Lee Chambers Real Estate - Victoria

05/21/2026

Just relisted with an new price!

Grand character craftsman home just steps to Willows Beach. Must be seen to fully appreciate! The Edward Hamilton-Smith Manor is a distinguished 1912 Oak Bay Heritage residence offering a second-to-none location, ocean views, and thoughtful updates. This Amazing family home features original woodwor...

05/17/2026

New Listing!

OPEN HOUSE Sat. 1-3 pm. Located in the popular Hillcroft Acres and backing directly onto Cobble Hill Mountain Regional Park, this well-maintained 2,200 sq. ft. home offers 3 bedrooms and 3 baths on a picturesque 1-acre parcel. Enjoy beautiful mountain views and the privacy of forest land right in your backyard. The property includes a large detached, over-height shop/garage that is insulated, heated by a wood stove, and spacious. Inside the home you’ll find hardwood flooring, wood stove, and access to an entertainment-sized deck—perfect for relaxing or hosting.

3 Bed 3 Bath

$1,095,800

MLS #1031519

Listed by: Lee Chambers Real Estate - Victoria

3 beds, 3 baths in this Single Family Detached located at 1751 Burnham Rd, Cobble Hill, BC V8H0B3 in the beautiful neighborhood of ML Cobble Hill. Priced at $1095800. See photos, schedule a showing, and request information for this beautiful listing.

07/03/2025

Market seems to be stablizing after a rocky spring...

06/19/2025

I've got a great new listing for an updated, classic home in a fantastic part of town!

Open House Saturday 1-3 pm and Sunday 12-2 pm. Come by and say hi!

OPEN HOUSE SAT. 1-3pm and SUN 12-2pm. Charming and updated 4-bedroom, 2-bathroom home in a prime Camosun - Landsdown Slope location! Originally built in 1943, this well-maintained home features some fantastic updates that will pleasantely surprise you as you move through the house. These include a s...

04/01/2025

This month's sales statistics, from the Victoria Real Estate Board...

Read monthly news and statistics on the real estate and housing market of Greater Victoria BC, from the Victoria Real Estate Board.

03/04/2025

New Listing! Top Floor, centrally located, bright, spacious, quiet... 2 bedroom & 2 bath condo near Uptown! Have a look...

Sunny & bright, quiet & centrally located... this stylish condo has it all! Enjoy mountain, tree-top & city light views from this south-facing 2-bedroom, 2 bath condo. Enter under a big sky-light and your gaze will be drawn toward the huge vaulted window, past your comfortable living room, beside th...

01/01/2025

New Assessments are out..

BC Assessment provides current actual value assessments for tax purposes on all properties in British Columbia and provides expertise in real estate data, mass appraisal systems and management.

11/01/2024

It's feeling like these next few months before spring '25 will be "The Bottom"

Victoria market exceeds expectations but remains balanced.

November 1, 2024 A total of 654 properties sold in the Victoria Real Estate Board region this October, 60.7 per cent more than the 407 properties sold in October 2023 and a 14.5 per cent increase from September 2024. Sales of condominiums were up 32.6 per cent from October 2023 with 187 units sold. Sales of single family homes increased by 76.2 per cent from October 2023 with 340 sold.

"Sales did increase notably over last year, but it's important to include some context," said 2024 Victoria Real Estate Board Chair-Elect Dirk VanderWal. "October 2023 saw the fewest sales in that month since 2008, which distorts a year-over-year comparison; in fact, last month's sales count was almost exactly on the ten-year average for the month. With that context, although we've certainly seen a notable increase in sales month over month, this does signal a return to a more average market for this time of year. The number of homes available on the market has remained relatively consistent, which has also created the benefit of a more balanced market for buyers and sellers, even with the increase in sales numbers."

There were 3,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2024, a decrease of 6 per cent compared to the previous month of September and a 14.7 per cent increase from the 2,756 active listings for sale at the end of October 2023.

"I think it's safe to say that many consumers have been watching the Bank of Canada rate announcements, and that could be influencing their decision making," adds Chair-Elect VanderWal. "Recent rate drops likely encouraged a few more buyers and sellers to enter the market, and we may see that trend continue in November, the month which traditionally begins our market's winter lull. Even though sales were higher last month, we are still experiencing a comfortable environment for buyers and sellers to negotiate. There are fewer multiple offers and more time for the decision-making process. It is hard to predict what the winter market will bring, so it's a great idea to consult with your favourite local REALTOR® to discuss the current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2023 was $1,310,100. The benchmark value for the same home in October 2024 decreased by 0.8 per cent to $1,300,200, up from September's value of $1,279,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2023 was $578,800 while the benchmark value for the same condominium in October 2024 decreased by 5.4 per cent to $547,800, down from the September value of $553,400.

About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,674 local Realtors. If you are thinking about buying or selling a property, connect with your local Realtor for detailed information on the Victoria and area real estate market.

09/16/2024

“Finance Minister Chrystia Freeland announced two significant changes to federal mortgage policy Monday, raising the price cap for insured mortgages to $1.5-million, up from $1-million, and expanding eligibility for 30-year mortgage amortizations to all first-time homebuyers.
�The government described the announcement as the most significant mortgage reforms in decades. Both changes are to be in place as of Dec. 15.�Raising the insurance threshold to $1.5-million will help first time homebuyers in Vancouver, Toronto and many parts of southern Ontario where the typical home price is more than $1-million.

Mortgage insurance is required in order to purchase a home with a down payment of less than 20 per cent. Allowing all buyers to get a 30-year amortization may provide a boost for the new condo market, where sales have dropped to multi-year lows. Preconstruction condos used to be a popular investment for mom and pop investors and high-net-worth individuals, but they have fallen out of favour as the cost of purchasing the new condos have soared”

07/29/2024

Prime rate falls to 6.70%, making variable rate mortgages more attractive

Variable-rate mortgage holders received positive news on Wednesday as major lenders reduced their prime rate following the Bank of Canada’s rate cut earlier in the day.

Canada prime rate drop

Mortgage lenders across the country, including the Big 6 banks, announced a 25-basis-point (0.25%) reduction to their key lending rates after the Bank of Canada lowered its overnight target rate to 4.50% Wednesday morning.

This brings prime rate offered by most lenders to 6.70%, down from a recent high of 7.20% just two months ago. TD Bank remains a unique case, with its mortgage prime rate priced 15 bps higher, the result of an additional hike the bank made in 2016 independent of a Bank of Canada rate move.

This marks the second rate reduction for variable-rate borrowers and those with personal or home equity lines of credit (HELOCs) since June as the central bank seeks to support Canada’s weakening economy.

What this means for borrowers

The big winners today are existing variable-rate mortgage holders, who will see their mortgage rate fall a quarter of a percentage point.

Those with adjustable-rate mortgages, whose payments fluctuate as rates change, will see their payments drop by about $15 per $100,000 of mortgage based on a 25-year amortization.

That means that a borrower with a $400,000 mortgage can expect savings of roughly $60 a month following this latest rate cut. Taken together with last month’s rate reduction, these borrowers will now see their payments drop roughly $120 a month.

Those with fixed-payment variable-rate mortgages, comprising roughly 15% of outstanding mortgages in Canada, will experience a shift in their payment allocation. As the prime rate decreases, a larger portion of their payments will go towards paying down the principal, while the interest portion will reduce.

Meanwhile, fixed-rate borrowers can largely ignore today’s news, as their rate remains fixed for the duration of their term.

Variable rates looking more enticing once again

With the prime rate now at 6.70% and further rate cuts anticipated, variable-rate mortgages are gaining renewed appeal among borrowers.

As of the first quarter, 12.9% of new mortgage borrowers opted for a variable-rate mortgage, up from a low of 4.2% in the third quarter of 2023, according to figures from the Bank of Canada. However, this remains below the peak of nearly 57% during the pandemic when variable rates were lower than fixed rates.

Borrowers are shifting preferences for good reason, according to mortgage broker and rate expert Dave Larock of Integrated Mortgage Planners.

“If that timing works out, today’s variable-rate mortgages will win out over today’s fixed-rate options,” he wrote in a recent blog post, with the disclaimer that they’ll have to be willing to start out their term with higher rates compared to fixed-rate alternatives.