Real Estate Report
January 1st, 2017 brings new home buying rules to the Real Estate industry. These new home buying stress test rules has pushed buyers to accelerate their buying timeline. "We suggested last month that some buyers may accelerate their purchase timeline to buy a new home in anticipation of the mortgage stress test on uninsured buyers - those with a down payment of 20 per cent or more - that will come into effect on January 1," says Victoria Real Estate Board President Ara Balabanian.
"It's likely there will be more government-led change in the new year and we'll report on the effects of those changes on the market." President Balabanian
In November 2017 there were 1,764 properties for sale (active listings) with an average selling price of $824, 600. That would be 10.2% increase over 2016. On record the VREB indicated that this is the highest number of home sales for November since 1996.
If you would like to learn more about your home preferences in the Victoria and Saanich Peninsula regions then please visit me at AnnWatley.com and try out my "Real Estate Search" feature. You can search homes by city, area, neighbourhood, postal code, or MLS#.
For many the home is the largest investment in their lifestime. Take the time to learn more about the current real estate market and in selecting the right Realtor. Visit me anytime on AnnWatley.com.
Link to Victoria Real Estate Board (VREB) Market Report:
Victoria & Sidney News
Victoria among top 10 B.C. cities to buy real estate
Number one on REIN’s list is Surrey, followed by Abbotsford in the number two slot. New Westminster is in third. Victoria, Kamloops and Kelowna are ranked fourth, fifth and sixth respectively. theprogress.com (Read More)
My Trip To Victoria
No trip to British Columbia would be complete without visiting Victoria, which is the capital and sits on the southern end of Vancouver Island. app.com (Read More)
Victoria, B.C. to tighten limits on number of dogs in area parks
"Victoria-area politicians are considering putting limits on the number of dogs people can walk and charging a fee for dog-walking businesses who use regional parks amid complaints about packs of wandering animals." CTV News (Read More)
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