Great news for first time home buyers, as the exemption threshold for Property Transfer Tax has been increased from $425,000 to $475,000 for first time buyers. This can save a first time buyer $7,500! A partial exemption now applies to any property under $500,000, over a previous $450,000. This means over 500 single family homes in Victoria currently qualify for a full exemption, and almost 50% of all current listings are available with a full PTT exemption to first time buyers. Interest rates are also down again, making it a great time for first time home buyers to enter the market!
This last week marked the launch of Royal LePage's new marketing initiative, Islands Best Homes, in Victoria. Through this new marketing initiative the issue below will be featured in local newspapers, reaching 90,000 homes in Greater Victoria. This insert is in connection with www.islandsbesthomes.ca which features Royal LePage listings from all over Vancouver Island. Just another way we provide more exposure for your home in todays market!
If you are currently a volunteer with any organization, let us know! Our UnitedNow! Council is currently doing a prize giveaway for 2 boathouse day passes at the Oak Bay Beach Hotel. Go to our UnitedNow! Council page, open the Facebook link and like our page, then comment on the post to be entered in the draw. Good luck :)
After a strong end to a great 2013, the trend continues with an increase in sales of 16.3% last month over January 2013. Inventory is at less than 3,500 units right now as we enter our second month of 2014, it is a great time to list your property as we are seeing homes sell quickly which are "attractively-priced and well-presented".
For the full article you can see the Victoria Real Estate Board.