CapitalCityGroup, Author at Victoria Real Estate | Capital City Group https://capitalcitygroup.ca/author/capitalcitygroup/ Real Estate - Real Service Fri, 08 Jul 2022 04:47:29 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://capitalcitygroup.ca/wp-content/uploads/2021/04/cropped-1.-Star-Transparent-Background-32x32.png CapitalCityGroup, Author at Victoria Real Estate | Capital City Group https://capitalcitygroup.ca/author/capitalcitygroup/ 32 32 Greater Victoria Mini Hikes https://capitalcitygroup.ca/greater-victoria-mini-hikes/?utm_source=rss&utm_medium=rss&utm_campaign=greater-victoria-mini-hikes Thu, 03 Feb 2022 23:32:34 +0000 https://capitalcitygroup.ca/?p=9344 One of the favorite activities of outdoor enthusiasts in Victoria is hiking. The amazing thing about this area is that it only takes 5-15 minutes to drive to a location of a beautiful walk or hike along the coastline or forested area. No better way to break up your day than with some fresh air, ... » Learn More about Greater Victoria Mini Hikes

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]]> One of the favorite activities of outdoor enthusiasts in Victoria is hiking. The amazing thing about this area is that it only takes 5-15 minutes to drive to a location of a beautiful walk or hike along the coastline or forested area. No better way to break up your day than with some fresh air, exercise and the accomplishment of getting to the top of a hill to see the view. Here are a few of our favorite shorter hikes. These are great if you are limited on time, or taking the whole family or just want something a little easier.

Mount Douglas Park -PKOLS

Mt Doug

Mount Douglas Park located in Gordon Head is a beautiful area to explore. We love to parking the lower beach parking lot and hiking up the mountain along the Irvine Trail, but there are so many other trails to explore leading up top as well as around the mountain or down to the beach. The kids love Tinker Town an outdoor natural playground up the path from the playground.

BEAR HILL REGIONAL PARK

Bear Hill

We typically park on Bear Hill Road and the Summit Trail is 760 meters up Bear Hill. We enjoy the views of Saanich. The last time there the most beautiful rainbow could be seen from the top! Bear Hill Regional Park is located in Saanich West on Bear Hill Rd just off Oldfield Rd.

Mount Tolmie

Mt Tolmie

Mt Tolmie is well worth the trek or drive up to the summit just for the fabulous views of our beautiful city, Victoria! From the top you can also take in views of Mount Baker and The Olympic Mountains. Mount Tolmie Park is located in Saanich near the University of Victoria and Camosun College and features over 1500 metres of trails.

Cascade Falls / McKenzie Bight

Cascade Falls | McKenzie Bight

This more moderate hike is a trail down to McKenzie Bight beach of the Saanich Inlet. From there we usually choose the Cascade Falls trail back. For an easier route go the opposite way. This hiking trail is located in Gowlland Tod Provincial Park off Ross Durrance Road, near Brentwood Bay.

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]]> Victoria Real Estate Market Update – February 2022 https://capitalcitygroup.ca/victoria-real-estate-market-update-february-2022/?utm_source=rss&utm_medium=rss&utm_campaign=victoria-real-estate-market-update-february-2022 Thu, 03 Feb 2022 20:42:57 +0000 https://capitalcitygroup.ca/?p=9335 Where are all the listings? Last year January broke the record for lowest inventory for the month of January and this January broke that record nearly in half! A mere 474 properties sold last month which was an 8.2% increase from December 2021 but 26.6% fewer than the 646 properties that sold in January 2021. ... » Learn More about Victoria Real Estate Market Update – February 2022

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Where are all the listings?

Last year January broke the record for lowest inventory for the month of January and this January broke that record nearly in half! A mere 474 properties sold last month which was an 8.2% increase from December 2021 but 26.6% fewer than the 646 properties that sold in January 2021.

We remain in a very strong Sellers Market with our Sales-to-Active Listings ratio at 63% and we foresee this as unlikely to change until there are substantially more properties on the market. It’s starting to feel like Spring is just around the corner, and we are already starting to see more properties coming to market…

Condominium sales outsold sales of single family home sales in January. We finished the month with the average price for a single family home at $1,410,380; average townhouse at $872,661; and average condominium $683,759.

Are you getting ready to sell a property this year? Many of our clients are taking the time to re-evaluate their financial positions. Selling one investment property to pay off and increase cash flow in an overall real estate investment portfolio could be the difference between working full-time and semi-retirement. Or with the equity growth we have seen in the past few years maybe you are able to refinance and invest in a second property to begin your real estate empire? Or purchase that cabin or ski chalet you always wanted? We love talking strategies and helping all our clients achieve their goals as they plan for the future and balance their lives.

Contact us today to set up a zoom meeting or coffee!

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]]> Skiing & Snowboarding on Vancouver Island https://capitalcitygroup.ca/skiing-snowboarding-on-vancouver-island/?utm_source=rss&utm_medium=rss&utm_campaign=skiing-snowboarding-on-vancouver-island Tue, 18 Jan 2022 21:24:45 +0000 https://capitalcitygroup.ca/?p=9259 Vancouver Island is known for its temperate climate, beautiful forests and beaches and Canada’s sunniest coastal city, Victoria. What many people don’t realize is that on our Island are two incredible ski destinations. Mt Washington Alpine Resort and Mt Cain. Mount Washington Alpine Resort Mt Washington Alpine Resort located on the edge of Strathacona Provincial ... » Learn More about Skiing & Snowboarding on Vancouver Island

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]]> Vancouver Island is known for its temperate climate, beautiful forests and beaches and Canada’s sunniest coastal city, Victoria. What many people don’t realize is that on our Island are two incredible ski destinations. Mt Washington Alpine Resort and Mt Cain.

Mount Washington Alpine Resort

Mt Washington Alpine Resort located on the edge of Strathacona Provincial Park near Courtney / Comox on Vancouver Island receives some of the largest snowfalls in North America (over 11 metres annually on average) on its 82 trails. The resort is more than just a ski destination as it is open year round. In the Winter it is well known for Skiing, Snowboarding, Tubing, Sledding, and Nordic activities of Cross Country, Snowshoeing and fat biking. In the Summer Months is is rapidly becoming more famous for epic mountain biking as well as hiking and ziplining. For more information on this beautiful resort visit their website.

Mount Cain

Mt Cain is run by the not-for-profit organization, Mount Cain Alpine Park Society. Known for it’s powder this incredible quaint ski resort consists of 21 runs that are accessed by 2 T-Bars and a beginners handle tow. Located on Northern Vancouver Island Mt Cain is only open on the weekends and Holidays and season beginning in December and ending in April is dependent on the natural snowfall which averages 1500 cm / 38 feet annually. For more information on this less commonly knows yet amazing ski destination visit their website.

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]]> Victoria Real Estate Market Update – January 2022 https://capitalcitygroup.ca/victoria-real-estate-market-update-january-2022/?utm_source=rss&utm_medium=rss&utm_campaign=victoria-real-estate-market-update-january-2022 Tue, 18 Jan 2022 20:21:11 +0000 https://capitalcitygroup.ca/?p=9251 Happy New Year! Hope you enjoyed the holiday season and are having a great start to the new year. What a year it was for Real Estate in Victoria… We finished 2021 with the average single family home selling for $1,330,847. That is 35% higher than December 2020 when the average home price was $970,597. ... » Learn More about Victoria Real Estate Market Update – January 2022

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]]> Happy New Year!

Hope you enjoyed the holiday season and are having a great start to the new year.

What a year it was for Real Estate in Victoria…

We finished 2021 with the average single family home selling for $1,330,847. That is 35% higher than December 2020 when the average home price was $970,597.

The average price for a condominium was $663,079 at the end of December 2021 which was up 30% from the $485,312 average in December of 2020. Townhouses saw an average increase of 23% from $681,616 in December 2020 to $882,876 in December 2021.

We have been consistently discussing low inventory levels each month and not surprisingly December had the same story. We ended the year 2021 with 49% less active listings for a total of 652 while we had 12279 active listings at the end of December 2020.

Despite the extremely low inventory throughout the year, the total sales for 2021 were up 18% with a total of 10052 residential sales. In 2020 there were 8497 sales. The month of December 2021 saw 438 of those residential property sales (30% fewer than the 631 sold December 2020).

The Sales-to-Active Listings ratio for December 2021was 67%. We continue to be in an extreme Sellers Market. How can we get back to a balanced market of 14-20% Sales-to-Active ratio? We desperately need more supply. Some municipalities have begun looking at ways to make it easier for new homes to be brought to market – great news! The governments however are instead looking at creating new rules which include the introduction of a “cooling-off” period. This “cooling-off” period gives buyers the right to withdraw from a purchase agreement within a specified period of time after an offer is accepted. While it might be brought forward with the best intentions for the public, concern arises as it could mean more buyers may be likely to bid on more properties, potentially causing an increase to the housing prices according to initial research conducted by BCREA.

What we are not seeing is the government addressing the low supply issues. We will continue to keep you posted as this unfolds.

For anyone considering selling this spring whether to move up-market or downsize let’s set up a meeting (online or in person) in the next few weeks to discuss and together formalize a plan. This market might feel daunting without having a road-map in place for achieving your real estate goals.

Looking forward to catching up with you soon!

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]]> The Butchart Gardens – A Christmas Tradition https://capitalcitygroup.ca/butchart-gardens-christmas/?utm_source=rss&utm_medium=rss&utm_campaign=butchart-gardens-christmas Thu, 16 Dec 2021 18:01:35 +0000 https://capitalcitygroup.ca/?p=9203 For our Family, a trip to The Butchart Gardens is a must. The kids LOVE all the lights and finding the 12 days of Christmas as we enjoy a beautiful walk outdoors during the holiday season.

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For our Family, a trip to The Butchart Gardens is a must!

The kids LOVE all the lights and finding the 12 days of Christmas as we enjoy a beautiful walk outdoors during the holiday season. Butchart Gardens is filled with lights and Christmas Spirit with an Ice Skating Rink, Carousel, The 12 Days of Christmas, a live Band and of course Hot Chocolate and other delicious treats available at the café. As it is stroller friendly this has been a family tradition since the children were very little. Covid-19 has changed things a little bit as some of the amenities may not be in full operation this year so check The Butchart Gardens website for more details and to book ticket entry into the gardens. Hope to see you there!

Nearby Homes For Sale…

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]]> Victoria Real Estate Market Update – December 2021 https://capitalcitygroup.ca/victoria-real-estate-market-update-december-2021/?utm_source=rss&utm_medium=rss&utm_campaign=victoria-real-estate-market-update-december-2021 Thu, 16 Dec 2021 17:38:05 +0000 https://capitalcitygroup.ca/?p=9195 We are starting to feel a little like a broken record with the Real Estate situation in Victoria BC. In November a mere total of 653 properties were sold. That is 17.9% fewer than the 795 properties sold this same month a year ago and just over 12% less than the previous month of October ... » Learn More about Victoria Real Estate Market Update – December 2021

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]]> We are starting to feel a little like a broken record with the Real Estate situation in Victoria BC.

In November a mere total of 653 properties were sold. That is 17.9% fewer than the 795 properties sold this same month a year ago and just over 12% less than the previous month of October 2021.

The average price for a single family home in November was $1,330,251. The average price for a townhome was $807,289 and for a condominium was $648,867.

Of the total properties sold 276 were single family homes sales, 76 were townhome sales, and 236 were condominium sales. The sales-to-Active Listings ratio for November 2021 was 73.6% and we finished November with 887 Active Listings. That’s over 50% fewer properties on the market than there was November 2020! Taking in these facts it is not surprising that there continues to be upward pressure on prices and competition with continued multiple offer situations.

The Governments announced their plan to introduce a cooling off period for resale homes instead of addressing the supply and attainability issues. We therefore do not foresee improvement to the supply and demand of our complex housing market as a result.

Victoria remains one of the most desired places to live in Canada which is no surprise to those of us already living here!

December is now upon us and we hope you have a peaceful holiday season with your family. Wishing you a prosperous 2022!

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]]> Victoria Real Estate Market Update – November 2021 https://capitalcitygroup.ca/victoria-real-estate-market-update-november-2021/?utm_source=rss&utm_medium=rss&utm_campaign=victoria-real-estate-market-update-november-2021 Thu, 18 Nov 2021 20:44:29 +0000 https://capitalcitygroup.ca/?p=9167 Once again the Real Estate story remains with tight supply restricting sales. The Sales-to Active Listings ratio for October was a hair under 72% with 745 properties changing hands and just 1036 active listings at month-end. This is roughly 50% of the active listings from the previous year. This remains a great time to sell ... » Learn More about Victoria Real Estate Market Update – November 2021

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]]> Once again the Real Estate story remains with tight supply restricting sales. The Sales-to Active Listings ratio for October was a hair under 72% with 745 properties changing hands and just 1036 active listings at month-end. This is roughly 50% of the active listings from the previous year. This remains a great time to sell but a very challenging time to buy, with prices climbing and well priced homes seeing multiple offers, often without many subject conditions. The provincial government has tabled legislation that will allow for a cooling off period for buyers, similar to that in new construction. This is slated to come into effect in the spring and is meant to allow buyers time to reflect on their decision however, like previous attempts by the provincial government to cool the real estate market (speculation tax, foreign buyers tax) this is not likely to curb demand or supply issues. If anything it could have the opposite effect, allowing people to gamble without pause for consequences, and to make bigger bets.

The solution for the current housing crisis is, and remains, increased supply. Unfortunately the speed at which municipalities approve redevelopments which would increase that supply, and thus reduce pressure on pricing and demand, is a notoriously slow pace. Coupled with the prevailing NIMBY attitude people in many neighbourhoods have, (currently living on old forest land, or farm land that was densified to allow them to have a place to live…) means we are unlikely to see a relaxation on demand, or prices in the foreseeable future. The New Zealand federal government has moved to ban single family zoning in some of their most populous cities, taking the power away from the municipalities and the NIMBYs. Perhaps this is the solution we need?

Have a question or just want to chat about real estate? Get in touch via the form below!

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]]> Victoria Real Estate Market Update – October 2021 https://capitalcitygroup.ca/victoria-real-estate-market-update-october-2021/?utm_source=rss&utm_medium=rss&utm_campaign=victoria-real-estate-market-update-october-2021 Tue, 05 Oct 2021 18:09:27 +0000 https://capitalcitygroup.ca/?p=9030 Victoria BC Real Estate Market Update for October 2021

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]]> Rinse and Repeat.

September 2021 looked very much like August 2021 with sales year-over-year and month-over-month down but due to continuing low inventory levels and not due to a slow down in demand.

The sales to active listings ratio remains quite high with almost 68% of the available real estate selling during the month, well above the 20% threshold to show a sellers market.

This is a traditionally busy time of the year as people are generally settled back into their routines and now starting to think about where they want to spend the December holiday season.

With a strong demand, and a tediously slow pace of municipal redevelopment approvals throughout most of the jurisdictions it is unlikely we are going to see much change in the foreseeable future.

This remains an excellent time to sell and a challenging, and somewhat frustrating time to purchase. At Capital City Group we are developing an exciting new program to GUARANTEE home owners who want to sell but are afraid of ending up living in a van down by the river because they can’t buy, from being left homeless or forced to sell. Stay tuned or give me a call and we can discuss this innovative new program tailored for this crazy times, which is available exclusively from Capital City Group.

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