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Victoria’s summer real estate market conditions push into September:


A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1 per cent fewer than the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold.



“September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics, but is noticeable if you are actively buying and selling.”


There were 2,300 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2022, an increase of 7.6 per cent compared to the previous month of August and a 104.6 per cent increase from the 1,124 active listings for sale at the end of September 2021.



“The good news is that we have seen more inventory come to market, which when combined with slower sales activity, has resulted in more balanced market conditions,” adds President Dinnie-Smyth. “In the current environment, properties that are well-priced and well-maintained continue to sell briskly. If you are thinking of making a move, a conversation with your favourite REALTOR® for an up-to-date analysis of how the housing market is performing in your area will be crucial to your success. Another consideration is to take the time to vote in your municipal elections October 15 for candidates who reflect your preferences for housing in our communities. Much of our future housing supply and the way Greater Victoria will manage housing needs will be determined by decisions made at the municipal level.”



The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2021 was $1,201,100. The benchmark value for the same home in September 2022 increased by 13.6 per cent to $1,364,200 but was down 2 per cent from August's value of $1,391,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2021 was $519,200, while the benchmark value for the same condominium in September 2022 increased by 18.9 per cent to $617,400, down by 0.7 per cent from the August value of $621,900.

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I have sold a property at 106 3235 Quadra St in Saanich. See details here

This bright west-facing 1 Bedroom condo is located in the popular Maplewood neighborhood, and is only steps away from markets, cafes, restaurants, and parks. The building is in a great central location, ideally located for catching buses to downtown, UVic, and Camosun. The suite is on the quiet side of the building and has been freshly upgraded creating a welcoming, spacious and modern interior. This condo is perfect for those who love a great location, plus the unit is easily accessible from the main entrance of condo. This is a great investment property. This building has no rental restrictions. Building has new windows, balconies , paved road, paint in common areas. Come see it today! The property is tenanted till end of July 2022. ** TENANT has Now moved out / Unit has been painted and professionally cleaned / Ready for Showings .

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Strata Tip of the Week - Alterations within a Strata Lot

There are a few questions you should be asking when considering the alterations that have been made within a strata lot:

  • Have previous owners asked for and received approval for the alterations?

  • Are there any agreements that make the owner responsible for future repairs or replacement of the alterations?

  • Has the work been done according to the terms set in the agreements?

The first sign that the alterations may have been made without the strata corporation’s approval is if the strata lot appears to have had upgrades, such as new kitchen cabinets or flooring, yet the Form B notes that “no agreements exist under which the owner of the strata lot takes responsibility for expenses relating to alterations”.

When an owner decides to upgrade an original fixture, strata corporations typically require the owner to sign an agreement making them responsible for insuring the fixture, as well as all future repairs and/or replacement.

If no agreements exist, yet the unit appears to have had upgrades, there’s a risk that the alterations were made without the strata corporation’s approval. In this case, the strata council may require that the strata lot be returned to its original condition at the owner’s cost, and the owner may also be liable for fines.

In order to avoid issues when purchasing a strata lot which has unapproved alterations, it may be prudent to require that the current owner obtain retroactive approval of the alterations, prior to the subject removal date. This will ensure you do not run into issues after purchasing the strata lot.

Next time we’ll look at smoking on common property. If you have any suggestions for other topics you’d like us to cover, please let us know

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Less pressure on buyers in August in the Victoria real estate market


A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022. Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold. Sales of single-family homes decreased 30.3 per cent from August 2021 with 249 sold.



“August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing.”


There were 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2022, a decrease of 1.2 per cent compared to the previous month of July but a 90.8 per cent increase from the 1,120 active listings for sale at the end of August 2021.



“One of the metrics we watch when we look at the market is the sales to active listings ratio – this is the percentage of available listings that have sold over the course of the month, which helps indicate the balance of supply and demand,” adds President Dinnie-Smyth. “A high percentage means more of the available listings have sold, which shows a high buyer demand and that’s generally a favourable market for sellers. The lower the percentage, the more properties available. Generally, we look at the 15 to 20 per cent range as a balanced market. Right now, the ratio is 28.14 per cent, while in 2021 we were at 94.91 per cent. We continue to trend towards a more balanced market. As conditions change, connect with your trusted REALTOR® to understand how your selling and buying plans fit into the current market.”



The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in August 2021 was $1,201,400. The benchmark value for the same house in August 2022 increased by 15.8 per cent to $1,391,700 but was down 2.9 per cent from July's value of $1,433,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2021 was $509,000, while the benchmark value for the same condominium in August 2022 increased by 22.2 per cent to $621,900, down by 2.8 per cent from the July value of $639,900.




Read the statistics package here.

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We’ve had a lot of good feedback from Realtors who’ve tried out our services during our discount period. If you’re in need of a strata documents review, don’t hesitate to get in touch. We’re always here to help!

If you haven’t had a chance to work with Condo Clear in the past, this is a great opportunity to see the value we are able to bring to your real estate transaction.

Buyer’s Review - Level 1 includes a review of the following:

  • Form B

  • Financials

  • Depreciation Report (we draft a custom 10 year projection of your unit’s potential special levies, see below)

  • Bylaws/Rules

  • Insurance

  • Strata Plan / Form V; and,

  • AGM Minutes (two years)

This review is intended to provide a summary of the strata corporation’s financial positionpastcurrent and future.

Having a good understanding of the potential special levies a unit will have to pay over the next 10 years allows consumers to make a more informed decision when it comes to the biggest purchase of their life. That’s why we build a custom projection, based on the information in the strata’s latest depreciation report. The “Total Potential Levies” is the amount the buyer may need to pay in special levies over the next 10 years. Here’s a sample:

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Sales to Listing Ratios for Micro Markets 
Today, I want to talk about some micro markets. What I love about these ratios is that you can apply the formula to an infinite amount of markets. You can be broad in scope, which the REBGV provides, or you can dig down to, say, one-bedroom apartment units in Downtown Kelowna, or Downtown Vancouver, specifically, Yaletown one-bedroom units between $500,000 and $800,000. The permutations are limitless. Lets dig into the definition and application of Sales to Listings Ratios. 

The Sales to Listing Ratios are an indicator of demand and supply. It is all the completed sales in the last 30 days divided by the total number of active listings. There is downward pressure on prices when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. Check out these micro markets using data from July 4th to August 4th, 2022.  
It is clear that most areas, and property types are below 12% and have been for a few months. This means there is pressure for prices to continue to decrease in the near future. You will see that some markets are in the +/- 15% which means a more balanced market. Two areas which have a  very strong buyer’s market are Surrey and Vancouver West Single Family. Seller’s still have some control to maintain a high price point for their apartments and townhomes in the Burnaby South and North Vancouver areas. 
 


Months of Inventory

Months of Inventory (MOI) is the relationship of sales pace to the number of properties currently on the market if no additional homes were added to the supply. It is calculated by determining the number of homes sold per month and dividing by the total number of properties for sale on the last day of the month. When there is more than six months of inventory on the market, there is ample supply for buyers to choose from, so we say it is a buyer’s market. If there is less than six months of inventory, buyers have to compete more for each home, so sellers don’t have to give in to buyer demands as readily. We say this is a seller’s market. At around six months of inventory, we call the market balanced.

It appears that Langley apartments and townhomes are in a perfectly balanced position at exactly 6 months of inventory. Areas of concern are Surrey and Vancouver West Single Family Homes. Being an astute professional, you have probably already observed a strong correlation between the sales to listing ratio and the MOI. These do trend at the same rate. This is just another way to visualize the demand supply dynamics of different areas and or property types. 

You can view the general July statistics for GVA and Fraser Valley on Instagram, Facebook and LinkedIn below:


Where are Prices Going?

We are in a transition period after years of strong growth in most markets. Nobody has a crystal ball but these two indicators provide excellent data for buyers and sellers to make educated decisions. In addition, it helps appraisers with valuing properties. Typically, appraisers use sales data that can be up to three months old and the statistics we rely on may not be relevant or updated, so having this real- time information can assist the appraiser in determining a current fair market value. The data suggests most markets being a “buyer’s” market which will push downward pressure on prices. It is undetermined how motivated the sellers are, but we can assume many are motivated, for various reasons, and unless things change (interest rates, decreased supply, etc.) values will continue to decline. There are definitely opportunities during these times of transition to find properties at below-market prices.  For those of you trying to time the market, good luck! For those who are proactive and opportunity driven, contact your realtor and go make some offers!

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Strata Tip of the Week - Understand Parking and Storage Designations

Most buildings that were built in the 90s or earlier came with more parking stalls and storage lockers than units. Today, we’re seeing many new strata developments that have less parking stalls and storage than units, which makes these components that much more important and valuable to consumers.

You should be able to find information about a strata lot’s parking and storage on the Form B. It’s important to also verify this information on the Strata Plan or Parking Plan filed with the Land Title Office, as we’ve come across many Form Bs that provided incorrect information.

When it comes to parking stalls and storage lockers, there are 5 ways you’ll typically see them designated:

  • It forms part of the Strata Lot

  • Common Property (the strata council grants permission to an owner to use a spot on a yearly basis, and although unlikely, can change or take the spot away)

  • Limited Common Property (you have exclusive use of a specific spot, and the designation can only be changed if the owners pass a unanimous resolution)

  • Limited Common Property for a Specific Section (found in sectioned stratas; the residential executive grants permission to use a spot on a yearly basis and (like with a common property spot) can change or take the spot away)

  • Long Term Lease (the spot is subject to a long term lease associated with the strata lot; a copy of the lease should be obtained from the sellers, as the strata corporation does not usually retain copies)

Long term parking and/or storage leases can have significant implications for both buyers and sellers. Here’s an article from the BCFSA which provides a good example and cautionary note.

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The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed be covered by third-party new home warranty insurance. You may often hear this referred to as the “2-5-10 New Home Warranty”. Basic coverage includes:

  • 15 months for defects in labour and materials

  • 2 years for building cladding and delivery systems (plumbing, HVAC, etc.)

  • 5 years for building envelope defects

  • 10 years for structural defects

 

While some consumers may worry when hearing that a strata corporation is working on addressing warranty defects, we typically see this as a good thing. The reality is that almost no building is built with zero defects, and addressing problems while the warranty coverage is still active shows that the strata is being proactive and committed to addressing deficiencies, while still under warranty.

Finding no information pertaining to the building's warranty is therefore worrisome. As part of our review process, we always recommend that consumers obtain the strata corporation’s warranty certificate, as well as all documents and reports pertaining to the warranty and any warranty claims.

Next week we’ll look at alterations within strata units, as reported on the Form B. If you have any suggestions for other topics you’d like us to cover, please let us know at info@bchomegroup.ca

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The Depreciation Report:

depreciation report provides important insights for buyers looking to buy into a strata corporation. It not only speaks about the current condition of the physical components (as long as the report is recent), but also the financial state of the strata corporation. Some of the most important information in a depreciation report can be found in the following two sections:

  • The evaluation of the strata’s physical components

  • The financial analysis and forecasting

Omitted Components:

One issue we often come across when reviewing depreciation reports is omitted components. Oftentimes this is due to the strata council directing the author of the report to omit certain items, which is a significant concern because excluding some items from the report leads to an underreporting of future capital expenses.

In simple terms, by excluding some items from the report, it appears as though the strata will have less to spend on future capital projects, than in reality. If not caught, this practice can be extremely misleading to potential buyers.

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Last week the provincial government announced the roll out of their Homebuyer Protection Plan (HPP). This new measure will begin January 2023. Your Board, the other provincial boards and BCREA will continue to work with the BC Financial Services Authority preparing for the introduction and implementation of the HPP.
 
Please note that we do not have full information regarding the roll out and application of the HPP at this time.
 
Per BCREA, here are the details that are currently available:
 
Deposit
  • if a deposit is held in trust, brokerages may release it upon rescission
  • rescission fee amount is provided to the seller
  • the balance (if any) is returned to the buyer, despite what may be provided in the contract. 
 
Exemptions and waivers
The HPP cannot be waived. Narrow exemptions include:
  • sales subject to a 21 of the Real Estate Development Marketing Act
  • sales of residential real property located on leased land
  • sales of leasehold interest in residential real estate
  • sales at auction
  • sales under a court order or supervision of a court
 
Defining residential real estate
The policy will apply to the following types of structures:
  • detached homes,
  • semi-detached homes,
  • townhouses,
  • apartments in a duplex or other multi-unit dwelling,
  • residential strata lots,
  • manufactured homes that are affixed to land, and
  • cooperative interests that include a right of use or occupation of a dwelling.
 
The HPP does not apply to presale properties already subject to a rescission period under the Real Estate Development Marketing Act.
 
Requirements to Inform Consumers
Licensees must provide general information on the HPP to all consumers through the Disclosure of Representation in Trading Services (prescribed content).
 
Service of Notice
Homebuyers must serve rescission notice on the seller in one of the following forms:
  • registered mail
  • fax
  • e-mail with read receipt
  • Personal service
 
Rescission Notice Content
Rescission notice must contain:
  • address, PID or description of the property
  • names and signature of the purchaser
  • name of the seller(s)
  • date of notice
 
Additional Disclosure
Licensees must also provide an additional mandatory disclosure at the time of preparing an offer on behalf of presenting an offer to a client, containing the following information:
  • the HPP cannot be waived,
  • the rescission period,
  • dollar amount of the rescission fee,
  • deposit handling, and
  • HPP exemptions.
 
Records Retention
Brokerages must retain a copy of a rescission notice that it prepares or receives (enables audit and reporting).
 
To learn more:
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I have sold a property at 1702 Kings Rd in Victoria.
This is your opportunity to own a great 4 bedroom, 3 bath home in one of Victoria’s finest and most accessible neighbourhoods! Located super close to parks, shopping, all amenities and schools. This ideal and efficient floor plan offers a 3 bed 2 bath home, plus a 1 bed, 1 bath in-law suite in an amazing location. The well thought out floorplan has open concept living/dining space with wood burning stove, and private patio access off the spacious kitchen. Upstairs offers 3 spacious bedrooms with 2 baths. The primary bedroom features a walk in closet and 3 pc ensuite. BONUS one-bedroom in-law suite provides plenty of options and can accommodate larger families. Private and fenced yard space is perfect for pets and kids alike. Listed Lot size combines dedicated strata lot, LCP yard/carport/patio space. Newer roof, windows, several newer appliances and water tank makes this one ready for you to move-in. This is the home and location you’ve been waiting for!
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The current strata insurance situation in BC has been difficult to say the least. Many strata corporations have seen premium increases from 20% to 50%, with some high value/high risk stratas seeing increases in the 200% to 400% range.

While the narrative around this problem has focused predominantly on premium increases, the lesser mentioned factor is that some strata corporations are also seeing their deductible amounts skyrocketing to levels not covered by most personal insurance policies.

For example, if a strata has a $500,000 water damage deductible and an owner can only get $100,000 of coverage, that owner could be on the hook for $400,000 if there is a loss from within their unit. This is a scary reality, so it’s important that consumers are made aware of these figures and advised to seek advice from a qualified insurance broker.

Are your clients looking at newer stratas? Next week we’ll discuss new home warranties in strata corporations. If you have any suggestions for topics you’d like us to cover, please let us know at info@bchomegroup.ca

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Shift in Victoria Real Estate market brings more time for buyers and sellers
 
A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold.
 
"We’d previously indicated a shift in the local housing market,” said 2022 VREB President Karen Dinnie-Smyth. “This continued be the case in July as sales dipped, and we saw fewer listings come to the market, with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many.”
 
There were 2,162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 per cent compared to the previous month of June and a 70.2 per cent increase from the 1,270 active listings for sale at the end of July 2021.
 
“As a result of the higher interest rates and inflation occurring right now, we see fluctuations in price and availability,” adds President Dinnie-Smyth. “Values will rise and fall over time, and historically local real estate values slowly increase over time, which means despite month-to-month variations, if you are buying a home, you have a sound, long-term investment. We need to remember that people don’t buy and sell on a month-to-month basis and that in the larger scheme of things, housing is more than numbers. A property is a place where people live their daily lives, raise their families, etc. It is more than a commodity, and for many it is the most important purchase they make in their lifetime. The government’s recent focus has been on demand-side mechanisms and other market modifiers such as a mandatory three-day cooling off period to start in 2023. A better long-term approach to housing affordability for our future is to address housing supply constraints which will be central to the next round of upward pressure on home prices. Consult with your REALTOR® to keep informed regarding current values and market conditions if you are in the market to buy or sell.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2021 was $1,204,900. The benchmark value for the same home in July 2022 increased by 19 per cent to $1,433,800 but was down 2.1 per cent from June's value of $1,464,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2021 was $502,600, while the benchmark value for the same condominium in July 2022 increased by 27.3 per cent to $639,600, down by 0.5 per cent from the June value of $643,100.
 
 
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This morning the government announced its plan to introduce a three-day homebuyer protection period effective January 2023.
 
From the Ministry of Finance announcement:
 
A new homebuyer protection period will protect people in B.C. looking to buy a home from being pressured into high-risk sales. The period is the first of its kind in Canada and marks the first key action the Province is taking based on the B.C. Financial Services Authority’s (BCFSA) report on ways to offer homebuyers better consumer protection in the real estate market. The mandatory three-day period will give homebuyers an opportunity to take important steps, such as securing financing or arranging home inspections, as they prepare to make one of their biggest financial decisions.
 
The homebuyer protection period will come into effect on Jan. 1, 2023. It includes a rescission (cancellation) fee of 0.25% of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. For example, if the purchaser exercises the right of rescission on a $1-million home, they would be required to pay $2,500 to the seller.
 
Buyers still may make offers conditional on home inspections or financing at any time. The protection period will offer homebuyers the opportunity for due diligence at times when conditions are not in place.
 
The homebuyer protection period is informed by the results of consultations that the BCFSA completed this year with a wide range of real estate industry stakeholders, including home inspectors, appraisers, realtors, and academics, as well as representatives from the legal and financial services sectors.
 
The Province will continue studying the BCFSA’s advice and its potential effects to further strengthen public confidence in the real estate market.
 
 
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Details of the homebuyer protection period are not yet available, but your Board will work on making sure there are opportunities for you to learn about how this period will be implemented and how to prepare for the January 2023 rollout as further information becomes available.
 
As you know, many VREB Members. your Board, BCREA, and other boards across the province consulted with BCFSA and government stakeholders on consumer protection measures. All of these entities will continue their advocacy as the government moves through the BCFSA's recommendations.
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Victoria’s hot housing market levels off, supply still important for long-term attainability

A total of 612 properties sold in the Victoria Real Estate Board region this June, 35 per cent fewer than the 942 properties sold in June 2021 and a 19.6 per cent decrease from May 2022. Sales of condominiums were down 40.2 per cent from June 2021 with 202 units sold. Sales of single family homes decreased 31.4 per cent from June 2021 with 302 sold.
 
"The market feels a bit more normal right now,” says Karen Dinnie-Smyth, 2022 Victoria Real Estate Board President. “We have seen more inventory come onto the market to the extent that we are back to numbers closer to those which we saw in pre-pandemic 2020. This is good news, as more inventory provides more choice and builds in more time for consumers to work with their REALTORS® to make decisions.”
 
There were 2,059 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2022, an increase of 15.9 per cent compared to the previous month of May and a 49.7 per cent increase from the 1,375 active listings for sale at the end of June 2021.
 
"It may seem counterintuitive to continue to talk about the need for supply at a time when inventory is rising,” adds President Dinnie-Smyth. “We must keep the conversation alive, and we urge all levels of government to continue to aggressively address the housing supply situation. We need more supply of all types of housing. Not only do we remain on the lower side of longer-term historical averages of homes for sale, but there will be future challenges - changing interest rates, supply chain and labour constraints will hamper the ability to create new homes at a pace to meet future growth. New supply will be the key to future housing attainability in our community.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2021 was $1,184,700. The benchmark value for the same home in June 2022 increased by 23.6 per cent to $1,464,400, up from May's value of $1,446,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2021 was $495,900 while the benchmark value for the same condominium in June 2022 increased by 29.7 per cent to $643,100, up from the May value of $633,800.
 
 
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I have sold a property at 8518 Tribune Terr in North Saanich.
VIRTUAL O/H--> HD VIDEO, AERIAL, 3D MATTERPORT, PHOTOS & FLOOR PLAN online! If you're looking for a fully updated custom built 5bd 3bth home w/over $500k in upgrades & breathtaking ocean & mountain views, this is the one! Perched on the highest point at the end of the culdesac & nestled in a private park-like setting, this rare opportunity won't last! This home oozes quality throughout. Proudly renovated by East Bay Developments, you'll love the bright modern open concept design, custom Pronautic kitchen w/ walnut/white cabinetry, stunning quartz countertops w/waterfall edges on island, floating staircase in entry w/stainless steel edging, all new interior/exterior paint, doors, flooring, bthrms, hardware & lighting, 2 linear gas FP's w/custom cabinetry, all new windows ordered/paid, 200amp... to name a few. Main offers spacious bright floorplan kitchen, dining, 2 family rooms, 2bthrms 3bdrms -primary bdrm w/spalike bthrm. Flexible lower offers 2brms which includes 1bdrm nanny suite.
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STRESS TEST SECRET 

Innovative strategy by innovative brokers. Currently variable rate rates still need only 5.25% to qualify not 6.25% So, qualify on the variable rate at the stress test of 5.25% – lock in after.
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Pace of the Greater Victoria real estate market steady into spring
 
A total of 761 properties sold in the Victoria Real Estate Board region this May, 27.5 per cent fewer than the 1,049 properties sold in May 2021 and a 7.6 per cent decrease from April 2022. Sales of condominiums were down 23.1 per cent from May 2021 with 250 units sold. Sales of single family homes decreased 31.7 per cent from May 2021 with 367 sold.
 
"The real estate market in Greater Victoria is returning to a steadier pace following the strange two years we experienced over the course of the pandemic,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “While inventory is still below historical levels for a spring market, it is now within our pre-pandemic five-year average, which is good news for buyers. The increase in inventory provides buyers with more options, and we are seeing market activity and price points differ within the unique neighbourhoods that make up Greater Victoria. During a changing market like the one we see now, it is more important than ever to have an expert on your side – whether you are buying or selling it’s a great time to give your favourite REALTOR® a call.”
 
There were 1,776 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2022, an increase of 30.1 per cent compared to the previous month of April and a 22.5 per cent increase from the 1,450 active listings for sale at the end of May 2021.
 
"Looking to the future of the market, the Board has reviewed the British Columbia Financial Services Authority (BCFSA) report which the government requisitioned to guide the deployment of their cooling-off plan," adds President Dinnie-Smyth. “We are aligned with BCFSA on the importance of consumer protection in real estate and see areas of the BCFSA report which reflect the Victoria Real Estate Board’s and the British Columbia Real Estate Association’s recommendations - specifically the concept of a five-day pre-offer period. However, the BCFSA report leaves detailed process and procedural questions unanswered. The government will need to do more consultation with industry stakeholders prior to implementation to ensure these changes are without negative consequences to consumers and to the market.”
 
The Multiple Listing Service® Home Price Index benchmark values are currently unavailable. This document will be updated when May’s numbers are available for publication. 
 
 
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A new 2-year ban of no foreign buying that includes condos, apartments, and single residential units. (Exempt are recreational units.)
Loopholes? As always there are a few: The ban does not apply to foreign students, permanent residents, foreign workers, or foreigners who are purchasing their primary residence in Canada. Also, recreational properties are exempt.

With commodity prices cooling we continue to expect a lower Canadian dollar

I stated over and over that in tough times, bad money wants to be changed into ‘good ‘money.’ The US dollar remains a reserve currency – valued as such by individuals around the world. In tough times they flee into the dollar. More money coming in drives up the value. Period. We see that continue


Big Banks Raise 5-Year Fixed Rates Above 4%

Most of the country's big banks are now advertising special-offer 5-year fixed rates above 4%.

All assignment sales on newly constructed or substantially renovated residential homes will be taxable.
    • "Budget 2022 proposes to make all assignment sales of newly constructed or substantially renovated residential housing taxable for GST/HST purposes, effective May 7, 2022."
    1. Starting May 7, the government will add taxes on home flippers who buy properties to renovate and put them back on the market less than 12 months later. Who will want to renovate now? Loopholes: Looks like multiple exceptions again for permanent residents, foreign students, etc.
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