We would like to introduce our newest member of Fair Realty.
Franklin Porter – Pandora Branch
franklinporter@gmail.com
(250) 294-3616
A warm welcome is extended to Steve Kunn - kunnuk@shaw.ca - (250) 686-8344
Canadian employment rose by 58,000 jobs in April following a blockbuster March in which employment increased by 82,000. Despite large job gains in the past two months, the national unemployment rate edged up 0.1 points to 7.3 per cent as more Canadian were looking for work.
Employment in British Columbia expanded by 19,700 in April, including 16,700 full-time positions. The BC unemployment rate fell by a surprising 0.8 points to 6.2 per cent. BC employment growth is up 2.1 per cent through the first four months of 2012, a marked improvement on the weak job growth of 2011.
The Canadian economy has added 150,000 jobs over the past two Mont's, a rate of job growth that may firm up the Bank of Canada some decision to raise interest rates this Fall. That said, we anticipate a gradual increase in rates with the Bank of Canada testing the water with one or two 25 basis points rate hikes over the fall and winter.
FLAT MARKET IN APRIL 2012 MAINTAINS BALANCED REAL ESTATE IN GREATER VICTORIA
May 1, 2012
VICTORIA, BC - Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. "That's good news for both buyers and sellers," says Carol Crabb, President of the Victoria Real Estate Board. "The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume."
The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000.
"Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®," Crabb says.
Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012.
Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013.
Total waterfront Single Family Dwellings sold: 13, down 1 sale over April 2011
Total non-waterfront Single Family Dwellings sold: 316, down 9 sales over April 2011
Single Family Dwellings sold over $1 million: 18 (3 over $2 million)
STATS QUICK REFERENCE
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
When Interpreting Our Statistics
To ensure sales are not over-reported, we report net sales: that is, the number of sales less the number of collapsed sales, if any. Average Price is the total dollar volume of sales for the month divided by the number of sales in the month. Six Month Average is the total dollar volume of sales for the last six months divided the total number of sales in the last six months. Median Price is the mid-point price between the least expensive sale and the most expensive sale in the month.
The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.
Ed Hennessy – Surrey Branch, FVREB – edhennessy@shaw.ca (604) 649-0527
and
Peter Pfann – Victoria Branch, VREB – peter@pfanntastic.com (250) 213-9490
SINGLE FAMILY HOUSING LEADS MARCH 2012 HOUSING MARKET IN VICTORIA VICTORIA, BC–Single family homes sales have risen 17% since last month, while the six-month average price is up 1% to $599,551. The average price of a Greater Victoria single family home in March 2012 is $640,553 up from $579,985, but is affected by the sale of two homes over $4 million. Compared to March 2011, active listings in this category are up 5% to 1,858, while sales are down 7%. Sales of condos and townhomes are flat, compared to February 2012, while down significantly from 12 months ago (17% and 15% respectively). Condo prices are unchanged, while townhomes are 1% lower than March 2011.
"With softer prices, buyers have been looking at houses," says Carol Crabb, President of the Victoria Real Estate Board. "That is now being reflected by the six-month average price increase. We predicted a flat market in January, and so far that is what we are experiencing."
She also believes sales activity was affected by poor weather and many families travelling over the two-week spring break. "REALTORS® tell me many clients took the time for family vacations," Crabb adds.
With a total of 4,274 active listings, properties on the market have edged up from last month (3,977 active listings at February 29, 2011). Increased supply levels reflect typical spring activity as seen year over year.
(Comparitive statistical info in the link below:)
http://www.realtorlink.ca/portal/server.pt/document/3379676/2012-03_vreb_statistics__statistical_digest
Extending a warm welcome to the following new members of Fair Realty:
Ryan Erikson – Penticton Branch, SOREB – ryan@regalridge.com (250) 535-0227
Sandy Manhas – Nanaimo Branch, VIREB – sandymanhas@gmail.com (250) 756-2945
Warm welcomes extended to the most recent new members of Fair Realty Victoria -
Shirley George shirlegeorge@shaw.ca 250-592-4117
Sadie Coulson sadiecoulson@hotmail.com 250-380-8933
Welcome and best wishes to Wally Rolofs who has joined our Victoria office. Wally can be reached at wally@wallyrolofs.com.
And welcome and best wishes to Wade Traversy who has joined our Surrey Branch of the FVREB. Wade can be reached at wadet@telus.net 604-575 2514