Victoria BC Real Estate News to Use | RobinVicRealtor Robin Scrimger

**Disclaimer: Lending rules and requirements vary by financial institution. Always check with your bank or broker about what is applicable to you**

Join Me as I sit down with Charlotte Ray, superstar mortgage specialist, and learn more about the financial side of buying your dream home.   

0:00 - Who is Charlotte? 

1:04 - What is a mortgage pre-approval? When do I need one? How do I get one? What is Income Verification? How do I shop with confidence? 

4:42 - Mortgages for Homes with Secondary Suites. What kind of additional financing is available with an income-generating suite?  

6:21 - Unconditional offers, how can you make a confident offer not 'Subject to Financing? Should you? 

8:39 - Working with a Mortgage Specialist: the benefits and importance, and why it matters. 

10:18 -  Selling your current home before buying a new one. What are your best options in a low inventory market? What is a Bridge Loan? 

 13:55 - Variable vs. Fixed rate Mortgages 101. What are the pros and cons? How do Bonds and Prime rates factor in?  



Have questions we didn't answer here?  Please comment below, so I can include them in future Q & A's!  

WORK WITH CHARLOTTE:  Charlotte Ray: Mobile Mortgage Specialist, RBC Royal Bank of Canada 📧 charlotte.ray@rbc.com 

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My name is Robin Scrimger, I am Real Estate Professional in beautiful Victoria, British Columbia.  I'd love to help you with buying or selling your home- or relocating here! 🦀

Search for your future home on my website: www.VicProperty.ca

📞C: 778.400.6047

📧 info@VicProperty.com  

My name is Robin Scrimger, I am Real Estate Professional in beautiful Victoria, British Columbia.  I'd love to help you with buying or selling your home- or relocating here! 🦀

Search for your future home on my website: www.VicProperty.ca

📞C: 778.400.6047

📧 info@VicProperty.com

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June Update/May lookback: Values Increase While Inventory Stagnates  

Although May was a strong month, overall sales were 6% lower than the previous month of April. Single Family Home sales decreased by 4.8% and Condo sales by 1.8%.   Demand is still very high, so these numbers reflect the very tight inventory situation we find ourselves in. 

There were 4 fewer homes for sale this month over last; only 1450 active listings, which is a 43% decrease from inventory levels in 2020.   This squeeze in inventory has pushed the value of Single Family Homes up 6.9% from two months ago, and by 17% since May 2020. Though less substantial, condo prices have also risen, 5.2% over last May.  

 The President of The Victoria Real Estate Board has stressed that “Adding inventory to the GVA Market should be the focus of every municipality council across the region. If people are concerned about attainable housing and the future of homes in Greater Victoria, they need to consider supporting the next housing development in their community”.   

Many of these newer projects add substantial and unique amenities that are making condo and townhouse living more attractive. From personal rooftop garden plots to onsite carshares and geothermal heating, there is an element of superior comfort in many of these developments. A focus on fostering a sense of community and belonging through increased common spaces and amenities also makes them attractive to families.   



May 2021 Sales: 

1,049 Active listings: 1,450 SFH, Victoria Core:  $1,036,100  (17% increase over last April and 3% increase over last month) Condo, Victoria Core: $526,000  (5.2% increase over last April)   



May 2020 Sales: 

457 Active listings: 2,073 SFH, Victoria Core  $885,900 Condo, Victoria Core: $500,000 



 If you are looking to enter the Victoria market, or to sell your current home it is very important to ensure you are getting expert advice at every level of the Real Estate Process.  I have a wide network of experts that I trust, including financial advisors, property lawyers and appraisers. I encourage you to reach out if you are looking for a referral.  If you have any questions, I’d love to hear from you!

My name is Robin Scrimger, I am Real Estate Professional in beautiful Victoria, British Columbia.  I'd love to help you with buying or selling your home- or relocating here! 🦀

Search for your future home on my website: www.VicProperty.ca

📞C: 778.400.6047

📧 info@VicProperty.com

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2016 was busier but we're feeling the heat more now! 

 Last April the world ground to a halt, so yes, sales have certainly increased over last year,  a substantial 111% for Condos and 88% for Single Family Homes- but it’s necessary to look back to previous years and compare trends to get a more accurate picture.   Over the past 5 years, average April sales were 896 with 2016 having the highest number of sales at 1,286.  For comparison April 2021 had a total of 1,116 sales… so not that far off!  



What is strikingly different, however, is the amount of inventory available. The previous five-year average for active listings was 2,596, and this April the average was around 1000 homes LESS than that, ending the month with 1,454 active listings.  There has been a great increase in consumer demand for homes in the Greater Victoria area that has pushed prices upwards and increased the number of multiple offer situations and unconditional offers on listed properties. These can be scary and unfamiliar situations, even to seasoned home buyers, and working with an experienced Realtor, like myself, can ensure your best interests are taken care of.   



April 2021 Total sales: 

1,116 New listings: 1,516 Active listings: 1,454 Condos: $547,600 SFH, Victoria Core  $996,500  (12.6% increase over last April and 2.9% increase over last month)  



April 2020 Total: 

287 New listings: 667 Active listings: 2,305 Condos: $533, 600 SFH, Victoria Core  $884,600  



The imbalance in the Victoria market is due to limited housing supply with new builds and projects taking time. There are several, community-focused areas in development right now that I am excited about. 

  In addition to whatever your real estate needs may be, do not hesitate to reach out if you need any recommendations for contractors or home services. I'd be happy to provide some of my favourites.  Have a fantastic May and enjoy all the new blooms!

My name is Robin Scrimger, I am Real Estate Professional in beautiful Victoria, British Columbia.  I'd love to help you with buying or selling your home- or relocating here! 🦀

Search for your future home on my website: www.VicProperty.ca

📞C: 778.400.6047

📧 info@VicProperty.com

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Wow, last March the pandemic was just starting to reach us on Vancouver Island and businesses began to close and people began staying in to help 'flatten the curve'. Concepts like social distancing, cohorts and bubbles were added to our everyday conversations, and these big changes reflected in our real estate market.    In March 2020 there were 608 properties sold in the Victoria Real Estate Board area and last month that number rebounded a whopping 92.9% with 1,173 sales!  

The sale of condos increased by 111% surging past the 88% increase that Single Family Homes had over last March.  Looking more historically to other years that didn’t have such drastic world events, the market is still hotter than it ever has been. The imbalance in inventory that we're seeing favors sellers and comes from an increase in people looking to move to our beautiful island. And really, I can't blame them!  The MLS home price benchmark for single-family homes in March 2020 was just over $879k with the price increasing this year to average $968,700. This new average also represents a 2.2% increase from the previous month, February 2021.   Condos in the Victoria core averaged sale prices of $531,800 in March 2020 and actually saw a slight decrease, of 0.5%, to average $529,100 last month. While this decrease is slight, it represents a great area of opportunity. 

 Now is a great time to consider buying or investing in a condo as their value and selling price is lagging behind the sharper increases seen in the single-family home market. I don’t anticipate that this delay will last forever, so it would be a good idea to benefit from this while you can.  As the weather warms up, and we are encouraged to stay small and stay local, I am every day reminded how grateful and happy I am to call this city home.   If you’re looking to make a move, or move to the Island to see what you’re missing I encourage you to reach out. Give me a call, send me an email or visit my various social platforms and let me answer any questions you may have and help you navigate this fast-paced market. I’d love to see you out on the trails!  Happy April and talk again soon!

My name is Robin Scrimger, I am Real Estate Professional in beautiful Victoria, British Columbia.  I'd love to help you with buying or selling your home- or relocating here! 🦀

Search for your future home on my website: www.VicProperty.ca

📞C: 778.400.6047

📧 info@VicProperty.com

Spring is typically when the Real Estate market picks up, but to be honest, things have been swinging since the beginning of 2021!  Even so, we expect an uptick in activity and that means deals happen fast.   There has been a bit of stabilization in condo pricing and availability since January, but the mainstay continues to be the high demand and low inventory for Single Family Homes.   Multiple offers and competition are driving up prices. The benchmark value for a single-family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 percent to $948,200.  

 Victoria Real Estate Board President, David Langlois, says that these trends are likely to continue as demand suppression and foreign buyer tax implementations have not quelled the domestic demand to live in our beautiful island city.  He also stresses that making space in our communities with  "gentle density and the building of new homes is the only pathway to moderate housing prices in our area".  If you are thinking about making a move but have concerns over finding the right home for your family in such a fast market, I’d love to have a chat with you. There are a lot of options and routes that may be available, that you might not be aware of.  

 As a Real Estate Professional, I have my finger on the pulse of what’s going on and speak with other agents on a daily basis. I have the confidence I can help you get you where you want to go, with the minimal amounts and stress and maximum amount of benefit!  

#RobinVicRealtor #yyjRealestate

Home buyers often have questions about what the role of a lawyer is in their real estate transaction, and if they even need one. My answer is a resounding, YES! In this video, we talk to Aharon Ittah of Herald Street Law who goes over the steps he takes to ensure your purchase goes smoothly and what to expect along the way, including common closing cost questions.  If you'd like to learn more or have any questions get in contact!

Search for your future home on my website: www.VicProperty.ca

📞C: 778.400.6047

📧 info@VicProperty.com



#RobinVicRealtor

#yyjRealestate