV). When they want to sell, they want their AV to be high as it reflects well on their asking price.

Human nature has it that a consumer generally wants to sell for higher than AV but come time for that exact same person to purchase they want to buy below Assessed Value. We hear arguments daily from agents commenting on pricing as it relates to AV, usually at the time an offer is being presented. “Homes in this area are all selling below AV”, said an agent to me recently. Strange, I couldn’t help but notice her own listing in the area was listed $120,000 above AV! When confronted about this discrepancy, her defense was “…the house has been totally renovated…”.

Therein lies the true issue with using Assessed Value to determine pricing. When was the last time an Assessor actually visited the property noting all of the upgrades and value enhancements to the house? Virtually all (at least 90%) of the homeowners I ask have tell me they’ve never had anyone from the British Columbia Assessment Authority (BCAA) through their home. One client had owned their house for 42 years and never once had such a visit! So how is the AV established?

Generally, BCAA takes the last sale price of the property and adjusts annually based on increases or decreases in the marketplace. Permits taken out for renovations at the Municipality are also accounted for.

Problem is, many homes have had cosmetic upgrades and redecorations which would not be known to the BCAA since they neither have access to a permit nor have visited the property. The ensuing effect is that Assessed Values are all over the map, being higher or lower than eventual Sale Price with little or no pattern or justification.

As a Home Buyer, would you pay a Seller a price based on AV? Of course not. You would survey recent sales history in the area to determine a true market value. Market Value is what consumers are willing to pay for properties at a given time.

The bottom line is that the Assessed Value is useful for Municipalities to fairly determine annual Property Taxes but mean little, if anything, to a Buyer or knowledgeable Agent at the time of purchase.

Lovely Gordon Head Townhome- $589,900

2012-01-10T21:06:00.000-08:00

Perfect family townhouse just around the corner from UVIC, schools and close to shopping and amenities. Quality built in 2004 and well kept. Call us for more info at 250-370-7788 or info@tonyjoe.ca. A sound investment with rental ability as well!

Media link here

New Listing- 2726 Asquith in Oaklands/Fernwood

2012-01-10T09:02:00.000-08:00

Seldom have we seen such impeccibly well maintained homes! Owned by the same family for over 30 years, the property has been lovingly kept and awaits being enjoyed by its next family.

2 bedrooms on the main, large eat in kitchen, gleaming hardwood floors in the livingroom plus full basement with guest bedroom, full bath and extra space- ideal configuration for inlaws, teens or extended family.

One of the first agents who showed it said "you could eat off the kitchen floor- and I mean it!!"

See media link here

For more info call 250-370-7788 or info@tonyjoe.ca

Calculator for New Construction HST & PTT

2012-01-10T08:26:00.000-08:00

The British Columbia Real Estate Association has an excellent online resource for calculating both the Harmonized Sales Tax and Property Transfer Tax on newly constructe homes. Of particular note is the calculation of the portion of New Home Rebate.

http://www.bcrea.bc.ca/government-relations/shelter-taxes/shelter-tax-calculator

Naturally, this will change next year with the reimplementation of the GST & PST however this applies to all current new construction.

Please contact us for more discussion at 250-370-7788 or info@tonyjoe.ca.

Team Leader Tony Joe Profiled in Douglas Magazine

2012-01-09T16:17:00.001-08:00

http://www.douglasmagazine.com/profiles/16147-tony-joe.html

What is a "Buyer Advocate"?

2012-01-09T16:12:00.000-08:00

A licensed Real Estate professional who works strictly with clients looking to purchase property. Team member and 3rd generation Victorian Angie Hill has proven herself an expert in the field and we constantly receive glowing reviews on her level of service, expertise, negotiation strength and in the overall home buying process. Thinking of buying? angie@tonyjoe.ca or call 250-370-7788

Weekly Victoria Real Estate stats month to date: Jan 9, 2012

2012-01-09T15:49:00.000-08:00

	MTD	January
	2012	2011
Net Unconditional Sales:	52	339
New Listings:	228	1,187
Active Listings:	3,358	3,283

Although the numbers may appear that it's been a slow start to the year, we are aware that there are many active files in play: we ourselves handled 3 successful sales on the first "work" day of the year, Jan 3! Remember, the above numbers represent Unconditional sales meaning the buyer has satisfied all of their due dilligence and paid their deposit- generally, sales become unconditional 7-14 days after acceptance. I expect next week to have a stronger showing.