This will be my last post on Blogger as I have decided to just post on my website's blog from now on.
Here is the link to my website's blog
Monday, May 9, 2011
Friday, April 1, 2011
Balanced-Buyers Market in March
The Victoria Real Estate Board statistics for March are out!
The sale/listing ratio is 41.4%. When this number is at 50%, it means we are in a balanced market. A balanced market is when the supply of homes equals the demand for home. The above stats show we are leaning slightly towards a buyer’s market, where there are more listings than sales and therefore a greater supply. Overall this would have a slight downward pressure on prices.
So why is it that some homes sell quickly and for above asking price? Every area in Victoria and the Capital Region is different. For example, there are some places where the supply of homes is very low and there is a pent up demand of buyers waiting for listings to come up in that area. As soon as a listing hits the market (and is priced reasonably), people jump at the opportunity to own the home.
If you are interested in moving to a certain area of town and are worried you will miss an opportunity, please fill out my buyer request form here and I can set up an automated search that will send you notification when a new property hits the market that matches your criteria.
The sale/listing ratio is 41.4%. When this number is at 50%, it means we are in a balanced market. A balanced market is when the supply of homes equals the demand for home. The above stats show we are leaning slightly towards a buyer’s market, where there are more listings than sales and therefore a greater supply. Overall this would have a slight downward pressure on prices.
So why is it that some homes sell quickly and for above asking price? Every area in Victoria and the Capital Region is different. For example, there are some places where the supply of homes is very low and there is a pent up demand of buyers waiting for listings to come up in that area. As soon as a listing hits the market (and is priced reasonably), people jump at the opportunity to own the home.
If you are interested in moving to a certain area of town and are worried you will miss an opportunity, please fill out my buyer request form here and I can set up an automated search that will send you notification when a new property hits the market that matches your criteria.
Wednesday, February 16, 2011
The Coho
I attended the REALTOR® only preview this afternoon of The Coho which is a new condo development in View Royal. The coastal contemporary building is set high up on the hill overlooking acres of untouched green space. The indoors have plenty of windows to enjoy the view, 9 foot ceilings and beautiful finishings throughout.
If you’ve been thinking about downsizing or getting into the condo market, this project represents excellent value.
The project is set to complete in July 2012 and the suites start at $239,900 . If you would like to get the inside scoop and receive information on this project before the general public, please contact me! They are allowing by-appointment-only previews February 21st-25th. Please e-mail me or give me a call at 250-384-7663.
If you’ve been thinking about downsizing or getting into the condo market, this project represents excellent value.
The project is set to complete in July 2012 and the suites start at $239,900 . If you would like to get the inside scoop and receive information on this project before the general public, please contact me! They are allowing by-appointment-only previews February 21st-25th. Please e-mail me or give me a call at 250-384-7663.
Friday, February 4, 2011
BC Assessment
BC Assessment is a crown corporation that sends out property assessments on an annual basis for property owners in BC. If you’re a home owner you would have recently received your assessment in the mail. I want to clear up some common misunderstandings about a home’s assessment value in relation to market value.
Assesment value does not equal market value!
BC Assessment adjusts the value of homes each year by looking at such factors as local sales data or improvements done with a permit. The value of the assessment is what they believe the home would have sold for in July the previous year.
BC Assessment does not visit each home in the province and give an individual appraisal of its saleability. There are factors which affect market value that BC Assessment does not take into consideration. These factors include: interior or exterior updates, proximity to amenities, traffic noise, indoor smells, decorating choices, extreme wear and tear, and availability of homes in the area.
Homes can sell far above or below their assessed value so it’s not a reliable indicator of what your home is worth. If you would like to know how much your home would sell for today, it is important you get a CMA (Comparative Market Analysis) by a licensed REALTOR®
For more information on BC Assesment, please visit their website: http://www.bcassessment.bc.ca/
Assesment value does not equal market value!
BC Assessment adjusts the value of homes each year by looking at such factors as local sales data or improvements done with a permit. The value of the assessment is what they believe the home would have sold for in July the previous year.
BC Assessment does not visit each home in the province and give an individual appraisal of its saleability. There are factors which affect market value that BC Assessment does not take into consideration. These factors include: interior or exterior updates, proximity to amenities, traffic noise, indoor smells, decorating choices, extreme wear and tear, and availability of homes in the area.
Homes can sell far above or below their assessed value so it’s not a reliable indicator of what your home is worth. If you would like to know how much your home would sell for today, it is important you get a CMA (Comparative Market Analysis) by a licensed REALTOR®
For more information on BC Assesment, please visit their website: http://www.bcassessment.bc.ca/
Tuesday, January 18, 2011
New Mortgage Rules
On March 18th, 2011 the Canadian federal government will implement new mortgage rules as follows:
1. The amortization of high-ratio mortgages (where the down payment is less than 20%) will be reduced from 35 years to 30 years
2. Canadians can only borrow 85% when refinancing a home, down from 90%
3. The government will no longer insure lines of credit secured by homes, ie. Home equity lines of credit (To be implemented April 18th 2011)
I would like to point out some positive and negative aspects of the first rule above for home buyers
If you’re planning on paying less than 20% down on a home, you will not have the option of extending your mortgage to 35 years after March 18th. This will result in higher mortgage payments.
Let’s look at an example of a condo worth $250,000 with a 5% down payment ($12,500), at 4% interest and insured through CMHC. A 35 year amortization period will result in payments of approximately $1077. A 30 year amortization period will increase your payments to $1162.
(-) Your payments increase $85/month
(+) This saves you over $34,000 in interest over 30 years
(+) You will pay off your mortgage 5 years faster
(-) If you cannot afford the extra $85/month, you will need to save up more than double the down payment to have payments equal to $1077
If you are considering purchasing a home this year, your first step should always be to organize your finances. I recommend setting up an appointment with a mortgage specialist to discuss your situation and find out what your options are. Please feel free to contact me and I can refer you to a mortgage broker.
1. The amortization of high-ratio mortgages (where the down payment is less than 20%) will be reduced from 35 years to 30 years
2. Canadians can only borrow 85% when refinancing a home, down from 90%
3. The government will no longer insure lines of credit secured by homes, ie. Home equity lines of credit (To be implemented April 18th 2011)
I would like to point out some positive and negative aspects of the first rule above for home buyers
If you’re planning on paying less than 20% down on a home, you will not have the option of extending your mortgage to 35 years after March 18th. This will result in higher mortgage payments.
Let’s look at an example of a condo worth $250,000 with a 5% down payment ($12,500), at 4% interest and insured through CMHC. A 35 year amortization period will result in payments of approximately $1077. A 30 year amortization period will increase your payments to $1162.
(-) Your payments increase $85/month
(+) This saves you over $34,000 in interest over 30 years
(+) You will pay off your mortgage 5 years faster
(-) If you cannot afford the extra $85/month, you will need to save up more than double the down payment to have payments equal to $1077
If you are considering purchasing a home this year, your first step should always be to organize your finances. I recommend setting up an appointment with a mortgage specialist to discuss your situation and find out what your options are. Please feel free to contact me and I can refer you to a mortgage broker.
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