Victoria is a great city for real estate investors. We have one of the lowest vacancy rates in Canada, which means that rental properties are in high demand. Victoria is home to UVIC, Camosun, and a large Navy Base which means that there are many qualified renters in the market.
There are always fabulous deals to be found which can result in a positive cash flow for investors (especially in our current real estate market). If you’re thinking about starting a real estate rental portfolio I can send you my top 10 list of available condos on the market that yield great rental returns. In the meantime enjoy this video all about obtaining investment property financing.
Email me at Christina@ChristinaCarrick.ca
One issue of primary concern to all homeowners trying to sell their homes is, “How do I make sure my property is seen by the maximum number of people?” Of equal importance probablyshould be, “How do I make sure the maximum number of people who are motivated or likely to buy my home see my property?”
The answers to both questions lie with the real estate professionals you entrust to sell yourhome and the extensive network of listings they use to access properties throughout the Greater Victoria area. The real estate professionals are your REALTORS® and the network is called the Multiple Listing Service® (MLS®). REALTORS® are experts, trained and licensed in the field of real estate, who help people buy and sell homes. All REALTORS® in the Victoria area are members of the Victoria Real Estate Board which operates the MLS® system.
What is MLS®? – The Multiple Listing Service® is best described as a co-operative marketing system to ensure maximum exposure of properties for sale. Fundamentally, it is a central registry of properties used by REALTORS® to match buyers with properties for sale. Most homes sold in Canada are sold via the MLS® systems operated by real estate boards across the country.MLS® is a sophisticated computer database of properties indexed by price, location, type ofhome, number of bedrooms, amenities and so forth. All properties listed on the Victoria Real Estate Board’s MLS® system can be viewed on the Internet at www.mls.ca.
The Advantages For Consumers – The major benefit of MLS® to consumers is that it allows the REALTOR® to use his or her skills to full advantage. REALTORS® are experts in determining what a potential buyer wants in a home — and a large part of the REALTOR®’s job lies in finding properties that meet a buyer’s needs. Using the MLS®, a REALTOR® can search the database for homesthat suit budgets, location preferences and family requirements, and quickly put together a short list of suitable homes. This means that when it comes to view homes in earnest, buyers know exactly what homes they want to see, what their options are and what types of properties the market has to offer.What’s good for the buyer is also good for the seller.
The main obstacle for any seller is to find qualified, motivated buyers and the only way to overcome this is to match your home with the requirements of as many potential buyers as possible. The MLS® system cuts through the complexities, exposes your property to people most likely to purchase it and makes sure you won’t waste your time showing your home to those who are not truly interested.
So, when you have made the decision to sell, make sure you ask your REALTOR® about an MLS® listing. It could be that your REALTOR® will already know a number of potential buyers, but listing your home on MLS® will ensure wide exposure of your home to a broadrange of interested people.
We are happy to announce that our listing in 365 Waterfront has sold – and we have another happy client! 365 Waterfront is one of my favorite buildings in Victoria, BC and I would recommend the development for all those buyers looking for amazing quality, an active lifestyle, and great location. Here is a video I shot on-site to introduce the building. Although our listing is now sold, I have plenty of information available about the other units listed for sale, and having worked for CONCERT properties (the developer) in the past I understand the development and know all the floorplans and features. If you would like more information about available units, pricing, and floorplans please email Christina@ChristinaCarrick.ca or call 250-857-6045.
A Bank Representative is employed by a single financial institution and is promoting that institution’s mortgage products.
A Mortgage Broker is licensed by the Province of BC and can offer the products of many different institutions including Banks, Credit Unions and Mortgage Companies. Brokers attempt to match the clients’ circumstances with the best options available from the full spectrum of lenders.
What’s a Virtual Bank?
It’s a term that has been coined to describe Mortgage Companies that do not have large public branch networks. They are Canadian Companies or Banks that may have Canadian ownership (like Canadian Western Bank) or international ownership (like ING Direct). These companies have lower overhead than many Banks and pass on the savings in the form of lower interest rates.
Mortgage Brokers often recommend these institutions to their clients to help them save money. These lenders often offer better prepayment options and lower penalties than the Banks while still providing full portability. Clients are offered the choice of one of these lenders or one of the large traditional Banks.
Some of these non-traditional lenders have been operating in Canada for 20 years or more, and have more mortgages under administration than many branch-based financial institutions. Many of these companies raise the money they lend by using the Canada Mortgage Bond program. This means that the lender pays to protect the mortgage with an insurer like CMHC. This provides an extra level of protection that isn’t always present with the large Canadian Banks.
The best advices when looking for a mortgage … carefully examine all the choices available. Meet with a mortgage professional and compare the features of mortgages offered by several different institutions. You shop carefully for your daily household needs. Shop even more carefully for your mortgage!
For more information about the benefits of working with a mortgage broker, or to meet for private consultation to assess your needs please contact Liz Prins at Liz@MortgageCanada.com or visit www.mortgagesbyliz.ca
Often times when you have purchased a new home, it can be difficult to know where to start when it comes to home decor. Which table will you buy and how will it affect the rest of the room and the furniture you already own?
Navigating the internet for usable tips on decorating your kitchen or bathroom can be overwhelming if you don’t have a lot of time.
So we thought we would do that for you!!
The following websites are the best tips online (in our opinion) for home decor –
Style at Home is a great website that provides its readers with tips and tricks as well as informative trend watching on kitchen and bathroom decor.
The website recently did an article on kitchen trends and how they are going to evolve in the future. Here is what some of their experts had to say:
“Gray will continue to be a prevalent colour in paint and in kitchen cabinets. It can be used in a traditional way with a Shaker-style front, or in very modern high-gloss applications. Gray is definitely here to stay, commonly paired with brown and white.”
Lisa Canning, Lisa Canning Interiors, Toronto
“Inspired by exotic destinations like Africa, India, Peru and Turkey we are seeing bold colours and prints in pinks, oranges, turquoise and greens. Bright colours and bold patterns paired with the classic earthy and neutral accessories create a well-balanced combination of colour for a visual feast in your home.”
The residential team of Sizeland Evans Interior Design, Calgary
In the 2011 Edition of Victoria Homes there was a very interesting article called “To Make a Successful Flip”. The article outlined some strategies and considerations that those hoping to turn a profit from purchasing a property, renovating it and then reselling it in a relatively quick time frame should keep in mind. I thought it made some really great points and wanted to share a few key tips.
- “You need to know the costs before you start.” -This is the key to every successful flip. Surprise expenses will cut into your profit margins. Having a clear picture of what renovations will cost is important but don’t forget to factor in the costs of carrying a property until it sells and the dispersal fees as well. Have your REALTOR® go over all the costs associated with the transaction on both ends with you. This will allow you to budget for things like property transfer tax and whether or not there are any exemptions that apply to you.
2. “Get to know the neighbourhood. In the end the smallest house in a more desirable area will sell for more than a larger house in a bad one.” – The golden rule of real estate: location, location, location. Especially in the case of a flip because you don’t want to be stuck with a property that will take a long time to sell or will force drastic price reductions. Both a long selling time and reduction in sales price will eat into your profits.
3. “Invest some time and money staging your home for sale.” – This is an especially important tip given the current market environment. You’ve invested time and money (and if you’ve done some of the work yourself: sweat and tears too) into this project and as mentioned above you need it to sell as quickly as possible to realize maximum profitability. While it’s my belief that staging will not necessarily get you higher offers it will help your property outperform the other product on the market which ultimately leads to a quicker sale.
Beyond the tips mentioned here the article had a plethora of helpful information. For a tailored project specific analysis of the costs and viability of your flip contact us today.
Here is a little home purchasing advice for our readers from a great real estate website and blog called The Red Pin.
The writer is Joe Ragona and we think he is giving great advice!
A novice real estate investor may think the only way to make a profit on their investment is in buying low and selling high – appreciation … and although this is a definite way many investors make money, it’s not the only one.
If you are only buying Real Estate with the intention of it going up in value, you will eventually pay the price when markets correct, as so many have learned these past few years … especially in Alberta. Yes, you can make money if you get lucky in a hot market, but also lose just as much on the other side.
However, if you approach your investment from the long term growth side, making sure you buy a self-sustaining property with cash flow after all expenses and a buffer built in, you will benefit from the compounding growth in the long run.
This is the reason I personally don’t panic when markets correct or fluctuate. My properties still bring in cash flow while the debt continues to shrink. Sure it may be worth less than last year but who cares, I have no intention of selling today or even tomorrow anyway.
Buying for long term and in the correct market gives you four income streams:
Positive monthly cash flow
Mortgage loan reduction
Tax advantages / deductions
Appreciation
My intention is to never sell my properties, but if one day the market does decide to throw me a bone, you never know, I might catch it!
Mr. Ragona makes a good argument for the buy and hold strategy that is sometimes over looked by real estate investors.
I myself am a fan of this approach if it fits with the overall investment strategy of the individual and if the investor has a long enough time horizon.
Contact us for a free personalize portfolio review and more information on real estate investment strategies.
I came across this great article that explain what title insurance is. The article is informative and easy to understand. We will have a lawyer comment further so stay tuned and in the mean time contact us with your questions. Click on the image to read further.
Here are my top 4 tips for a first time buyer taking steps to get ready to buy their first home!
1. Get Informed – learn about home ownership and whether it`s right for you. Some great resources are available at CMHC (Canadian Mortgage and Housing Corporation) PLUS I we are always available to take you out for coffee to talk more about the realities of home ownership and the steps involved just email, tweet, facebook or call!`
2. Talk to your bank or mortgage broker (or both) – setting your budget is key. Brokers and bankers are very helpful in teaching you about mortgages and coaching buyers through the process of applying for a loan. For a list of pre screened brokers and bankers at all major banks in Victoria just get in touch.
3. Find a good Realtor to represent you, and help in your search – Realtors are key in the buying process, we educate buyers about the current market, show properties, answer all questions about available properties, negotiate the sale, do all the paperwork, and help ever step of the way. I always encourage clients to interview their Realtor and I will make sure to post some great interview questions soon. If you want a copy of them early then just email, tweet, facebook or call.
4. Start shopping!! – this is the FUN part and can be a long process or a relativity quick one depending on the buyers needs and personality.
If you have any questions we`re always available and happy to connect.
Since as early as the 1930’s, many Victoria homes have used home heating oil as their primary heating source. The oil has been, and continues to be stored in large storage tanks, which are either located above ground (typically in a basement) or below ground (typically buried in a backyard). This discussion will focus on the potential problems posed by oil tanks buried below ground.
As home owners switch from using heating oil to alternative sources like electric and natural gas, many of the underground oil tanks have been emptied out and forgotten. These tanks are however a potential source of contamination of both soil and groundwater, and for that reason they are regulated by British Columbia’s Environmental Protection Act and the regulations thereto (the “Act”).
Who faces liability under the Act? Potentially, each of the current owner of the property, any prior owners of the property, and anyone who may have transported contaminants either onto the property or from the property onto another property may be liable to remediate the contaminated soil. The costs of remediating the soil can be significant; remediation of contaminated soil on a standard size City of Victoria lot could range up to $200,000 or more, depending on the level of contamination.
In addition, the owners of lots with buried underground oil tanks may face other problems, principally that the property may become uninsurable, because of the potential fire hazard posed by these buried tanks, and that banks and credit unions may not want to grant a mortgage over the property, because of the risk of contamination and the associated costs to clean it up.
With these concerns in mind, what can home owner and potential buyers do to protect themselves? The best thing to do would be to have an approved inspector check for a buried underground oil tank and, if one is found, contact individuals approved to determine the extent, if any, of any contamination, and to subsequently decommission and/or remove the tank from the property. Ascertaining whether or not there is a buried oil tank should also be part of the due diligence involved in the house-buying process; either the potential buyer and/or Realtor should find out if there is such a tank or, if the sellers do not know, then the potential buyer’s Realtor should ensure that the purchase is conditional upon the results of an inspection for such a tank.
This discussion of underground oil tanks is intended only as a brief introduction to the subject. Should you have any questions or concerns with respect to this or any other aspect of real estate law, please contact
Brendan Piovesan at Mullin DeMeo, at brendan@mdlawcorp.com, or (250) 477-3327.
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