Buying a home is one of the biggest financial decisions you will ever make, and understanding the down payment requirements in Canada is a crucial part of the process. Whether you are a first-time home buyer or an experienced homeowner looking to purchase a new property, it’s important to be well-informed about the various requirements and how they might affect your buying power. Minimum Down Payments The Canadian Mortgage and Housing Corporation (CMHC) is the country’s national housing agency, and it sets the guidelines for down payments on home purchases. The CMHC requires a minimum down pa ..read more

If you are looking to buy and/or operate a legal short-term vacation rental in Victoria, BC, you have come to the right place. In this post, I will highlight the bulk of the Airbnb buildings in Victoria along with a few other factors to consider with these unique investment properties. A Refresher on Zoning & Vacation Rentals In Downtown Victoria, less than 20 buildings allow legal short-term vacation rentals. These buildings were previously zoned for transient accommodations (i.e.short-term vacation rentals) spanning less than 30 days. Although the transient accommod ..read more

If you are looking to buy and/or operate a legal short-term vacation rental in Victoria, BC, you have come to the right place. In this post, I will highlight the majority of the approved buildings for Airbnb and other short-term rentals in Victoria, along with a few other factors to consider with such investment properties. A Refresher on Zoning & Vacation Rentals In Downtown Victoria, less than 20 buildings allow legal short-term vacation rentals. These buildings were previously zoned for transient accommodations (i.e.short-term vacation rentals) spanning less than 30 ..read more

For a lot of people, buying a great home in a hot market can be equal parts rewarding and challenging. Low inventory paired with high demand inevitably creates market conditions that can be stressful and difficult to navigate. If you’re looking to buy a home in Victoria or anywhere in BC, here are four actionable steps you can take to improve your odds of securing a great home in a hot market. Get Really Clear on Your Budget Speak to a Mortgage Broker well in advance of starting your search so you know where you stand financially. Many Buyers are opting to write unconditional or “no-subject ..read more

When it comes to how long it will take to sell a home in Victoria, it’s important to consider the overall market conditions and the area your home is in. At the time of writing this article in early March of 2021, Victoria’s housing market is experiencing historically low inventory, heightened demand from Buyers, and, according to a recent CTV News Vancouver Island article, “pressure on single family homes [that] continues to ramp up.” While select homes have been selling within days of being listed, other homes can take much longer to sell for a variety of factors. Using data from the Vict ..read more

The following Market Intelligence article was published by the BCREA in April 2020. Copyright British Columbia Real Estate Association. Reprinted with permission. Summary Findings The 2020 COVID-19 driven recession will be deep, though the duration may be shorter than past recessions We expect that home sales will post an initial sharp decline as households and the real estate sector adhere to social distancing As measures implemented to mitigate the spread of COVID-19 are gradually lifted, we expect that low interest rates and pent-up demand will translate to a significant recovery in home ..read more

Should I buy or sell real estate in Victoria during COVID-19? While the market has certainly shifted away from traditional Spring markets of year’s past, homes continue to come on the market, just as select Buyers continue to actively search for and secure the right properties. These are unprecedented times in the world. COVID-19 has changed how we live, communicate, work, and more. It’s also changed how select industries and essential services, including Real Estate, conduct business around the world. Whatever your reason for moving, it’s important consumers and Realtors alike stay informe ..read more

Closing costs when buying a home in BC are a crucial and oftentimes overlooked element of a home purchase. It’s important that Buyers know what to expect ahead of time so they can have these funds readily available before their purchase closes. Here is a list of the most important and common closing costs for Buyers to remember. Down Payment The minimum down payment in Canada depends on the purchase price of the home. If the purchase price is: Less than $500,000, the minimum down payment is 5% Between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000, and 10% of th ..read more

The Stress Test was introduced in Canada in 2017 as a mechanism to tighten the lending market. This was achieved by setting a new benchmark qualifying rate for home buyers. If you’re looking to buy anywhere in Canada, it’s important you know about the Stress Test and how it affects your purchasing power. It’s also helpful to know what steps are being taken by the Canadian Government to make the housing market more accessible for Canadians. What is the Stress Test? The Stress Test is performed when a home buyer in Canada applies for a mortgage. A Buyer will need to prove they can afford to pa ..read more