Sheila joins David Langlois from our Victoria office to fill two positions on a nine member board – the maximum number of Directors an Office is permitted to have on the Board of Directors.
We are very proud to have such high representation at this level of governance. This illustrates that our Office members have the skills and the confidence of their colleagues to guide the Board through these challenging times.
Congratulations again Sheila!
With less than 2,000 active listings, Victoria’s real estate market remains firmly weighted in favour of the seller, according to data released Tuesday by the Victoria Real Estate Board.
There were 1,921 active listings at the end of last month, a drop from the 2,161 on the market in July 2016, which led to sellers getting excellent prices for their homes.
The median sale price of a single-family home in the region was $759,000 last month, a 14.3 per cent increase from the $664,000 recorded in July last year.
A new report from Christie’s International lists Victoria as the second hottest luxury real estate market in the world.
When you think of a luxury home you probably picture a house on the ocean, or a large estate, but with the Victoria real estate market booming, the face of luxury is changing.
One townhouse in Oak Bay Village is about to go on the market for just over a million dollars.
“If this was a single family home we’d be talking about a much different number especially in today’s market,” said Jordy Harris, a realtor with Newport Realty.
Home prices, especially in desirable neighbourhoods like this one, have gone up.
“In the last three years has gone up by about 40 to 50 per cent,” said Ara Balabanian, President of the Victoria Real Estate Board.
And that may be why a new report from Christie’s International lists Victoria as the second hottest luxury market in the world, behind Toronto, and just ahead of San Francisco.
“Luxury can be something that is just over a million, and I say that with some respect, but our prices have risen to that point,” said Jack Petrie, Managing Partner of Newport Realty, a Christie’s International real estate firm.
While 2016 saw a big increase in homes that sold for a million or over, only a handful went above three million.
“We had approximately 16 homes in 2015, we had 20 homes sell in 2016,” said Balabanian.
The report lists offshore buyers, put off by Vancouver’s new foreign buyers tax, as one of the driving factors for the luxury sales boom, but local realtors aren’t seeing it.
“It’s not as if there was a sudden floodgate where all those buyers, foreign buyers, looking to buy in Vancouver, came over here, it just didn’t happen like that,” said Harris.
“It’s still a small component of the marketplace, it’s somewhere around 5 per cent,” said Balabanian.
They say the largest segment of home buyers remains locals, followed by those from elsewhere in Canada.
But if prices continue to soar, “luxury” may need to be re-defined.
The article was originally posted on CHEK News, May 10, 2017. Written by April Lawrence.
Macdonald Realty has opened two new locations, the first in Sidney on Vancouver Island and the second in Sechelt on the Sunshine Coast. These boutique offices join the province-wide network of 20 offices operated by Macdonald Realty, a B.C. owned and operated brokerage with a 70 year history of service and excellence.
“We’re focused on serving British Columbians in communities of all sizes” says Jonathan Cooper, Vice President, Operations. “Smaller offices like Sidney and Saanich, led by strong local REALTORS®, have become an important part of Macdonald Realty’s growth strategy over recent years.”
In Sidney, the new office opened with six agents and was spearheaded by Chace Whitson, a multiple MLS® Gold Award winner who has been with Macdonald Realty since 2013. “Having our large office in Downtown Victoria, and now one in Sidney, allows us to serve our clients better across the whole region,” says Whitson. “Our affiliation with Luxury Portfolio International® gives our high-end clients a unique opportunity to market their home to the luxury elite across the globe, something that no other Victoria brokerage can offer.”
The Sechelt office is the result of a meeting between Managing Broker Patricia Place and Medallion Club REALTORS® Barbie Whitworth and Shay Moudahi who decided to switch their office to Macdonald Realty after being attracted by the company’s strong leadership, systems and brand positioning. “The new office is opening at just the right time with the Sunshine Coast market really heating up,” says Place, a part-time Sunshine Coast resident herself who also manages the company’s Squamish, West Vancouver and North Vancouver locations.
Macdonald Realty Ltd. – Sidney | 2411 Bevan Avenue, Sidney, BC V8L 4M9 | Office: 778-426-2262
Macdonald Realty Ltd. – Sechelt | #3 – 5764 Wharf Road, Sechelt, BC V0N 3A0 | Office: 604-747-2222