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2961 Shakespeare St
Victoria, BC

2961 Shakespeare St

$999,888
4 bd • 3 ba • 2,213 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$999,888

Price/Sq.Ft

$452

Year Built

1989

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This 2,213 sqft property offers excellent value at $451.82/sqft, which is approximately 15% below the Victoria average of $530/sqft for similar homes. The 4-bedroom, 3-bathroom layout is ideal for large families, providing 20% more living space than the local average of 1,800 sqft. Its location steps from Hillside Mall significantly enhances convenience, with a likely walk score of 80+. The updated kitchen with modern appliances adds approximately $20,000-$30,000 in value. The suite potential offers an opportunity for rental income, conservatively estimated at $1,400/month based on local rates for 2-bedroom units. Proximity to top-rated schools (Oaklands Elementary, Lansdowne Middle, and Oak Bay High) typically commands a 5-10% premium in the Victoria market.

The Bad

At 34 years old, the property may require some updates and maintenance. The electric baseboard heating system is less efficient than modern alternatives, potentially leading to higher utility costs (estimated 15-20% more than homes with heat pumps). The lack of air conditioning, common in Victoria, may be a drawback for some buyers. The property's days on market (7) is slightly above the Victoria average of 5 days, suggesting potential pricing or condition issues. The median income in the area ($58,607) is lower than the property's price point, which may limit the local buyer pool.

The Ugly

Victoria's high property taxes (approximately 1.3% of assessed value) could result in annual taxes around $13,000 for this property. The potential for earthquakes in Victoria (seismic hazard value of 0.61g) may lead to higher insurance premiums and the need for costly seismic upgrades. The foreign buyers' tax (20% in BC) could significantly impact international demand. The property's age may necessitate major system replacements within 5-10 years, including roof ($15,000-$20,000), HVAC ($10,000-$15,000), and potential plumbing updates ($5,000-$10,000).

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for large families with household incomes of $180,000+ (based on a 28% front-end ratio). It suits buyers prioritizing space and location over modern amenities. Investors could benefit from the suite potential, projecting a possible 5-6% cap rate. The property is well-suited for those working near Hillside Mall or downtown Victoria, with an estimated 10-15 minute commute. Long-term buyers can capitalize on Victoria's consistent 5-7% annual appreciation rates.

Not For

Not suitable for buyers seeking turnkey, ultra-modern homes. The potential maintenance and upgrade costs make it less ideal for first-time homebuyers or those with limited budgets for improvements. The electric heating and lack of AC may deter buyers prioritizing energy efficiency. Not recommended for short-term investors due to high transaction costs (5-7% of purchase price) in BC.
Demographics
Area Median Income

$58,607

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Risk Assessment

Risk Analysis

Seismic risk in Victoria could necessitate costly upgrades or impact insurance rates. The potential for a market correction, given Victoria's high prices (22% above the national average), poses a risk to short-term appreciation. Zoning changes or densification policies could affect the property's value, especially if multi-family developments increase in the area. Rising interest rates (currently trending upward by 0.25-0.5% annually) could impact affordability and future resale value. Climate change may increase risks of wildfires and associated air quality issues in summer months.

Financials

Monthly Costs

Price History

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,165,000

16.5% above list price

Median Price

$1,165,000

Based on 1 recent sales

Price per Sq.Ft

$601

Comparable Properties

1648/50 Gladstone Ave, Victoria, BC V8R 1S7
Price: $1,165,000
Sq.Ft: 1,939
Beds/Baths: 4/2
$/Sq.Ft:
$60133.0%
Sale Date: 10/12/2024

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