Below is a Fairfield Map to help show you this area of Victoria, BC. This condominium sold over asking price with multiple offers. It is located on Fairfield Road very close to Blanshard Street (bording downtown). If you have any questions or would like help with you real estate needs please call me at 250.744.4556 or 1.800.550.0585 toll free in North America.
Below is a map of the Fairfield area. This Condominium had multiple offers and sold above asking price. It is located on Fairfield Road very close to Moss Street. If you have any real estate questions or would like some help please call me at 250.744.4556 (cell). I look forward to hearing from you.
Below is a photo of the Oak Bay Branch of the Greater Victoria Public Library. Steps away from Oak Bay Avenue and about a ten minute walk from this home that sold in South Oak Bay.
On July 23, 2009, Premier Gordon Campbell and Finance Minister Colin Hansen announced that, effective July 1, 2010, BC will adopt a Harmonized Sales Tax (HST), combining the seven per cent Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST) for a single sales tax rate of 12 per cent.
An additional seven per cent tax will be charged on a variety of real estate related services, including commissions, appraisals and other services that are currently exempt, as well as adding thousands of dollars in additional costs to new home purchases.
Looking to offset the increase in costs, the Government of BC plans to offer a partial rebate of the provincial portion of the HST for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.
What does this mean for REALTORS®? As proposed, the HST will increase the cost of buying or selling a home and becomes essentially an additional tax on home ownership. Under the HST, REALTOR® commissions will be subject to a 12 per cent tax, replacing the five per cent GST now charged.
New home sales over $400,000 will be dramatically impacted, as buyers will now have to pay an additional seven per cent tax (even with the $20,000 flat rebate). This will act as a disincentive to buyers of new homes in the short term.
The Vancouver Sun wrote an article also explaining what other industries will be affected on July 30, 2009.
Copyright British Columbia Real Estate Association. Reprinted with permission.
Sayward Hill Development with a million dollar view! Luxurious living along with stunning panorama of Cordova Bay, Gulf and San Juan Islands and Mt Baker. Spacious open plan with large floor to ceiling windows takes full advantage of the interplay of light and space capturing the magestic scenic vistas. This luxurious unit features nine foot ceilings, hardwood flooring, gourmet kitchen, gas fireplace, spa-inspired bathrooms and media room. In addition there are two large entertainment sized patios and two secure parking spaces. This building has only 16 suites. Discover Mattick's Farm, a Victoria landmark shopping experience of boutiques, galleries, farm fresh foods and award winning BC wines. The Lochside Trail offers some of the most scenic walking, running or cycling in the world.
Cordova Bay Golf Course, a public 18 hole "World Champion" destination course within minutes away or try The Ridge, a relaxing 9 hole golf course within walking distance of this Condominium.
Sidney waterfront! Stunning two level condo offers first class finishing throughout. A deluxe kitchen with cherry cabinets, stainless steel appliances, Hunter Douglas blinds and sweeping ocean views...laundry, master bedroom with ensuite on the entry level and second bedroom, large bathroom and 'media room' with fireplace on the lower level. Lots of full height storage, security system, secure parking and an easy stroll to the Sidney Marina, book stores, cafes, and all levels of amenities.
Sidney is about 30 minutes from Victoria. Head North on Blanshard Street which becomes Highway 17 and this takes you right to Sidney and if you keep driving you will end up at the BC Ferries.
Updated Oak Bay home within walking distance to the beach (McNeil Bay). This classic 1940's home almost has too many desirable features. Well designed updates that creates a truly pleasing lifestyle and atmosphere. The elegant entry hall has gorgeous hard wood floors, generous sized living room and the separate dining room are ideal for entertaining. The fabulous new kitchen showing off the shaker style cabinets opens up to a wonderful family room and leads through double french doors out to a sun drenched private deck and yard. Perfect for barbiques, hot tubs and star gazing. Gorgeous mature landscaping completes this sanctuary.
Today in Victoria's daily newspaper The Times Colonist was an article explaining the Victoria Real Estate market. Royal LePage Coast Capital Realty's managing broker Carol Guerts was quoted throughout the article, below is an insert from the article and if you would like to read more about this article of Victoria's Real Estate just click. Also today on the radio there were new announcements about the Oak Bay Beach Hotel and Private Residences to be built.
The number of sales that was announced for the month of June 2009 was the fifth largest month in the last 7-8 years! The average days it takes to sell a home last year was approximalty 38 and this year is showing at 51.
Introducing the "50/50" Mortage Product Option
Hybrid mortgages – also known as 50/50 mortgage products – include an equal mix of fixed-rate and variable-rate components within your single mortgage. This means you get the best of both worlds – the security of fixed repayments with the flexibility of a variable rate.
Although there was a time in recent years when mortgage experts considered a variable rate mortgage as the obvious choice to save mortgage consumers money over the long term, with fixed rates remaining near historic lows, a 50/50 mortgage may be a great alternative for you.
In essence, since it’s extremely difficult to accurately predict rates over the long term, a 50/50 mortgage offers interest rate diversification, which can help reduce your level of risk.
If you opt for the Dominion Lending Centres 50/50 Balanced Mortgage, half of your mortgage is locked into a five-year fixed rate and half is at a five-year variable rate. You can lock in your variable-rate portion at any time without paying a penalty. As well, each portion of the 50/50 mortgage operates independently – like two separate mortgages – yet the product is registered as only one collateral charge.
The 50/50 mortgage product is well-suited to a variety of borrowers, including those who:
Would normally go fully variable but are afraid prime rate is at its bottom
Aren’t comfortable being locked into a fully fixed rate
Can’t decide between a fixed or variable mortgage
Some features of the 50/50 mortgage include:
20% annual lump-sum pre-payment privileges
20% annual payment increase ability
Portability (the option to transfer your existing loan amount to a new property without penalty)
As the 50/50 option is a fairly new offering, according to a recent study by the Canadian Association of Accredited Mortgage Professionals (CAAMP), 5% of Canadian mortgage holders have 50/50 mortgages compared to 28% with variable-rate mortgages and 68% with fixed-rate mortgages. But many experts believe the 50/50 mortgage is quickly gaining momentum.
If you have any questions or would like help with real estate in Victoria please call me direct at 250.744.4556 and stay tuned for more real estate updates...
Fairfield is a popular area in Victoria and within walking distance to downtown and Cook Street Village. If you have any questions regarding this property for sale or would like help with your real estate needs please call me direct at 250.744.4556.
I just sold this 1 1/2 storey townhome at 107 - 6591 Arranwood Drive, Sooke, BC . "The Alders at Woodland Creek" is a new development in the Sooke Village Core area. Developers William Moore and Geoffrey Steele did an excellent job! Check it out...
This new townhome development in Sooke is centrally located and within walking distance to elementary and middle schools. Also on a trail system for parks and the arena/pool complex.
Check out Mom's Cafe, The Stick in the Mud Coffee House (6715 Eustace Road 250.642.5635), Little Vienna Bakery (6726 West Coast Road 250.642.6833)
Sooke has an abundance of natural beauty to match its wealth of opportunity. It is a vibrant urban center with its own ambiance allowing all to enjoy a secure and healthy lifestyle in a full service community. Check it all out in Sooke!
During the month of April in the Victoria area there were a total of 4 homes sold between $600,000. - $650,000. range and 9 year-to-date.
If you are considering selling your home or purchasing real estate in Victoria please call me with any of your questions. If you are interested in viewing all the MLS® current listings in the Victoria and surrounding areas (Oak Bay, Esquimalt, Saanich, Colwood, Langford, Sooke etc.) I have created a page on my web site that is very easy to search for properties in Victoria. The video explains why everyone must create a login account because of the reciprocity agreement that is in place. I hope this is helpful for you. Please stay tuned for more updates. Enjoy the sun! Cheers.
City of Victoria Mayor Fortin attended our office meeting recently and presented updated information regarding Secondary Suites in Victoria single family dwellings. It was very informative, Mayor Dean Fortin considers himself as 'a little less talk and more action'. I created this short video of information provided from Victoria's City Mayor Fortin. Guidelines and grant information re: homeowners installing secondary suites.
Short Video of Victoria's City Mayor Fortin Explaining The New Guidelines For Secondary Suites In Homes
What is a Secondary Suite?
A secondary suite is a legal rental suite, located within a single family detached house. A seondary suite cannot be strata-titled.
Housing is the top priorty for Victoria and secondary suites play a role in creating housing options. 42 units in Dockside Green were created for afordable housing. These new guidelines will offer the opportunity for seniors to stay in their home and children to play in their backyard.
Two zoning changes were made in 2007 that started to make it easier for a legal suite to be built. Removing on-site parking was the first and allowing secondary suites in houses of ANY age was the second.
Mayor Fortin was happy to announce so far that there are eight new suites in Fairfield, seven in Fernwood, ten in Gonzales, six in James Bay, three in the Jubilee area, one in Rockland, and five in the Vic West area of Victoria to learn more check out the video blog for the complete chart outling all the totals.
March 26, 2009 these changes were approved and introduced a grant program. Each individual grant will equal 25% of construction costs to a maximum grant of $5,000. Who is elegible to apply fo the grant? Applicants must be the owner and occupant of the single family detached house within the City of Victoria for which the grant is requested.
Secondary suites offer homeowners a variety of benefits and increase the amount of safe, affordable housing in Victoria. They can serve as a mortgage helper, provide a sense of security and increase the value of a home.
Once I install a secondary suite, do I have any legal responsiblities as a landlord?
A suite is considered legal when all the required building, plumbing and electrical permits have been applied for and approved, and where all work has been completed, inspected and final Occupancy Permit issued by the City of Victoria.
A building Permit requires that a homeowner comply with the secondary suites standards in the BC Building Code.
The first step to legalizing an existing suite is to contact the City of Victoria's Zoning Division at City Hall at 250.361.0316.
The City of Victoria is committed to being a sustainable community. There are a number of resources you can access in order to construct an energy-efficient suite: City Green Solutions BC Hydo Powersmart and LiveSmart BC.
I hope you found this helpful and if you have any questions regarding real estate in Victoria please call me direct at 250.744.4556 or email me at brenda@brendarussell.ca. Please stay tuned for more updates.
