Spring is in the Air
Five hundred and forty-five properties sold in the Victoria Real Estate Board area this past February. That is a decrease in sales of 19% compared to the 675 properties sold in February of 2017.
That said however, demand remains high for the right property. February sales reflect the need for sellers to really prepare their homes prior to listing. Buyers are facing uncertainties with respect to the new legislation surrounding recently imposed taxes, and also the effects of the new mortgage stress testing. This means buyers are be more prudent in their choices and wanting to see real value. The great news for Victoria sellers (as always), is that Victoria is a super desirable place to live and continues to have a strong robust economy. Lots of people from across BC and the rest of Canada would love to be living here and living here now!
The MLS Home Price Index benchmark value for a family home in Victoria in February 2017 was $771,100. That same home today, has increased by almost 9% to $840,300.
Victoria – An Olympic Connection
Did you know that some of the best in Olympian level Rugby originates right here in Victoria? Did you know that Rugby Canada just officially opened its world class training facility in Langford?
‘This is going to be one of the best gyms in Canada. Players are going to walk into this space thinking about gold in 2020 ‘, said Ghislaine Landry, captain of the 2016 Olympics bronze-medal Canadian women’s rugby team. The new ‘Al Charron Rugby Canada National Training Centre’ was built with funding from the Building Canada Fund ($2.9 million), a repayable contribution from the City of Langford ($2.5 million) and private donations ($2.6 million). The state-of-the-art facility will be used by national rugby team players, and other Olympians who train in the region.
This new center complements the Tennis Canada and Golf Canada centers already on Bear Mountain. Other local training centers include: The Swimming Canada training center at Commonwealth Place, the Rowing Canada facility at Elk Lake, and the Athletics Canada national middle-distance training facility at the Pacific Institute for Sport Excellence (PISA) near Camosun College.
Victoria is a place with youth and excellence in mind, and as we have seen from the recent Olympic, we can never go wrong in supporting our youthful Canadian athletes. They make us proud to be Canadian and prouder still to be Victorians.
The Best of Victoria / Changes
The new owners of the Times Colonist building, Merchant House Capital, would like to create a development at the corner of Douglas and Hillside known as Midtown. The plan sees an overhaul and expansion that would include residential, office, and entertainment components.
At present Merchant House Capital is meeting with the Burnside Gorge Neighborhood Association as part of important consultation on the final directions taken here. The proposals from a preliminary meeting got generally positive reviews for the plan which includes
a residential component that will help address Victoria’s tight housing and rental market.
The plan also includes keeping the Times Colonist and the Sprott Shaw College as cornerstones for the commercial portions of the building while adding a
new kind of mixed-use entertainment development. This new and innovative enterprise has yet to be fully defined but promises to be special and will be unique to this location.
Renovation of the building is expected to start before the end of 2018, and the residential component could start as early as 2021. At completion the site is envisioned as having a rooftop space with a restaurant, a collection of street-level retailers, and approximaetly120,000 square feet of office space.
Watch this area to surge and grow with the addition of the Midtown Concept!
Victoria Real Estate Board February Stats