Good morning!

Property value has been on the minds of many Westshore homeowners in the last year, along with interest rates, property taxes, and the real estate market. We dive into Westshore property values in today’s newsletter, and more. Let’s get to it.

— Emma

NEWS

Fluctuating property values in the Westshore

Greater Victoria properties have seen a slowdown in sales over the past year, as interest rates worsened the situation in 2023. Since May, sales in the area have been decreasing with a total of 329 properties sold in December, down by 16.5% from November when 394 properties were sold, as per the Victoria Real Estate Board (VREB). 

The VREB released data that showed how the past year saw only 6,207 properties sold compared to the 6,804 sold in 2022, an 8.7% decline for the entire district. In the Westshore alone, many residential properties saw a decrease in assessed market value since 2022. None of the top 500 valued housing properties in BC are in the Westshore.

"The single biggest impact on the housing market this year was interest rates," said 2023 Victoria Real Estate Board chair Graden Sol in a press release. "The increased cost of borrowing money meant that consumers had less purchasing power, which resulted in a drop in transactions.” 

Along with that drop in transactions, many homes are also selling for less than they were in the last year or two—namely townhouses and condos in the Westshore. Some homeowners may see a silver lining that a drop in property value could mean a drop in property taxes, but that’s not the case. According to the Fraser Valley Current, a homeowner's property tax bill is only half determined by your own property’s value—the other half is determined by the value of other homes in your neighbourhood. 

This means that those whose home value remained stable or increased might be looking at a higher tax increase, while those with a home value that decreased significantly more than the average might end up paying less taxes. However for most homeowners, your assessment notice may say your home value has declined from the previous year, but your property taxes won’t decline. 

“There is however still huge demand for housing in our market and as we move forward into 2024 and beyond, we need to continue to put focus on the creation of new supply so that as market activity increases prices don't increase as quickly,” said Sol. “The only way to moderate housing prices is to bring supply closer to meeting demand.”

NEWS

RCMP catch offenders of multiple identity theft

West Shore RCMP are warning residents to stay informed on protecting themselves from identity theft after making an arrest this Dec. 31. Police arrived on scene at Elements Casino after reports of a man and woman in a suspicious vehicle parked at the casino in View Royal—numerous stolen tools were suspected to be inside the white F150.

Officers found a 48-year-old-man and 28-year-old woman sitting inside, and the pair provided officers with false identification. RCMP searched the vehicle and seized multiple tools bought by stolen credit cards, high valued electronics including VR goggles, doorbell cameras and more.

"Police also recovered a combination of several stolen cheque books, stolen identification cards, and stolen personal financial statements from over two dozen victims,” said Cpl. Nancy Saggar, West Shore RCMP media relations officer. “We have already started contacting the victims in relation to this investigation, many of whom had previously reported their wallets as stolen.” 

The pair were then arrested for identity fraud, obstructing a police officer and possession of stolen property; the male suspect was also arrested for possession of forged documents. Saggar told CHEK News that the man apparently has a “lengthy history with police, particularly fraud”, and the investigation has become cross-jurisdictional due to many of the stolen identities coming from Alberta. 

The pair were to appear in court on Jan 2., and remained in police custody until then; the court ruling is still yet to be released online. 

Around the 'Shore

🥵 Greater Victoria hot sauce expansion is difficult: Vincent Capitano, the founder of Island Chef Pepper Co. says that his company is having a difficult time finding commercial real estate in Greater Victoria. The Westshore-based company is looking to expand as the hot sauce industry grows, but with 100 gallons of hot sauce made a week, the team will need a bigger location to expand in 2024. [Vancouver Island Free Daily] 

♻️ Glass recycling stops for the month of January: GFL Environmental Inc. is taking over the recycling collection for the Capital Regional District (CRD) starting Tuesday and will not be collecting glass for the first month.The company is taking over from Emterra Environmental after the end of their six-year contract, which was announced in October of 2022; the CRD says some collection schedules will change and those residents will be notified directly. [CHEK]

📝 Ravi Parmar reflects on what he’s learned as Juan de Fuca-Langford MLA: Elected this summer, MLA Ravi Parmar emphasizes listening and learning before acting. Having worked with the school board for 10 years, Parmar says he has realized the need to cover all issues in the area, and not just to focus on and discuss education. [Goldstream Gazette] 

Community Events

🌲 Tree Chipping: Get rid of your Christmas tree this Jan. 6 and 7 at the Colwood Fire Hall in support of a good cause. Colwood Volunteer Firefighters will be chipping trees from 9am to 3pm by donation, which will go towards the Colwood Firefighter’s Fund. 

📚 Book Launch: Are you a book lover? Head to the Sooke Regional Library this Jan. 7 for Allie Picketts release of i, nemophile. Starting at 10:30am, enjoy poem readings, book sales, a writer Q&A session, and so much more in this interactive author event. 

🎶 Quiet Winter Nights: Choral Evolution’s choir concert, Quiet Winter Nights, is coming to town with multiple dates this January. Tickets are available for Jan. 12 and 13 at 7pm at the Holy Trinity Church in Sooke. There is also an additional date on Jan. 21 at 2pm at the Langford Legion, tickets are available online.

What’s Offshore?

🚢 The Musky is a bulk carrier built in 2014 and is sailing under the flag of Marshall Islands. It is sailing from 🇵🇪 Matarani, Peru ➡ 🇨🇦 Vancouver and was scheduled to arrive Dec. 30, 2023.

Westshore Snaps

Kayaking at Thetis lake in December. —Paul Young, Langford

That’s it!

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