At the end of March we celebrated our fourth consecutive quarter of increased sales over the same period in the prior year and general optimism in our marketplace is still on the rise!  The trend is continuing and the momentum seems to be increasing. April last year was when it started and this April we surpassed last April’s sales by a healthy margin. Our own team’s sales increased dramatically over the previous year with 21 accepted offers this April, nearly doubling our last year’s numbers. Although the number of new listings is up, the total number of listings for sale is still a little lower than this time last year. With the increased sales the overall market has become more balanced with the absorption rate at 15% of the overall supply per month

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Immigration is nothing new to Victoria, with diverse cultures represented and coexisting harmoniously. Averaging a very consistent net growth in our population of approximately 1% annually, we are a chosen destination increasingly for our mild weather and island lifestyle. We attract not only retirees, as commonly known, but also many high tech businesses now making up the largest sector of our economy, doubling tourism and government surprisingly. For many years we have observed significant immigration of Chinese citizens to the lower mainland, mostly in Richmond and more recently into high end Vancouver neighborhoods. Comparatively, over the past couple decades, we have seen only a small fraction of new Chinese immigrants choosing Greater Victoria and…

The market has warmed up with the spring weather and new listings are popping up nearly as fast as the flowers, however, the number of total listings continues to track downwards from the peak in Spring 2013 now at 4050 listings at the end of March this year compared to 4333 at the end of March last year. The number of sales continues to track substantially higher than this time last year with 575 total sales on MLS this March for Greater Victoria but is still short of the five year average sales volume and hasn’t been enough to shrink our inventory which has been hovering around a 9-10 month supply for almost a year now. While the market is brisk for premium properties and in some more popular areas, marginal properties and those in less desirable and…

Dropped by your office on chance you might be there, but no, busy realtors are out working. Johanne and I wanted to say thank you for the expertise and professionalism you provided to us. There are realtors who collect their commission, and there are those who always  go above and beyond. We felt we got the above and beyond. Appreciated, Bob & Johanna Haley  

The trend toward stability that started about April of last year is continuing with a slight increase in sales volume in February to 412 compared to 394 in February of last year while the total number of listings at 3,770 at the end of February while seasonally increasing is still tracking below this time last year when the total was 4,092. Prices appear relatively stable tracking only slightly down in most areas and property types compared to this time last year whereas the average sale price was notably higher for the month due mostly to the sale of a single condo for $5 Million. Our real estate board is very careful about how they depict the market, however, the media often seem successfully dramatize things and put a different spin on things. Also,…

As an extensively recognized and awarded top selling associate and office owner with RE/MAX, the number one real estate company worldwide, now operating in 96 countries, I have had the good fortune to have established a vast network, getting to know the most successful Realtors from all around the globe, exchanging ideas on sales, marketing and world class client service. We also regularly introduce each other to our closest trusted family, friends and clients to ensure they can receive the same high standard of service and care that we would provide if we were able to ourselves. When you are considering buying or selling in any market, anywhere, please call me first. Please allow me the privilege of introducing you to known professional who we can trust…

On December 13, 2011 through order in council, the government of British Columbia created an important new regulation related to depreciation reports, affecting all strata corps in B.C. with at least 5 units or more. There are more than 500,000 strata property owners in BC in about 29,000 strata corps. This new rule required all stratas formed on or before then to either complete a Depreciation Report by Dec. 13, 2013, or to opt out with a 75 per cent or more vote of owners, at either a special general meeting or AGM. Newer strata corporations will have until six months after their newly formed strata's second AGM. In my view this was an excellent move for consumer protection. What exactly is a depreciation report you may ask? Simply stated, a…

Canada Mortgage and Housing Corp. has raised mortgage insurance premiums for the first time since the 1990s, and signaled more hikes could be on the way. The increases, which will apply to policies that are obtained from May 1 onward, amount to about 15 per cent on average. The move was quickly copied by rival mortgage insurer Genworth MI Canada Inc. CMHC executives said the higher premiums would mean an extra $5 a month for a borrower with a 95-per-cent loan-to-value (LTV) ratio and a loan of $248,000. But the increase will be more sizable than that for many people. The move is part of a transformational shift at the Crown corporation, which sits at the centre of the country’s housing market. CMHC is attempting to behave more like a private-sector…

Property Transfer Tax Exemption Level has increased to $475,000 for qualified first time BC Resident buyers and partial exemptions available for more in some cases! The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax. If one or more of the purchasers don’t qualify, only the percentage of interest that the first time home buyer(s) have in the property is eligible. For example, if you qualify and purchase a property with a fair market value of $400,000 with a person that doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax

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Time is running out to claim your rebate! If you substantially renovated your home within the past 2 years, you may qualify for a rebate of a portion of the GST/HST paid on labour and materials. See the Canada Revenue Agency (CRA) web page Substantial renovations, conversions and major additions for more information on this. The same rebate available to new home purchasers is also available to investors on qualifying properties. If you purchased a new or substantially renovated residential  investment property and also leased it you may also qualify for a substantial rebate. Feel free to contact us for assistance!