Victoria Market Update October 2023
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As autumn descends and Thanksgiving has just passed, I want to extend my heartfelt thanks to all of you for joining in the festivities. I hope your Thanksgiving celebration with loved ones was nothing short of fantastic—a time for gratitude, delicious food, and cherished togetherness! Now, let's dive into some simple yet intriguing updates: With the cool breeze of fall in the air, it's the perfect time to make your home cozier and more energy-efficient. The "Unlocking Home Energy Savings" section offers wallet-friendly tips and smart changes for long-term savings, ensuring your home stays snug while being eco-friendly. I've also gathered insights from the Canada Mortgage and Housing Corporation (CMHC) report, which highlights the need for 3.5 million more homes by 2030 to enhance affordability. And, don't miss my informative infographic depicting nationwide home price trends. Staying informed is key! Remember, I’m here to assist with any questions or needs. Wishing you a wonderful post Thanksgiving season and a delightfully spooky Halloween! |
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Steve Axford |
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 While value of homes in Victoria remains stable, the cost to own continues to rise A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4 per cent decrease from August 2023. Sales of condominiums were up 23 per cent from September 2022 with 155 units sold. Sales of single family homes increased 3.2 per cent from September 2022 with 228 sold. "What we saw in our market last month was a continuation of the seasonal market trend we expect in a typical year as we move into fall," said Victoria Real Estate Board Chair Graden Sol...READ MORE  |
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  CHOCOLATE: A Tasting Event (Oct 15) |
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 As homeowners, our responsibility to the environment and our wallets often converge. From no-cost shifts in habits to strategic investments, this infographic guides you through actionable steps to reduce energy usage. Dive in to discover a blend of quick wins and long-term solutions for a greener home and heftier savings.  |
  To achieve housing affordability by 2030, Canada requires an additional 3.5 million homes. This estimation stems from a recent report by the Canada Mortgage and Housing Corp. (CMHC). Yet, if the trend of welcoming approximately 500,000 new permanent residents each year continues until 2030, the demand is projected to rise to 4 million homes, surpassing the initial 3.5 million estimate. CMHC utilizes data from 2003 and 2004 to gauge affordability, given the economic stability and modest housing prices of that time. In those years, an average household dedicated about 35% of its available income to housing. This percentage has surged to nearly 50% countrywide and is approaching 60% in regions like Ontario and B.C., as highlighted in a previous CMHC study. See the full report at CMHC Website   |
   Gordon Head is a welcoming and scenic neighborhood located just a short drive from downtown Victoria. This community is known for its natural beauty, with stunning coastline along Haro Strait and nearby Mount Douglas Park offering outdoor enthusiasts plenty of recreational opportunities. One of the neighborhood's highlights is the presence of the University of Victoria, adding an academic vibrancy to the area. Gordon Head boasts a strong sense of community, with numerous parks, sports fields, and local events that bring residents together. Housing options in Gordon Head include a variety of residential properties, making it suitable for families and individuals alike. The neighborhood also offers shopping, dining, and easy transportation options, contributing to its overall appeal as a safe and family-friendly place to live. Find more neighbourhood infographics HERE. |
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