Karen Love
Karen Love
Robyn
Wildman

Dedicated to Real Estate excellence.

We are committed to creating life long relationships and earning your trust. We accomplish this by delivering world-class service and consistently keeping your Ultimate Scenario as the Ultimate Goal. We provide service to you in a manner that is above and beyond your expectations. This has enabled us to create networks and support systems which make it a delight for you to refer us to your family friends and colleagues.

Whether you are looking to buy or sell, Karen Love is the Realtor of choice.

March 2014 Real Estate Activity in Victoria

April 1, 2014

VICTORIA BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for March 2014.
575 properties sold in the month of March 2014, compared to 483 in March 2013 - an increase of nearly 20% year over year. However, the average sales for the month of March over the past five years is 607 properties per month, so though 2014 is stronger than the year previous, sales have not yet returned to the longer term average.
Victoria Real Estate Board President Tim Ayres says, "This time last year sales weren't outstanding - the market was sluggish. Tightened mortgage amortization rules resulted in slower sales as buyers adjusted to the new requirements. Property values were stable, but inventory didn't move quickly. This year we see more sales than last March."
The Victoria Real Estate Board uses the MLS® Home Price Index (MLS® HPI) to report on property values. The MLS® HPI uses the concept of a benchmark home, a notional home with common attributes of typical homes in a defined area. Through the analysis of ten years of Victoria Real Estate Board MLS® sales data, the MLS® HPI defined benchmark homes for Victoria in each category (single family homes, townhouses, condos) and for each neighbourhood. The benchmark starting point was 2005, where each type of property and neighbourhood was assigned an index value of 100.
Current MLS® HPI composite (inclusive of all single family homes, condos and townhomes sales) for the Victoria Real Estate Board area is 139.3 - compared to 139.1 this time last year. While these overall numbers indicate little change in the last 12 months, some areas have changed more than others. Local REALTORS® can interpret what this means to specific neighbourhoods in the region.
President Tim Ayres explains what this means to the local market, "The stable property values year over year, along with the strong inventory of properties we see for sale shows that we have returned to balanced market conditions. There is no extreme upward or downward pressure on housing prices right now. This stability in value combined with the new lower interest rates we see from some lenders may move a lot more buyers into the Victoria and area housing market."
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the March 2014 report and the MLS ® HPI is available from the Victoria Real Estate Board.
About VREB - The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry.

This information was taken from the Victoria Real Estate Board, 3035 Nanaimo Street Victoria, British Columbia, CANADA, V8T 4W2