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Gary Sims
REALTOR®
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Gary Sims Victoria Homes Blog

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February
5

͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ ͏ ‌     ­ 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Gary and Rosemary's
Greater Victoria Real Estate Newsletter
February 2025

Greetings from Gary and Rosemary!

Highlights of this Newsletter (2 Minute Read)

Click Here to see who our lucky $50 winner is for our recent One Question Survey.


1. See our current
Hot Properties where we look at a number of new construction properties with exceptional options, views, and buying and selling opportunity such as No-Risk Home Purchase Plan.

As well, see over 45+ properties offered by our brokerage that may be the perfect home you are looking for. Contact Gary to view any of these or for more details.


2. The January 2024 Greater Victoria
Real Estate Market Update shows that at end of month there were 2,395 active listings, and 4.6% more or 255 more units than December 2024. See full details below. This continuing balanced market has less pressure on pricing with the MLS Home Price Index benchmark on single family homes dropping about 1.5% since December 2024. With lowering mortgage interest rates and new 30 year amortization periods, now is a good time to check out the current market before it gets busy with higher prices in the spring 2025 home sales season.

3. Get ahead of the crowd with your own personal curated MLS Portal and MLS Smartphone GoAgent App to follow along the new listings and sold prices.
 
4. We have now seen 6 Bank of Canada Overnight Lending Rate decreases since June 2024 with the January 29, 2025 down by 25 basis points to 3.0%. We are not sure how the current US tariff threat will affect these rates at this time. Nevertheless, it is the best time in a couple of years for renewing or obtaining a new mortgage. Current prime rate is now 5.2% and we are seeing 5 year fixed term mortgage rates lower than 4.0%. See our
recent video (Video #100) for the Mortgage Interest Rate Forecast for end of 2024 and 2025.

5. With snow flying down at time of this writing, we are reminded that the past mild winters are not yet the norm. We should pay attention to our precious homes. The February blog article is on what to watch for on how our roofs are affect by these winter storms and tips on inspections and what to do.

6. We have recently introduced the
GoAgent Application for your Smart Phone which allows you to access the Greater Victoria Multiple Listing (MLS) properties for sale information at a touch of your finger. See the details and additional features below.

7. Are you thinking of selling your home in the spring. A current
home market evaluation now and then another just before you plan to sell can give you insight into how to price your home sale and what you might be able to expect to receive.

8. Click here for Contact Info

Thanks for reading our newsletter!

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Hot Properties

Click image below for property details

Our hot properties this month are two new developments with great options for people interested in new construction purchases. Contact Gary if you would like to view any of these or to get more information.

The Ridge at Vista Point
No-Risk Home Purchase Plan

The developers of this lovely condominum building understand the challenges facing homeshoppers trying to buy their dream home while selling their current property. They are excited to introduce the No-Risk Home Purchase Plan, a simple, stress-free solution designed with buyers in mind.

How It Works

1. Secure Your Dream Home
You can reserve your next home at Vista Point and hold it for up to 90 days—no rushing, no pressure.

2. Sell Without Stress
You have 90 days to sell your current home, and no time clause, there's zero risk of losing out on your dream home.

3. No Deposit Until Sold
You won't need to provide a deposit until you have an unconditional contract on your current home—eliminating financial risk.

Contact Gary for more details on this special offer or to arrange a tour.

Village Landing By Norm Foster Properties

1514 Foul Bay Road

Village Landing in Victoria, steps from Oak Bay is an exclusive collection of eight elegant townhomes in pre-development. These are 3-Bedrooms with private patios and private garages and come in 2 and 3 level formats. These are near to cafes, boutique shops, art galleries, ocean side dining and more…

It has many quality features like hardwood floors, rich interiors, 9' ceilings, and large custom kitchens, and living room fireplace. This is the first townhome development in the region to include solar panels and other energy-saving features including EV chargers in each garage. This is a fabulous opportunity to be the first in the pre-sales on these properties.

Contact Gary for more information

Check out our DFH Listed Properties. With over 45 properties listed between $89,000 and $3,750,000 you will find something of interest in your real estate search.

Contact Gary to view or for more information

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January 2025 Greater Victoria Real Estate Market Update

2025 housing market kicks off with good balance of inventory and stable pricing

February 3, 2025

A total of 422 properties sold in the Victoria Real Estate Board region this January, 23.8% more than the 341 properties sold in January 2024 and 0.2% more than in December 2024. Sales of condominiums were up 30.4% from January 2024 with 146 units sold. Sales of single family homes increased by 19.8% from January 2024 with 194 sold.

"We've seen a strong hand off from the December market to January with a good sense of momentum building," said 2025 Victoria Real Estate Board Chair Dirk VanderWal. "Over the course of the month, we saw an uptick in new listings, and it is the first time in ten years that over one thousand new listings were added to our inventory in a January. This is a positive sign for our market as we head into 2025. "There were 2,395 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2025, an increase of 4.6% compared to the previous month of December and an 11.9% increase from the 2,140 active listings for sale at the end of January 2024".

"The overall housing market in the Greater Victoria Area continues to show signs of balance," adds ChairVanderWal. "There are strong fundamentals underpinning our market. Pricing remains stable, inventory levels are favourable when compared to recent years and interest rates continue to trend in a positive direction for consumers. Of course, there may be uncertainty in the coming months as international trade relationships are tested, so we will track if these deliberations impact the market moving forward".

As always, buying or selling your home is one of the largest financial decisions you'll make, and your favourite local REALTOR® is your best resource to help you navigate the process. "The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2024 was $1,252,200. The benchmark value for the same home in January 2025 increased by 2.8 per cent to $1,287,200, down from December's value of $1,306,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2024 was $551,900 while the benchmark value for the same condominium in January 2025 decreased by 0.7 per cent to $548,100, up from the December value of $547,800.

Courtesy of Victoria Real Estate Board January 2025.

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Latest YouTube Video
Click image below to open YouTube video

Mortgage Interest Rate Forecast for End of 2024 and 2025

This is our fall mortgage interest rate forecast which was produced in October before the December 11, 2024 and January 29, 2025 Bank of Canada rate overnight rate reductions. We have been pretty good in our interest rate forecast analysis hitting the last 5 correctly in direction and amount. Watch for our spring forecast.

Video 100: Mortgage Interest Rate Forecast

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The Importance of Roof Inspections Before and After a Snow Storm

While snow continues to fall throughout Canada this winter, don't forget that a winter storm can wreak havoc on your home. Roofs tend to bear the brunt of heavy snowfall, ice accumulation, and freezing temperatures. While often overlooked, regular roof inspections before and after a snowstorm are crucial for maintaining your home's structural integrity, preventing costly repairs, and ensuring safety.

Why Inspect Your Roof Before a Snowstorm?

1. Identify Weaknesses

A pre-storm inspection can uncover vulnerabilities in your roof, such as loose shingles, cracked flashing, or compromised seals around vents and chimneys. Addressing these issues beforehand can prevent minor problems from escalating when snow and ice add extra weight and stress.

2. Prevent Leaks

Ice dams form when snow melts on the roof and refreezes at the edges, trapping water. This water can seep under shingles and lead to leaks. You can ensure proper drainage and minimize the risk of ice dams by inspecting and clearing gutters, downspouts, and roof valleys.

3. Enhance Safety

Climbing onto a roof during or after a snowstorm is hazardous. Inspecting and preparing your roof before winter weather strikes reduces the need for emergency maintenance under dangerous conditions.

What to Look for During a Pre-Snow Inspection

  • Loose, damaged, or missing shingles

  • Signs of wear or gaps in flashing

  • Blocked or sagging gutters

  • Overhanging tree branches that could break under snow weight and damage the roof

For a thorough assessment, consider hiring a professional roofing contractor to handle the inspection, especially if you're uncomfortable or inexperienced with roof work.

Why Inspect Your Roof Post-Storm?

A roof inspection after a snowstorm helps identify any damage that may have occurred, even if it's not immediately visible. Snow and ice can subtly compromise the roof, leading to long-term problems if left unaddressed.

1. Access Structural Integrity

Snow is deceptively heavy, and excessive accumulation can strain a roof's structure. Post-storm inspections can reveal sagging or warping that may indicate compromised support beams.

2. Detect Water Damage

Melting snow can infiltrate your roof if the surface has been damaged. Inspect for signs of water intrusion, such as stains on the ceiling, damp insulation, or visible water pooling.

3. Prevent Mould and Rot

Trapped moisture can lead to mould and wood rot, jeopardizing your roof's lifespan and indoor air quality. A prompt inspection helps catch and address these issues early.

What to Look for During a Post-Storm Inspection

  • Missing or damaged shingles

  • Signs of leaks in the attic

  • Ice dams and icicles along the roofline

  • Condition of gutters and downspouts

Every homeowner in regions prone to snowstorms must take a proactive approach to roof care. Inspections before and after storms safeguard your home, protect your investment, and ensure your family's safety. These inspections are a small effort that yields significant benefits in the long run, whether you tackle the task yourself or choose to hire a professional.

GoAgent - MLS On Your Smartphone

Sample of the GoAgent MLS Cellphone App

Get your free Multiple Listing Service access on your smartphone! Victoria Realtors® use the Multiple Listing Service (MLS) to find that perfect home for you. We also for many of our clients set up auto email searches and send listings of properties we find directly to your personal web portal.

As a member of the MLS, I can easily give you free access to search for properties listed in the MLS right in the palm of your hand. Search for your dream property in your favorite neighborhood and still get my real estate expertise.

The GoAgent app on your phone, allows you to search for properties, synchronizes to your web portal and allows easy text based communication with me (Gary). It will even show you all active listings around the area where you are driving. If you are viewing a property in an area you like, you can quickly see any other properties in that area that are for sale. This is just a great tool for both buyers and sellers and is absolutely free.

You can download the app from this link:
goagent.ca/86242F06

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Annual Home Value Checkup

Many people, as part of their annual financial review, like to do an Annual Home Value Checkup. You don't want to miss out knowing how you fit into the market. Upon request, we are happy to provide you with a market evaluation of your home on what we believe it would sell for today if you were going to sell it in the current real estate market.

If you are thinking of selling in the coming spring then it may make sense to get your market valuation now and again just before you plan to sell to see how the market is changing and how it will affect your sale in your net sale returns.

 
This can also be invaluable when you are considering downsizing or upsizing, renegotiating your home equity line of credit, or updating your home insurance. There is no cost and no obligation. We will create a written report and go over all the details of your home valuation with you and how it was determined. We can also give you tips on how to inexpensively improve the value of your home.

Click here to request your Annual Home Value Checkup.

 
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Announcing our January 2025 One Question Survey $50 winner is:

The winner correctly answered the skill testing question.

We have draws throughout the year. Watch our newsletters and other mail outs for the next draw coming soon. Thanks to all the people who participated in the survey and draw.

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Thank you for reading this newsletter. We hope you have enjoyed our current market update, hot properties, blog topic, YouTube video or playlist and have discovered useful information on the real estate market in Greater Victoria.

 

Please send us an email with your comments! We would appreciate your suggestions for future topics.

If you have received this newsletter by email then you are a friend, a former colleague, a past real estate client, or have indicated that you are interested in the real estate market in Greater Victoria.

If someone has shared this email with you and you would like to receive our newsletters or notification of our YouTube video releases then please subscribe at the following link:
Subscribe Videos and Newsletters.

If you want to have a chat with Gary about what is happening in the Victoria real estate market, get your current home market value, or want to discuss buying or selling your home then you will find our
contact info at the bottom of this newletter to call or book a phone, zoom, or coffee meeting with Gary.

If you would prefer to not receive future real estate email newsletters then you may unsubscribe by clicking on the Unsubscribe link at the bottom of this newsletter. We hope you will stay but understand that we all get a lot of email daily.

Thanks,
Gary and Rosemary
Gary Sims Victoria Homes

"We love people and we love homes!"

Contact Gary and Rosemary

Gary Sims, Realtor®
Rosemary Tulett, Registered Real Estate Assistant (unlicensed)

DFH Real Estate Ltd.
Victoria, B.C. Canada - On Vancouver Island


Gary Cell/Text/WhatsApp: +1-250-881-4117
Rosemary Cell/Text/WhatsApp: +1-250-891-4465


Email:
homes@garysimsvictoriahomes.ca
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Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 04/26/2026. The listing information on this page last changed on 04/26/2026. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Delta Media Group MLS (last updated Sun 04/26/2026 12:16:15 AM EST) or VREB MLS (last updated Sat 04/25/2026 10:31:03 PM EST). Real estate listings held by brokerage firms other than DFH Real Estate LTD may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.
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