Is it time to make a move?
October has passed in a blink of an eye! While still trying to navigate children being back at school, making the slow shift from home office to the work office, celebrating Halloween, Thanksgiving, birthdays and other family milestone events while still ‘social distancing’, and then participating in our British Columbia provincial election we all continue to do what we can to make it all work.
Remembrance Day nears; a day where we honour and remember Canada’s Veterans. This is a day we usually gather in large groups in Legion halls, churches, at war memorials and even hockey rinks. The Royal Canadian Legion will be sharing the National Remembrance Day Ceremony online and as always it will be covered on National television. You can visit their website at www.legion.ca to learn more about how you can participate this year.
Here are Victoria’s real estate statistics for October 2020. Yet again, we had another record-breaking month. Whether its condos or single-family homes, properly priced, they are sold very quickly.
Here are October’s numbers; A total of 990 properties sold in the Victoria Real Estate Board region, 59.9 per cent more than the 619 properties sold in October 2019 and just 0.1 per cent higher than last month. Sales of condominiums were up 70.8 per cent from October 2019 with 304 units sold. Sales of single-family homes were up 53.1 per cent from October 2019 with 487 sold.
“ We have mentioned previously the pent-up demand – how sales that were depressed over the spring because of the pandemic occurred later during the summer. These delayed sales resulted in higher than average numbers for our summer and early fall market,” adds Sandi-Jo Ayers. “We may also be seeing some brought-forward demand – where people are making their future moves now. In part this may be to take advantage of lower mortgage interest rates. It may also be because of our current public health situation. Some people may be anticipating a slow down in general activity over the winter months due to the course of the pandemic and so are accelerating their plans. This may mean continued heightened sales activity through the fall and early winter, which is contrary to our normal market trend. In a normal year, we would see a tapering off of activity leading to the winter season, but thus far we have seen sustained sales and demand through October.
We are receiving inquiries from clients and the public with the main question being, “Where do you see the market going this year and into Spring 2021?” With the market continuing at this pace and the low mortgage rates, we feel this is a very good time to have a conversation about your plans to assess if now or 2021 is the best time to make a move. If you have been thinking of selling your home give us a call. We can arrange for you to see new listings hit the market in real-time as well as when they sell. Knowing your home’s current market value as you monitor sales helps you make your plans. We are here to help!
INTEREST RATE UPDATE (courtesy of Mortgage Designers)
As of November 2, 2020, a five-year fixed term mortgage can be had for around 1.79% if you qualify, depending on your down payment, term, credit history, institution etc. If you are thinking of buying, take the time to meet with your Mortgage Broker to discuss your options. It is important now more than ever to have that conversation with them.
Need a Mortgage Broker? Click HERE to send us an email and we’ll forward on a list of reputable Mortgage Specialists.
If you’ve been thinking of selling, we offer complementary Market Evaluations. CLICK HERE to email us and we would be happy to talk with you about how we can help you market and sell your home.
If you’ve been on the fence, we’d love to chat and go through some different options with you for making the next move.
Real Estate Advisor c. 250-857-3477 e. [email protected]