Investment Opportunities

I have noticed that as a result of the current mortgage market many Victorians are considering investing in an income producing property. It is simply so affordable to borrow money that many people are finding it hard to ignore the current investment opportunities. The low interest rates in combination with depressed property prices is the perfect combination to attract new investors to the market.

I have viewed many 1 and 2 bedroom condos in and around Victoria that are in great condition and priced under $250,000. With a 20% down payment and 5 year fixed mortgage the monthly payments would be around $1000.00 (rbc.com). In addition, Victoria still has one of the lowest vacancy rates and highest rent costs in the country and there continues to be constant demand for rental properties. To get get a better sense of the rental market in Victoria check out Craigslist at http://victoria.en.craigslist.ca/apa/ and for a list of hot investment properties email or call me at 250-857-6045.

Gordon Head Duplex

Check out this loved family home…the owners have lived in this spacious and comfortable home for 28 years! In Immaclulate condition the main floor offers formal living, formal dining, masonary fireplace, spacious kitchen with lots of counters , an island and cupboard space as well as an eating area. Three bedrooms including the master and a 2 pce. ensuite, plus the four pce. bath complete the main floor. Looking to add value? The lower level has rough-ins to allow completion and a two pce. bath is already in. Set on a bright lot, the rear yard is fenced for children and pets. Patio space and a waterproof deck allow year round use to enjoy the sunny rear exposure. This affordable home offers real opportunity to first time buyers .

Sustainable Consumerism

I think we all have felt the recent trend towards more sustainable living and building practices. Even in Victoria there have been many innovations that encourage movement towards a more sustainable future (think Dockside Green). I truly believe that this is the way of the future and that it is imperative that we as a community embrace ethical consumerism. I think that this principle should be adopted when looking for a property as well. There are many different factors to consider when looking for a green home and I am able to help you review and prioritize those energy saving features.

This video is but one example of how green building is taking off around the world. This is the way of the future and to ensure that you have made the best investment in real estate I believe it is important to consider the sustainability of the home. After reviewing this video please visit the tab ‘ecourbanlifestyles’ and ‘for buyer’s to learn more about my Green-Real-Estate promotions.

March Market Update

Real Estate Sales Gain Momentum in March

April 1, 2009

Real estate sales throughout Greater Victoria gained momentum in March. A total of 602 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) up a significant 49 per cent from the 403 sales in February. There were 707 sales in March of last year. Prices, meantime, remained very stable with modest increases in some sectors. There were 3,859 properties available for sale at the end of March. That represents a seven per cent increase compared to March of last year and only a minor increase from the 3,844 properties available for sale at the end of February.

Victoria Real Estate Board President, Chris Markham, says the rebound in the market over the last month is welcome news. “Total sales last month were higher than the March figures during each year from 1995 to 2001 - a market which we considered to be balanced.” said Markham. “Sales seemed artificially low in January and February. Lower interest rates and the resulting increased affordability have energized the entry-level housing market. Last month’s substantial increase exceeded my expectation and provides us with renewed confidence that the market is returning to a healthy and balanced state,” he added.

Markham noted that prices remained strong and stable in March. The average price for single family homes sold in Greater Victoria last month was $534,689 down slightly from $542,396 in February. However, the median price rose to $503,751. The six-month average was $540,244. The overall average price for condominiums was $294,393 last month up from $286,985 in February. The average for the last six months was $288,661. The median price for condominiums also rose in March to $266,500. The average price of all townhomes sold last month was $405,003 up from $381,383 in February. The six month average was $398,320 while the median price in March was $356,450.

MLS® sales last month included 343 single family homes, 163 condominiums, 64 townhomes and 11 manufactured homes.

* Courtesy of Victoria Real Estate Board