Oak Bay is quickly becoming a Canadian real estate hotspot attracting investors from across the globe. Oak Bay is unique to Canada for a number of reasons, rivalled only by its significantly more expensive neighbour, West Vancouver. Living in Oak bay means you’re only a couple of minutes away from the beach, Victoria Golf Club, St Michaels University School, Royal Victoria Yacht Club, Oak Bay Beach Hotel and a short drive from Harbour Air/Kenmore Air, which provides quick transport to major cities and airports. All the while, you’ll be experiencing the best climate in the country, stunning scenery, and having access to skiing, hiking, and surfing whenever the mood strikes.
With amenities of this calibre in the midst of a major Canadian city, families and investors from Vancouver, Alberta and China see future profit in purchasing Oak Bay property.
“We’re noticing a huge spike in interest from out-of-town buyers looking for a quality investment, a better lifestyle, and the ideal place to raise their families,” notes Lewis Ratcliff—a leading realtor with Engel & Völkers, an international real estate brokerage with an office in Victoria, specializing in the Oak Bay housing market.
Did we mention the Victoria market is red-hot right now? A total of 1,121 properties were sold in the Victoria Real Estate Board region this March, which is an increase of 52.7% compared to the 734 properties sold in the same month last year.
In March 2015, the Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core was $569,700. The benchmark value for the same home in March of this year was $663,300—that’s an increase of 16.4%.
“The time to invest in Oak Bay real estate is now,” Adds Ratcliff. “Oak Bay is well established area this isn’t a short term boom. Oak Bay is as exclusive a neighbourhood as it gets in Victoria, and demand for current homes is only going to grow because there is no space for new developments.”
With market and comparable neighbourhood’s prices changing daily, it’s imperative to work with a realtor that specializes in the area that you’re considering.
Learn more about the Victoria real estate market and contact Lewis Ratcliff using the link below.
Lewis Ratcliff Realtor in Victoria, BC – Engel & Völkers
images via Facebook, Oak Bay Beach Hotel
Story via LYF Marketing
Another Busy Month in the Victoria Real Estate Market – Lewis Ratcliff Realtor
April 1, 2016 Victoria BC – The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of March 2016.
A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 per cent compared to the 734 properties sold in the same month last year.
Inventory levels remain lower than the previous year, with 2,618 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 30.5 per cent fewer than the 3,769 active listings at the end of March 2015.
“I think the strong uptick in the market has surprised many of us! The business cycles of real estate are affected by economic drivers and it’s clear that this cycle has all possible drivers running at top speed. Many different factors may be contributing to this activity,” notes Mike Nugent, 2016 President of the Board. “Pent up demand from the slower years of 2008 to 2013, lower than historic mortgage rates, strong interest from out of town buyers, a buoyant economy that’s attracting job seekers and the lifestyle and beauty that Victoria and area offers all contribute to the activity we’ve seen this year.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700. The benchmark value for the same home in March 2016 has increased by 16.4 per cent to $663,300.
“Though we represent a relatively small geographic area, there is variation in price and inventory in different neighbourhoods,” adds Nugent. “Areas near the downtown core continue to see high demand for houses and condos, as do most areas in the Peninsula. The West Shore has also strengthened considerably but pricing remains lower than in the core because there has been more inventory to meet demand. Further out of town there has been less demand, but overall all areas have now strengthened in sales. More than ever I encourage buyers and sellers to connect with a local REALTOR® to develop a strategic approach in this fast moving market.”
About VREB – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents over 1,200 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Story via Vreb
Lewis Ratcliff Realtor in Victoria BC copyright 2016
VICTORIA, BC–(Marketwired – March 01, 2016) – The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of February 2016.