Spring property market brings positives for buyers and sellers in Victoria A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold.   “The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing,” said 2024 Victoria Real Estate ..read more

I have sold a property at 627 Treanor Ave in Langford on May 3, 2024. See details here Stellar location! Well maintained Single-Family Home with no strata fee offers easy access to all Langford amenities. Main floor with 9 ft ceilings, powder room, under-stair storage & garage access. Spacious living room & kitchen/dinning featuring laminate floors, electric fireplace, maple kitchen cabinets with great counter space, pot/pan drawers, garburator & stainless fridge/stove. Garden door leads to fully fenced backyard with 170+sqft patio. Large primary bedroom with ensuite, 3 closets-1 ..read more

As you may have heard by now, as per Order in Council No. 204-2024, the BC Government has amended the Strata Property Act and Strata Property Regulation, specifically as it pertains to depreciation reports. Here’s a quick summary of some of the changes: 1. As of July 1, 2024, strata corporations with 5 or more strata lots: Can no longer waive or defer obtaining a depreciation report, and Must obtain a depreciation report every 5 years. 2. Existing strata corporations without depreciation reports, or those with reports completed before December 31, 2020, have a grace period to acqui ..read more

One common strategy that stratas use to minimize strata fees in the present is by “padding their current budget”. When stratas have had surpluses in previous fiscal years, they often choose to leave these surplus funds in their operating account (often labeled “Retained Earnings” on financial documents). This is common practice and is not in itself problematic, as having some cash on hand gives the strata the ability to pay its bills when they’re due. Having low funds in the operating account can cause issues, as the strata may not be able to pay its bills on time, having to wait for mor ..read more

Supply still key to Victoria’s housing market A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold.   “We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® membe ..read more

Property Transfer Tax exemptions - April 1, 2024 For many, buying a home is the largest purchase they will ever make, and property prices are making it harder. Every little bit helps, and Budget 2024 aims to give people the financial boost they need to bring buying a home within reach, including: Increases to the threshold for the First Time Homebuyers’ Program so it reflects today’s market: Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. That could mean as much as $8,000 in sav ..read more

strata corporations are not required to obtain earthquake insurance. That being said, purchasing a unit in a strata corporation that does not have earthquake insurance can pose significant risks, so it’s important to advise consumers accordingly. It’s also important for your clients to be aware of how much they may be on the hook for, were an earthquake to happen and cause significant damage. By doing so, your clients will be able to make an informed decision on whether, or not, to obtain additional homeowner insurance, to mitigate their risk ..read more

1. To start, it’s important to understand what we mean by “enough”. If you’ve missed our email explaining how to determine whether a strata has “enough” in its contingency reserve fund (CRF), you can check it out here: Does the Strata Have Enough in its CRF? 2. So, how much can buyers expect to pay in special levies because BC stratas are not saving enough in their CRFs to pay for all their future capital projects? Because we’ve had a chance to review so many strata corporations all across BC, we’ve gathered some metrics that allow buyers to make more informed decisions about th ..read more

All strata corporations in BC, regardless of size, must obtain property and liability insurance, including bare land strata corporations and strata-titled duplexes. 1. Property Insurance A. The strata corporation’s property insurance must be for: Common property Common assets Buildings shown on the strata plan, and Fixtures built or installed on a strata lot if built or installed by the owner developer as part of the original construction of the strata lot (e.g., the original flooring, cabinets, etc.) B. Property insurance must ..read more

Based on our experience, approximately 25% of strata corporations or management companies neglect to provide the latest set of bylaws. So, in this email, we’ll go over how you can ensure you have the latest, enforceable set of bylaws. Where can I find the strata corporation’s bylaws? All strata corporations in BC should have bylaws filed with the Land Title and Survey Authority (LTSA). These can either be the Standard Bylaws or, if the strata has amended its bylaws, the strata’s unique set of bylaws. To ensure you have the latest set of enforceable bylaws, we recomm ..read more