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Housing Starts Report for Greater Victoria, June 2011

By Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.

Real Estate Sales Representative with eXp Realty, Victoria BC www.pfanntastic.com

July 11, 2011 07:20 AM

Housing Starts Report for Greater Victoria, June 2011 Greater Victoria New Housing Starts

Housing starts in any area are really a good economic barometer, as we say,

"As Construction Goes....... So Goes The Local Economy"

The way we see it, is that Construction is really one of the catalysts to move money in any local economy, and in a way connects every part of local society with each other....
Let me give an example (just one as you can draw these connections real easy your self....

One new single family house construction project gets started.....

The city gets money in taxes, permits, fees, etc.
- They pay their staff.
  - City Staff, buys a car,
    - Car Dealer pays, Sales Person
      - Salesperson pays for Groceries,
        
        Grocery store pays staff,
        
        Grocery staff pays ........

Greater Victoria New Housing Starts It is very much the very old song about the hip bone being connected to the thy bone........
The Point being that Construction in one way or another is one of the best economic stimulators in any community.
We recognize that you just can't keep on building without a proper plan, the needed infrastructure and services attached to it.

Leaving the politics aside from all of this, for the purposes of the Housing Starts Report for Greater Victoria for June 2011 we have the following observations:

In the Greater Victoria area on the MLS system as of today (July 11, 2011) there are 176 new single family homes for sale, 144 New Town-homes and or 1/2 Duplexes, and 217 new Condominiums.
In the Greater Victoria Area, on the MLS system Since June 01, 2011 to July 11, 2011, there have been 20 new Single Family homes, 14 town-homes or 1/2 duplexes and 19 condominiums reported as newly sold during that period.
In June there where 45 new single family home starts and 114 home starts in multiple unit buildings (Condo, Town-homes & 1/2 duplexes).
That Langford, is the most active construction area by a very substantial margin year to date with 262 with the city of Victoria year to date as a very distant 2nd with 160 homes started year to date.
That total home starts Year to date in the Greater Victoria area are dramatically down from 2010 (1,152 ) to 2011 (744) for a reduction of approx. 35%

We believe that much of the reduction in starts has a lot to do with lower sales in general and for newly Greater Victoria New Housing Starts constructed homes in particular due to a few reasons:

High inventory levels, at current levels, and recent sales numbers there is between 4 to 5 months worth of single family homes inventory, and nearly 11 months of inventory for homes in multi unit developments. this number ignores additional inventory and or sales not on the Greater Victoria MLS System.
HST, the added cost to buy a new home and all the commotion around the current referendum about HST or returning to the GST/PST is holding buyers for new homes out of the market.
Global Economic Slow down, and with that fewer tourists to our area (new money to the local economy)
Slow National economic recovery and low confidence levels preventing those that planned to relocate to our area to make the move at this time....

So what is the upside to this Housing Starts Report in Greater Victoria.

For Buyers at this time, there are amazing opportunities available, we see all kinds of incentives, price reductions, upgrades and really good deals from motivated sellers and developers.
- One caution here, be sure to have you own Agent/ REALTOR, as the representatives of developers/builders owe you little more that common courtesy, they are working strictly for the builder developer, and will do just about anything (including over promise and under deliver) to make a sale....
For Sellers of Near New Homes, times will be challenging, as you are very much competing with all the builders and developers, their pricing, options, and ability to change a deal if they really want to.
With the Referendum about HST nearly done, it is time to get your plans for the next little while in order and see if you are ready to make a deal, as there are some sweet deals around.
If you are planning to downsize, from a big home to a smaller easier to maintain home, this would be a very good time to do so, as the resale homes market appears to be more stable and more buyers are out there buying resale (and more affordable) homes, but with the deals available for homes in multi unit developments you are likely to do very well at this time.
Savvy Investors, that are in the Creative Rental market, can do very well and invest in some of the better locations (and higher rental rates) compared to a few years ago....
If your plans include relocating to Greater Victoria at some time in the future.......... the obvious time to buy is now....... before the market recovers and rebounds (as it always does) buy smart into the local market for revenue, and once you are ready to relocate, decide if the investment you made is your lifestyle or if you will take advantage of the market re-bounce, sell the investment property an buy your "dream retirement home"

Source information for this Housing Starts Report for Greater Victoria

If you are considering to buy, sell downsize, invest in or relocate to real estate in and around greater Victoria, and want to know more about your area of choice.

We also offer a Pfanntastic Web based Tool, that will keep you informed about Market activity (new listings, sales and adjustments) stat, graphs and a variety of additional handy tools for your benefit. We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and will then provide you with a monthly snapshot of the property type(s), location (s) and activity by emailing you a quick link to this totally personalized tool. Victoria Real Estate Market Snapshot This Pfanntastic Market Snapshot Service is Free, the information is Invaluabl e, and will provide great insight and assistance in achieving your real estate objectives.

Be sure to check it out. Click Here For Access to all the MLS listings in Greater Victoria, BC Canada,

If you are considering to purchase and or sell a property, the sheer volume of information available can be a bit overwhelming, it is our job to make your real estate plans and dreams become reality, in the process it would be our pleasure to simplify and streamline what can be a very emotional and confusing time in your life. If you have any questions, concerns, suggestions, we are here to assist you every step of the way.

Victoria, Saanich, Esquimalt, real estate, Moving To Victoria This Information was provided to you compliments of Victoria BC Realtors, "Peter and Linda Pfann", Certified Professional Consultant on Aging (CPCA)®. CPCAs are committed to providing exceptional service, and have supplemented their professional training by learning about the unique and changing needs of the 50+ population.

Make sure that the professionals serving you have taken the time and made the commitment to learn more about YOU! To find CPCAs in good standing in your area, go to www.CPCAcanada.com . or www.pfanntastic.com and www.victoriasm.com. To Find additional Victoria, BC, Canada, Senior Focused Resources, please visit "The Elder Friendly Community Network"

To Find out how we serve Greater Victoria Boomers and Seniors and their families with their real estate plans and needs in and around Greater Victoria BC, please call Peter and Linda Pfann in Victoria BC, Canada at (250)-213-9490 or info@pfanntastic.com.