Business Examiner Victoria - October 2019 by Business Examiner News Group

NEWS UPDATE

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OCTOBER 2019

VICTORIA

stress test parameters and extending the length of mortgage amortizations.”

Real Estate Summer Sales and Inventory Steady

SAANICH

A total of 661 properties sold in the Victoria Real Estate Board region this August, 11.3 per cent more than the 594 properties sold in August 2018 but a 6.4 per cent decrease from July 2019. Sales of condominiums were up 4.1 per cent from August 2018 with 203 units sold. Sales of single-family homes increased 15.5 per cent from August 2018 with 351 sold. “August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly when priced appropriately, and h ig her-end prop er t ies moving at a slower pace,” says Victoria Real Estate Board President Cheryl Woolley. “As expected, we’ve seen relatively stable pricing, with an uptick in sales - particularly single-family homes. There were 2,838 active l isti ngs for sa le on the Victoria Real Estate Board Multiple Listing Service at the end of August 2019, a decrease of 3.8 per cent compared to the month of July but a 12.7 per cent increase from the 2,519 active listings for sale at the end of August 2018. T he Mu lt iple L i st i n g Service Home Price Index benchmark value for a single-family home in the Victoria Core in August 2018 was $888,100. The benchmark value for the same home in August 2019 decreased by 4.6 per cent to $847,300, slightly less than July’s value of $858,800. The MLS HPI benchmark value for a condominium in the Victoria Core area in August 2018 was $503,600, while the benchmark value for the same condominium in August 2019 increased by 2.9 per cent to $518,100, lower than July’s value of $523,400. “This month the federal government opened its First Time Home Buyer Incentive program,” adds President Woolley. “We’re pleased the government is looking at creative ways to get first time buyers into homes as th is prog ra m will help some buyers in Canada’s smaller markets. We look forward to hearing how the federal government plans to help first time buyers in larger markets like Victoria, perhaps by adjusting the mortgage

Central Saanich Goes Carbon Neutral The District of Central Saanich was officially carbon neutral in 2018. T he accompl i sh ment which is recognized by the standards of the Climate Action Recognition Program means that the District can brand itself as carbon neutral for use on official websites and letterhead. The District is a signatory to the Climate Action Charter, led by the Province of British Columbia and the Union of British Columbia Municipalities (UBCM). Under the program, local governments are required to fulfill public reporting requirements (including reporting carbon neutrality progress) of the Climate Action Revenue Incentive Program (CARIP). CARIP is a conditional grant program that provides local participating governments with funding equal to 100 per cent of the carbon taxes they pay directly to support local government operations. Cent ra l Sa a n ich a l so achieved carbon neutrality from 2015 through 2017 and has been pursuing initiatives to reduce emissions since its adoption of the Central Saanich Energy plan in 2008. This achievement means that Central Saanich has achieved carbon neutrality for corporate greenhouse gas emissions, which account for a small share of overall emissions induced in the area by housing, transportation and more.

VANCOUVER ISLAND Ride Hailing Company Applies for BC License Ride-hailing company Kater Technologies announced it has applied to the Province of British Columbia for a license to operate in every region in the province. I f the compa ny ea rns government approval it intends on introducing the service right away. Kator is planning on launching across Metro Vancouver, Nanaimo, Victoria and the Okanagan by this winter,

with additional regions in the province to be added over 12 months. Kater has proposed a system of pricing that would start from as low as 90 per cent of current taxi rates and rise to a ma ximum of 200 per cent, a range it hopes will address consu mer concer n s ab out prices rising when demand is higher. The company also indicated it plans on including 250 wheelchair accessible vehicles into its network and will also use location-based pricing and driver incentives to encourage drivers not to abandon suburban service during peak hours. Kater projects its drivers will earn at least $25 for every hour that they are active on the platform. Eight ride-hailing companies, including Uber have already submitted license applications with the Passenger Transportation Branch. Ontario-based Uride most recently announced plans to launch its service in Victoria, Prince George, Kelowna, Nanaimo and Kamloops before the end of the year.

VICTORIA Harbour Authority Expects 283 Ships in 2020 The Greater Victoria Harbour Authority (GVHA) is anticipating a 2020 cruise ship season with an increase in passenger visits, thanks in part to an increase in mid-week calls. The cruise ship season runs from April to October 2020 with vessels arriving at the Victoria Cruise Ship Terminal at Ogden Point. The port is expected to see 283 ships arrive at the port, bringing 770,000 passengers to Greater Victoria. The upcoming season will see the Queen Elizabeth begin round-trip cruises from Victoria to Alaska. The first arrival is slated to be the Grand Princess on April 3rd, while the Ruby Princess will close out the season on October 21st. The new mid-week calls will take place on Tuesdays a nd Wed nesdays. Additional stops are also ex p ected f rom vessel s like the Carnival Miracle, Golden Princess and Norwegian Sun. The Carnival Miracle is scheduled for 10 ship calls every other week on Tuesdays between 7 am and 2 pm while the Golden SEE NEWS UPDATE | PAGE 3