Homes for Sale Victoria BC - We Love to hear from you

Posted on November 22, 2020 by BC HOME GROUP

Excited….!!! Going to buy and get into Homes for Sale Victoria BC? Then, BC Home Group is ready to show you the best houses in the town. We have amazing and beautiful houses and condos for the home buyers who are willing to buy a house in victoria. Our lists of Homes for Sale Victoria BC are simply the best and we also help with the process of selling, we try to fulfill the requirements of home buyers as we care about our customers' needs. And this is the vision for our luxury real estate services. Our customers are first and a priority for us.

As you see, Canada most specifically Victoria is known for its warm environment, that is why Victoria BC is an amazing place to buy a house and to spend an amazing luxury life here. The city is full of beautiful ocean and mountain scenery which is amazing for taking a deep breath when you need your peace. Also, the city is famous for outdoor activities such as zip-lining, biking, and golfing and this beautiful scene of victoria makes it the best place to settle down if you are looking for a location in Canada. BC Home Group has lots of Homes for Sale Victoria BC for the home buyer who is eagerly willing to set up without taking any delay in getting ready to buy in this hot housing market.

What Homeownership benefits you the most?

Homeownership places the owner in a better place in terms of financials compared to renters, who prefer to pay the monthly rent. And this is the reason BC Home Group is here with the amazing offers on Homes for Sale Victoria BC and an amazing opportunity for the people who want to be the owner of a house here in Victoria BC.

Helping your investment grow, the homeowner can live without any hassle of shifting contracts and can live according to its owner's needs, which means the owners get the freedom to do whatever they want to do at their own pace. Also, the house owner can rent their house to earn extra money as a great revenue stream.

Why Choose BC Home Group?

We have real estate experts who have all the knowledge about the process of homebuying step by step and they will guide you properly & be with you throughout the entire process to help you. Our experts also make a list of your requirements while contacting you to make sure you will visit the best houses among all the Homes for Sale Victoria BC in our list of selling. Our prices are also up-to-date and the best in the market so our customers will get the full benefits of connecting with us.

We help the home buyers to make a checklist of home buying needs and then we choose the best homes from the list of our Homes for Sale Victoria BC and then take you on a tour of the location and home to ensure it's good to go for our customer’s needs. If the house meets the checklist then we bring our customers we walk you through the process of writing an offer.

Our Homes are great and best-in-class and good to go to if you want to settle in Victoria BC and we want you to feel like you can live comfortably in beautiful BC. You can contact us anytime to see the list of our Homes for Sale Victoria BC and we will never let your hopes down when you connect with us.

Stay tuned with us for the best houses and condos in victoria BC and relax, enjoy, this beautiful location, city, island with your family.

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Victoria Condos For Sale - So Many Options for the Home Buyers

Posted on November 17, 2020 by BC HOME GROUP

Are you looking for the beautifully designed Victoria Condos?

The BC Home Group has so many options for you. We are selling amazing condos in different victoria locations. Our buyers love VIctoria as it is one of the most desired locations to buy a condominium or live. We have so many options for buyers who want to settle in Victoria and want to buy amazing offers.

As we all know Victoria is a beautiful location located in the heart of the country and it is the capital city of British Columbia. This city comes in the list of most beautiful locations throughout the country. Buying a condo here will make you feel like you are living in one of the most people places in the world. So if you are planning to settle in Victoria or want to buy in this location, beautiful town, city, you name it... then we have so many options on our list for you. You can contact our team of real estate experts who will guide you in the buying process and also suggest you the right option among many which meet your needs and requirements.

We have the real estate experts in the BC Home Group team who have deep knowledge about the Victoria Condos Market and all condos which we have for sale and we also know about the locations which help you to understand the culture in the different neighborhood and the stats of the condos. You can take the financial advice from them as well as they are the specialist in this as well.

Why choose Condos in Victoria?

If you are buying Victoria Condos then you don’t need to mow for the grass or shovel the snow (if there are any), do not worry about the garden. You will get included living amenities, such as fitness centers and pools, as the locations of the condominium are near urban areas which will be the best amenities available when you do buy one of our Victoria condos.

You can save your time and money when you buy condos as the condominiums are less maintenance and hassle compared to the maintenance required while you are living in a house. For those living in a condo is easy, you will save your more time and money. Besides these points, you can save some extra money by buying Victoria condos, as they are cheaper than homes. Buying a condo in Victoria BC will be easy if you choose BC Home Group to serve you and to help you make the best choices in Victoria.

The Points we make sure we take care of for you:

We will make sure we review necessities for the living such as parking space, storage space, and amenities that are near to you and your condominium.
We will inform you about the monthly fees, strata fees that is which are given by the strata and building management, these fees typically include insurance and maintenance, and it may also cover landscaping, utilities, and garbage collection.
We also make sure you know if there are any special assessment fees if there are any upcoming. These fees can be important as sometimes these levies are a special assessment to cover a major expense, such as a new roof or a structural repair.
Each condo has different rules or as we call them bylaws. We will make sure you know about these rules for any condo you are going to buy.

Our team will help you know about each and everything you need to know about the Victoria condos which you are choosing to live in. And we also help throughout the buying process to ensure that you will not face any issues during the whole process. Also, you will find us to be the best while you search for victoria condos for your living and help you find the best in this beautiful town of Victoria.

So now it's time to shift and make your move by taking advantage of the amazing offers on Victoria condos which we are giving away and we provide exclusively to our clients. Contact us now.

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Luxury Real Estate - Buy & Sell Houses with Amazing Experience

Posted on November 10, 2020 by BC HOME GROUP

Are you looking for the best and new Luxury Real Estate Properties for sale or buy? Then you must at the right place as we are looking to be every client's best seller and buyer for all the best Luxury homes and real estate for sale. You will find us to be best and our services are one of the best-in-class and our experience is extensive as we are a real estate experts company.

With our team of luxury real estate experts, we are leading in the marketplace and selling and buying houses at a great price and we make sure it suits the budget of our clients. Our experts are 24x7 available to help advise clients who are looking for the best Luxury home real estate properties and also we like to consult on every step related to selling houses & ensure we offer the best prices in the marketplace to help our clients feel they are making the right decision.

How Do We Help Choose the Right Luxury Home or Real estate Property?

We directly deal with home buyers or sellers to ensure that they don’t need to pay any commission or extra fees for their houses. And also if anyone is in confusion and not being able to take the decision then we have the expert who you can consult and resolve their confusion. Our experts give the right solutions for the investment.

The big main thing is we believe in integrity and during the buying process of a luxury house with cash, we will offer the sellers the best market price and value. Also, we complete all the legal documents and follow all processes of formality for the house selling. We follow the guidance of the expert Luxury Real Estate advisors to ensure that you will not feel there are any issues or problems during the process and get the cash as soon as the transaction completes.

We also follow the same process for the home buyers, we show the Luxury Real Estate properties or houses to the buyers and make sure that we provide the best options for the buyers to help them choose their best option. We have all kinds of properties and houses according to the home buyers' requirements and show them the best in the marketplace. Also, we have expert financial advisors in our team to make sure that you will be able to buy the best Luxury home real estate property for your family and your needs.

Before showing the houses and places to the home buyers we inspect the places with experts to check sure that the property or house we are going to show our clients will meet their needs. And then we take you to the luxury homes and real estate and ensure you consult the experts to help our clients know about all the information which you need to make the right decision.

Why Choose Us for luxury real estate?

We have years of experience and a team of experts who know how to make deals happen, as well as help you through any questions or doubts you may have about making the decisions of house buying and selling in Victoria's luxury market. We guide you as best as we can, and help our clients according to their needs and help make sure they are looking at real estate that they are looking for and meets their bucket list.

We help the sellers by offering them the best prices as we have a great list of good investors who are looking at what we sell in the Luxury home real estate market. We complete all the process of selling luxury homes as soon as you require it. This is all part of our commitment to you and we make sure that our clients looking for the best service for luxury real estate, by clients we mean sellers and buyers for the Victoria market.

Now if you want to know more about our amazing deals and luxury home real estate properties and houses that are available, then connect with us now!

Waiting for you to knock on our door for the best solution for your luxury real estate services needs and guidance in the luxury real estate market of Victoria BC

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October 2020 Real Estate Statistics for Victoria B.C.

Posted on November 3, 2020 by BC HOME GROUP

Posted in 2020, october, real estate statistics

Victoria Real Estate Market continues to outperform in unpredictable times

A total of 990 properties sold in the Victoria Real Estate Board region this October, 59.9 per cent more than the 619 properties sold in October 2019 and 0.1 per cent more than the previous month of September 2020. Sales of condominiums were up 70.8 per cent from October 2019 with 304 units sold. Sales of single family homes were up 53.1 per cent from October 2019 with 487 sold.

"Once again, another month concluded with numbers that surprised many of us,” said Victoria Real Estate Board President Sandi-Jo Ayers. “Sales for October broke the record for the month and inventory continues to be snapped up quickly. Due to this high demand, low supply environment, we are seeing many multiple offer situations. Condos and single family homes both continue to be popular choices for buyers.”

There were 2,122 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2020, 19.7 per cent fewer properties than the total available at the end of October 2019 and an 11.2 per cent decrease from the 2,389 active listings for sale at the end of September 2020.

“We have mentioned previously the pent-up demand – how sales that were depressed over the spring because of the pandemic occurred later during the summer. These delayed sales resulted in higher than average numbers for our summer and early fall market,” adds Ayers. “We may also be seeing some brought-forward demand – where people are making their future moves now. In part this may be to take advantage of lower mortgage interest rates. It may also be because of our current public health situation. Some people may be anticipating a slow down in general activity over the winter months due to the course of the pandemic and so are accelerating their plans. This may mean continued heightened sales activity through the fall and early winter, which is contrary to our normal market trend. In a normal year, we would see a tapering off of activity leading to the winter season, but thus far we have seen sustained sales and demand through October. Check in with a local REALTOR® to ascertain the to-the-minute market environment if you are considering buying or selling a property.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2019 was $859,900. The benchmark value for the same home in October 2020 increased by 2.3 per cent to $879,600, virtually the same value as listed in September. MLS® HPI benchmark value for a condominium in the Victoria Core in October 2019 was $512,500, while the benchmark for the same condominium in October 2020 remained close to last year’s value at $512,300, 0.3 per cent more than the September value of $510,600.

Read the statistics package here.

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What Should be the checklist of the Home Buying Journey?

Posted on November 2, 2020 by BC HOME GROUP

Are you looking to buy homes in Victoria BC? So we have some exclusive homes for sale in Victoria BC, Which you cannot say no to. With a single look you will love these homes as we have amazing offers of homes in your budget.

Now if you want to know what to expect on the home buying journey?

Then, let us discuss the important points which you must know before buying homes in Victoria.

It is important to learn about the market and know about the areas where there are homes for sale in Victoria BC and what you need to have in those areas.
Make sure you contact the experts, who know the home buying process.
Check the environment near the house you are looking for to settle in and talk with the neighbors to better know about the place and area you are looking to live in.

Now let’s dive into some points to know what are the benefits of these checkpoints and how they can help you to make your home buying journey smoother.

Know the prices of the land and comparables-

If you are looking for the homes for sale in Victoria BC, then check out the land prices of the area where you want to make buying your dream house. And contact the brokers and real estate agents of the area to know the home valuation before you decide on buying. Do some homework on the area as this will help you to know key points about the place and the location.

If the market price of the area excites the sellers, or Buyers Or the real estate agents. This means the valuation of the land is good and there is a high growth opportunity. You can check recently sold houses and research about the conditions of the houses and their selling prices to understand home values.

Take Advice with the People with Knowledge-

We have many people and relatives who have the knowledge of buying real estate and they know how to deal with the clients during the home buying process. It is always encouraged to consult friends and family and ask about the different neighborhoods you are interested in buying in.

The experts with good knowledge about the home buying and selling process will give you the right advice, make sure you work with them.

Take a tour of the Area-

Everyone wants a place full of peace and a healthy environment. So if you want to make an offer on a home for sale in Victoria BC then taking a tour of the area will help you to know about the place better. You can talk with the neighbours which will help you confirm any decisions you may have about buying a home.

Some points which you have to check on before home buying are:

Research and check the list of homes and land for sale
Contact with the expert agents in the area
Visit the homes to check the condition of the subject property.
Inspect the property and the home
If the house needs to be repaired then you can make sure you consult a contractor

With some of the points above, you can check the entire homes for sale in Victoria BC, and choose the one which will help you make your home buying journey smooth and give you the best home buying experience. Knowing about the process helps you make sure about these deicions or any issues, questions, or concerns you may have. Buying with an expert will just help home buying smoother.

And if you want to know more about the homes for sale in Victoria BC and the process of home buying and selling, we are always happy to help and contact us anytime.

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September Real Estate Statistics for Victoria BC

Posted on October 12, 2020 by BC HOME GROUP

Consumer interest in homeownership in Victoria unwavering over course of pandemic

A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 per cent more than the 616 properties sold in September 2019 and 1 per cent more than the previous month of August 2020. Sales of condominiums were up 26.7 per cent from September 2019 with 280 units sold. Sales of single family homes were 91.9 per cent from September 2019 with 539 sold.

"Another month has passed where we have seen surprisingly high sales numbers - which included quite a few higher end properties," says Victoria Real Estate Board President Sandi-Jo Ayers. "I don't think that anyone who was trying to predict market outcomes in our area over the course of the pandemic expected that the pent up demand from dampened sales in April and May would result in this level of market activity. There's no doubt that buyers are extremely motivated and this increased demand, coupled with limited inventory, fueled the September market."

There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 per cent fewer properties than the total available at the end of September 2019 and a 7.5 per cent decrease from the 2,584 active listings for sale at the end of August 2020.

"We had some much-needed new inventory enter the market over the course of September," adds Ayers. "But the supply has not been sufficient to outstrip the heightened demand. We continue to see multiple offers and pressure on pricing across many neighbourhoods. Looking forward, it is impossible to determine what our fall market will look like, but if the past couple of months are an indication, we may see higher seasonal numbers than we would have expected in a more predictable year. That said, since our situation can change in a blink, we cannot look at the past months as the start of a trend, but instead as a moment in our market during an unpredictable time."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2019 was $849,100. The benchmark value for the same home in September 2020 increased by 3.5 per cent to $879,200, 1.1 per cent less than August's value of $889,200. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2019 was $512,500, while the benchmark value for the same condominium in September 2020 decreased by 0.4 per cent to $510,600, 0.6 per cent less than the August value of $513.900.

View the complete stats package here

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VIP PRICE - Tresah Pre-sale Condo Project - SELLING - Mayfair - Victoria BC

Posted on October 5, 2020 by BC HOME GROUP

Posted in condo, presale, price, Tresah, vip

VIP PRICE - Tresah Pre-sale Condo Project - SELLING - Mayfair - Victoria BC

Homes at Tresah a new condo Pre- Sale Project in Victoria BC

A celebration of local craftsmanship, neighbourhood diversity, and sustainability, Tresah is a great opportunity for early investment in this vibrant neighbourhood. Close to downtown Victoria BC.

Tresah is located in the heart of the Mayfair District and consists of two multi-family residential buildings characterized by richly coloured brick-clad bases and luminous warm white facades over one level of underground parking.

The West building is a 12-storey Mass Timber market mid-rise containing 179 homes, with condos starting from $329,000. This building is 20% RESERVED.

The East building is a 6-storey wood-framed building with 66 homes, with new condos starting as low as $289,000. This building is now 50% SOLD.

For more information please call us at 1-778-401-9545 or e-mail INFO@BCHOMEGROUP.CA

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Realtor - Real Estate Tips - Important Points to Review on Your Contract -

Posted on October 1, 2020 by BC HOME GROUP

Posted in realtor, tips

Contracts and claims

One of the most important services trading licensees provide to their clients is the ability to draft a legally enforceable contract.

In the case of Russell V Wispinski [1] the judge stated:

“A real estate agent in this province must be qualified and licensed. He and his brethren have a statutory monopoly with all the advantages and burdens that that status bestows. He, in my view, holds himself out as having some special skills and not the least of this is some ability to draft legally enforceable documents relating to his business.”

Reviewing a contract

There are, of course, limits on what is expected of licensees in drafting contracts. Drafting some clauses may be beyond the standard of care of a reasonably prudent licensee, but once a licensee takes on the task, they must do it properly[2].

The key is in knowing when something is beyond your expertise and referring your client to the appropriate expert, likely a lawyer, to draft the clause or contract or generally offer legal advice.

This issue of the Risk Report features Scott Twining’s article, The pitfalls of the poorly drafted contract. He offers several loss-prevention tips on how to avoid claims related to negligence in preparing and reviewing contracts.

Claims for negligence relating to contracts of purchase and sale make up 19% of (now closed) claims that have been reported to E&O since 2010. Watch for these top five problem areas:

Subject clauses
Taxes/GST
Deposits
Strata documentation
Parties to a contract… tied with… fixtures/chattels

Here are some examples of the types of claims made against licensees in each of these categories.

Subject clauses

Failing to explain the risks of a subject-free offer
Failing to remove subject clauses on time
Failing to recommend appropriate subject clauses
Drafting unenforceable or ambiguous subject clauses

Taxes/GST

Misrepresenting who will pay the GST on the transaction
Misrepresenting that GST or other taxes are not applicable on the transaction
Misrepresenting the amount of taxes payable
Failing to ensure the contract sets out who will pay GST
Failing to advise a client that the foreign buyer’s tax applies

Deposits

Advising a buyer that their only risk if they failed to complete would be losing the deposit
Representing that a deposit had been received when this was untrue
Losing a deposit cheque or bank draft
Paying out deposit funds without instructions or proper authority

Strata documentation

Failing to obtain Form B
Failing to provide the complete set of strata documents requested by the buyer
Failing to provide minutes or other documents that contain key information such as an upcoming assessment or engineering report
Failing to discover and disclose information that makes the strata unsuitable for the buyer (e.g. age or pet restrictions)

Parties to a contract

Failing to ensure you as licensee were dealing with a properly authorized person
Failing to ensure the instructing party had a valid power of attorney
Drafting a contract with the incorrect name for the seller
Forging a signature to a contract

Fixtures/chattels

Failing to ensure a hot tub or other items are included in the sale
Wrongfully removing fixtures
Misrepresenting a heat pump as an air conditioner
Misrepresenting the age or condition of appliances.

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August 2020 Real Estate Statistics for Victoria BC

Posted on September 2, 2020 by BC HOME GROUP

Posted in best realtor, british columbia real estate, canada, realtor, victoria

August 2020 Real Estate Statistics for Victoria BC

Distributed to media today:

Victoria real estate market experiences an active summer

A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 per cent more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 per cent from August 2019 with 262 units sold. Sales of single family homes were up 45 per cent from August 2019 with 509 sold.

"Once again we saw a very active month in terms of property transactions," says Victoria Real Estate Board President Sandi-Jo Ayers. "And once again I will note that this is not a trend, but that this is our market at this moment in time during a unique situation. It is a challenging time to define what is happening in the market given so many factors that don't exist in a normal year. We have been surprised by the pace of the summer market and are grappling with the evolving socio-economic effects of the pandemic and how these underlying factors will influence our fall real estate market."

There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9 per cent fewer properties than the total available at the end of August 2019 and a 2.6 per cent decrease from the 2,653 active listings for sale at the end of July 2020.

"What I do know is that our business has changed a lot in recent months," adds Ayers. "REALTORS® have adapted to health and safety requirements and much more technology is being leveraged to facilitate all aspects of the housing transaction. We can also see that though demand is up, there are fewer listings on the market, which increases demand on desirable properties even more. This is why we saw a lot of competition and multiple offers over the summer. Will this continue into fall? That will depend on how much new inventory comes into the market and how our community continues to manage the impact of COVID-19. This is an evolving and nuanced market. As always, it is a good time to connect with your Realtor if you're considering selling or buying. If you need us, we are here."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 per cent to $889,200, 2.3 per cent less than July's value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 per cent to $513,900, 3.2 per cent less than the July value of $530,800.

View the complete stats package here

Stats will be posted on the VREB website later this afternoon.

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Pre-Construction Condo - The Haro - Cordova Bay

Posted on August 24, 2020 by BC HOME GROUP

Posted in condo, cordova bay, pre-sale, preconstruction, the haro

Homepage | The Haro

This exciting new project is now for sale in Cordova Bay. The only new condo project in this neighbhourhood, the Haro is located right accross from the ocean and is close to some of Victoria's best restaurants, golf courses and biking trails. It is an exclusive neighbourhood and a must see ! Contact us for more details 1-778-401-9545.

Cick on LINK for current floor plans and a price list. LINK

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July Real Estate Statistics for Victoria BC

Posted on August 4, 2020 by BC HOME GROUP

Distributed to media today:

Victoria real estate market continues to adapt in the changing times

A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 per cent more than the 706 properties sold in July 2019 and 21.2 per cent more than the previous month of June 2020. Sales of condominiums were up 11.2 per cent from July 2019 with 239 units sold. Sales of single family homes were up 61.1 per cent from July 2019 with 559 sold.

"If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month areon the higher end of our market for a typical July," says Victoria Real Estate Board President Sandi-Jo Ayers. "But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall."

There were 2,653 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2020, 10 percent fewer properties than the total available at the end of July 2019 and a 1.7 per cent decrease from the 2,698 active listings for sale at the end of June 2020.

"A big factor in our market right now is that we continue to see this very long term, very low supply of inventory which puts pressure on our market and prices," adds Ayers. "Though we had a good number of new listings come to market this month, many of those listings were snapped up by buyers. Our average active listings for July over the past ten years is 3,767 but our current local inventory is more than a thousand properties less than that. Right now we have a lot of demand for single family homes - without the numbers to meet demand - prospective buyers are often entering into multiple offer, competitive situations or are unable to find appropriate properties. It's a challenging market to navigate, but your REALTOR® is standing by to help should you wish to discuss a strategy to buy or sell a home in our current market."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2019 was $861,100. The benchmark value for the same home in July 2020 increased by 5.7 per cent to $910,400, 1.6 per cent more than June's value of $896,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2019 was $520,900, while the benchmark value for the same condominium in July 2020 increased by 1.7 per cent to $529,900, 0.8 per cent more than the June value of $525,600.

View the complete stats package here

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Resources for Realtors who visit my Site - Share the Knowledge

Posted on July 20, 2020 by BC HOME GROUP

Posted in guidelines, New realtor, resources

VIDEO: Help Your Clients Understand the Buyer’s Agency Exclusive Contract

When working with buyers, Realtors may choose to use the Buyer's Agency Exclusive Contract. This video will help your clients better understand the purpose and content of this common standard form. Read more >>

Standard Forms Spotlight: Does a Seller Have to Document They Have Reviewed an Offer?

In a multiple offer scenario, you and your buyer clients might wonder if a seller has to document they have reviewed an offer. In this blog, explore the options available to help ease a potential buyer’s concerns. Read more >>

LTSA Historic Records: Discriminating Covenants in the Land Title Register

If your client encounters a discriminating covenant in land title records, they should know that these covenants are not enforceable and they can notify the Registrar of Land Titles to have it removed. Read more >>

BC REALTORS® Adapt “Open House” Practices to Protect Consumers

On July 8, BCREA released guidance to support Realtors in cautiously resuming open houses during Phase 3 and adapting traditional “open house” practices to keep consumers safe. This guidance was developed in collaboration with RECBC, OSRE and WorkSafeBC. Read more >>

COVID-19 and a Different Type of “Exposure” Risk

Aside from the risk of exposure to COVID-19, hosting open houses results in another type of “exposure” risk for Realtors: exposure to public scrutiny. As you think about resuming open houses, here are ten ways to engage with your community to help them understand the steps you’re taking to keep them safe. Read more >>

COVID-19 Reopening Dashboard

The BCREA Economics team recently created the COVID-19 Reopening Dashboard to monitor the evolution of the BC economy as the province gradually reopens. This dashboard will be updated each month and was last updated on July 2, 2020. Read more >>

UPDATE: COVID-19 Economic Impacts Dashboard

The BCREA Economics team created the COVID-19 Economic Impacts Dashboard to monitor the economic impacts of COVID-19 on the BC housing and labour markets. This dashboard is updated each week and was last updated on July 17, 2020. Read more >>

For the latest information and resources related to real estate practice and COVID-19, visit bcrea.bc.ca/covid-19.

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Landlord Updates - Tenancy Laws in Victoria BC

Posted on July 20, 2020 by BC HOME GROUP

Posted in bc, bc, landlord, tenancy laws, victoria

The following tenancy laws have resumed:

A landlord can now issue a Notice to End Tenancy for any reason (other than unpaid or late payment rent).
Landlords with existing orders for eviction can take them to the courts beginning July 2, 2020, for enforcement and can enforce a writ order effective immediately.
Landlords can enter a rental suite with 24-hour notice and do not need the tenant’s consent. They are expected to follow health guidelines like physical distancing, cleaning and wearing masks when appropriate.
The change also allows for personal service of documents to resume.

Landlords’ ability to restrict access to common spaces for COVID-19 related health reasons remains.

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Victoria Real Estate Statistics for the month of June 2020

Posted on July 5, 2020 by BC HOME GROUP

Posted in june 2020, Real Estate, realtor, Statistics, Victoria

Victoria Real Estate Statistics for the month of June 2020

Victoria real estate market impacted by many different factors in June

A total of 808 properties sold in the Victoria Real Estate Board region this June, 9.2 per cent more than the 740 properties sold in June 2019 and 76.8 per cent more than the previous month of May 2020. Sales of condominiums were down 3.2 per cent from June 2019 with 209 units sold. Sales of single family homes were up 16.8 per cent from June 2019 with 460 sold.

"This June we saw competing factors from all different sides of the real estate equation," says Victoria Real Estate Board President Sandi-Jo Ayers. "If all we do is look at numbers, we see a fairly normal June, in the midst of a very not normal world. The impact of COVID-19 on our entire economy continues. And while some buyers and sellers are slow to emerge from isolation, others have been highly active since the start of Phase 2 of BC's Restart Plan. Because of the pandemic, an eviction order that prohibited a landlord from ending a tenancy was introduced. The order may have kept some homes from going to market. The portion of this order that prevented a seller from providing vacant possession of a tenanted home was lifted late this month, which may bring some listings to market that had been stalled. Due to the pandemic alone, we have multiple factors influencing the inventory and sales in our market."

There were 2,698 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2020, 11.3 percent fewer properties than the total available at the end of June 2019 but a 6.1 per cent increase from the 2,544 active listings for sale at the end of May 2020.

"Additionally, the Canada Mortgage and Housing Corporation announced changes that start July 1 which will reduce the borrowing power of some buyers who insure through CMHC," adds Ayers. "This may have pushed some demand forward - although there are alternate suppliers of mortgage insurance. Ongoing low inventory levels also mean that we are seeing a fair number of multiple offers. The condo market is slightly softer in terms of sales numbers. This may be in part due to the recent strata insurance issues which caused concern for owners and sellers. The government promised this month to begin to address the insurance issue, so there may be some relief on the horizon. These are not normal days for local real estate, nor is this month a signal of a return to normal, regardless of the numbers. That said, buyers and sellers are successfully navigating our market with the help of local REALTORS®, who know how to implement health and safety protocols and understand the complexities of our current market. As always, I recommend you consult your Realtor to understand what is happening in the moment."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2019 was $861,800. The benchmark value for the same home in June 2020 increased by 4 per cent to $896,200, 1.2 per cent more than May's value of $885,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2019 was $519,100, while the benchmark value for the same condominium in June 2020 increased by 1.3 per cent to $525,600, 1.6 per cent less than the May value of $534,300.

View the complete stats package here

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Leasehold Property vs Strata Property

Posted on June 29, 2020 by BC HOME GROUP

Recent Court Decision Regarding 647 Michigan Street (Orchard House)

Orchard House is a leasehold property where the landowner/owner, Westsea Construction Ltd., owns title to the freehold property and the tenant/building residents own title to a leasehold interest registered through a lease at the Land Title Office. The lease allows the landlord to charge the tenants Operating Expenses, which are defined in the lease.

On November 20, 2013, evidence led at trial suggested that Westsea Construction Ltd. charged $1.889 million in Operating Expenses to the building residents for the repair and maintenance of windows, patio doors, and exhaust fans to the building residents, being approximately $20,000 for a studio and $27,000 for a one-bedroom. One resident challenged these costs in legal proceedings, arguing that the repair costs were not pursuant to the lease agreement and accordingly should not to be allocated to the building residents.

On October 1, 2019, at the BC Supreme Court[1], the trial judge concluded that Westsea Construction Ltd. was entitled to undertake the repairs and to charge the building residents their proportionate share of the repair costs as Operating Expenses under the lease agreement. On May 28, 2020, the BC Court of Appeal upheld the Supreme Court decision in favour of Westsea Construction Ltd.[2]

Unlike owners of a Strata Corporation, the owner of a leasehold property is not required to produce a depreciation report, hold annual general meetings or special general meetings to approve certain repair and maintenance work. Leasehold agreements can be complex with significant liability to the building residents or Lesees and it is recommended that your clients obtain legal advice prior to entering into these agreements.

If you have any questions on the above or we can help you with any real estate related matters, please do not hesitate to contact our office at any time.

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CMHC changes come July 1

Posted on June 29, 2020 by BC HOME GROUP

Posted in CMHC, mortgage, real estate

CMHC - changes to come July 1, 2020

Outgoing Canadian Mortgage and Housing CEO Evan Siddall has rolled out changes to new applications for homeowner transactional and portfolio mortgage insurancewhich may impact your clients. Siddall said new measures that go live July 1, “will protect homebuyers, reduce government and taxpayer risk and support the stability of housing markets while curtailing excessive demand and unsustainable house price growth.”

Forecasts in CMHC's Housing Market Outlook released for Spring 2020 indicate that the average MLS® price will decline by 9% to 18% from its pre-COVID-19 levels before beginning to recover in the first half of 2021, reflecting the negative outlook for impacts on income and employment. Siddall said COVID-19 has exposed longstanding financial-market vulnerabilities, and "we must act now to protect the economic futures of Canadians."

Changes to CMHC mortgage insurance eligibility requirements as of July 1st:

A minimum credit score of 680 instead of the current 600
The maximum GDS (gross debt service) moves from 39 per cent to 35 per cent and the maximum TDS (total debt service ratio) from 44 per cent to 42 per cent
Homebuyers no longer allowed to use borrowed funds for their down payment

Mortgage insurance is mandatory in Canada for loans with a down payment of less than 20 per cent. There are private insurers, but none (as of 06-16-2020) have publicly announced adoption of CMHC's new numbers.

CREA and other industry stakeholders continue to work with CMHC to advocate for support for home owners and those who wish to become home owners.

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Elevate Condo Project in Bear Mountain Victoria BC

Posted on June 29, 2020 by BC HOME GROUP

Posted in bc, condo project, elevate, presale, victoria

Elevate at Bear Mountain – Prices, Availability, Plans

At a Glance

located at Bear Mountain
13-storey concrete residential building
209 condominiums
spectacular views
steps from hiking & mountain bike trails
3-minute drive to Bear Mountain Resort
10 minutes to Goldstream Park
10-minute drive to shopping at Millstream Village
30 minutes to Downtown Victoria

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Floor Plans for Elevate

Proposed units range from affordable 300-sq-ft studios to 1,200-sq-ft 3-bedroom condos. The larger homes will be flexibly designed so that a second bedroom or den can be used as a media room, or as part of a larger space with a movable partition and Murphy bed that can be transformed into a guest room.

As project details can change during the pre-construction phase, you are advised to sign up to our VIP list above for priority updates on Elevate at Bear Mountain. Feel free to contact me today to discuss your particular interest in this opportunity.

Amenities at Elevate
Elevate owners will benefit from the excellent facilities in their building. Atop of the podium, a community hub will feature ponds with walkways, a view terrace with barbeque area, and a clubhouse with large infinity pool, patios, cabañas, various gyms and an indoor-outdoor kitchen. There will also be a concierge service and a dog-washing station.

All Bear Mountain home owners can apply for the Homeowner Card, which offers holders discounts on the hotel facilities, including the pool, restaurant, and Sante Spa. In addition, a wide range of activities are available nearby, including an intense workout at the North Langford Recreation Centre, and hiking and mountain biking on dedicated trails. If boating is more your fancy, nearby Goldstream Boathouse is your launching point for enjoying Saanich Inlet.

Parking and Storage
An underground parkade will provide parking stalls for 287 resident and 4 visitor vehicles, as well as an electric vehichle charging station.

Developer Team for Elevate
Ecoasis provides the expertise, infrastructure, and investment capital to drive the development of sustainable and innovative communities. With a current geographical focus on Hawaii, Whistler, and Victoria, Ecoasis specializes in land acquisition and development of residential and resort real estate — signature properties that are enhanced for the benefit not just of stakeholders but the surrounding communities, as well. By partnering with the most experienced consultants, architects, engineering firms, and construction companies, Ecoasis creates products of high quality and lasting value.

Are you interested in learning more about other homes in Victoria, Saanich, or Langford?

Check out Langford Tower, Belmont Residences, and these great South Island Presales!

CONTAC US for more information and check out our condos for sale in Bear Mountain !

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Victoria Customs House - Luxury Condos for Sale

Posted on June 29, 2020 by BC HOME GROUP

Posted in customs house, luxury condo inner harbour, victoria

A Remarkable Floor Plan Paired With Exceptional Views

Dear Shirin,

It is our pleasure to formally introduce you to our spacious E6 Floor Plan, strategically designed to maximize views of Victoria's highly-coveted Inner Harbour, British Columbia's Parliament Building, and the distinguished Empress Hotel. Envisioned as a grand estate in a monumental location, this home represents the pinnacle of opulence. Every detail has been meticulously considered and expertly crafted.

As a pivotal luxury residence located in British Columbia's capital city, the E6 plan offers an array of exclusive features for the most discerning of buyers.

*Views from Level 2

Own Victoria's Inner Harbour from $3,699,900

- Breathtaking 180° views of Victoria's historic Inner Harbour, the Provincial Parliament Buildings, and the renowned Empress Hotel	- Expansive Harbour-view windows and outdoor living space, perfectly positioned for Summer firework displays in the harbour
- An impressive Chef's Kitchen featuring imported Italian cabinets, a custom Quartzite waterfall island, and a Sub Zero/Wolf Appliance Package with a 36" fridge and gas cook top for catering parties with ease	- A climate-controlled wine wall featuring full height tempered glass doors and custom storage system for the most impressive of wine collections
- A grand dining room and spacious formal living room designed for hosting dinner parties and entertaining formal guests or long-time friends	- A full-sized laundry room / mud room for cleaning up after returning home from a day of hiking through the mountains
- A cozy family room tucked out of sight for movie nights with popcorn	- Lofty 10' ceilings with full height windows and air conditioning to keep cool on warm summer days
- Two luxury master ensuites, each large enough for a king-size bed, dual vanity sinks, generous closet space, a soaker tub, and a walk-in shower - having to share space is a thing of the past	- Modern Interiors by Insight Design, featuring motorized roller shade blinds, solid core interior doors, dimmable LED lighting, and level 5 drywall and ceiling finish for a home that is as practical as it is beautiful

Ownership Opportunities - Available Now

Customs House offers a rare opportunity in today’s super-prime real estate market – the luxury of space. With homes as large as 4,400 square feet, each home has been painstakingly designed to offer the true elegance and sophistication that only comes from surroundings that offer room to breathe. A home at Customs House is a palette that invites your creativity, and the chance to create a space of your own.

With completion less than 12 months away, now is the perfect time to own Victoria’s Inner Harbour by securing your new home at Customs House. If you are interested in securing one of these incomparable homes, please arrange a private appointment with a member of our sales team. We are available daily at 1778 678 5626

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5 Tips for Father's Day

Posted on June 21, 2020 by BC HOME GROUP

Posted in father, father's day, tips

In this blog I share five tips for the Best Father’s Day Gift.

Tip number one! Buy your dad an appreciation card. Although Dad‘s do not admit it. They really appreciate receiving a card with kind words and a few reasons why you appreciate them so much. Give examples of what they have done in your life that made you so thankful for them.

Tip number two! Quiet time. Fathers are always working to attending to your family’s need but they also do crave some time to themselves. A time where they can just sit back, quiet time to relax and do the things they enjoy the most e.g. watching TV, watching a movie. A note that this quiet time has to be uninterrupted. Quiet time for themselves to enjoy being alone and having space for themselves.

Tip number three! Food. Steak Dinner. They say the way to a man’s heart is through his stomach, well it is true for dad‘s. They really enjoy certain meals that they do not get all the time so why not make that special meal for them on that special day. It could be bacon and eggs for breakfast or it could be steak dinner or a barbecue. Make sure though that this time they do not have to do any of the work. You make sure, you have everything ready and you and the kids can barbecue and take care of all the cooking details dad usually takes care of. It will show how much you value him for what he does to help the family.

Tip number four! An electronic tape measure. This is a gift that is not very expensive and it’s around $30 on Amazon. The measuring tape is something that dad’s are always using and it’s a tool that is a small, accurate and they can always can keep handy in their truck or even pocket. They will love their new tech measuring tape.

Tip number five! Why don’t you and your kids do a cute video message choreographed with simple words of five reasons why you love him as a dad. These little video clips are the best because he can keep it forever and the message is coming from his loved one of words he does not hear everyday. To create the video message, you can use TikTok or any another video editing app to put the video clips together. Once the video is complete, you can text it to him on Father’s Day and he will really appreciate you and be thankful for your love.

I hope you these tips help you and you all have a wonderful Father’s day with your families!

Best Wishes Always!

Shirin Purewal

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Current State of Canadian Housing Market

Posted on June 16, 2020 by BC HOME GROUP

Posted in Canadian Housing Market, Housing Market, Statistical Updates

Current State of Housing Markets in Canada

On Monday, the Canadian Real Estate Association (CREA) released its national housing statistics for the month of May—the second full month of the COVID-19 pandemic.

While restrictions have begun to lift in many parts of the country, much remains uncertain about the real estate industry. Below, CREA’s Senior Economist Shaun Cathcart provides an update on the current state of housing markets in Canada and explains what the data means for members.

May was one of those “on the one hand … on the other hand” kind of months for housing data in Canada.

On the one hand, both sales and new listings were up on a seasonally adjusted basis in May compared to April—57% for sales and 69% for new listings—huge percentage increases, albeit from a very low starting point.

On the other hand, sales and new listings are still historically very low at this point.

To give you an idea of where sales are in level terms, if a normal solid year sees about 500,000 homes trade hands via MLS^® Systems in Canada, the annualized pace of sales in April was only about 200,000, but May was almost 315,000.

So, the big picture for this data release is things are clearly moving in the right direction, probably faster than many of us would have guessed, but normal is still a ways away.

Interestingly, under the surface what those monthly numbers miss is this improving trend has been going on since mid-April and has continued right up through the first week of June. As such, we’re already closer (though not yet back) to normal than these monthly numbers suggest. The June numbers should show that.

Regionally, since we all reacted to the COVID-19 lockdowns in much the same way, these trends look similar everywhere. That is, a big drop off in sales and new listings in April and a partial rebound in May.

However, there are some notable regional differences.

Several places which saw smaller rebounds in May, also had much smaller declines in April. So, taken the size of the initial drop together with May’s rebound, a lot of the places with the less exciting looking numbers are a lot closer to being back to normal levels of activity than others. This is the case in Saskatchewan, Manitoba and New Brunswick.

Quebec is also doing relatively better, having seen a large decline in activity in April but also the largest rebound in May.

In contrast, British Columbia, Alberta and Ontario are currently the furthest below normal. To blame it all on demand may be putting the cart before the horse in this situation.

In some cases (particularly in Ontario), you must consider there may be supply side constraints pacing the sales rebound. Despite buyers being around and wanting to be active in the market, it might be taking a bit longer for those new listings to be made available for sale again. You can’t buy what isn’t available.

On the price side, the MLS^® Home Price Index (HPI) was basically unchanged from April to May, with about half the markets covered seeing prices firm up. This is in line with sale-to-list price ratios which have also been rising again over the last month or so in many parts of the country.

Looking at prices across the country, since the COVID-19 crisis began small declines in prices have been seen in British Columbia while declining trends already in place in Alberta have accelerated a bit.

Further east across the Prairies, where sales have been doing comparatively much better against history than in much of the country, price trends have been stabilizing.

The Greater Golden Horseshoe in Ontario has generally seen its pre-COVID-19 rapidly accelerating prices put into a stall for now, although some of those markets are looking like they’re ready to pick up again.

And even further east in Ottawa, Montreal and Moncton, prices appear to have been able to continue climbing, albeit at a slower pace than before.

The overall MLS^® HPI is still up 5.3% year-over-year.

The national average home price has admittedly taken a bit of a hit in the last two months, but for the most part that’s likely because the higher end of the market is currently less active. As of May 2020, the national share of home sales made up by British Columbia and Ontario (the two most expensive provinces by far) hit its lowest level on record. The national average price should recover as these parts of the sales sample return to more normal levels of activity.

To view a more detailed look at May’s national housing statistics, visit creastats.ca.

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