Mikaila Rhodes Victoria Realtor®

Cell: 778-679-1028 |

Happy Giving Tuesday!! My UnitedNOW! Council, with the United Way, is hosting Music Bingo with Yates St. Taphouse tonight to celebrate Giving Tuesday!

 

Giving Tuesday is a global movement that takes place each year after Black Friday and Cyber Monday and marks the "opening day of the giving season". It’s a time when Canadians, charities and businesses come together to celebrate giving and participate in activities that support charities and non-profits.

 

$1 from every burger Taphouse sells today will be going to United Way, so please come eat a burger for lunch and dinner  We will also have prize balloons throughout the evening and other draws if you play spin the wheel!

 

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The City of Victoria is considering recommendations to change the current rules for secondary suties, whether putting in a new suite or bringing an existing suite into compliance. This is a great move for the City of Victoria as it will benefit both homeowners and renters, some of these recommendations include:

 

"Staff are recommending removing barriers to development of secondary suites through such measures as allowing secondary suites in duplexes or in small-lot housing, or allowing basement suites on properties that have a garden suite.

 

Council is also being asked to consider programs or events “to provide a safe and welcoming environment” for homeowners to ask questions about developing a suite or what would be required to bring an existing suite into compliance without fear of city inspections or fines."


For more information and to see the full article: http://www.timescolonist.com/news/local/victoria-considers-encouraging-secondary-suites-easing-rules-1.3038675#sthash.NyGacoiR.dpuf

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Competitive Housing Market in Victoria Continues as Inventory Remains Low

November 1 2016, Victoria, BC

A total of 735 properties sold in the Victoria Real Estate Board region this October, a single property more than the 734 properties sold in October last year.

Inventory levels remain lower than last year, with 1,938 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2016, 38.9 per cent fewer than the 3,170 active listings at the end of October 2015.

"We continue to see low inventory hindering sales in the local market," notes Mike Nugent, 2016 President of the Board. "Though our numbers are down from the record setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2015 was $608,200. The benchmark value for the same home in October 2016 has increased by 24.1 per cent to $755,000.

"The federal government's change to mortgage lending rules has also impacted buyers," adds President Nugent. "Buyers that require mortgage insurance are able to qualify for significantly smaller mortgages than before the rule change and this is further limiting their options in a very restricted market. Some buyers have postponed their search in order to save up more of a down payment so they can work within these new limitations."

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The Wade is a one of a kind steel and concrete development with great incentives for first time home buyers! Located at the corner of Johnson and Cook St., each buyer will receive a garden plot on the rooftop which features large courtyards, fruit trees, a sauna, and much more. There are about 21 floor plan variations to choose from, all with beautiful finishes. Prices for a junior 2 bedroom start at just $335,900 with prices for a studio/junior 1 bedroom starting at just $239,900. Completion for the building is expected in around 2 years or the beginning of 2019. Sales start this Saturday and if you want more information or have questions feel free to message or call me!

 

www.thewade.ca

 

 

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NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.