Rainbow Hill - 4045 Rainbow Street, Victoria, V8X 2A8, 2 levels, 20 townhomes, Estimated completed 2012, crossroads areRainbow Street and McKenzie Avenue. Perched atop one of the highest points in Greater Victoria, The Rainbow Hill at Saanich is an up-scale community with extraordinary views of the city, the Strait of Juan de Fuca, and the Olympic Mountains beyond. This project includes 12 single families, 27 town homes, and two condominium buildings with total 77 units.
Durable, energy efficient and attractive homes are set among leafy sidewalks, community trails and extensive green spaces. Both single family houses and town homes combine the West coast modern architecture with natural surroundings, matched with contemporary floor plans and clad in natural materials. Contemporary three bedroom homes feature high ceilings, floor to ceiling windows, Maple Wood flooring, custom cabinets, Quartz countertops, glass tiled backsplash, high-end stainless steel appliances, and spa-inspired bathrooms with radiant in-floor heating, ceramic tile floors, Caesarstone countertops and deep soaker tubs. Large private decks invite outdoor entertaining, and attached two car garages welcome residents of every home.
Rainbow Hill is adjacent to the Swan Lake Christmas Hill Nature Sanctuary, just minutes from downtown Victoria to the south and the Victoria International Airport and Swartz Bay Ferry Terminal to the north and Victoria General Hospital to the west. The location offers excellent access to transit service and is within a 1 km walk to a diverse range of amenities including Pacific Christian School, Rogers Elementary, St Andrew's Regional High, playgrounds, retail and professional offices, restaurants and a supermarket.
Rainbow Hill Technical Info
||4045 Rainbow St
||SE High Quadra
|Listing Price Range
|Units in Development: ||4|
|Units in Strata:||27|
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Victoria Real Estate Board Update
High Demand Continues as Inventory Shrinks in the Victoria Housing Market
December 1 2016, Victoria, BC
A total of 599 properties sold in the Victoria Real Estate Board region this November, 4.5 per cent more than the 573 properties sold in November last year.
Inventory levels remain lower than last year, with 1,815 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2016, 38.5 per cent fewer than the 2,952 active listings at the end of November 2015.
"Our current housing market is in a strong cycle due to many factors, including our current positive economic conditions, baby boomers retiring here, millennial buying cycles, a low Canadian dollar keeping folks closer to home and our favourable living conditions," notes Mike Nugent, 2016 President of the Board. "These factors and others, in combination with ongoing low inventory mean demand for housing is up, particularly in those areas close to the core and amenities."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2015 was $608,600. The benchmark value for the same home in November 2016 has increased by 23.9 per cent to $753,800.
"Foreign buyers are another factor that affects our local housing market. The provincial government is considering implementation of a local tax on foreign buyers to ensure pressure on pricing from that source remains mitigated," adds President Nugent. "While October data shows an increase in foreign buyers into the Capital Regional District compared to previous months, their 6.3 per cent of property transfers indicate that these buyers are one factor in the marketplace. A much larger factor affecting affordability and availability right now is the lack of inventory. An effective method to address housing affordability issues could be through efforts to increase the supply of housing, either through adjustments to zoning or density."
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 1,320 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
View our press release and summary here.
View our complete statistical package here.
For More Information
Victoria Real Estate Board
Denise Hogue, Communications Manager
Victoria Real Estate Sales September 2016