Homes with a legal suite at a certain price point are tough to find

HOMEFINDER: Hard-to-find pockets in real estate market

Certain properties are in short supply these days around West Shore

With significantly more homes selling of late than in the same period last year, the inventory of homes on the market is diminishing.

The June stats saw 910 homes sell in the Capital Region, a whopping 33.8-per-cent increase over the same month last year. A jump like that can’t help but have an effect on supply, as the 4,003 active listings available at the end of last month showed a 14.7-per-cent drop from 2014. Stories of sellers getting more than their listing price – mostly unheard of in the past five years – are becoming more common for well-kept, well-priced properties.

While the market in general is humming along, there are certain pockets where it’s getting tough to find properties for sale, says Langford-based agent Mike Hartshorne with DFH Real Estate.

“On the West Shore there seems to be a shortage of newer homes $450,000 and under with a double garage,” he says, giving a very specific example. There also seems to be a shortage of West Shore homes with a suite for under $550,000, he adds, and suited homes in Saanich East priced under $600,000 are equally tough to come by.

After several years of sluggish sales and flatlining demand, the balanced market seen in the past year or so is starting to take off again.

“It’s good to have this,” Hartshorne says. “It’s clearing out the inventory, it’s allowing people to sell and interest rates are still good. We’re seeing some price increases, but it’s not crazy.”

He calls the existing market conditions “controlled excitement,” where properties are moving – even those for which the listing may have expired previously – and people who may have been waiting to jump into the market are taking the plunge.

“The definition of what is a saleable home is a lot broader now. Because the market is a lot busier, there is a lot more ability for people to sell homes,” he says.

“I think it’s a terrific market and as a buyer, you have to be motivated and be on the ball. We’re not seeing ridiculous levels of people buying on speculation; it isn’t the same level of franticness as Vancouver, for example.”

But with interest rates at record lows and prices still within reach for many potential buyers, Hartshorne says, it’s definitely a less challenging time to be in the business of selling and finding homes for clients.




» 181 / 1,195 –NEW LISTINGS / TOTAL, JULY 2014


Just Posted

Langford trucks vandalized for third time in five months

Staff member spends weekend washing after six trucks hit with graffiti

Oak Bay dog walk benefits guide dogs

Two more walks set for Sunday in Victoria and Colwood

Police stay quiet on downtown fire investigation

The fire at Victoria’s Plaza Hotel was deemed suspicious on May 14

Former Saanich councillor joins Cordova Bay community association board

Leif Wergeland served on Saanich council for 22 years before retiring from politics in 2018

Coastline serves up a feast of fiddlers in Oak Bay

Local Juno Award winner musical director for ensemble

Rescuers finally persuade Eiffel Tower climber to come down

The official said the man was ‘under control and out of danger’ on Monday night

Greater Victoria wanted list for the week of May 21

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

POLL: Were you satisfied with the Game of Thrones series finale?

Millions gathered in front of their televisions Sunday night to watch the… Continue reading

Young man on Vancouver Island dies after losing control of ATV

Crash claimed the life of a 23-year-old south of Nanaimo over the long weekend

Baby boom seniors putting pressure on B.C. long-term care: report

B.C. leads Canada in growth of dementia, dependence on care

RCMP probe if teen was intentionally hit with ski pole by mystery skier on B.C. mountain

The incident happened on March 20 on Grouse Mountain. Police are urging witnesses to come forward

B.C. firefighters rescue frozen dog from ice

The fire crew found a dog stuck in the at Lake Paul on May 20

Most British Columbians agree the ‘big one’ is coming, but only 50% are prepared

Only 46 per cent of British Columbians have prepared an emergency kit with supplies they might need

B.C. man to pay Maxime Bernier’s People’s Party $20k over lawsuit

Federal judge shut down Satinder Dhillon’s ‘nonsensical’ motion to bar use of PPC name in byelection

Most Read