Hello! As this is my FIRST EVER newsletter (yay) it will include both market info and local stats as well as a brief introduction of myself as a REALTOR ®.
Although it may not be news to some, I am beyond excited to have attained my Real Estate licence this year and will be working for Fair Realty. Considering my previous endeavours in education, this may seem to have come out of the left field. In reality, this has been in the works for many, many years.
To start, let’s take it back to Grade 10 planning. You know that class we all BS’d through so we could graduate and get into university? To refresh your memory, the final assignment was to do some research, write a paper and make a poster on a future career option. You probably picked a career that was convenient, and that you already had knowledge on because c’mon, this wasn't going to become reality. Well I picked Real Estate. My parents had been in the industry for over 25 years, and if you know anything about REALTORS ®, it’s that they talk about Real Estate.. all the time.. non stop. We couldn't (and still can’t) get through dinner without Real Estate coming up in some way or another. Thus, this assignment was the easiest A I'd ever gotten. Sure enough, I got my golden ticket and off I went…to art school!
Fast forward 4 different degrees and 6 years, one of my business professors approached and asked me what the hell I was doing in Sports Management. He pointed out that I was obviously meant to be in business, but that he’d like to politely suggest I try a different avenue, such as Real Estate. Finally, the light bulb came on. I dropped out 2 months later and started the Real Estate licensing course.
To wrap it up, I am incredibly excited to start this career, even though it feels like I've been in the industry for many years. I have the pleasure to be living and practising in Victoria BC while the rest of my family remains in Nelson. Newsletters like this will be bi-annual, and include stats, facts and interesting articles from across Canada, as well as local to BC and Victoria.
The average price of homes sold across Canada in November 2021 was $720,854, up +19.6% from $602,565 in November 2020.
Specifically, BC is up +21.9% . New Listings Are Down 4.6% across Canada, with 52,308 new listings added in November 2021, compared to 54,843 in November 2020.
A total of 653 properties sold in the Victoria Real Estate Board region this November, 17.9% fewer than the 795 properties sold in November 2020 and 12.3% fewer than the previous month of October.
236 condominiums sold, 5.2% fewer than in the previous month of October. 276 single family homes sold, 18.6% fewer than in the previous month of October.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2020 was $903,700. The benchmark value for the same home in November 2021 increased by 24.2% to $1,122,600, a 1.7% increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2020 was $485,100, while the benchmark value for the same condominium in November 2021 increased by 15.6% to $560,700
Going into the new year, it’s hard to say exactly what the market is going to look like. CREA suggests that the lack of supply will push home prices to rise more in 2022, meaning we will remain in a sellers market for the time being. But, as I've learned from my mentors over the years, expect the unexpected and you’ll never be unprepared. Happy New year to everyone and thanks for reading, see you in 2022!