Dockside Realty News
Whether you are thinking of buying or selling a home, you may be considering what renovations you can do to it that will increase the resale value of the home. Some renovations generate better returns on the dollar when resale time comes around than others.
With many changes happening in the Real Estate industry this year we expect 2018 to be an interesting one to predict and navigate. We have yet to see the full impact of the new federal Mortgage Stress Test in our markets, and there are changes to our industry in the works on a provincial level aimed at dual agency rules and customer protection.
2017 was a slower year overall for the Greater Victoria Regional District real estate markets, there were 15.8% fewer sales than in 2016. With the multiple offer scenario diminishing, the market has moved from a seller’s market to a more balanced market between buyers and sellers.
Pender Island currently has an all record low inventory of 42 Properties and Saturna has 33.
Victoria Real Estate Board President announced 9.7% fewer sales in October this year than in 2016 with a very low inventory.
On Pender Island we have seen 105 sales January 1 – October 31, 2017, only slightly lower than in 2016, with 8 Sales in October 2017 as well as 8 in October 2016.
Politics function through cooperation between three main entities on Pender and Saturna Islands; the Saanich North and the Islands elected representatives of the Legislative Assembly of British Columbia, the Capital Regional District (CRD), and the Islands Trust. Each of these entities is responsible for different components of governance on Pender and Saturna Islands. When we speak of the government on the Southern Gulf Islands we are usually referring to either one of these components or areas where their responsibilities overlap and meet.
Buying a house can be stressful for a good number of reasons. Some people find buying a home more stressful than losing a job, going through a divorce or even going bankrupt!
As experienced Real Estate professionals we've worked through the gamut of home buying experiences with our clients and we know what can make buying property more or less stressful. We put a lot of care into preparing our buyers and working closely with them through the many steps involved with buying property. Being as prepared as you can is an important part of preventing home buying stress.
The Victoria Real Estate Board announced for the first time that prices dropped there by 1.3% since July 2017. This is very rare for the Victoria area as prices have continued to rise for several years. VREB President Ari Balabanian doesn't believe this is a trend but that perhaps buyers are waiting for prices to drop a bit after the busy summer market.
If you are planning to go to Open Houses in Victoria, BC or surrounding areas in the region you could benefit from being prepared with some ideas of what to look for. Here is a starting point, a list of 5 things to check out when you go to an Open House.