Jean Medland

Phone: 250-858 7716 |

Victoria Inventory Historically Low: Demand Is High


Welcome to January!

In this newsletter, I will bring in my network specialist, Jack Groucott, and have him share his insights into how to manage cashing-out when downsizing. If you are thinking of downsizing now or in the spring, reach out so I can get your plan for maximum gain, in the shortest time frame and the least amount of hassle.
 
Jack tells me these are the top 5 tips he helps clients manage their nest egg: (Check out my video interview below!)
 

  • Build a plan! Sit down and determine what is important to you and what you want to achieve.
  • Work with a professional to determine: goals, time frame, tolerance for risk.
  • Follow a 'dollar cost average' strategy. Slow and steady wins the race! Transition capital from Bonds to Stocks over time, not in one shot.
  • Build a diversified portfolio of quality investments, backed by research.
  • Follow a process! Meet regularly to make sure you are on track to achieve your goals.

 
It is crucial to 'keep your emotions in check'  and this fundamentally comes from having a plan and a strategy.
 
For a free, no-obligation consultation with Jack, you can reach him at the contact info below.
 
Jack Groucott
Financial Advisor
Edward Jones
4085 Shelbourne St.
Victoria, BC V8N5Y1
(778) 700-3338
www.edwardjones.ca



The 2020 Victoria real estate market year in review...
On Vancouver Island the Sales-to-Active-Listings ratio was 47.48 percent and the Months of Inventory ratio 2.11 which resulted in a Seller's Market. 
In Victoria : the Sales-to-Active-Listings ratio was 63.86 percent and the Months of Inventory ratio 1.57 which resulted in a Seller's Market. 
A total of 631 properties sold in the Victoria Real Estate Board region this December, 57 per cent more than the 402 properties sold in December 2019 and a 20.6 per cent decrease from November 2020. Sales of condominiums were up 61.2 per cent from December 2019 with 195 units sold. Sales of single family homes increased 58.6 per cent from December 2019 with 314 sold.

A grand total of 8,497 properties sold over the course of 2020, 17.1 percent more than the 7,255 that sold in 2019. 2020 sales came in close to one thousand sales over the ten-year average of 7,329 properties.
Read the full report here



Average House Prices by City

Nov 2020

Nov 2019

Nov 2018

Yellowknife

$447,966

$425,482

$334,556

Vancouver

$1,044,000

$993,700

$1,042,100

Victoria

$730,200

$693,700

$686,400

Edmonton

$322,700

$316,100

$321,800

Calgary

$418,700

$413,900

$418,300

Saskatoon

$303,600

$287,500

$293,500

Regina

$278,800

$259,600

$272,100

Toronto

$902,500

$815,800

$763,600

Hamilton-Burlington

$735,300

$626,000

$581,900

Ottawa-Carleton

$540,500

$441,800

$393,600

Quebec City

$267,900

$274,600

$280,072

Montreal

$423,400

$379,000

$348,200

Fredericton

$195,022

$184,665

$164,692

Saint John

$209,702

$191,896

$197,463

Halifax-Dartmouth

$393,461

$343,252

$296,419

Winnipeg

$286,500

$305,744

$289,876


 


Source: CREA - Most Recent Month Reported

 


Average House Prices by Province

Nov 2020

Nov 2019

Nov 2018

National

$603,344

$528,728

$488,080

Yukon

$424,353

$395,741

$394,406

Northwest Territories

$447,966

$425,482

$334,556

British Columbia

$814,049

$746,481

$708,739

Alberta

$405,662

$370,440

$374,915

Saskatchewan

$283,371

$280,757

$283,849

Manitoba

$314,418

$291,279

$280,683

Ontario

$744,036

$629,648

$574,993

Quebec

$413,144

$335,097

$314,893

New Brunswick

$203,907

$182,304

$175,976

Prince Edward Island

$309,031

$247,035

$226,155

Nova Scotia

$306,314

$277,104

$233,679

Newfoundland

$281,900

$240,149

$225,655


 

Source: CREA - Most Recent Month Reported


MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.