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Victoria & Vancouver Island Real Estate Blog

Global housing markets remain under strain, says the latest Global Real Estate Trends report by Scotiabank. "Among the international property markets we track, the number of countries reporting declining average real prices on a year-over-year basis outnumbered those reporting increases by more than two-to-one," says Adrienne Warren, senior economist at Scotiabank. She adds, "Weak consumer confidence, high unemployment and tight credit conditions continue to weigh heavily on housing demand and pricing." Canadian housing activity remains relatively buoyant, but has slowed. Adjusted for inflation, national average prices fell 2% year-over-year in Q2 2012, matching Q1 declines. Read: Canadians confident about housing A slower pace of job growth and the

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VICTORIA BC - The August real estate market continues to be steady and flat, considered by the Victoria Real Estate Board to reflect the "wait and see" attitude its Member REALTORS® are hearing from the buying public. Total MLS® residential sales for August 2012 was 462 compared to 542 for the same period in 2011. During the month, 240 single family homes sold throughout the Victoria Real Estate Board’s region, 67 fewer than the 307 sold in August 2011. The average price for single family homes sold in Greater Victoria last month was $590,843, down from August 2011’s average of $652,841. The median price is down by $17,000 to $530,000. There are 5,034 active listings. "Sales are down 11.5% over August 2011. When seasonally adjusted, there is little…
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"It's been a month, and life has settled into the new norm. We really appreciate the use of the moving van. One less thing to 'hassle' about. Will recommend this agency for sure" Su Castle

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BC HST Transition - New Housing The housing transition rules help ensure when people buy a newly constructed home under the PST, whether built entirely under the HST, entirely under the PST, or partly under HST and partly under the PST, they will all pay a consistent and equitable amount of tax. Specifically:
  • B.C.'s portion of the HST will continue to apply before April 1, 2013. Purchasers will be eligible for the new higher B.C. HST new housing rebate, of up to $42,500, and builders will continue to claim input tax credits.
  • B.C.'s portion of the HST will no longer apply to newly built homes where construction begins on or after April 1, 2013. Builders will once again pay seven per cent PST on their building materials. On average, about two per
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Interest rates remain low but with the new tightened lending rules, real estate activity continues to be steady in Greater Victoria with great selection and continuing Buyer's market. Those homes that are priced well continue to sell quickly with the total monthly sales at 523 in July 2012 from a supply of over 5,000 total MLS listings, on par with the previous years monthly sales. If you're not already doing so, please follow us on Twitter, join me on  LinkedIn, and LIKE us on Facebook valuable giveaways, client events and market updates. With the warm summer temperatures and sunshine our organic blueberries are ripening fast and await your u-pick experience, or pick them up boxed and ready to go. We invite you and your family to come to Sparton Acres

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Thank you for all your guidance and assistance to my parents. They are glad the condo sale settled finally and are here in Toronto. It is always challenging dealing with seniors and their concerns but they told me they appreciated your expertise and professionalism. Thank you from them and their children! All the best, Josie
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Our Island among top 10 best places in the world, according to magazine ranking 'Travel + Leisure' magazine award will help boost the region's tourism industry, according to experts Walter Cordery, Daily News (Nanaimo) Published: Monday, July 09, 2012 It comes as no surprise to Rene and Monique Vaanstra that readers of Travel Leisure magazine have once again voted Vancouver Island as the top island to visit in Canada and the continental United States. As far as island getaways go, the Dutch couple think readers of the magazine are absolutely correct. The Vaanstras are visiting from Holland and they came to British Columbia to see wildlife, specifically whales. Kaebe Spearing, 2, left, and brother Kason, 4, entertained themselves with log walking and
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Affordability factors into greater demand for recreational property in markets across the country this year, says RE/MAX

Sales of recreational product up in 70 per cent of Canadian markets examined Kelowna, BC (June 18, 2012) — Canadian recreational property markets have been reinvigorated, with softer values, increased selection, and a rebound in consumer confidence contributing to an upswing in sales in 2012, according to a report released today by RE/MAX. The RE/MAX Recreational Property Report, highlighting trends and developments in 33 markets nationally, found that sales were ahead of last year’s levels in 70 per cent of communities examined, while six per cent were on par with 2011 figures. Greater affordability has been a major impetus, in

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Yesterday the federal government announced new mortgage rules to take effect July 9th. The changes include: 1. Reducing the maximum amortization period to 25 years from 30 years    2. Reducing the maximum amount of equity homeowners can take out of their homes when refinancing to 80% from the current 85% 3. Limiting the availability of government-backed mortgages to homes with a purchase price of less than $1 million 4. Fixing the maximum gross debt service ratio at 39% and the maximum total debt service ratio at 44% The 1st and 4th change will have a fairly large impact on our purchasing market. Keep in mind that these changes are only for those needing high ratio mortgages, with less than 20% down payment. Purchasers with less than 20% down will find…
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B.C. is home to the Top 4 cities in Canada with the highest-ranked quality of life, according to new U.S. research from the National Bureau of Economic Research. The report, soon to be published in the Canadian Journal of Economics, found that Victoria provides the highest quality of life in Canada, followed by Vancouver, Kelowna and Abbotsford. All of the four B.C. cities ranked ahead the usual contenders: Toronto, Calgary and Montreal. “Overall, it seems that Canadians really like the West, and they really like B.C.,” said lead author David Albouy, assistant professor of economics at the University of Michigan.

“It’s got great geography and a great climate, which is pretty unique to Canada. Toronto has got great culture, but it just can’t match

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