Victoria Real Estate News from Prime Real Estate Team February 2018   

 
It's important to be aware of the latest home trends, especially if you're looking for ways to make your home more appealing to buyers. This month’s article outlines some of the popular home trends for 2018.

There's also some great advice on how to maintain your smoke alarms as well as a website that will challenge your brain and donate to charity at the same time!

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Tony

In this issue...
Victoria Real Estate Market Update 
2018 begins with low inventory and high demand.

A total of 431 properties sold in the Victoria Real Estate Board region this January, 9.8 per cent fewer than the 478 properties sold in January last year.

The sales of condominiums were down 30.6 per cent from last year in January - with 118 sold. Single family homes were 4 per cent down from the previous year, with 215 selling in the first month of 2018.

"We expected January to be a bit slower after the increase in activity we saw in November and December, which was likely due in part to buyers entering the market early to avoid the new mortgage stress test," says 2018 Victoria Real Estate Board President Kyle Kerr.

"We have yet to see the full effect of the stress test, as many people attained a 90 -120 day pre-approval before the test became required January 1. We won’t know how much that stress test will affect the spring market until we see the numbers, and spring is also the time when sales traditionally pick up."

There were a total of 1,491 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2018, an increase of 7.7 per cent compared to the month of December and 1.6 per cent fewer than the 1,516 active listings for sale at the end of January 2017.

"2017 concluded with very constrained inventory levels, which hit record lows early in January. The lack of inventory in our market is maintaining pressure on pricing, especially as high demand continues in many areas of Victoria," adds President Kerr.

"We can also see the effects of headwinds influencing our market in 2018, including attempts to curb demand at all levels of government. The mortgage stress test is the latest to be introduced, and we may learn of further measures later this month when the provincial budget is released.”

“We hope the government takes a balanced approach to our housing market in their budget and offsets any further demand-side measures with initiatives aimed at addressing the ongoing supply shortages for both home buyers and renters.  We also encourage our local governments to take some time to assess the effects of demand-side measures like the mortgage stress test and recent interest rate hikes before introducing further restraints on our market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2017 was $761,100. The benchmark value for the same home in January 2018 increased by 9.3 per cent to $831,900, slightly higher than December’s value of $823,800. HPI benchmark value for a condominium in the Victoria area in January 2017 was $375,300. The benchmark value for the same condo in January 2018 increased by 20.1 per cent to $450,600, which is slightly higher than December’s value of $445,000.

Market Update 
Victoria Stats Explained by Tony Joe

Multiple offers? Low inventory? It's more of the same in Victoria for January 2018. Mortgage stress test changes and interest rates have not dulled demand.

Happy New Year - Xīnnian hǎo! 
Wishing You a Prosperous Year Ahead

The Chinese Horoscope 2018 predicts that this year of the Brown Earth Dog is going to be a good year in all respects, but it will also be an exhausting year. You will be happy, yet frustrated, rested, yet tired, cheerful, yet dull!

Planning, postponing and negligence are words you will need to remove from your vocabulary during this year.
Refreshed and regenerated, the Dog will accelerate the initiation of all things, but this will bring, in the same time, pressure and stress in the everyday life.
According to chinese astrology , 2018 is a very good year regarding the financial aspects, but a little difficult from a health point of view. Actually, in the year of the dog, all zodiac signs will want to pay special attention to their health. Year 2018 is the ideal time to start eating healthy, doing sports and getting rid of bad habits.

A Sneak Peek Of What Year 2018 Will Be Like For You:

  • 🐭 Rat – The year will be kind to you. It is a fairly good year for you.
  • 🐮 Ox – It may appear to be a good harvest for the Ox, but do take some precautions.
  • 🐯 Tiger – You can expect the year to be a very good year for you. Dog year for you will be extremely wonderful ! You will prosper this year when involved in projects.
  • 🐰 Rabbit – It is not exactly a good year nor is it a bad year. Be careful in all business ventures.
  • 🐲 Dragon – This is generally not a good year for you. If you must travel, do be careful.
  • 🐍 Snake – It is a great year for the Snake.
  • 🐴 Horse – A great year for the Horse to enjoy themselves.
  • 🐐 Goat – A great year for the Goat !
  • 🐵 Monkey – It is a good time for your hard work as they will all be recognised.
  • 🐔 Rooster – If you need to make good decisions, make it now. Generally, quite a good year.
  • 🐶 Dog – It is your year, so do be careful in whatever you wish to do.
  • 🐷 Pig – It is a year of fulfillment for you. You might do well this year.


Source: www.thechinesezodiac.org

And The Winner Is... 
Congratulations Irene & Brace!


We're happy to announce the winners of our client appreciation draw, it’s Irene & Brace! They have won a return trip for 2 on Heli-Jet to Vancouver with $500 for a little walking around money.
Irene & Brace were automatically entered into our draw when they sold their condo with us last year; as were all of our buyers, sellers and clients who referred us business.

You could be next year’s winner; just make sure you buy, sell or refer your people to us and boom, you’re in!

Congratulations again Irene & Brace, we can’t wait to hear what you do on your little adventure.
 

Mortgage Update 
Kyle Kerr Talks Money with Charlotte Ray

Mortgage Updates, Tips, and Info with Charlotte Ray from RBC- this month we talk about interest rates- where are they going? what rate is doing better? why are they going up?

Hot Home Trends for 2018 
Curious about what’s trending in homes and gardens this year?

It’s that time of year when homeowners are thinking about revamping and refreshing their space.  Here are a few of the latest trends and styles that are gaining steam:

  1. Ziggity Zag - Geometric patterns are making a comeback! It could be as simple as adding a few accent pillows or for a bolder statement, consider some patterned wallpaper.

  2. Concrete Ideas - This versatile material is becoming increasingly popular for sinks but can also be used in more unique ways such as furnishings, wallcoverings and tile.

  3. Sleep Easy - Embrace minimalist bedrooms this year with soothing neutrals and plain furniture pieces. Keeping the space simple will help you enjoy a restful night’s sleep.

  4. Full House - Multigenerational living is a major home design trend for 2018. Additional kitchens, basement renovations, and seperate entrances are just some of the ways homes are reflecting this trend.

  5. The Heart of the Home - Homeowners are injecting warmer, brighter tones on their kitchen walls and cabinets. Sinks made with materials like stone, copper, concrete or granite will also steal the spotlight in 2018.

If you're thinking about breathing some new life into your home with a new year’s makeover, be sure to take the latest trends into account during the planning stage. Hopefully these ideas have given you inspiration to inject some new style into your home!

Legal Update 
Kyle Kerr Talks Money with Nima Rohani

Monthly real estate legal updates, tips, and information with Nima Rohani of McConnon, Bion, O'Connor, and Petersen.

Smoke Alarm Smarts 
Smoke detectors are important but they’re often overlooked.

Countless tragedies are prevented each year by smoke detectors. Here are a few tips to ensure your smoke detectors are in full working order:

  1. Test each alarm regularly by pressing the test button until the alarm sounds.

  2. Blow the dust out of the alarm whenever you check or change the batteries.


  3. Don't "borrow" the batteries for the TV remote as you'll likely forget to replace them.

  4. Smoke alarms should be replaced at least every ten years to ensure proper working order.

  5. Don't install alarms near windows or doors as drafts could stop smoke from reaching the alarm system.

  6. There should be at least one alarm installed on each floor including the basement and preferably every bedroom.

Alarms can be hard wired, battery powered or preferably a combination of both. Interconnected smoke alarms are best because when one alarm goes off, they all do. If you have any questions, your local fire department will be more than happy to help.

Congratulations to you 
January Buying & Selling

Congratulations again to our clients who bought and sold with us last month; we know it's an exciting time and we are so happy to have been a part of this with you.

Buyers
Roy & Mary
Lori


Educate and Donate 
Smarten up and end hunger, a few grains of rice at a time!

Next time your kids are on their devices, send them over to www.FreeRice.com where they can learn and donate at the same time!

Users answer multiple choice questions on a range of subjects including math, language, geography and science.  When a question is answered correctly, 10 grains of rice are donated via the World Food Program.

These questions aren’t just for kids; in fact, anyone can benefit from this game as you can adjust the difficulty level. The vocabulary section will definitely give you some mental stimulation so it’s a win-win!



PS Are you sick of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Sit back, relax and let me do the work for you! Just visit my website and check off the features you're looking for. Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home. This service is free and there's no obligation! Click here to get started.


Not meant to solicit clients already under contract.