Element Beachside Residences - 2580 Penrhyn Street, Victoria, BC V8N 1G3, Canada. Strata plan number VIP8197. Crossroads are Penrhyn Street and Cadboro Bay Road. This development is a three-storey, fourteen-unit building. Warm, west coast architecture accented with natural details in wood, stone, and glass blends seamlessly with the tree-lined streets and sandy beaches of Cadboro Bay. Element residences are available in one and two bedroom units, some with dens, and all in a variety of thoughtful configurations, designed for inspired everyday living. Designed and built by Abstract Developments. Interior design by Nygaard Interior Design.
Nearby parks include Cadboro-Gyro Park, Benson Park and Arbutus Park. The closest schools are Frank Hobbs Elementary, Frank Hobbs Out Of School Care, Emmanuel Preschool, Arbutus Middle School, University of Victoria, Campus View Elementary School, Mount Douglas Secondary, Maria Montessori Academy and Camosun College - Lansdowne Campus. Nearby grocery stores are For Good Measure and Peppers Grocery.
Element Beachside Residences Technical Info
||Element Beachside Residences
||2580 Penrhyn Street
||SE Cadboro Bay
|Units in Development: ||14|
|Units in Strata:||14|
||Abstract Developments Inc.|
Element Beachside Residences Documents
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Victoria Real Estate Board Update
Victoria Real Estate Market Slowly Stabilizing after a Record Breaking 2016
November 1, 2017 A total of 664 properties sold in the Victoria Real Estate Board region this October, 9.7 per cent fewer than the 735 properties sold in October last year.
"As expected, we saw fewer sales than this time last year," notes Victoria Real Estate Board President Ara Balabanian. "Looking at the longer term picture however, sales last month were 17.1 per cent above the ten year average of 567 properties for the month of October, so the market is still very active here in Victoria, and this is in spite of the ongoing low inventory levels."
There were 1,905 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2017, a decrease of 3.6 per cent compared to the month of September and 1.7 per cent fewer than the 1,938 active listings for sale at the end of October 2016.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2016 was $752,000. The benchmark value for the same home in October 2017 has increased by 9.3 per cent to $821,900, but is lower than July's value of $834,200.
"The fact that we've seen such a controlled levelling off in the market directly following a year which felt so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the Victoria market. An unstable market may have experienced a heavy correction or shift, whereas in our market sales are moderating at a reasonable rate." adds President Balabanian. "In the coming months we expect to see less inventory on the market, because the year end changes buyer and seller behaviours, their focus shifts to holidays and winter weather. One unknown influence that may play on the winter market is the upcoming mortgage stress test. Some buyers may move their purchasing timelines forward to make their home purchases before the stress test on uninsured buyers (those with a downpayment of 20 per cent or more) becomes required January 1."
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 1,364 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
Frank Rudge October 2017 VREB Report
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Frank Rudge Victoria Market Report for May 2017
Sales were down 22% for may over last year. Listings are up 12% from last year.