A fantastic value for four full bedrooms! The open plan main level of this brand-new home features a large island kitchen with a white quartz counter, roomy living room, cozy gas fireplace, abundant windows, and a huge deck with valley views. Upstairs, the great layout continues with three bedrooms, including a master ensuite with walk-in closet, double sinks and heated floor. Head to the lower level and you’ll find a fourth bedroom and family room with its own covered patio. The quality continues with high ceilings, ultra-efficient gas heat, on-demand hot water, a 10yr new home warranty, and time-proven construction by the Limona Group - one of Victoria’s most awarded local developers with over 35 years of experience. Located near the quiet, south-end of the Jacklin area in a peaceful neighbourhood, yet close to shopping, entertainment, and much more, this is a great place to call home! Price + GST. Photos of similar show home. Move in by June 30, 2021.
Learn More: 3477-Myles-Mansell-Rd-mylistings-94498953.property
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Nearly 300% More Homes Sold with Record Low Inventory


No matter how you slice it, this has been a highly unusual year for the real estate industry and for the world.  The pandemic has caused a massive shift in how people think about their home, travel, and how they envision spending time in the future.  For most people, this means increasing the size of their living space, which for many has also become their working space.


The most dramatic number to talk about this month is the 283% increase in the number of homes sold compared to April 2020. It is important to note that April last year was a very soft month for the real estate industry since it was right in the middle of the first lockdown.  Many home buyers initially took a “wait and see attitude” before returning to the market in full force in June.  However, even taking this into account, the current sales volume is historically unprecedented and is not showing any signs of letting up, just yet.


Our internal research also shows us that prices are significantly higher in all product categories compared to last year, even compared to last month.  As recently as a couple of months ago, price growth had been limited to single-family homes and townhomes. Condo pricing had fallen as buyers expressed a preference for their “own front door.”  However, that shift created a price gap that condos are now rapidly increasing to fill.


The number one question that we get is “how long is this going to continue for?”


There is no question that the pace of price increases is not sustainable in the long term. At a minimum, a plateau is sure to come at some point.  Having said that, with inventory slowly increasing, but still down by nearly 40% compared to last year, we need to see a lot more homes listed for sale, at all price levels, before the market levels.  Currently, this inventory shortage is causing nearly two thirds of all single-family homes and more than one third of all condos to sell over the asking price in competitive bids.  Ultra-low mortgage rates are also helping to fuel higher selling prices, enabling buyers to pay more for a home but still end up with a lower monthly payment.


Keep that seat belt on. It’s sure to be an interesting next couple of months.


If you would like to discuss these ideas in more depth, please feel free to give Karl Leong or Mark Roozendaal a call.  We are here to help you make sense of this changing market.


For even more timely updates follow the Preferred Homes Team on facebook or Instagram, and look for our “60 Second Market Snapshot” video released every Tuesday morning.
 
Please consider referring your friends, family, and colleagues our way.  Virtually all of our business comes from referrals and we sure appreciate your help.  In fact, we wouldn’t be in business without you!

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We have just sold another property at 1271 Lonsdale Pl.  We would love to sell your property,
 
Nestled on a quiet cul de sac in Maplewood, this 4-bedroom modern family home awaits. Perched high on the lot, this home offers a spacious main floor including a fireplace and open kitchen, back deck for entertaining, bright large bedrooms and a self-contained upgraded suite downstairs on the ground level. Both kitchens have been completely updated, all new cabinets, counters and flooring throughout. New windows, beautifully landscaped backyard, upgraded electrical panel, upgraded insulation and 12 new appliances. (see attached for a complete list of upgrades and recent home inspection report) Great location, just a short stroll to the Root Cellar, Braefoot Park, all major bus routes and hop onto the Galloping Goose Trail. Your new home awaits.
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We have just sold another property at 412 530 Michigan St.  We would love to sell your property,
 
Steps from the Inner Harbour, Capital Park Residences completes an extensively-landscaped master-plan community, brought to your by two of Victoria's most respected developers, Concert and Jawl Properties. 530 Michigan stands five storeys, blending seamlessly with charming James Bay along a beautiful tree-lined street. This two-bedroom top floor home overlooks the expansive, landscaped courtyard and features a spacious, open balcony. Contemporary kitchen includes flat-panel cabinetry, quartz slab countertops and backsplashes, marble-patterned quartz waterfall islands and integrated Bosch appliances. Bathrooms include soaker tub, frameless glass shower, large- format porcelain tiles and in-floor heating. Move in Spring 2021!
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We have just sold another property at 306 550 Michigan St.  We would love to sell your property,
 
Steps from the Inner Harbour, Capital Park Residences completes an extensively-landscaped master-plan community brought to you by two of Victoria's most respected developers, Concert and Jawl Properties. 550 Michigan stands five storeys, blending seamlessly with charming James Bay along a beautiful tree-lined street. This two-bedroom + den corner home offers magnificent views of the BC Legislature and Central Plaza and features a deep balcony. Contemporary kitchen includes flat-panel cabinetry, quartz slab countertops and backsplashes, marble-patterned quartz waterfall islands and integrated Bosch appliances. Bathrooms include soaker tub, frameless glass shower, large format porcelain tiles and in-floor heating. Move in Spring 2021!
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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.