Solid Start to the New Year
Four hundred and thirty-one properties sold in the Victoria Real Estate Board area this past January. That is a decrease of almost 10% compared to the 478 properties sold in January of 2017.
Overall, however, this is still a solid start. January sales are always a bit slow after the holidays, and with grey winter days still hanging over us, decreased activity is normal. Some of the reduced activity may be partly attributed to the new mortgage stress test which came into effect on Jan 1st. The real impact of this change won’t be fully known until later in the year when more data is available, and that data properly analyzed.
The MLS Home Price Index benchmark value for a family home in Victoria in January 2017 was $761,100. That same home today, has increased by almost 9% to $823,800. For condominiums the benchmark price in Victoria today is $450,600 an increase of 20% over January 2017.
Victoria- A Millennial Destination!
According to a new survey just released, Victoria is one of the best city in Canada for millennials to live. Not surprisingly, Victoria ranked number one for millennials in both life style satisfaction and climate. The survey compared 85 of Canada’s most populous cities and looked at nine factors, which also include criteria such as unemployment, healthcare, and crime rates.
Victoria has always afforded great work-life balance, but the recent, big shift, is that we now also have the jobs to attract people, and especially millennials. From booming tech and finance sectors, to attractions like the growing craft beer scene, Victoria has become the place to be! Businesses need young, energetic, and tech savvy people to fill these positions of growth. Simply stated, good jobs are a primary reason for this attraction, and why there is so much demand in our area.
Of course, one down side of this boom is the tough housing market. Whether buying or renting, the current real estate market is very tough on young people who often just don’t have the where-with-all or the credit history to really break into homeownership. Homes are expensive, and rentals are hard to find, however for many millennials, this cost is simply a part of the new world in which they live. For many young people the feeling is, ‘it’s a small price to pay to be able to call Victoria home’.
The good news on the housing issue? As realtors, we have the information and tools to help! We welcome these young people as the next wave to help build and shape our great city.
The Best of Victoria / Changes
Last year the residents in the West Bay area were excitedly announcing the plans for the revitalization of the ’gem’ on the Esquimalt waterfront. That plan was to see three new buildings rise on the triangular lot that is surrounded by Head St., Lyall St., and Gore St.
That plan is happening now. Introducing the exciting new West Bay Quay development by Tenfold Properties. The three new buildings the Sapphire, Topaz, and Lapis share a common purpose in bringing residential and commercial growth to this most beautiful and unique little spot in Victoria. This is the start of what promises be a major makeover of the area. A neighborhood center to rival the best of any in Victoria.
The Sapphire will be the aesthetic anchor for the neighborhood. The five-story Sapphire at the corner of Head and Lyall streets will house dining on well-appointed patios and public spaces.The low-slung, two-story Lapis will define a revitalized main street of commercial and live-work units, designed to cater to residents of the West Bay community.The six-story Topaz will consist of residential units. With views over the marina these homes will awaken the senses. For price ranges or to hear about the early purchase incentives available, give us a call.