Local Real Estate News

Local news that affects Real Estate in Victoria and BC.

Found 8 blog entries about Local Real Estate News.

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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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The new development in Royal Bay, has an array of Custom homes for sale at a variety of price points, I was out there for the first time yesterday with some repeat clients to take a look around.

Take a look at all Colwood / Royal Bay homes for sale
All Victoria Condos here!

Also if you would like to see other homes for sale in Victoria BC or are interested in real estate investing in Victoria BC, search here with Stephen Foster of Macdonald Realty Start looking around :-)

Check out all the houses for sale in Victoria BC with this customized search for condos
All Victoria Condos here!

** Wondering what your condo or home is worth in Victoria BC? Stephen Foster will give you an instant home value assessment report
What is my Victoria Condo worth?

 

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Tortoise Island | Gulf Island Real Estate 

A Virtual Tour of Robert Batemans' Island For Sale

The house was orginally conceived by Hank Schubart and Robert Bateman.. After spending many lovely days...weeks.. dreaming and finding the best spot to place a structure, a cabin was born!

Tortoise Island a retreat for the soul. Owned by Robert Bateman, artist & one of the top 100 environmental proponents of the 20th century.This 2+ acre Island is located within the Gulf Islands National Park Reserve about a 10 minute boat ride from Swartz Bay & moments from the airport and town . Nestled in on a sandstone isthmus is a retreat conceived by both Bateman and famed architect Hank Schubert.Accessed by water and enjoying year round deep water moorage, the 665 sqft

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First Time Home Buyers

Premier Christy Clark this morning announced a new program designed to support first time homebuyers.

Meeting the press today, Clark referred to the difficulty first time home buyers experience saving up a down payment. While many first time home buyers qualify for a mortgage, they can't assemble funds required for their initial down payment.

Interest & Payment Free for first 5 Years

The BC Home Owner Mortgage and c contributes to the amount first-time homebuyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years.

 

 

During the first five years, no monthly interest or principal payments are

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Foreign Buyer Tax in Victoria? You may recall that late this summer the provincial government rolled out a 15% property transfer tax applicable on homes purchased by foreign buyers. The taxation area was limited to Metro Vancouver only, with the caveat that the government would have the ability to levy the tax on any other area in BC if they saw the need.

This week BC's Ministry of Finance released new foreign buyer data that revealed a month over month increase in foreign buyers into the Capital Regional District (CRD).

The increase in sales in October has brought new attention to the CRD and Minister of Finance Michael de Jong has said he is watching the upward trend closely.

New data also shows that foreign buyers are slowly increasing once again

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The fear following Vancouver’s 15% foreign sales tax was that those buyers would be pushed to Toronto. Has that happened?

The answer may soon be available.

Urbanation released a survey of condo foreign purchasers, which found foreign buyers account for just 5% of Toronto condo sales, compared to 52% of condo sales going to domestic investors.

“The results of this very important survey show a rather limited role of foreign buyers in the GTA new condo market and a very significant overall share of investors,” Shaun Hildebrand, senior vice president of Urbanation, said. “These estimates coincide with the percentages of new condos entering the rental market upon completion, indicating the important role investors play in the GTA housing market.”

Of course,

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Victoria removes rezoning requirements for garden suites

Victoria city councillors decided this week to remove the requirement that a homeowner wanting to build a garden suite has to undergo a rezoning.

Garden suites will be permitted in all of Victoria’s single-family residential areas.

Councillors decided this week to remove the requirement that a homeowner wanting to build a garden suite (also known as a carriage house or laneway house) has to undergo a rezoning.

All of the existing requirements for size, setbacks and height will remain in place, but in order to streamline the process, councillors also agreed to delegate approval of garden suites to city planning staff.

Try our Home Price Estimate tool to see what homes are selling for in your

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