Triple Crown

Over the last few years, rising housing prices have outpaced the ability of many first-time buyers to save a sufficient down payment to service a mortgage for a single-detached house. If you are getting tired of paying rent and you would like to own some real estate, there is an alternative. Purchase a condominium as your first home. Doing so doesn’t mean you have to give up your dream for a white picket fence and big garden. It simply means you shift your current expectations to get into the real estate market and put your monthly payments towards building your own family’s equity instead of a landlord’s equity. While considering your decision, may we point out a few benefits to condo ownership you might not have considered? The Primary Consideration - Price In Greater Victoria, condominiums are 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 as...

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. "...