Sparse Inventory and Low Rates Trigger a Fast Paced Market 

Blake and Danielle Join RE/MAX Camosun!
Blake and Danielle are thrilled to announce their exciting move over to RE/MAX Camosun! Blake started his real estate career with them almost 30 years ago and is glad to be back. RE/MAX Camosun offers local ownership & management, 5 locations across Greater Victoria, and is a top producing office. Blake and Danielle are looking forward to continuing to provide great service and marketing into 2021 and beyond.


The 2020 Victoria Real Estate Market Year In Review

 

January 4, 2021  A total of 631 properties sold in the Victoria Real Estate Board region this December, 57 per cent more than the 402 properties sold in December 2019 and a 20.6 per cent decrease from November 2020. Sales of condominiums were up 61.2 per cent from December 2019 with 195 units sold. Sales of single family homes increased 58.6 per cent from December 2019 with 314 sold.

A grand total of 8,497 properties sold over the course of 2020, 17.1 percent more than the 7,255 that sold in 2019. 2020 sales came in close to one thousand sales over the ten-year average of 7,329 properties.

"This has been an unexpected year on many levels," says 2020 Victoria Real Estate Board President Sandi-Jo Ayers. "The onset of the COVID-19 pandemic in March and April quickly swept away any illusions that our normal seasonal market patterns would persist. Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations. The combination of the ongoing pandemic, historically low interest rates and a shift in consumer priorities towards properties that cater to a more home-based work / life / retirement balance resulted in record setting sales for the last several months of 2020." Continue Reading...

Housing demand pushes Greater Victoria assessment values up


Jan 4, 2021 - Strong demand for real estate in Greater Victoria over the past year means property owners on the Island are likely to see increases of as much as 10 per cent in their annual property assessments, which should start hitting Island mailboxes this week.According to B.C. Assessment, which has mailed out more than 378,000 Island assessments and more than 2.1 million provincewide, homeowners in the capital region can expect their 2021 assessment to reflect a real estate market left relatively untouched by the pandemic.
“Home values across Vancouver Island have appreciated this year due to strong demand combined with limited inventory for sale,” said Island assessor Tina Ireland. “For most communities, the assessed values of single-family homes are up moderately about five to 10 per cent, while residential stratas are generally showing less of an increase.”Though there is a range, no municipality in the capital region saw the typical assessed value of single-family homes or strata properties drop this year. Last year at this time, the Crown agency reported values of typical single-family homes had dropped by as much as six per cent and strata units by as much as 10 per cent in some municipalities.
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