Local news that affects Real Estate in Victoria and BC.

 James Bay


Homes in James Bay

James Bay has one of the most coveted locations in the city. Surrounded by water on three sides with the Victoria Harbour to the north and west, and the Strait of Juan de Fuca to the south. It is a high density neighbourhood and occupies the south side of the Inner Harbour close to downtown. James Bay's extensive waterfront is alive with activity including an array of industry, government and transportation facilities.   James Bay is known for its lively waterfront and charming Victorian houses and is the city’s oldest urban neighbourhood. A commercial area, named ‘James Bay Village’ is centred on the intersection of Menzies and Simcoe Streets and is the heart of the neighbourhood filled with local shops…

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MARKET REPORT - April 2023

Victoria Market Report


Early spring market reflects consumer confidence and growing demand

 

April 3, 2023: A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 per cent fewer than the 833 properties sold in March 2022 but a 28.3 per cent increase from February 2023. Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.

 

“We’ve seen our sales numbers this month almost double from January,” said Victoria Real Estate Board Chair Graden Sol. “As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue. What we…

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The Price You'll Pay To Live In Victoria, BC

Are you considering moving to our beautiful city of Victoria? If so, you may want to know more about the living expenses in this picturesque coastal city on Vancouver Island. The cost of living in Victoria British Columbia is relatively high compared to other Canadian cities. Whether the cost of living in Victoria is worth it, depends on a variety of factors such as your lifestyle, income and personal preferences. Victoria is considered to be one of the most desirable cities to live in Canada due to its mild climate, beautiful natural surroundings and a vibrant cultural scene.  There are several reasons why it is more expensive to live in Victoria, BC than in other parts of Canada.
  • High…

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Are you looking for the perfect place to call home?
Look no further than Oak Bay, Victoria BC!

This attractive suburban community on the south tip of Vancouver Island has a population of 18,000 and is home to a few of the most sought-after properties on the West Coast. With well-asserted homes and gardens, bakeries, shops and additional unique trades, you’ll have plenty of comforts at hand to explore. With its private and public schools close by, it’s an ideal place to raise a family. 

Oak Bay is a municipality of the Capital Regional District of Greater Victoria, British Columbia on Vancouver Island that is situated approximately three kilometres from the downtown core. The region has picturesque scenery, roads and pathways for promenading,…

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Assessed Value vs. Market Value



Assessed Values:

How does BC Assessment Determine Property Values?

  • The location of the home
  • The size of the home
  • The size of the lot
  • The age of the home
  • Miscellaneous features that can affect the home's value
  • Comparable sales prices and other real estate market information

Information is collected through a comprehensive approach from a variety of sources for accuracy such as: building permits, land titles office, real estate transactions, property owner initiated updates, request sent to property owners, visits to properties, aerial and street front imagery.

The value of your property may have changed if you have:

  • Renovated recently ie. replaced kitchen cabinets
  • Added any…

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Prohibition on the Purchase of Residential Property by Non-Canadians (Foreign Buyers Ban)

Last week, the federal government released the supporting regulations for the 'Prohibition on the Purchase of Residential Property by Non-Canadians Act' (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.   

The measures were part of Bill C-19 – the Budget Implementation Act – which received royal assent on June 23, 2022 as the federal government looked to cool the hot housing market. 

Read more from Finance Minister Chrystia Freeland : Bill C-19 - The Budget Implementation Act (Immigration.ca)

Parliament passed the 'Prohibition on the Purchase of Residential…

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SHORT TERM Vacation RentalS 

Investment Properties In Victoria, BC

Investment properties can be a lucrative and rewarding way to grow your wealth and diversify your portfolio. If you're considering investing in real estate in Victoria, British Columbia, here are a few key things to keep in mind.

  1. Research the market: Before you make any investment, it's important to do your due diligence. Take the time to research the Victoria real estate market, including trends in home prices and rental rates, as well as the demand for rental properties. This will help you make an informed decision about whether investing in a property in Victoria is a good fit for your financial goals.

  2. Look for properties with good rental potential: When it comes…

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Homes Sold 2022
Vancouver Island 

As a wrap up to the end of 2022, I thought I would share with you the properties I've sold over this past year.  

I want to thank all of my Buyers and Sellers who allowed me to represent them as their Realtor.  I very much appreciate your business!

~ BUYERS SOLDS ~



908 Boardwalk Ave. - Nanaimo, BC (South Nanaimo)
Sold - January 2022


4-1770 Rockland Ave. - Victoria, BC (Rockland)
SOLD - June 2022


104-3333 Glasgow Ave. - Saanich East, BC (Quadra)
Sold - August 2022


105-1380 Henry St. - Comox Valley, BC (Mt.Washington)
Sold - August 2022

1431 Ocean View Rd. - Saanich East (Cedar Hill)
Sold - September 2022


2668 Nugget Terrace - Victoria, BC (Langford)
Sold - June 2022


…

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Cooling-Off Period on Residential Real Estate Comes into EffECT JANUARY 2023

 In January 2023 the B.C. government will implement changes to the Property Law Act to make the Home Buyer Rescission Period (“HBRP”) or ‘cooling-off period’ mandatory for residential real estate transactions. 

This video will provide an overview of the HBRP and explain how buyers will have the right to rescind or cancel their offer to purchase certain types of residential real property within three business days after an offer has been accepted. 

The video is an introduction to the concept of HBRP, understanding the types of residential property it applies to, knowing the disclosure forms used in the transaction and learning about the exemptions to the right of…

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Housing Supply Act & Building Strata Statutes Amendment Act passed 

BILL 44: CHANGES TO RENTAL AND AGE RESTRICTION BYLAWS - NOW IN EFFECT
  • Nov. 25, 2022. CHOA Information Release:  NEW LEGISLATION AFFECTING STRATA CORPORATIONS IN BC NOW IN EFFECT
  • BILL 44 INFORMATION WEBINAR: The Condominium Home Owners Association of BC (CHOA) will be hosting a free Bill 44 Information Webinar on November 30, 2022 at 12:00noon. Pre-registration is not required. Please click the following link to join the webinar (Passcode: 925651):  https://us02web.zoom.us/j/84515346938?pwd=VzBmU3crS3E1K1FaTE5yU1JNZkwwQT09 

    For anyone interested the webinar will be recorded and posted on the CHOA YouTube channel.

  •  The BC government is moving forward…

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