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A message from me...


With the prices of established homes rising in cost so much over the past twelve months, new home construction has become an option for many buyers - and represents good value in most cases. When buying a new custom home built home, there are some important differences. There are things to consider and to be aware of when you build a home, compared to buying an established home.

For example...New home builders in BC must be registered by the Homeowners Protection Office. You can check the Public Registry of Licensed Residential Builders on the HPO website (https://hpo.bc.ca/homeowners) to ensure your builder is licensed. Another example is understanding the 2-5-10 New Home Warranty Insurance (an insurance that covers materials, workmanship and more on your new home), and being clear on what is covered and what is excluded. This is something I review with my buyers at the very beginning of the process.

Then you must choose your builder! Once you have chosen your builder, you will enter into a building contract with the builder. Most builders will have a standard contract that clarifies what is in included in the specifications, commencement and completion dates, and any other issues that need to be as clear as possible right at the start to avoid confusion or misunderstanding down the line. I will help my buyers understand these contracts, but will always advise them to get independent legal advice before entering into the final contract.

This is only the starting point in the what can be a challenging but rewarding process. I have had the pleasure of helping previous clients through this process in the past, and I have a good understanding of what you will need to know and be aware of, so if you are considering this option I would be very happy to meet with you and discuss it further.

On another note, I hope you all had a safe and Happy Halloween!
Stay warm and dry during this rainy season!

Cheers,
Rob Davies

If you wish to check out the release from the Victoria Real Estate Board please follow the link below:
http://www.vreb.org/current-statistics

Inventory levels remain low this fall

"We continue to see low inventory hindering sales in the local market," notes Mike Nugent, 2016 President of the Board. "Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory."

 


  

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A message from me...

 

Welcome Fall! I hope everyone is staying warm in these big storms we are having!
There is a lot in news lately about the government trying to control the runaway real estate 
market, but perhaps this is the most significant change. A major shift in mortgage rules means that buyers taking on loans to buy homes may not qualify to borrow as much as they previously could.

The change means that all home buyers, regardless of how much they have for a down payment, 
will be subject to a mortgage rate stress test beginning Oct. 17 that has, up until now, been reserved for those 
with less than 20 per cent down. Buyers with a down payment of between five and 20 per cent must be backed by mortgage insurance to protect the lender in the event the homeowner defaults on the loan. Because they are considered higher risk, those buyers must pass what’s called a mortgage rate stress test to qualify for insurance backed by the federal government through the Canada Mortgage and Housing Corp.

That stress test measures whether the buyer could still afford to make payments if mortgage rates rose to the Bank of Canada’s posted five-year fixed mortgage rate. That rate is usually significantly higher than what a buyer can negotiate with banks or other lenders. For instance, TD has a five-year fixed rate mortgage at 2.59 per cent, while the Bank of Canada’s rate is 4.64 per cent.

The stress test also sets a ceiling of no more than 39 per cent of household income being necessary to cover home-carrying costs such as mortgage payments, heat and taxes. Until now, buyers with more than a 20 per cent down payment have escaped such scrutiny. How this will impact on our local market is yet to be seen, but I would expect to see price increases moderate, while the lack of inventory and high demand should hold prices steady and we move into a more balanced market. Happy Thanksgiving and Happy Halloween!

 
Cheers,
Rob Davies

 

If you wish to check out the release from the Victoria Real Estate Board please follow the link below:
http://www.vreb.org/current-statistics

Victoria Housing Market Chills Out For Fall
"This is the lowest level of inventory on the market in September that we have on record [since 1996]," notes Mike Nugent, 2016 President of the Board. "This continuing lack of inventory holds up sales. The market is still strong, but not moving at the pace we saw earlier in the year. This slowdown is typical with what we expect in the fall to winter season and may be more pronounced as a result of buyer fatigue, due to the lack of available inventory."


  

 

This month's featured listing: Lot 5 Blackwood Heights, Lake Cowichan



This beautiful property
 is a five acre lakefront lot on heavily sought after Cowichan Lake! It is absolutely stunning, with nothing that compares. Very tranquil and peaceful setting bordered by parkland with 30 Meters of lake frontage! R-2 Zoning allows for secondary suites or a secondary dwelling! Further uses allow for B&B, agricultural and home occupation! PERC has been obtained, hydro has been established and many driveways in place! All you have to do is start building! Build your vacation home or set yourself up here for full time living with a variety of options presented! Call me today for all details. Oh, and PS...DOCK INCLUDED! This is the last lot left and it won't last!

 

Like me on Facebook @RobDaviesRealEstateVictoriaBC for more updates like this one!


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The Rob Real Estate Update...


And the market continues to sizzle on Vancouver Island...

A total of 972 properties sold in the Victoria Real Estate Board region this July, an increase of 22 per cent compared to the 796 properties sold in July last year. "Though we saw the seasonal slowdown that we expect this time of year, we had another record breaking month," says Mike Nugent, 2016 President of the Board. "The last time we saw a July this busy was in 2009 when 933 properties sold." 


Inventory levels remain lower than last year, with 2,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2016, 45 per cent fewer than the 3,942 active listings at the end of July 2015.


 In breaking news….

"Late last week the provincial government approved new legislation that may affect the real estate market in our area, though at this time we can only guess how a foreign investor's tax in the Metro Vancouver region will impact sales here in Victoria," adds Nugent. "Recent data released by the government shows that nearly ten per cent of property transfers in Metro Vancouver involved foreign nationals. This is part of the rationale for applying a fifteen per cent tax on transactions only in Metro Vancouver at this time. Does this mean international demand will spill over into Victoria and other areas of BC? We won't know until we see the data. The Capital Regional District saw two per cent out of country buyers in the year of 2015. Although this is a small percentage of our buyers, anecdotally foreign buyers do tend to favour the same core neighbourhoods and therefore can have an impact on those areas."


*Excerpt taken from the Victoria Real Estate Board.

 


  

 New Listing: 4051 Knibbs Green, Victoria, BC
$549, 999

 

Spacious, quiet rancher, tucked away on a cul-da-sac in the lovely Strawberry Vale - Interurban Road area: You'll love this charming family starter or retirement home with a private, rear yard (south-facing). 3 bedrooms, 2 baths and a single garage with extra space for a motorcycle or scooter. Super efficient layout offers spacious rooms. Living Room has a air-tight wood stove for those winter evenings. Dining room and kitchen have a "NEW" fridge, stove and dishwasher. Great location - handy to shopping, city centre, Camosun Interurban campus and several parks. Common strata fee of $85. pm includes water (single meter), street light and road insurance. Contact me for even more details.

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Check out these awesome videos taken at Lake Cowichan. One taken as I came in by boat to show the other side of the property, the other taken by drone. View the full listing for Lot 4 and Lot 5. Another fabulous example of the lengths I will go to for my clients! 

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 The Rob Real Estate Update...
 

The market here in Victoria continues to be steady. Great time to sell. If you're thinking of listing soon, call me right away for advice. 
 

 

 

"Observing the ratio between sales to active listings can help to indicate a "buyers' market", where there is downward pressure on prices, and a "sellers' market", where there is upward pressure on prices." Above 25% indicates a sellers market, as there is upward pressure on prices. A total of 1,174 properties sold in the Victoria Real Estate Board region this June, an increase of 29 per cent compared to the 910 properties sold in June last year." 


Coming VERY soon... tomorrow morning...

Located at 12-934 Craigflower Road. Rear, quiet and private townhouse! 
3 bedroom. 2 bath, 2 parking spots, has a one car garage with extra parking spot, 1,368 square feet. Built in 2011 but LIKE NEW! perks: pets allowed, rentals allowed, no age restriction and BBQ's ALLOWED! 
 

Call me for details and images, this one won't last long! It's beautiful. 


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Below is a drone video of a past listing. This is an example of the great lengths I will take to advertise and sell a property.  View full listing details.

 

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