Virtual Tour on YouTube

Click on this link to see a virtual tour of my loft condo listing.

http://www.youtube.com/watch?v=qZr5yBue8Gc

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New Listing in the Edge

Beautiful architecturally designed and renovated in 2007, this unique loft condo offers many features such as gas fireplace, cork floors,an open concept with kitchen eating island, tempered glass feature wall, wall art display boxes, cable lighting system, oak doors, gas fireplace, secure underground parking, separate storage on the same floor, your own in-suite laundry and utility room, and sunny, uplifting and calming garden and park views. The Edge is a 4 story concrete constructed building. It is well built, maintained and managed. Walk to downtown in 10 minutes and live the urban lifestyle. Shopping is also a 5 minute walk away. You can also head over to the Songhees walkway for an enjoyable stroll along the water's edge. Have a pet? No problem - dogs and cats are allowed. Also there are no rental or age restrictions, making ownership in this building very flexible. 1 bedroom and office/spare bedroom, 1 bath, 1004 sq feet. $414,900. MLS 280233. Call me at Newport Realty 250-385-2033.

New rules for rental properties could squeeze first-time homebuyers

Sat Apr 3, 11:17 AM

By Derek Scott, The Canadian PressVANCOUVER, B.C. - Buying a house in the hot housing markets of Vancouver, Toronto and other major cities in recent years has been a possible dream for some first-time homebuyers only because many of those houses had suites they could rent out.

But new rules coming into effect April 19 will all but wipe out that advantage in the eyes of banks handing out mortgages.

"It makes it much more difficult for people with rental properties to qualify for their own mortgage on their personal residence," said Vancouver mortgage specialist Patrick Mulhern.

The new regulations are designed to prevent speculation in the market, said Jack Aubrey, of the Canada Mortgage and Housing Corporation.

But Vancouver mortgage agent Mike Averbach said the new rules will do little to prevent investors from gambling in the housing market.

"They haven't decreased risk," he said. "They're just not allowing you to use the income."

Currently, landlords can use 80 per cent of their rental income to offset monthly mortgage payments. That means, if they receive $1,000 per month in rental income, they can use $800 to offset a $1,200 mortgage payment, leaving only $400 to be debt financed.

But under the new rule, only 50 per cent of a landlord's rental income will be used. Even then, that money will not be used to offset their monthly mortgage payment. It will be added to their total income, forcing them to qualify for the entire monthly mortgage.

For instance, a person earning $100,000 per year in regular income plus $12,000 per year in rental income will have a total income of $106,000 with which to qualify for a mortgage on their own home.

Rental income is essential for many of his clients, Averbach said.

In cities like Vancouver, where the average home price in February was more than $662,000, rental offset is the only way many people can qualify for a mortgage and the new rules will keep many of his clients in condos rather than houses, he said.

"Putting a renter in your basement is not speculative, it's reality," he said. "It helps you pay your mortgage."

The rule changes also make it more difficult for people to buy a property separate property to use as a revenue generator.

CMHC will no longer offer high-ratio financing on rental property not lived in by the owner. That means someone looking to buy a house as a rental investment will have to come up with a 20-per-cent down payment on the property, as opposed to five per cent before the rules changed.

The changes haven't worried groups advocating for tenants.

Jeordie Dent, of the Federation of Metro Tenants' Association in Toronto, where vacancy and availability rates have dropped over the last year, said he doesn't see a negative impact on renters.

Instead, he said his group welcomes the changes.

Dent said too many people become landlords without the financial or intellectual wherewithal to properly manage their properties.

"Anything that strengthens mortgage rules, from our perspective, is a good thing."

Inventory is moving quickly these days. Is it the pending HST or is the market just very healthy and active? So far Bank of Canada rates have remained stable.

Greater Victoria real estate on a big rebound

By Darron Kloster, Times ColonistNovember 13, 2009

Greater Victoria real estate is seeing a boom of sorts.

Photograph by: Files, Times Colonist

Victoria, B.C. - Greater Victoria real estate is on a big rebound with residential sales expected to increase by 21 per cent this year and another five per cent in 2010.

A forecast Friday by the B.C. Real Estate Association said Greater Victoria sales will hit 7,450 by the end of the year and 7,800 in 2010 — increases driven by overall confidence in the economy, pent-up demand and low borrowing costs. The forecast added average price on the Multiple Listing Service will dip two per cent to $475,000 this year, but increase by six per cent in 2010.

“I don’t think many of us thought last January, as the financial crisis was unfolding, we’d be looking at near-record activity in the market come fall,” Cameron Muir, the association’s chief economist, said in an interview. “The demand for real estate just welled up and the fact that interest rates have stayed very low has helped to build a strong demand. Victoria and Vancouver, in particular, are posting near record unit sales this fall.”

Muir said despite the rollercoaster economy, British Columbia still has 92 per cent of its labour force working. “People feel secure and see home ownership as viable,” he said, noting bidding wars on well-priced, good-location properties are common again.

The Vancouver Island Real Estate Board, covering all areas north of the Malahat, will also see increases in sales — six per cent this year to 7,200 and a 10 per cent leap in 2010 to 7,900 transactions — exceeding Greater Victoria’s total. Prices will slip by four cent this year to $330,556 and, in 2010, the average will tick up one per cent to $320,500.

Muir says a 20-per-cent sales surge across British Columbia will mean 82,900 homes will be sold this year, up from just 68,923 units sold the year before. Sales are expected to climb to 89,600 units next year.

The average annual MLS residential price in the province is expected to post a new record this year, rising two per cent to $463,200 and is forecast to climb an additional four per cent to $482,800 in 2010.

“Recovery in the B.C. economy will unfold gradually next year,” Muir said. “With sales prices in some markets flirting with record highs, affordability constraints will limit home price inflation over the next year.”

Greater Victoria real estate sales show steady rise

Highest number of properties sold in September since 1992

By Carla Wilson, Times Colonist October 2, 2009

Chris Markham says upward pressure on prices is returning.

Photograph by: Debra Brash, Times Colonist

Greater Victoria's real estate market flexed its muscles last month by ending with the highest number of September sales in 17 years.

"The last seven months have shown a steady improvement in sales and price stability," Chris Markham, president of the Victoria Real Estate Board said yesterday.

The capital region is not alone. It reflects growing signs of stability in global real estate markets and signals increasing confidence in the economic recovery, said a Scotia Economics report also released yesterday.

At the same time, new home construction in Canada, particularly in the four western provinces, is on an upward trend as well, the report said. "Builders are responding to tight resale market conditions, which tend to spur relative demand for new homes," said Adrienne Warren, senior economist with Scotia Economics.

In Greater Victoria, a spurt in sales over the $1- million mark pushed the average price for a single family house in the capital region to $619,936 in September, up four per cent from $596,498 in August. Last month saw 24 sales of $1 million plus.

"These included five sales of over $2 million, three in Saanich East, one in Victoria, and one on the Gulf Islands, which had a significant impact on the overall average price," Markham said.

This is the first time since January 2008 that the average price for single-family homes topped $600,000. In December 2007, the average was higher at $624,450.

Last month's median -- or midway -- price for single-family houses was $550,000, an increase of $10,000 from August, board figures show. The six-month average price was $581,498.

The average price for condominiums rose as well, moving to $325,106 last month from $317,312 in August. The median in September was $295,000.

Townhomes saw their average price slide to $441,966 in September, from $455,430 in August. The median in September was $415,000.

A total of 776 homes and other properties sold in September through the board's Multiple Listing Services. That's up from 764 in August, and from 512 in September of last year, when the global economic crisis was in full force.

The highest number of September sales, since data was collected in 1990, took place in 1992 when 903 properties changed hands.

May 1991 recorded the highest number of sales for any month, at 1,083, since 1990, the board said.

The value of all property sales in September was $382.4 million. Sales included 437 single-family homes, 197 condominiums, and 79 townhomes.

September's inventory of properties on the market was 3,419, down from 4,754 from the same month a year ago.

"We are now seeing some renewed upward pressure on prices as a result of the declining inventory," Markham said.