Strong market expected into 2016

More inventory should come onto the market in the new year

Tony Joe predicts the housing market will remain strong

It’s been a good year in Oak Bay real estate, but with limited houses on the market, buyers are yearning for more choice.

“There’s no question it’s strong,” Oak Bay realtor Tony Joe says of the current real estate market. “It’s just a reminder of what a (special) place Oak Bay is.”

While that’s good news for sellers, who have seen prices climb considerably since this time last year, it’s tough when those same sellers are also looking to move into something new in the same neighbourhood.

“Most of our clients who sell end up wanting to buy, and that’s the rub,” Joe says.

Advice to clients looking to sell comes down to being prepared. “The first thing is they have to be ready,” Joe says.

“People will do best if the sell now and ideally negotiate a longer posession date,” he adds, pointing out that typically inventory increases in February and March.

“Definitely we’re going to see more inventory and I’m actually surprised we haven’t seen more yet,” he says.

At the same time, Joe is expecting December to remain busy right through the holidays.

While traditional thought has the Christmas season as a quieter time in real estate, recent years have shown that isn’t necessarily the case, he says.

Looking ahead, while Joe expects the Oak Bay market to continue strong, he anticipates that additional homes coming on the market in the new year will help temper price increases.

“It’s just indicative of supply and demand,” he says.

Compared to 2007 when prices continued climbing, “I think we’ve seen the big bump.”

As to why the local market – including similar areas like Fairfield and to some extent James Bay – have grown so hot while other cities haven’t see the same growth, Joe points to to the  effect of high prices on the Lower Mainland, paired with the local quality of life.

People can sell in Vancouver for top dollar and relocate to the south Island, with its various amenities and in Oak Bay in particular, its village atmosphere.

“There’s no question we’re finding a lot of spillover from Vancouver and the Lower Mainland,” he says.

“I’m feeling good about 2016. I’m feeling we’re going to do just fine.”

 

 

Just Posted

Still barriers to abortion access on Vancouver Island

Experts say transportation, support, doctors can be barriers to accessing abortion

Oak Bay dog walk benefits guide dogs

Two more walks set for Sunday in Victoria and Colwood

Coastline serves up a feast of fiddlers in Oak Bay

Local Juno Award winner musical director for ensemble

Police stay quiet on downtown fire investigation

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

Kelowna toddler suffers cracked skull after fall from balcony

Neighbour who found the two-year-old boy said he has a bump the size of a golf ball on his head

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

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

Pipeline protester chimes in on Justin Trudeau’s B.C. fundraising speech

The government purchased the Trans Mountain pipeline and expansion project for $4.5 billion

Canada stripping citizenship from Chinese man over alleged marriage fraud

The move comes amid severely strained relations between Ottawa and Beijing

Nevada court orders former Vancouver man to pay back $21.7M to investors

The commission says Michael Lathigee committed fraud over a decade ago

Support growing for orphaned Okanagan child after father dies in highway crash

Family thanks emergency crews for assistance in traumatic incident

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

Most Read