September 2019

Found 2 blog entries for September 2019.

Strata Parking May Get Simpler

In its newest report (the “Report”), the British Columbia Law Institute’s formidable committee of strata experts (the “Committee”) recommends more changes to the Strata Property Act (the “Act”). If adopted, these changes will make it easier for a REALTOR® to confirm how strata parking is designated.

 
Background


Depending on the circumstances, a strata parking stall may be: 

  • a separate strata lot (except where intended to be used in conjunction with a residential strata lot); 
  • part of a strata lot; or
  • common property.

 

The Committee focused on projects where parking is part of the common property. Where a parking stall is common property, it may also be:  

  • used under a developer’s long-term lease or license
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Victoria Real Estate Market Report

A total of 661 properties sold in the Victoria Real Estate Board region this August, 11.3 per cent more than the 594 properties sold in August 2018 but a 6.4 per cent decrease from July 2019. Sales of condominiums were up 4.1 per cent from August 2018 with 203 units sold. Sales of single family homes increased 15.5 per cent from August 2018 with 351 sold.

“August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace," says Victoria Real Estate Board President Cheryl Woolley. “As expected, we’ve seen relatively stable pricing, with an uptick in sales – particularly single family homes.

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