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Click the links below to review the eight recent regulations introduced by various levels of Government regarding real estate transactions in our Province.

Pre-purchase implications:

  1. Additional property transfer tax for foreign entities and taxable trustees
  2. Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban)
  3. Anti Flipping Tax rule ( general information only )
  4. No age restriction in strata corporations except 55+ (applicable to renters as well)
  5. No long term rental restriction in strata corporations (except short term rentals if municipal or strata bylaws prohibit)
  6. Home Buyer Rescission Period Regulation

 After purchase implications:

      7. Speculation and Vacancy Tax (provincial) 

      8. Underused Housing Tax (Federal)

If you have any questions, please feel free to give us a call.

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Happy New Year to all of our valued clients. While it may not come soon enough for some of us, we can view the end of this volatile year with a boost of optimism. 

In order to manage inflation, the federal government has implemented several interest rate increases this year, which has created challenges when valuing a property in today’s market. Pricing competitively has become much more important when listing your home, as the sellers’ market has eased. It is once again more common to negotiate a purchase or sale with both parties involved, rather than entertain a one-sided ‘demand’. 

Real Estate economists are suggesting that the increase in interest rates will have a shorter life than previously anticipated; the most recent hike to 4.25% is considered by many to be the last one required to help curb inflation. This will open a window of opportunity for our clients to search a larger inventory, which is likely to appear in the new year. We have also seen an increase in the number of blended families purchasing properties, for example, adult children purchasing with parents to decrease the burden of a down payment or to reduce the qualifying challenges faced by a number of first-time buyers.

Along with the optimistic outlook for 2023, we also want to announce the opening of our new office "Open Doors Victoria Real Estate Group” located within our head office of Pemberton Holmes, located at 150-805 Cloverdale Ave. Our team is ready, and we look forward to assisting our many clients with all of their real estate needs. 

Happy Holidays to each of you and here’s to a Fantastic New Year!

Cheers,


Greg, James, Tim & Marilyn.

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We have sold a property at 74 Sims Ave in Saanich

We have sold a property at 74 Sims Ave in Saanich.
Nestled in the heart of Saanich, this 1917 character home has been completely renovated to provide all of the modern-day comforts while retaining its original charm! With over 1760 sqft of living space, including a 2-bed/1-bath main level, and a 1-bed & den/1-bath lower, this is the perfect starter home with a mortgage helper or great for multigenerational families too. Heat pumps on both levels, new vinyl windows throughout, gas ranges in both kitchens, and an on-demand hot water system make this a very efficient home, keeping your bills low! There is also a detached garage/workshop and a carport with plenty of space & storage for your tools and RV or boat. Extensive landscaping work has been done including newer perimeter drains and sump pumps. The thoughtfully designed backyard features raised garden beds, a rainwater collection system, and water bibs & power outlets throughout! Just steps to Uptown Shopping Centre and several amenities, this location has it all!
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We have sold a property at 14 1810B Store St in Victoria

We have sold a property at 14 1810B Store St in Victoria.
Live the dream on this 3 bedroom float home in Victoria Harbour! This 3 bed, 2 bath, nearly 1600 sqft vessel is equipped with propane heaters, hot water on demand & chlorine filtration system for municipal water. Upon entering, you immediately forget you are on a floating vessel; the interior is bright, airy, & gives quintessential West Coast cabin vibes. The first level has two bedrooms, with the master bedroom being enhanced by a built-in stone fireplace & an attached 2-piece bath. The main level boasts a gourmet kitchen with stunning views of the harbour, third bedroom, full 4-piece bath, & water views from every window. There are three outer decks in total, all of which feature lovely views. The ambiance from the 200+ sqft rooftop deck can't be beat. Located next to Canoe Club, Capital Iron & the downtown core. Previously licensed for dining & liquor. Don't miss out on this amazing waterfront home!
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We have sold a property at 1011 Gosper Cres in Esquimalt

We have sold a property at 1011 Gosper Cres in Esquimalt.
Located in Esquimalt, near Kinsmen Park, sits this beautiful 1800+ sf home with 5 bds and 2 baths. Hardwood flooring flows throughout the main living areas. The bright living room features coved ceilings & gas fireplace. French doors leading from the dining area to a nice-sized deck. The kitchen offers SS appliances, lots of cupboard & counter space, & a large window overlooking the backyard. There are 3 bds on this level, with the primary offering a cozy window seat and a nicely updated 4-piece bath. Downstairs has 2 bds, a kitchen & 4-piece bath making it a great space for in-laws. This level also has direct access to the attached garage & the open laundry area with full-sized W/D and sink. Outside there is no shortage of manicured space for the family to enjoy: a patio area for the BBQ & plenty of trees to provide shade for those warm summer days. Recent upgrades include a brand-new HVAC System. A short walk to major shopping & other amenities makes this a home not to be missed.
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We have sold a property at 248 Caspian Dr in Colwood
 
I have sold a property at 248 Caspian Dr in Colwood.
Welcome to Royal Bay and Victoria’s premier seaside community. Step inside this like-new, 2020 built Gable Craft home with all the right upgrades. 2500 sq ft of modern and elegant living space that offers an open, beautiful white kitchen and dining area with a drop-down living area. Upstairs you’ll find 3 generously sized bedrooms, with a primary bedroom and en suite you will fall in love with. The newly finished downstairs includes a media room, 4th bedroom and bathroom, and extra study nook. Keep the energy bills low with an efficient natural gas furnace, and keep cool all summer with a newly installed A/C unit that services the entire house. Did we mention the fully fenced back yard and detached two car insulated and heated garage? This well-loved home truly has it all. A short stroll away from beaches, hiking, and schools, as well as a short drive to Westshore amenities and only 25 minutes to Downtown Victoria. Come see what all the talk is about and join the Royal Bay lifestyle.
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We have sold a property at 3312 Merlin Rd in Langford
 
I have sold a property at 3312 Merlin Rd in Langford.
Open House Sat 4th/Sun 5th 11-1:00 Nestled in a wonderful family-orientated community this pristine 3bd, 3bth, 2013 Built, Modern Arts & Craft Home is sure to impress! The main level offers an open concept design, great for entertaining, living room with cozy gas FP, dining area, and a 2pc bth. The spacious kitchen with granite counters & tile mosaic backsplash, solid wood cabinets with soft close drawers/doors, opens to the sunny West facing fully landscaped and fenced back yard is perfect for kids/pets and entertainment. The fantastic patio area is made private by a grapevine lattice wall and includes raised garden beds, pear and plum trees, and a very convenient single-car garage. The upper level offers a 4pc bth, laundry room, 3 spacious bdrms including the Primary w/walk-in closet, 5pc ensuite plus your private balcony. Situated in Happy Valley on a quiet street next to the Galloping Goose & steps to schools make this an ideal location!
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We have sold a property at 2676 Capital Hts in Victoria
 
I have sold a property at 2676 Capital Hts in Victoria.
This large front half-duplex, renovated in 2010 when the rear unit was added, still has the feel of a single-family home. Located in desirable Oaklands, this 1800+ SF home with 4b/2b offers many options for a growing or extended family. Upstairs offers a large open kitchen with SS appliances & granite counters. Hardwood flooring flows throughout the living spaces on this level. The open concept kitchen & living space makes this the perfect home for entertaining. There are 3 beds up with a spacious bathroom with a deep soaker tub, 2 sinks, & walk-in shower. Downstairs you will find a large bedroom, bathroom & living area, easily closed off for the in-laws with a separate entrance & private patio area. Also on this level is the single attached garage which houses the W/D & 2-piece bath. The front of the home has a nice deck space with plenty of room for a large table & BBQ. Easy access to major bus routes & the many retail opportunities at Hillside Mall add to the appeal of this home.
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We have sold a property at 3730 Ascot Dr in Saanich
 
I have sold a property at 3730 Ascot Dr in Saanich.
Awesome Single family tucked on a quiet street just steps to Cedarhill Golfcourse and trails. Centrally located to Amenities this Gem of a home offers some great upgrades such as a world class kitchen, ensuite bathroom and bonus family room down with wood stove. The classic home offers 3 bedrooms 2 bathrooms on a large lot with loads of charming features such as cove ceilings and hardwood floors. Well maintained this home is great for families and those people looking to buy in a great location but have a home that does not need much work. Bring your ideas for the back yard as the gardens are started. This home will not last long. Location Location
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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.