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…

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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…

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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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Waterfront Living

A West Coast Waterfront Paradise!  Nestled on 2.54 private acres is this quintessential West Coast waterfront home in Cherry Point. Featuring lofted ceilings throughout the home designed to take in natural light and exposing ocean views from almost every window in the home.To accommodate guests and entertaining; a new kitchen, 2 family rooms conveniently connected to over 1500sq ft of Kitchen decks, along with 4/5 bedrooms & 4 bathrooms. Downstairs features a waterside gym & lounge with walkouts to acovered waterfront patio. Plenty of parking with a covered carport with separate upstairs storage & sheltered walkways to the front door. Fully landscaped with terraces, mature shrubs & trees with meandering paths to the lowbank beach where you…

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Victoria Real Estate Market Changes Tempo for Autumn

October 2, 2017  A total of 640 properties sold in the Victoria Real Estate Board region this September, 18.1 per cent fewer than the 781 properties sold in September last year.

“We can certainly feel the difference in the current market when we compare to last year’s record breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,” notes Victoria Real Estate Board President Ara Balabanian. “Now the tempo of the market is trending slowly – very slowly – towards more balanced conditions. Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.”

There were 1,976 active…

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Cadboro Bay Real Estate

Organic Cadboro Bay living. Only steps to the ocean and the shops of Caddy Bay sits this sweet home on Mystic Pond. 4 Bed & 2 Bath with a custom kitchen & open plan living is just the beginning of this story. Oak flooring, along with a custom wood burning fireplace creates the warmth that this home exudes. Taking advantage of the exceptional sun, the organic gardens were planted to provide food for the homeowners and to teach the children sustainability. Espalier fruit trees are only just coming into their own and with the additional new greenhouse, the growing is just getting started. The backyard is on Mystic pond and from the sun drenched decks one can watch the wildlife. Less than a minute walk down the quiet street is the…

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Condo for Sale

1 Bedroom & Den Sub Penthouse Floor. If you are looking for an investment in either your life or portfolio, look no further than this excellent building called the Astoria.

 

ABOUT CONCERT

Founded in 1989, Concert specializes in developing rental apartments, condominium homes and retirement communities, acquiring and developing commercial, industrial and infrastructure properties and in property management. With operations in British Columbia, Alberta and Ontario and the backing of more than 200,000 Canadians represented by the union and management pension plans who own Concert, our commitment is to build strong, sustainable communities across Canada

Victoria Condo for sale

Astoria Building

Concert's first residential development in Victoria,…

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What happened in August?

A total of 736 properties sold in the Victoria Real Estate Board region this August, 16.6 per cent fewer than the 883 properties sold in August last year.

"I admit to being a little surprised by the August numbers," notes Victoria Real Estate Board President Ara Balabanian. "I expected inventory numbers to be climbing by now, but instead we've seen even lower numbers of listings on the market. This is likely leading to some buyer fatigue along with pressure on pricing in high demand areas."

There were 1,917 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2017, a decrease of four properties compared to the month of July, and 8.5 per cent fewer than the 2,094 active…

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Market Report June 2017

"This year may feel a bit steady and less exciting when compared to last year's record-breaking market. People are getting used to this new tempo of brisk sales," says 2017 Victoria Real Estate Board President Ara Balabanian. "However, when we look at the longer term numbers, we're in a very active market. This June we counted over one thousand properties sold, while the ten year average for sales in the month of June is 798. If we remove 2016 sales, this June would have been the record breaker."

Victoria Real Estate stats

A total of 1,008 properties sold in the Victoria Real Estate Board region this June, 14.1 per cent fewer than the 1,174 properties sold in June last year.

There were 1,915 active listings for sale on…

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660 Cain Rd

Sequestered in the warm, sandy & safe sheltered Cain beach lies this 3 bedrooom 3 bathroom fully renovated Gulf Island getaway home. Completely renovated by celebrated local custom builder Hunterston Homes, featuring engineered wide plank oak flooring, Artisan milled oak used for built in storage, railings & accents. Heated porcelain tile floors, quartz countertops & undermount sinks, heated towel bars with custom fixtures in the new spa inspired bathrooms. New concrete approaches to house & outdoor terraces allow for wheelchair accessibility. Beachside sunroom & lower library take full advantage of the 158 ft of unobstructed water frontage. Located in walking distance from the ferries and shops of Galiano Island it makes for the perfect…

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