Time Of The Year To Sell Your Property
Real Estate Market Forecast Victoria BC
We believe the forecast will be position. This is because of the uniqueness of our demographic. This is also because of the economic factors in Victoria. In Victoria BC there is a military base, universities, hospitals, foreign investment. There are people that are retiring here that want to be close to nature. There are many things propping up the real estate market. This is as opposed to places that rely on restaurants, pure tourism, and industry. Any city that has less than three economic drivers will struggle to main stable housing prices. Even with tourism down, the future for the real estate market will be bright.
Real Estate Services
Current Real Estate Market Victoria BC
The current real estate market has gone up month over month 2% for the last 3-4 months. COVID-19 has brought social distancing measures for all aspects of the business. This includes when a Realtor shows a property. Further, there are rules when Realtors communicate with people looking to buy or sell real estate. Open houses are being done virtually.
Victoria BC Realtor Commission | Victoria BC Real Estate Blog
It’s 6% on the first $100,000 and 3% on the balance are the standard on anything under $1.5m. After that, Realtors in Victoria BC start doing 3% for properties over $1.5m.
Fair Realty has a mere posting model. This is where they will upload your listing onto MLS. They do the work to get the property on MLS. This work includes photos, property descriptions. However, they will not invest in getting good pictures. They charge $1000 to do that. It is up to you to sell the property. They do not do open houses in this model. People can still purchase full service at Fair Realty.
1% Realty does a straight 1% commission across the board. These realtors won’t be able to offer effective marketing for your home. It takes money to sell a property effectively. This model can work, but you need to connect with the correct Realtor. People get what they pay for. If you pay a low commission, you can’t expect over-the-moon service. It depends on what you are looking for.
Are Realtor Fees Negotiable?
Realtors are trained by coaches to avoid negotiating on fees. However, 80% of the time a fee negotiation is possible with your average agent. It’s the strongest Realtors that will not negotiate on the fees.
Where should I live in Victoria BC?
The most popular neighbourhoods are within 20-minute proximity of the downtown core. However, Langford seems to be emerging as its own independent entity. It is building out its own infrastructure.
Oak Bay is a nice upper-class neighbourhood. It has strict bylaws to maintain its character and community. There are a lot of senior people in Oak Bay. There are also a lot of young families. The homes are older as well. This can mean having to update the property to get insurance. Expect oil tasks, asbestos, cracked foundations. Any capital expeditor should be accessed prior to purchasing.
Saanich East is an upper-middle-class area. It has lots of schools and lots of young families. There are a lot of people that are retired. It’s close to nature, as are most of the areas in Victoria BC. It’s just outside the city. It has quiet neighbourhoods. All of this while only being a 20-minute drive to downtown Victoria.
Is Victoria cheaper than Vancouver?
Yes. Victoria would be similar to Burnaby or New Westminster. Or many of the sub-areas of Vancouver. It’s not near to Vancouver.
Are house prices going down in Victoria BC?
No, they are currently on the rise. However, this could change due to COVID-19.
Langford real estate | Victoria BC Real Estate Blog
Real estate in Langford has been on the rise, value-wise! There are lots of affordable homes for young families. The demographic tends to be very young. It’s basically like what Gordon Head was back in the ’90s.
We hope you enjoyed reading part of our Victoria BC Real Estate Blog. If you want to learn about ClearWay Law, see some of our videos.
Author: Alistair Vigier is the CEO of ClearWay Law