Victoria Real Estate Canada - Karen Duff

Karen Duff - Your Victoria Real Estate Connection, Re/Max Camosun

Victoria, BC holds an allure to non-residents due to its year-round temperate climate has recently been designated as the #1 preferred retirement destination in North America. Where else in Canada can you see cherry blossoms and roses in bloom in late January? In summer, a gentle breeze from the ocean is the only air-conditioner a home needs.

The city is beautiful, green year-round, clean, safe and inexpensive compared to other "destination" cities in the world. People come to visit and can't get it out of their hearts. It's not long before many of them are investigating the possibility of purchasing something either as a rental investment, a vacation property or as a hedge against increased prices for when they are ready to move to Victoria.

If you are considering a move to Victoria now or in the future or perhaps just investing in our real estate market, you should talk to me. I specialize in working with out-of-town clients and know the special concerns you have when buying in a market that you are unfamiliar with.

As your "Buyers' Agent", it is my job to ensure that you are given more than enough information to make a good decision and that you will always be pleased by your decision to own real estate in Victoria (whether you are living here or not).

Since 2001, Greater Victoria has witnessed a strong increase in real estate prices. While the number of sold listings has remained fairly stable at approximately 4,000 per year, prices have almost doubled from an average of $259,138 in 2001 to $521,460 in 2006.

In June, 2007 there were 325 listings for over $1,000,000 but the average price for a single family homes was $560,574. The average price for all condominiums was $301,783.

From June 2006 to June 2007, 1642 condominium units were under construction and are in various stages of completion in the Greater Victoria area which covers the southern part of Vancouver Island. Many are in the downtown core of Victoria which is popular with people who want to be within walking distance of harbour front and all activities.

The overall market inventory in 2007 is at a higher level than 5 years ago which means buyers have more choice. However, competition can still be fierce for properties in preferred areas that are deemed to be fairly priced. It is not uncommon to see multiple offers and sold prices over the asking price in these cases.

There are many reasons why we are currently in this type of market:

Real estate has always been a wise long term investment and it is once again looking very appealing compared to the uncertainty of the stock market and the low interest rates that banks and government bonds pay.
Single family homes are priced at an "all time high" and people are turning to condos as a life-style rather than having a higher mortgage
Condos are good options for out-of-town owners who want a "home away from home" with no maintenance.
Many existing strata complexes have passed by-laws forbidding rentals and pets. Therefore those buildings that do allow one or both of these are at a premium.
Demographics are also playing a big part in the Victoria real estate market. The "baby boomers" from across Canada and around the world are close to retirement and seriously considering our beautiful island as an idyllic retirement locale.
Due to soaring out-of-country medical insurance costs, Canadians are looking more and more towards Victoria as a winter holiday destination.
Residents from the USA and around the world are attracted to Victoria due to its safe environment, lower medical costs, temperate climate and still relatively low prices for special properties such as ocean front and ocean views.
The allure of a safe city is also bringing younger families. All amenities to raise happy and healthy children are within a few minutes drive no matter where they live in the area.