Sold: Regents Park Condo

Introducing #1505 – 1020 View Street, Victoria BC

Life in the sky! Perched on the 15th floor of the well managed Regents Park, this is your chance to live in Harris Green without compromising on size. Harris Green is a vibrant, amenity-filled neighborhood. You’ll love endlessly finding your new favorite restaurant, and deciding between quiet, ocean-side evenings and the vibrant bustle of downtown. 

This particular unit is of the larger ‘Ascot’ floorplan. The split bedroom layout gives you ample space and privacy for guests or a home office. A separate kitchen space, dining room area, and dedicated laundry room are near impossible to find for downtown condos in this price range. 

Notable upgrades include Hunter Douglas roller shades throughout – motorized in the living room & master. In 2018 the owner installed new carpets, bathroom vanity, and flooring in the kitchen and bathrooms. The kitchen includes a matching stainless steel appliance package; Samsung fridge, stove-top oven, microwave, and Bosch dishwasher. 

Includes 1 underground parking, large storage unit, and over $1M+ in the contingency reserve fund. One small dog or cat (see bylaws), rentals permitted (see bylaws), BBQ permitted, no age restrictions. 

Title: Freehold/Strata
MLS 860748
Price: $538,000
Built: 1991
Size 102.8 m2 or 1,144 sf.
BC Assessment $568,000
Taxes $2,883
Strata Fee $528/month
Parking 1 Underground secure
Contingency Fund $1,152,450

All information is deemed accurate but should be verified if important.

The Floorplan

The best in the building, Ascot!

Get in touch with the building expert, Dustin Miller

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New Listing: Best Value Downtown Victoria

Introducing #1505 – 1020 View Street, Victoria BC

Life in the sky! Perched on the 15th floor of the well managed Regents Park, this is your chance to live in Harris Green without compromising on size. Harris Green is a vibrant, amenity-filled neighborhood. You’ll love endlessly finding your new favorite restaurant, and deciding between quiet, ocean-side evenings and the vibrant bustle of downtown. 

This particular unit is of the larger ‘Ascot’ floorplan. The split bedroom layout gives you ample space and privacy for guests or a home office. A separate kitchen space, dining room area, and dedicated laundry room are near impossible to find for downtown condos in this price range. 

Notable upgrades include Hunter Douglas roller shades throughout – motorized in the living room & master. In 2018 the owner installed new carpets, bathroom vanity, and flooring in the kitchen and bathrooms. The kitchen includes a matching stainless steel appliance package; Samsung fridge, stove-top oven, microwave, and Bosch dishwasher. 

Includes 1 underground parking, large storage unit, and over $1M+ in the contingency reserve fund. One small dog or cat (see bylaws), rentals permitted (see bylaws), BBQ permitted, no age restrictions. 

Title: Freehold/Strata
MLS 860748
Price: $538,000
Built: 1991
Size 102.8 m2 or 1,144 sf.
BC Assessment $568,000
Taxes $2,883
Strata Fee $528/month
Parking 1 Underground secure
Contingency Fund $1,152,450

All information is deemed accurate but should be verified if important.

The Floorplan

The best in the building, Ascot!

[contact-form]

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Exclusive Listing: 3340 Shelbourne St

Introducing 3340 Shelbourne Street, Saanich BC.

Situated at the corner of Knight Avenue and Shelbourne St. This 60×110′ lot is zoned RS-6 Single Family Dwelling and has an OCP designation of Mixed/Used Commercial. The property is improved with a single story 2bed/1bath home rented for $1,500/month.

Price $650,000
Lot Size 6,271 sqft (BC Assessment)
Built 1 storey, 2bed/1bath 1,120 sqft
Zoning RS-6
OCP Mixed/Use Commercial Shelbourne Valley Plan
Secondary Suite Permitted
All measures are approx and from sources deemed reliable. we are not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided as is, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Buyer to verify if important.

Ideal for investors looking to acquire a residential lot in a desirable area. Located within 5 minutes drive of University of Victoria, Camosun College, Hillside Mall.

For more information, contact this listing agent: Dustin Miller

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October was the hottest month all year!

It’s been another strong record month for Victoria Real Estate.

Sales normally decline in October, but this year they stayed high, in fact October had 990 sales  – it’s the the most sales in any given month we’ve had all year! Highly unusual.. perhaps October is the new May or June.

Victoria’s been on a record streak since June. Every month for the past 4 months, we’ve seen an unprecedented uptick in velocity and prices. More homes are selling for higher prices than ever before.

But I gotta ask myself, how long can this keep going on!? Daily sales are beginning to trend down as we inch closer into the holiday season.. but I think this is simply because inventory so low (about 20% less than last year). those initial spring buyers may still be out there looking, because they keep loosing out in multiple offer situations. I’m certain that sales are being throttled back by the lack of new listings and inventory. 

Another type of buyer has been identified this month by the real estate board, the ‘forward buyer’. This buyer is anticipating a slow down in general activity over the winter months due to the course of the pandemic and so they are accelerating their plans. making moves now before another widespread lockdown. taking advantage of the low interest rate environment. Perhaps recognizing that remote work from home may become a permanent fixture in the new world order.

Alright, let’s get into the stats.

Single Family homes achieved an average of $1,037,000 this month. There were 474 sales in October, which is up 70% compared to last year. 

There are very slim pickings for single family homes in the core. As of today, there are only 328 some listings.

One in 4 homes sold for over asking price. 

Often, when I first meet Buyers, I feel they don’t believe me when I tell them how fast the market moves. What you see on the internet is not reflective of reality. If you want to buy a home you need to be ready, willing, and able to submit offers immediately. You need to be working with a realtor that is responsive, smart, and quick to get your compelling offer on the table. Homes get put under contract in a matter of hours!

Now, let’s switch to condominiums, which had a promising month. 

Approx 300 condos sold, up 70% compared to last year. Average Prices remain stable at $500k. 

As of today, there is about 525 condos on the market. 

In my experience, I’m finding that condominiums are getting placed under contract 24-48 hours after hitting the market. While you’ll have a much easier time than the typical home buyer, you still need to be sharp, quick witted, and attentive.

If you’re considering buying a property, or want to strategically sell your property for top dollar in todays market, please contact myself, Dustin Miller, managing broker of 8X. I’d welcome the opportunity to chat about our real estate services. 

Thanks for watching. Having a great day.

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Starlight Buys Prime Downtown Land Quadra & Johnson

Starlights insatiable appetite for Victoria, BC continues. The private REIT has been picking up prime Victoria assets for years. Most notably two adjacent apartment blocks in James Bay, among others.

The recent acquisition by Starlight Developments of 1314 Quadra and 851 Johnson Street shows the company has very long term plans for Victoria.

Civic Address Purchase Price Zone Code Zone Description Lot Size Sq.Ft. OCP NCP
851 JOHNSON ST $2,950,000 CBD-1 Central Business District-1 7,200 Core Business Harris Green
1314 QUADRA ST $1,680,000 CBD-1 Central Business District-1 4,016 Core Business Harris Green
Parking Lot $720,000 CBD-1 Central Business District-1 3,600 Core Business Harris Green
TOTAL $5,350,000     14,816    

The sale amalgamates 3 parcels that are currently underutilized. The site contains a dry cleaners, surface parking lot, and a largely empty retail store.

The OCP designation of Core Business envisions a built form of up to 24 storeys in height for commercial and mixed use buildings. There should be retail at grade with underground parking to the building. The maximum residential floor area should be no more than 3:1 FAR. Total commercial FAR ratios range from 4:1 to 6:1.

Given its prime location in Harris Green, this would be an ideal location for a rental building. The city might be prepared to offer bonus density to residential component for affordable rental units. In the COVID era new office developments are unlikely.

This intersection is ready for change. Immediately across the street, Alpha Projects are well underway with their 14-storey rental project at 1400 Quadra. On the SW corner Mings Restaurant at 1321 Quadra has been left vacant and derelict for many years, is now slated for demolition.

Nearby in the same neighbourhood, Starlight Developments is in the planning stages for the landmark transition of Harris Green Village. The company acquired the entire city block from Yates & Vancouver Street to View & Quadra Street. The proposal includes a five tower, three phase development that will contain over 1,500 purpose built residential rental units and over 100,000 square feet of commercial and retail space. 

Johnson at Quadra View by JohnnyJayEh, on Flickr

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Two high rise towers can set the stage for downtown Langford

Rachael Sansom on behalf of Rejuvenate Dt Langford Nominee Inc. has submitted an application to rezone 5 properties; 913, 917, 921, 925, and 929 Bray Avenue from R2 (One and Two Family Residential) to CC1 (City Centre 1) to allow for the construction of a high density building.

The assembly of five properties are located on the eastern half of the block, near the corner of Jacklin Road. Three of the properties contain two-family dwellings, which are not strata titled, whereas the remaining two properties contain one-family dwellings. All five subject properties have frontage and driveway access off of Bray Avenue.

Despite its Official Community Plan (OCP) designation as City Centre, Bray Avenue has not seen a large uptake in the amount of applications to rezone in order to meet the density objectives found within the OCP. Redevelopment on the street to date has consisted of two-family dwellings, both attached and detached. An application to rezone the property at Carlow Road and Bray Avenue (2865 Carlow Road) to allow a 9-unit townhouse development was adopted in August 2020. 

The developer plans to redevelop the subject properties to accommodate a high density residential or mixed-use residential development but would like flexibility in the design of the building with the understanding that the building must be designed to reflect the regulations of the CC1 Zone. 

The proposed design includes three levels of parking, two underground and one at the grade level with residential units above. In front of the ground level parking, six units will face the street frontage and will be able to have direct walk in access from Bray Avenue, thus satisfying the requirement to create an active building frontage to achieve the higher FAR of 5.0. To access the underground and surface parking a driveway is proposed off of Bray Avenue. 

The developer would like to delay construction of the building to coincide with the sale of the property, after Council has approved rezoning the property to accommodate a higher density. The developer would like to retain the ownership of the properties, as five separate entities owned together, until plans are made for redevelopment, wherein they would consolidate creating one large parcel. Council should be aware that retaining the separate ownership of the properties means these homes can remain as valuable rental stock within the downtown, however, as separate entities they will not singularly satisfy the density requirements of the CC1 Zone, which requires a minimum 1,400 m2 lot size, when they apply for a Development Permit. Therefore, prior to obtaining a development permit they will be required to consolidate to meet this CC1 regulation that cannot be varied.

  • Civic Address 913, 917, 921/23, 925/27 and 929/31 Bray Avenue
  • Legal Description Lots 3-7, Section 79, Esquimalt District, Plan 17397
  • Size of Property 4589 m2 (combined)
  • DP Areas City Centre Development Permit Area
  • Zoning Designation R2 (One and Two Family Residential)
  • OCP Designation City Centre

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Unprecedented Month for Home Sales in Greater Victoria ???

Real Estate in Greater Victoria experienced its hottest September ever! Sales were up an astounding 60% compared to last year.

522 single Single family homes sold in the month of September, and prices continue to spiral upwards, hitting an all-time high of $1,075,000.

We are still seeing bidding wars with buyers competing on price. Approx 2 out of every 5 homes sold for full price or above asking price

I saw more than a handful of sales go $100,000 above asking price. One of the shockers was 973 Wagonwood Place in Broadmead that went for $218,000 above asking price!

A number of high-end and luxury sales completed in September. The most notable being 2795 Sea View Road in the Ten Mile Point neighbourhood selling for nearly $9 million.

In addition, more than 30 properties went pending (unconditional with firm deposits) over the price of $2M+ during the month of September.

Year to date, listings for single family homes are down 10% while sales are up 11%. A decrease in supply, and large uptick in demand means the price gap between homes and condos will continue to widen. Single family is appreciating at a much faster rate than condos.

Condos this year have an increase in new listings (supply up 10% YTD) matched with an decrease in sales volume (down 6% YTD)

280 condos sold in the month of September (up 12% compared to last year) for an average price of $500,000, whereas the average price for a condo last year was approx. $447,000.

 Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year.

Prices will continue to show upward pressure because inventory is at at ultra low levels. There are only about 2,400 listings on the market. That’s 15% below last year.

That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time.

As always, thanks for watching. Hit that like button for me! I’d welcome the opportunity to work with you on your next real estate transaction.

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Summer market explodes 💥 home sales & prices reach all-time highs across Victoria 🏡

The number of properties that sold were up +48% in August and +39% higher in July compared to last summer. Single family detached took off like a rocket 🚀, with more than 1 in 4 homes selling over asking price.

Demand increased across all price segments, including the luxury market. Since July more than 60 properties have sold for over $2,000,000 💰Buyers are scooping up incredible deals on luxury and waterfront properties. 

The strong sales activity in the luxury market has brought the average home price in Victoria to $1,000,000 for the first time ever! Our median sale price is $880,000 which is also an all-time high 🚨

In contrast, condo prices are flat as a pancake! Sales are still strong, but we aren’t seeing any increase in prices. The average condo now sits at $480,000. Perhaps COVID has sent buyer’s out of the urban core and into the suburbs. 

** Other noteworthy news **
🏦 The Bank of Canada lowered it’s qualifying rate for insured mortgages to 4.79% from 4.94% providing easier access to credit. 
⛴  Tourism takes a hit. BC ferries passengers down 54%, airport passengers down 82%, and a 35% occupancy rate at local hotels.

Make your next move a breeze, contact Dustin Miller at 8X Real Estate. ☎️ 

The post Summer market explodes 💥 home sales & prices reach all-time highs across Victoria 🏡 appeared first on Victoria Real Estate Agent.

Summer market explodes 💥 home sales & prices reach all-time highs across Victoria 🏡

The number of properties that sold were up +48% in August and +39% higher in July compared to last summer. Single family detached took off like a rocket 🚀, with more than 1 in 4 homes selling over asking price.

Demand increased across all price segments, including the luxury market. Since July more than 60 properties have sold for over $2,000,000 💰Buyers are scooping up incredible deals on luxury and waterfront properties. 

The strong sales activity in the luxury market has brought the average home price in Victoria to $1,000,000 for the first time ever! Our median sale price is $880,000 which is also an all-time high 🚨

In contrast, condo prices are flat as a pancake! Sales are still strong, but we aren’t seeing any increase in prices. The average condo now sits at $480,000. Perhaps COVID has sent buyer’s out of the urban core and into the suburbs. 

** Other noteworthy news **
🏦 The Bank of Canada lowered it’s qualifying rate for insured mortgages to 4.79% from 4.94% providing easier access to credit. 
⛴  Tourism takes a hit. BC ferries passengers down 54%, airport passengers down 82%, and a 35% occupancy rate at local hotels.

Make your next move a breeze, contact Dustin Miller at 8X Real Estate. ☎️ 

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Record High Activity in August

A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold. Sales of single family homes were up 45 per cent from August 2019 with 509 sold.

“Once again we saw a very active month in terms of property transactions,” says Victoria Real Estate Board President Sandi-Jo Ayers. “And once again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation. It is a challenging time to define what is happening in the market given so many factors that don’t exist in a normal year. We have been surprised by the pace of the summer market and are grappling with the evolving socio-economic effects of the pandemic and how these underlying factors will influence our fall real estate market.”

There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9 per cent fewer properties than the total available at the end of August 2019 and a 2.6 per cent decrease from the 2,653 active listings for sale at the end of July 2020.  

“What I do know is that our business has changed a lot in recent months,” adds Ayers. “REALTORS® have adapted to health and safety requirements and much more technology is being leveraged to facilitate all aspects of the housing transaction. We can also see that though demand is up, there are fewer listings on the market, which increases demand on desirable properties even more. This is why we saw a lot of competition and multiple offers over the summer. Will this continue into fall? That will depend on how much new inventory comes into the market and how our community continues to manage the impact of COVID-19. This is an evolving and nuanced market. As always, it is a good time to connect with your Realtor if you’re considering selling or buying. If you need us, we are here.” 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 per cent to $889,200, 2.3 per cent less than July’s value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 per cent to $513,900, 3.2 per cent less than the July value of $530,800.

View the complete stats package here.

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