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Showing posts from April, 2018

BC Government Legislating Measures Designed to Control Home Prices and Increase Rental Vacancy

Recent legislation introduced by the BC Government will require builders to collect and report their buyer's information on the purchase and sale of condos before they are built. The NDP are putting this practice into place because they are concerned speculators are making purchases, riding out the equity increases while the property is being built, then selling them at a profit without ever living in them or reporting any of the capital gains. 

“This is a key step to stopping people from using presale condos as a quick, lucrative investment,'' says Carol James. ``It's also to stop them from driving prices up for British Columbians trying to get into the housing market.''

This legislation would force the reporting of the condo flips and allow the government to collect the tax.

Whether or not one agrees with their legislation, if you read between the lines, the government is taking action because it recognizes the value in pre-sale condos as a way to build some…

How Quiet is my Condo?

“What about the noise?”
We hear this question time and again. It’s one of the larger concerns our customers have when they are considering a condo purchase.
“I like the idea of the condo lifestyle,” a customer told us. “I’m just not excited about hearing my noisy neighbours on all sides. I like a quiet space.”
We get it. And we feel the same way.
“Did you know there have been recent changes to the National Building Code (NBC) to reduce noise transmission” we asked?
In 2015, the NBC, which is Canada's building code that sets technical provisions for the construction of buildings, was updated to change how builders and architects design for acoustics to ensure you have quieter neighbours.
What is required and how they measure it needs a little explaining.
The measure of how much material can reduce noise transmission is called the Sound Transmission Class (STC). The higher the STC number, the less sound transmitted. The NBC now requires an STC rating of 50. For our technically incl…

Should a Condo Be Your First Home Purchase?

The rising price of single detached housing in Greater Victoria means many families and investors are considering the purchase of a condominium – perhaps for the first time in their lives. And while most of our clients are embracing the idea, some feel a condominium is their “second best” choice after a detached home with a driveway, garage and back yard.
We get it. It’s no fun to be faced with home prices that are outpacing your ability to save a down payment or service the mortgage. It’s hard to give up the white picket fence and big garden. However, we’d like to point out some benefits to owning a condo you might not be aware of, and help you jump into the real estate market.
Price In Greater Victoria, condominiums are simply more affordable than owning a detached home. You’ll likely find your mortgage plus condo fees are equivalent to how much you pay for rent. If you end up paying more, be assured it’s less than what you’re going to be paying for a detached home mortgage plus m…