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|
Rainbow Hill MLS® Listings And/Or Area MLS® Listings
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Typical Floor Plan (Click image to go to BCFP)
Area Rentals From Craigslist
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Area Rentals From Padmapper
Victoria Real Estate Board Update
Slower start to spring does not signal lower prices for Victoria real estate market
May 1, 2018 A total of 774 properties sold in the Victoria Real Estate Board region this April, 12.5 per cent fewer than the 885 properties sold in April last year, but a 12.5 per cent increase from the month previous. The sales of condominiums were down 21.6 per cent from last year in April with 225 units sold. Single family homes were 8.1 per cent down from the year previous with 420 sold this April.
"We're now into the spring real estate market, which is traditionally the busiest time of the year for buying and selling homes," says Victoria Real Estate Board President Kyle Kerr. "Last year, the months of May and June were the busiest, so we may see this pattern again but on a slightly smaller scale than last year, since our sales for the year thus far are down about 18 per cent when compared to 2017. Although January to March was quite far behind last year's pace, we may see that margin get smaller as we progress through the spring months and people adjust to the new mortgage qualifying rules."
There were a total of 2,002 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2018, an increase of 13.4 per cent compared to the month of March and 18.5 per cent more than the 1,690 active listings for sale at the end of April 2017.
"We continue to see low inventory in our market, and good homes in desirable locations are still seeing multiple bids," adds President Kerr. "One interesting development we are tracking is the increase of prices in a market of fewer sales. Part of the reason for this is that there is strong pressure on lower-priced properties. After the new mortgage rule changes this year, many consumers have seen a reduction in their buying power, so more are competing for lower-priced properties and in multiple offer situations, pricing is pushed up. Our area just doesn't have the supply or mix of homes needed to meet the demand. We are working with government at all levels to identify ways to meet this demand in the CRD."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2017 was $800,100, while the benchmark value for the same home in April 2018 increased by 8.3 per cent to $866,700, higher than March's value of $859,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2017 was $418,200, while the benchmark value for the same condominium in April 2018 increased by 18.4 per cent to $495,100, which is higher than March's value of $490,000.
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 1,361 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.
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.