Real Estate Blog

Westbay Quay

The Westbay Quay is probably one of the most aesthetically compelling new real estate developments in the greater Victoria area. This collection of three, low rise buildings features both residential and ground floor commercial space in the heart of the Westbay Marina. The collection features 85 condominiums incorporating the waterfront into the 

lifestyle that so many people are looking for in a city home.

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Waterside Living

 

 

Residents of this new home will enjoy the inner harbour walkway that begins at the Quay and runs all the way to downtown Victoria, the harbour taxis, and the many great Westbay Quay lifeamenities that will be featured on-site, such as restaurants and cafe's, to some the many other establishments close by including

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Have you been contemplating purchasing real estate as an investment in Victoria? Perhaps you own other properties here in Victoria or elsewhere and are ready to purchase another. 

The real estate landscape has changed drastically in Victoria over the past few years. Prices and rents have increased, bylaws have changed. It is a sellers market right now, and getting the edge on purchasing an investment property is more challenging than it's ever been. (Don't worry though, that is what we are here for :-) 

So, on to the meat and potatoes of the matter at hand. There are a few things to consider as you look for an investment in Victoria. Those include:

Are you looking for a Vacation Rental?

How do you intend to manage your rental? 

Have you considered

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If you are a family considering a move to the Victoria Area, you may have children who are involved at competitive levels in sports, like swimming or hockey. Schools and sports are two important decisions when you are planning to purchase your next home in the Victoria Area. 

As fellow parents, we can appreciate the consideration that occurs when you are considering relocating to a new area. Many of you may have children involved in Hockey programs. Once they get the the Bantam and Midget levels the stakes become higher, and the requirement to manage academics and sport become a more serious commitment. Victoria Minor Hockey and Saanich Minor Hockey have good information on the various general hockey programs that exist in and around the Victoria region. 

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CURRENT STATISTICS

 

Victoria Real Estate Market Strong to the End of 2017


January 2, 2018  A total of 462 properties sold in the Victoria Real Estate Board region this December, 1.9 per cent fewer than the 471 properties sold in December last year.

A grand total of 8,944 properties sold over the course of 2017, 15.8 percent fewer than the record breaking 10,622 that sold in 2016. 2017 sales came in at 21.7 per cent over the ten year average of 7,349 properties sold.

"Early in 2017 we discussed how the Victoria area housing market would be different than the record breaking year we had in 2016 and that over the course of the year we'd probably see a gradual return to a more balanced market. We did see evidence of this change come early in the year, as

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It’s official. Things are changing (again).

Take the Stress test to see how it may impact you purchasing power or refinancing options.

The Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer. These new parameters will take effect January 1, 2018.

These new guidelines include a stress test for uninsured mortgages (mortgages with more than a 20% down payment or 20% in existing equity).

This new stress test means that borrowers will be qualified based on the greater of their rate + 2% or the five year benchmark rate published by the Bank of Canada, which today is currently 4.89%.Victoria BC Homes for sale

For example if your rate was 3.29% then

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Victoria Real Estate Market Experiences a Burst of Activity 

December 1, 2017 

A total of 671 properties sold in the Victoria Real Estate Board region this November, 12 per cent more than the 599 properties sold in November last year. 

Victoria Real Estate Market is busy

"We suggested last month that some buyers may accelerate their purchase timeline to buy a new home in anticipation of the mortgage stress test on uninsured buyers - those with a down payment of 20 per cent or more - that will come into effect on January 1," says Victoria Real Estate Board President Ara Balabanian. "Judging by the sales we saw in November and what I have heard from our REALTOR® members, some buyers have indeed accelerated their purchasing plans to avoid the stress test.

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Moving to a new home is always stressful. Throw in a new neighbourhood, or even a whole new city, and everyone involved is bound to feel anxious. We’ve seen our fair share of house moves within Victoria real estate, and have noticed behaviours that lend to a smooth relocation and behaviours that lend to a not-so-smooth one. Here’s what we’ve found to be the top five savvy tips to make your next move as stress-free as possible. With a little planning and organization, this move could be a breeze (and hey, maybe even enjoyable!)

Make a list

First things first: write down what needs to get done. By getting clear on specific tasks (like “donate lamp in attic” or “clean behind fridge”), you’ll break the daunting moving process down into manageable chunks

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Victoria Real Estate Market Slowly Stabilizing after a Record Breaking 2016

November 1, 2017 A total of 664 properties sold in the Victoria Real Estate Board region this October, 9.7 per cent fewer than the 735 properties sold in October last year.

"As expected, we saw fewer sales than this time last year," notes Victoria Real Estate Board President Ara Balabanian. "Looking at the longer term picture however, sales last month were 17.1 per cent above the ten year average of 567 properties for the month of October, so the market is still very active here in Victoria, and this is in spite of the ongoing low inventory levels."

There were 1,905 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2017, a

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There are two main reasons you might need a home renovation: firstly, you think you need a reno (you’re bored of the way your space looks and feels), and secondly, physical deterioration indicates you’re in need of an upgrade. The second reason can be trickier to spot, since some deterioration (like mold or corrosion) can be hidden.

Of course renovations can be costly and very disruptive to your living arrangement in terms of noise and mess, which can add temporary stress at home. So want to make sure you’re investing in a reno when it’s actually necessary.  Take some time to go through your space and think about the following factors when deciding whether or not to reno.

Kitchen

Some say the kitchen is the most important room in the house. More often

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It’s that time of year again...the leaves are turning, the days are shorter, and something in the brisk air seems to whisper “pumpkin spice latte” and “let’s stay home tonight.” With the change of the season and Halloween just around the corner, you may be looking for ways to get your house prepared for Trick or Treaters, autumnal dinner parties, or simply to get in the spooky spirit while at home cooking dinner or watching scary movies. Here are some tips on how to prepare your space for the spooky season.

Choose a theme and stick to it

Before decorating your space, I suggest choosing an overall Halloween theme. With so much Halloween paraphernalia to choose from (black cats to cauldrons...goblins to the Grim Reaper), it can be overwhelming to take on

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