The selection of single family homes on the Greater Victoria real estate market is good

HOMEFINDER: Market heading into summer with a bang

Balanced market good for buyers and sellers: Victoria Real Estate Board president

When the numbers show continued growth in the real estate market, it’s hard not to be excited.

May’s sales figures for the Greater Victoria region showed the best numbers since 2010, according to Victoria Real Estate Board president and active agent Tim Ayres.

But the best of 2014 may well be yet to come.

“I haven’t seen a start to June like this in a while,” he said this week, when asked for his thoughts on the state of the local market. “It’s healthy.”

Forget the old expression about March coming in like a lion. Early sales for this month have local agents on pace to knock out the June 2013 numbers.

That said, Ayers and others continue to describe the Capital Region housing market as “balanced,” meaning neither buyers nor sellers have the upper hand in negotiations.

“It’s one of those funny markets,” he said. “You don’t really have the buyers beating down your door. At the same time, we don’t really see an end to the busy season.”

From a cost perspective, prices are remaining fairly constant, with only a one-per-cent upward blip in the region’s benchmark price for a typical home.

With no pressure up or down on price, and interest rates remaining low, there’s less chaos in the market and agents have more time to spend working with buyers to ensure they find a home that is the right fit, Ayers said.

“Whether you’re a Realtor or a seller, you want to be sure the buyer wants your property. There’s less complications that way.”

Bill Ethier, president of Royal LePage Coast Capital Realty, noted that when it’s a buyers or sellers’ market, it’s usually a sign that something not so good is on the horizon.

Having a balanced market helps “put confidence back in the marketplace,” he said.

“These times are like a nice, stoked fire going along nicely,” Ethier said. “Buyers have a chance to look around and take time and be cautious, but at the same time we’re seeing multiple offers, like any market, if it shows well and is priced well, it’s going to go quickly.”

He said the $450,000 to $600,000 price range continues to be the sweet spot for sales in the region.

Helping keep the market on an even keel is the absence of impending regulatory changes, such as the shorter amortization periods from late 2012 that prompted many people to jump into the market quickly ahead of that change.

The relatively low cost of borrowing helps too, he said. “We’ve been told we can’t maintain these low rates forever, but we’ve had this for four years now.”

ddescoteau@vicnews.com

Q: WHAT ARE SOME TIPS FOR SELLING MY HOME DURING THE SUMMER?

Mow your lawn regularly – If you’re watering regularly, grass grows especially fast when the hot sun is beating down so make sure to keep it trim and tidy. Trim bushes and plant flowers if you have time and look into painting your house number on your curb.

Keep it bright inside – Increase the perceived size of the home by opening it up, removing heavy drapes and pulling all your blinds up.

The nose knows – Sometimes air fresheners can work against you. Vanilla can smell great, but it can overwhelm if not used sparingly. If needed, consider natural fragrances such as cut roses, flower petals.

GREATER VICTORIA MARKET UPDATE » AS OF JUNE 10/14 COURTESY VICTORIA REAL ESTATE BOARD

» 239 / 664 — NET UNCONDITIONAL SALES / TOTAL, JUNE  2013

» 422 / 1,240 — NEW LISTINGS / TOTAL, JUNE 2013

» 4,610 / 4,833 — ACTIVE RESIDENTIAL LISTINGS / TOTAL, JUNE 2013

Just Posted

Experts suggest Esquimalt explores hub-and-spoke medical clinic model

Dr. Eileen Pepler says Esquimalt is in a ‘dire’ situation for medical care accessibility

‘Preliminary’ discussions with Saanich identify public works yard as potential velodrome site

Greater Victoria Velodrome Association’s David Atwell says site ‘is of great interest to us’

Victoria Mayor Lisa Helps appointed to BC Transit board of directors

Helps joins six other board members, four of which are locally elected officials

Unveiling of Greater Victoria bus-tracking app delayed

NextRide won’t be coming to Greater Victoria until July

Art Gallery of Greater Victoria receives $2.8M Anthony Thorn donation

Victoria News article inspires hefty donation for gallery expansion

POLL: How often does your family use BC Ferries?

Navigating the lineups for BC Ferries is a way of life for… Continue reading

Crime Stoppers most wanted for Greater Victoria for the week of April 16

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Prince George sweeps to first-ever BC Hockey League crown

Spruce Kings beat Vernon Vipers 3-1 in the Okanagan Wednesday for 13th straight playoff win

Hwang’s first MLS goal lifts Whitecaps to 1-0 win over LAFC

Vancouver picks up first victory of season

Child-proof your windows ahead of warm weather: B.C. expert

Fifteen children were taken to BC Children’s Hospital for falls in 2018

B.C. trucker pleads guilty to lesser charges in fatal Manitoba crash

Gurjant Singh was fined $3,000 and given a one-year driving prohibition.

Study links preschool screen time to behavioural and attention problems

The research looked at more than 2,400 families

Island man guilty of child porn charges, Crown alleges 250,000 images

Psychiatric assessment requested by Crown, sentencing to be set June 4 in Nanaimo court

Most Read