How Victoria’s Real Estate Market is Shaping Up This Summer

The changes in mortgage qualification rules have reduced buyer’s purchasing power and the proof is in the numbers. Event though there are 20 per cent more active listings than this time last year, there are 25 per cent fewer homes sold compared to June last year. We also have a lot more competition for any homes listed at a lower price ranges and for condominiums because there are a third less homes listed under $750,000 this year over last due to rising real estate prices, and there has not been enough condominiums to meet demand.

On the higher end of the market, there are at least 50 per cent more $1.5 million plus houses listed. The new and potential taxes from the provincial government are putting pressure on some high value home owners to sell. The provincial taxes include the Foreign Buyer Property Transfer Tax, the increased School Tax and the potential Speculation Tax.

The VREB (Victoria Real Estate Board) President Kyle Kerr summed up the current market well. "You may find more flexibility if you are shopping for a multi-million-dollar estate in certain areas,” he said. However, “you may be in for a competition if you're shopping for a lower priced home or condominium.”

The MLS® (Multiple Listing Service®) HPI (Home Price Index) benchmark value for all types of condominiums (one, two or three bedroom) in Westshore increased by 20.90 per cent over last year from $327,200 to $395.700. It’s interesting to compare this to the MLS® HPI benchmark value for a condominium in the Victoria Core area which increased by 15.7 per cent over last year from $426,900 to $493,900. Comparative prices from last year to this are going up faster in the Westshore area as families and professionals shift their attention away from the less affordable Victoria core and towards vibrant communities like Langford.

Let us know if you’re interested in looking at a condominium at Triple Crown Communities. Residence 1 is now sold, but details about Residence 2 will are coming soon. Sign up for our newsletter The Winner’s Circle to ensure you’re one of the first informed.

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Why Investing in a Pre-Sale Condominium is a Good Idea

We are seeing three categories of people purchasing our condominiums right now: young professionals looking for less expensive entrance into the competitive housing market; retirees downsizing from a big family home; and investors who want to buy a unit and rent it out to make a profit over time.
Quite a few real estate investors make a purchase at Triple Crown. That’s because real estate investors are catching on to the advantages of condo pre-sales, especially as the price of single detached dwellings skyrocket and become less financially tenable.
More Time to Save the Down Payment
The advantage of buying a pre-sales or pre-construction condo as a real estate investment is the flexible financial arrangement. If this is your first-time real estate investment, it’s difficult to come up with the required 20 per cent down payment. As of February 2018, the Victoria Real Estate Board (VREB) lists the benchmark price for condominiums in the Greater Victoria area as $463,100. The down pay…

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…

Residence 1 Now Sold Out!

Thank You to everyone who has invested in the Triple Crown Community and purchased a condominium. All 46 units in Residence 1 are now sold.
Those of you who were not ready to buy, or who are waiting for the next phase of condominiums, stay tuned. We will be announcing details soon.
Now that you’ve put a deposit down for your new condominium, make sure you make yourself aware of some expenses you will need to set aside some money to pay before the day that you close if you’re living in or renting your unit.
Closing costs
GST is included with the rebate going to the seller. If the buyer is not living in the unit and not eligible for the rebate they must pay the rebate portion on top of the Selling price. Property Transfer Tax (PTT) is similar in that it is included if you are living in the unit. Those not living in the unit they must pay the PTT on top of the Selling price net of the GST.
You will need insurance for the unit whether living in it or renting it out.
Utility Hook ups. When you …

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