Happy New Year!
We hope you and your family enjoyed a holiday season that brought you some joy and laughter.
January is a time of new beginnings. As we begin a new year in real estate, there are a few legislative changes that may alter the way we do real estate in British Columbia. Federally, there is a two-year ban on foreign buyers. This is a trial and will be reevaluated at the end of the two years.
Provincially there have been some significant changes. In November Premier Eby announced several changes to the Strata Property Act: limiting the age restrictions in strata complexes to 55+ and eliminating all rental restrictions. Strata’s will make decisions on how best to navigate these changes. A big change to how real estate is conducted is the new Home Buyers Protection Period: essentially a three-business day condition in which a buyer may walk away from the offer without cause or explanation. There is a .25% fee payable to the seller if the buyer chooses this option. This will be dealt with in all offers.
We do not anticipate that any of these changes will negatively affect the real estate market in Greater Victoria. There are still plenty of opportunities for buyers and sellers alike. The rental change to strata creates some interesting investment possibilities!
Victoria is generally somewhat insulated from outside influences. It is a beautiful place and people want to live here. Conde Nast Traveler just voted Victoria the 10th friendliest city in the world! What a lovely thing!
January is typically a slower month for real estate, as people recover from the holidays and start planning for the year ahead. If you’d like to connect to discuss your options, we’d be happy to arrange for a phone call or to even meet in person for a coffee. If you have questions or want clarification on any of the recent changes to real estate, we are here to help.
We really enjoy having good conversations about how real estate can help you plan for your future.
Ally and Dennis
The 2022 Victoria Real Estate Market Year in Review
January 3, 2023 A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single-family homes decreased 24.6 per cent from December 2021 with 156 sold.
A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014’s sales year when 6,698 properties were sold.
“We began the year with record low inventory, and with higher than average sales,” says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “And then the market changed on a dime. Interest rate increases through the remainder of 2022 signalled the end of low-cost borrowing and pushed buyers to the sidelines. Each time interest rates went up, market activity slowed. As we head into 2023, we continue to see the cost of moving and borrowing money undermine demand. Slower sale activity has resulted in inventory levels rebounding from historic lows, which means there are more opportunities for buyers in our market this year than in recent years.”
See the full report HERE.
Setting your goals is one thing, committing to them long-term is another! Below are 5 ways to help you make goals and remain committed to them this upcoming New Year.
1. Start by identifying your long-term goals. These should be specific, measurable, attainable, relevant, and time-bound (SMART) goals that reflect your values and aspirations.
2. Break down your long-term goals into smaller, short-term goals. This will make your goals more manageable and help you track your progress.
3. Create a plan of action. This should include specific steps and deadlines for achieving your short-term goals, as well as any resources or support you will need along the way.
4. Monitor your progress regularly. This will help you stay on track and make any necessary adjustments to your plan.
5. Stay motivated and committed. Setting goals is not always easy, and there will be challenges and setbacks along the way. But by staying focused and understanding that it won’t be a streamlined, “perfect” journey, you can stay on track.