Welcome to our February newsletter!
What would you do with an extra day in your life? Play hooky? Catch up on work? Begin looking for a new home?
February 29, 2020, here we come! Yes, it’s a leap year. With the busy spring real estate season just around the corner, what better time to start looking for your dream home? Be sure to check out this month’s featured blog, Home is Where the Heart Is, which contains great tips on how to avoid letting emotions get in the way of making rational home-buying decisions.
For more advice on this or regarding any of your real estate questions, please contact us to learn more.
Thank you for your continued trust in us as your real estate advisors.
ally and dennis.
Scroll down to our events section for some popular local events happening in our city!
VICTORIA REAL ESTATE MARKET WRAPS UP A RELATIVELY FLAT YEAR FOR HOME SALES
January 2, 2020 A total of 402 properties sold in the Victoria Real Estate Board region this December, 7.2 per cent more than the 375 properties sold in December 2018 and a 30.3 per cent decrease from November 2019. Sales of condominiums were up 17.5 per cent from December 2018 with 121 units sold. Sales of single family homes increased 13.8 per cent from December 2018 with 198 sold.
A grand total of 7,255 properties sold over the course of 2019, 1.47 percent more than the 7,150 that sold in 2018. 2019 sales came in at slightly under the ten-year average of 7,413 properties sold.
"Overall, our market throughout 2019 can be characterized as still active, slow to grow and low in supply," says 2019 Victoria Real Estate Board President Cheryl Woolley. "Last year we saw many prospective buyers sit on the sidelines waiting for inventory to be added. As a result of this unmet demand, there was and continues to be a push from consumers to create townhomes and condos at accessible price points. We began 2019 discussing the potential impact of various taxes and lending rules introduced by the federal and provincial governments that were designed to calm housing market activity - although this activity had already begun to slow following our hyper-active market in 2016/17. The most impactful government change we saw was the tighter mortgage lending rules, which lowered consumer borrowing power and made many unable to qualify for the value of mortgages they had in the past, therefore compressing more demand into our mid- and lower-priced property market."
Find the full report HERE.
Welcome to your own slice of Waterfront heaven tucked into a quiet bay in Deep Cove! This modern and updated home with spectacular views is compact, bright and functional. It feels like a cozy beach cottage and has the modern finishing’s for today's buyer; granite counters, generous work surface, refinished hardwood flooring, loads of storage, skylights to take advantage of the natural light and French doors opening to a private deck overlooking the ocean. The lower level has laundry and rec room with simple kitchenette and more storage. There is a separate studio with private full bath for your guests. Plan to drop your kayak into the easy waters of this special ocean inlet from your private beach access and where your neighbour is a small Marina. Enjoy the smell of the sweet salt air! A foreshore lease is in place with a deep-water moorage buoy and a boathouse. Currently tenanted – do not approach property without appointment. 3rd bedrm has no closet. Year built unknown.
HOME IS WHERE THE HEART IS
February is the month of love, so it only makes sense to talk about the pitfalls of letting feelings get in the way of making rational home purchasing decisions.
Buying a home is an emotional process, so it’s essential to be aware of the errors many homebuyers fall prey to when making one of the most important decisions of their lives. Here is a list of the most common ones and ways to avoid them:
1. Underestimating Feelings and Overestimating Finances
- Know what you can afford: Speak to your bank or mortgage broker and get pre-approved. This allows you to shop in the market you can afford and be ready to make an offer when the time comes.
- Use a real estate agent: Realtors are ethically bound to act in your best interest. Not only are they market experts, but they will also steady your course and help you keep your emotions in check throughout the process.
- Resist the urge to overbid. While it may put you ahead of other interested buyers, overbidding could have serious repercussions down the road in terms of appraisals, mortgages, or selling your home in the future.
2. Downplaying Flaws
The popularity of home renovation shows may lure you into believing that turning a disaster into your dream home is as easy as pie. The fact is, those “3-week turnarounds” are often the result of highly-skilled contractors working around the clock to get the job done on time.
Having said that, don’t let the worry of making improvements frighten you into not purchasing a home whose potential hasn’t been fully realized. The equity you build through upgrades will help you move up the property ladder.
Keep these thoughts in mind:
- Be realistic about: Your handyman skills; your ability to live in a home under construction; and your budget, which may include the cost of accommodation should you be forced to vacate the property.
- Be prepared to hire a reliable contractor to fix the mistakes you didn’t anticipate making.
- Before buying, get a home inspection from a licensed and reputable company who will look into the home’s nooks and crannies, and educate you on anticipated future costs.
3. Ignoring the Neighborhood
You can live with almost any imperfection in a home but, once purchased, you cannot change your home’s location. Be sure to consider the following before jumping in:
- Neighbourhood charm and safety.
- Ease of access including rush hour traffic and proximity to work.
- Noise from traffic, neighbours, or businesses in the area.
- Access to parks, shopping, schools, and public transportation.
- Zoning laws, future development plans, and home values trends.
4. Getting Desperate
It may be frustrating if you’ve been hunting for some time, but it’s important not to settle for a home you’ll end up hating. For all the equity you build, the costs of re-selling may set you back to the point where you’re losing money in the end.
As anxious as you may be, keeping these pointers in mind will help you find the right opportunity and a home you can truly fall in love with – the beginning of a beautiful relationship!
BE A LOCAL TOURIST IN YOUR OWN TOWN
FEBRUARY 27 – MARCH 2, 2020
8 am – 8 pm
Gardens, restaurants, tours and more, local businesses unite to offer free or discounted fun over the course of five days.
Find Details HERE
VICTORIA FILM FESTIVAL
FEBRUARY 7 – FEBRUARY 16, 2020
The island’s largest and longest-running film festival screens more than 156 films over 10 days.
Find Details HERE
THE GREAT SCAVENGER HUNT
FEBRUARY 1 – FEBRUARY 29, 2020
Welcome to the first step of your next grand adventure! The Hunt may take you a few days or be spread out over a couple of weeks. Prizes based on points earned and locations found during the Hunt.
Find Details HERE