Office: 778.432.4611 |


Victoria is in the midst of a housing shortage which has caused prices to sky rockets and vacancy rates to be at an all time low. The CMHC housing outlook report released this fall echo’s what we are feeling in our capital city. Here are the highlights in plain language:


1. More people are moving here.

The CMHC report says we can expect housing demand to continue because of employment gains (i.e. more jobs) and “robust population growth” due to net migration to our capital. Where are all these people coming from?
Victoria has always been a hot destination for folks entering their retirement years. With an ageing baby boomer generation, we’ve seen an increase in the migration of retirees and I suspect we will continue to see an increase in our population as people flock here for the temperate weather.
I have also noticed more people than usual moving here from Alberta. Since the drop in oil prices and subsequent floundering of the oil and gas industry, we have seen many young workers making their way west looking for job opportunities.

2. We have a shortage in homes.

This is very normal when we see an increase in migration to a city. According to the report, “historically low supply levels across the housing market have resulted in competition between growing number of home buyers, driving up prices in 2016”. Developers and builders have been working around the clock to build more housing stock to match the increased demand. The number of housing starts is up above the 10 year average. Naturally there is a lag between builders responding to the market and new home being available to be lived in. The CMHC report makes note that only half of the new builds in our area are single family homes, the rest are multi family dwellings. As the supply of new homes catches up, we should move to a more balanced market.

3. There's nothing to rent!

Vacancy rates are at an all time low. Since there are so many people looking to purchase but not finding the right product, home owners are moving to rentals temporarily. This has pushed the rental rates up and has made it very difficult for students to find appropriate housing this year. There are also many people who move to Victoria, rent for a year or two before deciding where they want to buy. We will start to see more purpose built rental buildings coming to the market as developers respond to the increased demand.

4. When will the madness end?

According to CMHC, they are expecting the market to balance out in 2018. All this means is there will be more homes for sale to meet the increased demand. This doesn't mean prices will drop, they will likely stabilise and remain more consistent month over month. That being said, they are talking in generalities and not getting into the specifics of the many micro-markets within Victoria. For example, if the demand for houses in Oak Bay remains unwavering and the supply of homes doesn't catch up, then prices could continue to increase... although, potentially more slowly.

5. What's the good news?

This is a great time for homeowners and our economy. As the value of homes increase, people are able to leverage their homes to do renovations, or purchase investment properties. A busy housing market is a great economic driver which keeps many industries busy with work. When people are working, they earn and income and hopefully shop local and keep our economy strong!

This is also a good time for first time buyers to get into the market. It's not as easy as it could be, but it's not impossible to find the right home and the right opportunity. So long as the market is increasing, every month you wait to buy may be costing you money. Let's assumed you want to purchase a home for $600,000. Even if the market increases 1% every month for the next year, if you purchase your home next year vs today, it would cost you an extra $72,000. I'm not saying you need to rush into purchasing a home if the timing is not right for you. But if you're waiting for the market to slow down and prices to drop, then I think you're costing yourself a lot of money.

Read full post

Good news for Victoria REALTORS® and homeowners, the 2013 market continues improve month over month compared to 2012! This September we had 68 more sales and 104 less new listings, as shown below. There are 478 less listings than last year.

What does this mean for buyers and sellers? We are in a more of a blanced market. Gone are the days when buyers could wait two weeks to see a property they're interested in, because now they are getting snatched up!  People considering selling, we are in the last push of the year before Christmas! If you want to move before it gets too frosty, now is the time to list! Contact me for a free consultation.

Tuesday October 1, 2013 8:00am:


Sept Sept
  2013 2012
Net Unconditional Sales: 487 419
New Listings: 1,106 1,210
Active Listings: 4,547 5,025


Read full post

New mortgage rules were announced today! Major changes are as follows:

  • Maximum 25 year amortization (from 30 years)
  • Refinances allowed only to 80% (from 85%)
  • Debt service ratios have been lowered
  • High-ratio mortgages (less than 20% down) will not be allowed on purchases over $1 million

If you have been sitting on the fence about purchasing a home, now would be a good time to connect with a mortgage professional!  If you would like a recommendation, I would be happy to refer you to one!

Read full post
Categories:   advice | apps | Assessed value | avoiding penalties | banks | BC | BC Assesment | BCREA | best time to sell | British Columbia | bubble | budget | buyers | Buyers Agent | buying | buying a home | buying in BC | buying real estate | charity challenge | chickens | CMHC | Co Colwood Corners, Colwood Real Estate | Co Colwood Lake, Colwood Real Estate | Co Lagoon, Colwood Real Estate | Co Olympic View, Colwood Real Estate | Co Royal Bay, Colwood Real Estate | Co Triangle, Colwood Real Estate | Co Wishart North, Colwood Real Estate | Colwood | Colwood, BC | COVID19 | CR | CRD | credit reports | CS Brentwood Bay, Central Saanich Real Estate | CS Saanichton, Central Saanich Real Estate | CS Tanner, Central Saanich Real Estate | decor | decorating | DIY | Dog Parks | Dogs | Dollar Divas | downsize | Energy efficiency | Es Esquimalt, Esquimalt Real Estate | Es Gorge Vale, Esquimalt Real Estate | Es Kinsmen Park, Esquimalt Real Estate | Es Old Esquimalt, Esquimalt Real Estate | Es Rockheights, Esquimalt Real Estate | Es Saxe Point, Esquimalt Real Estate | Events | Fall | february | festive | Finances | financial advice | fine print | First impressions | First time buyers | float homes | flowers | free money | fundraiser | garden | gardening | GI Piers Island, Gulf Islands Real Estate | Government rebates | growing food | Heating | holidays | home | home budget | Home improvements | home maintenance | Home Ownership | Home values | home warranty | Hou | house for sale | house with suite | housing market | housing prices | housing starts | HST | Humor | inspection | inspectors | interest rate | Investing | iPad | La Bear Mountain, Langford Real Estate | La Florence Lake, Langford Real Estate | La Goldstream, Langford Real Estate | La Happy Valley, Langford Real Estate | La Jacklin, Langford Real Estate | La Langford Proper, Langford Real Estate | La Luxton, Langford Real Estate | La Mill Hill, Langford Real Estate | La Olympic View, Langford Real Estate | La Thetis Heights, Langford Real Estate | La Walfred, Langford Real Estate | La Westhills, Langford Real Estate | landscaping | lenders | listing | Live Smart BC | market | market correction | Market News | mayor | Mayor Ken Williams | Me Kangaroo, Metchosin Real Estate | Me Rocky Point, Metchosin Real Estate | ML Cobble Hill, Malahat & Area Real Estate | ML Mill Bay, Malahat & Area Real Estate | ML Shawnigan Lake, Malahat & Area Real Estate | ML Shawnigan, Malahat & Area Real Estate | modern | mortgage | mortgage broker | mortgage rates | Mortgages | Moss removal | mould | moving | moving to BC | moving to Victoria | new home bonus | new homes | NS Ardmore, North Saanich Real Estate | NS Bazan Bay, North Saanich Real Estate | NS Dean Park, North Saanich Real Estate | NS Deep Cove, North Saanich Real Estate | NS Sandown, North Saanich Real Estate | Oak Bay | OB Estevan, Oak Bay Real Estate | OB Henderson, Oak Bay Real Estate | OB North Oak Bay, Oak Bay Real Estate | OB South Oak Bay, Oak Bay Real Estate | options | organic gardening | Paperless | Personal | property | Property transfer tax | Races | rates | RBC | real estate | real estate market | Real estate write ups | realtor fees | Recipes | recycling | refinance | renovations | rental | retirement | royal lepage shelter foundation | Running | Save money | SE Arbutus, Saanich East Real Estate | SE Broadmead, Saanich East Real Estate | SE Cadboro Bay, Saanich East Real Estate | SE Camosun, Saanich East Real Estate | SE Cedar Hill, Saanich East Real Estate | SE Cordova Bay, Saanich East Real Estate | SE Gordon Head, Saanich East Real Estate | SE High Quadra, Saanich East Real Estate | SE Lake Hill, Saanich East Real Estate | SE Lambrick Park, Saanich East Real Estate | SE Maplewood, Saanich East Real Estate | SE Mt Doug, Saanich East Real Estate | SE Mt Tolmie, Saanich East Real Estate | SE Quadra, Saanich East Real Estate | SE Queenswood, Saanich East Real Estate | SE Swan Lake, Saanich East Real Estate | SE Ten Mile Point, Saanich East Real Estate | selling | service | shelter | Si Sidney North-East, Sidney Real Estate | Si Sidney South-West, Sidney Real Estate | Sk Broomhill, Sooke Real Estate | Sk East Sooke, Sooke Real Estate | Sk Sooke Vill Core, Sooke Real Estate | solar | spring market | staging | SW Gateway, Saanich West Real Estate | SW Glanford, Saanich West Real Estate | SW Gorge, Saanich West Real Estate | SW Interurban, Saanich West Real Estate | SW Portage Inlet, Saanich West Real Estate | SW Prospect Lake, Saanich West Real Estate | SW Royal Oak, Saanich West Real Estate | SW Rudd Park, Saanich West Real Estate | SW Strawberry Vale, Saanich West Real Estate | SW Tillicum, Saanich West Real Estate | Tablet | Tasha Noble | taxes | Tech tips | The Highlands | Tips | Tweed Magazine | unemployment rate | Uplands Park | urban farming | vacancy rates | Vi Burnside, Saanich West Real Estate | Vi Burnside, Victoria Real Estate | Vi Central Park, Victoria Real Estate | Vi Downtown, Victoria Real Estate | Vi Fairfield East, Victoria Real Estate | Vi Fairfield West, Victoria Real Estate | Vi Fernwood, Victoria Real Estate | Vi Hillside, Victoria Real Estate | Vi James Bay, Victoria Real Estate | Vi Jubilee, Victoria Real Estate | Vi Mayfair, Victoria Real Estate | Vi Oaklands, Victoria Real Estate | Vi Rock Bay, Victoria Real Estate | Vi Rockland, Victoria Real Estate | victoria | victoria event | Victoria Market News | Victoria Real Estate | VR Glentana, View Royal Real Estate | VR Hospital, View Royal Real Estate | VR Prior Lake, View Royal Real Estate | VR Six Mile, View Royal Real Estate | VR View Royal, View Royal Real Estate | VW Songhees, Victoria West Real Estate | VW Victoria West, Victoria West Real Estate | Walking Trails | Warm | Willows Beach | Winter | womens shelters | yyj | Z03 Duncan, Zone 3 - Duncan Real Estate
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.