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Victoria Hotel

Victoria’s Empress Hotel was recently sold before most people even knew that it was being listed for sale!  Nat Bosa, a well-known developer from Vancouver, closed on the 106 year old hotel sale less than 3 weeks after it was announced for sale.  It had been previously owned by Ivanhoe Cambridge, a Quebec pension fund company, who had purchased the Empress Hotel in 2007.  The hotel offers 477 rooms and was designed by the same architect as BC’s legislature and BC Assessment showed the value of the Empress at $89.9 million, although the sale price has not been released to the public.

 The Empress Hotel is rich in history (and ghostly sightings).  There are many reports that ghosts and apparitions haunt the iconic hotel, including a ghost said to be that of the architect himself. On the 6th floor, guests have reported seeing the ghost of a woman resembling a maid.

In 1980, The Empress Hotel was designated as a national historic site because of its Chateau-like design.  Canadian railways companies had promoted business travel along their railway and steamship lines in the 1900’s, and had many castle-like hotels built to encourage an elegant and upscale travel destination.  It was enlarged in 1910 and became a popular tourist hotel for the rich and famous who traveled to Victoria in the 1920’s.

Gossip followed this chateau for decades and Shirley Temple allegedly hid out in the Empress after leaving California when she received death threats!  Many events for royalty were held at the Empress and it became famous for its afternoon “high tea” that serves 800 guests and tourists each day!

With so much rich history, the Empress Hotel will forever be an important testament to Victoria’s development over the past 100 years.  The Bosa family has not publicly announced what their plans are with the hotel, and hopefully, the legacy of the Empress Hotel will continue unchanged except for ownership as the hotel employs 500 staff to look after the needs of its guests.

So, the next time you drive past Victoria’s Empress Hotel, you can share with your friends and family a little more history of this classic hotel. 

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Buyer Demand Increases While Home Prices Edge Up


VANCOUVER, B.C. – July 3, 2014 – The Greater Vancouver housing market enters the summer season with home buyer activity on the rise.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 3,406 on the Multiple Listing Service® (MLS®) in June 2014. This represents a 28.9 per cent increase compared to the 2,642 sales recorded in June 2013, and a 3.7 per cent increase compared to the 3,286 sales in May 2014.

Last month’s sales were 0.6 per cent above the 10-year sales average for June of 3,386.

“Competition amongst home buyers today is as strong as it’s been in the region since 2011,” Ray Harris, REBGV president said.

The sales-to-active-listings ratio currently sits at 21.3 per cent in Greater Vancouver, which is the highest this measure has been since June 2011.

“Over the last three years, we’ve seen changes in demand yet home prices at the regional level have remained relative stability,” Harris said. “While these numbers provide high level trends, it’s important to know that changes in prices always vary depending on neighbourhood and property type. Consult your local REALTOR® for information on trends in your area of choice.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $628,200. This represents a 4.4 per cent increase compared to June 2013.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,339 in June. This represents a 9.5 per cent increase compared to the 4,874 new listings in June 2013 and a 10.1 per cent decline from the 5,936 new listings in May. Last month’s new listing count was 2.6 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the MLS® system in Greater Vancouver is 16,011, a 7.4 per cent decline compared to June 2013 and a 0.4 per cent decrease compared to May 2014.

Sales of detached properties in June 2014 reached 1,462, an increase of 32.7 per cent from the 1,102 detached sales recorded in June 2013, and a 58.7 per cent increase from the 921 units sold in June 2012. The benchmark price for detached properties increased 6.2 per cent from June 2013 to $976,700.

Sales of apartment properties reached 1,308 in June 2014, an increase of 22.5 per cent compared to the 1,068 sales in June 2013, and a 27.5 per cent increase compared to the 1,026 sales in June 2012. The benchmark price of an apartment property increased 2.4 per cent from June 2013 to $378,000.

Attached property sales in June 2014 totalled 636, a 34.7 per cent increase compared to the 472 sales in June 2013, and a 53.3 per cent increase over the 415 attached properties sold in June 2012. The benchmark price of an attached unit increased 3.1 per cent between June 2013 and 2014 to $471,200.

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