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Today the Bank of Canada annnounced that they are keeping their trend setting interest rate where it is.  There was fear that they would increase the rate, which would have lead to higher borrowing costs. 
 
For home owners, and prospective home owners, this is great news as we continue to enjoy extremely low mortgage rates.
 
It is inevitable that mortgage rates will eventually increase.  If you are considering purchasing a home, or upgrading to a larger home, this may be a great time to take advantage of some of the most afforable mortgages ever.
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Property Photo: 1180 Damelart WAY in BRENTWOOD BAY  
We have just sold another property at 1180 Damelart WAY in BRENTWOOD BAY.  We would love to sell your property, just give us a call.
 
 
What a great value for the growing family, or for someone who wants some added revenue. This contemporary Brentwood Bay home has been completely renovated from top to bottom including new bathrooms, a new kitchen, new windows, a new roof and gorgeous engineered wood floors. In addition to the three bedroom main house, you will also find a brand new LEGAL one bedroom suite! Located just a block from the Brentwood Bay town centre, this gorgeous home is convenient to shopping, transportation, and schools.
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I just received a call from my friends at Mortgage Architects and they tell me that the best five year mortgage rate they have just dropped a little to 3.79%.  Any change in that direction is good news for us home owners!  Prime rate is still at 3% which means their best rate on a variable mortgage is 2.3%.
 
 
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Property Photo: 27 912 Brulette PL in MILL BAY
We have a new listing at 27 912 Brulette PL in MILL BAY.
 
The perfect low maintenance life style awaits in sought after Sunset Maples town home development in Mill Bay. This high quality 1475 sq. ft. one level residence is conveniently located on a quiet cul-de-sac with easy highway access and close to shopping. The home offers a very nice open concept design with 2 bedrooms, 2 bathrooms and a bonus den/office and cozy gas fireplace in the living room. The large kitchen is tastefully appointed with maple cabinets, stainless steel appliances and has the perfect layout for entertaining. From the dining room you can exit to beautifully landscaped patio area. This property is move in ready, the complex is family oriented and does allow pets. This desirable property is sure to sell quickly.
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When thinking about “strata properties”, most real estate buyers think of condos. However, in British Columbia strata property is not limited to condos; it can encompass detached and semi-detached houses and even bare land (“Bare Land Stratas”). Real estate professionals should be aware of the defining characteristics of Bare Land Stratas so that they can inform prospective buyers as to the nature of Bare Land Strata properties, and the consequences of owning such a property.
 
Bare Land Stratas may appear at first glance like any standard freehold property. These real estate developments generally look no different from ordinary subdivisions, with multiple pieces of property, each containing single family dwellings, and roads passing through the subdivision. Indeed, one of the major differences between a Bare Land Strata and the typical condo-style strata is that the strata plans identify the individual strata units by their horizontal measurements and not by reference to walls or floors.
 
It is critically important however for real estate professionals to identify Bare Land Strata property, because these are strata properties governed by strata bylaws. These bylaws may contain restrictions on the owners’ ability to use the property as they prefer, and are subject to changes voted upon by the members of the Bare Land Strata. Owning in such a development means that many of the rules governing your use of your property are set not by City Hall, but rather by your neighbours.
 
In addition, there may be strata minutes available for review by prospective buyers, strata fees payable by owners on a monthly or annual basis, common properties over which all strata owners have a right of access, etc. These sorts of issues may materially impact the prospective buyers’ decision whether or not to purchase in the Bare Land Strata.
 
How can real estate professionals identify a Bare Land Strata? Land Title searches will identify a particular property as a strata lot. Having identified the unit, you can then retrieve the strata plan which will identify the full Bare Land Strata. At that point, the real estate professional would be well advised to contact the strata council to retrieve all bylaws, minutes, obtain the Form F and Form B, and retrieve all the strata information necessary to help prospective buyers make an informed decision of whether or not to purchase in the Bare Land Strata.
 
This discussion of Bare Land Stratas under the Strata Property Act 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 of Mullin DeMeo at (250) 477-3327.
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Property Photo: 105 379 Tyee RD in VICTORIA
We have a new listing at 105 379 Tyee RD in VICTORIA.
 
Near new and gorgeous in every way, this stylish & bright townhouse exemplifies chic downtown urban living. A corner unit with floor to ceiling windows, a great side patio, and your own front door offers so much more value and privacy than any condo. As you step inside, bamboo floors welcome you to a great layout for entertaining with a fantastic kitchen including premium appliances and granite surfaces. Upstairs, The two bedrooms are nicely sized and very bright with their large windows. A superb location, a great layout, and a new home warranty make this well priced home a great buy.
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We know that we live in a great place.  What's not to like?  We have a great climate, lots of nature nearby, and are just a short ferry ride from Vancouver is we need that big city fix.  Please take a minute and tell us why you love to live here?  What makes this area special for you?
 
Share the love and help us promote our great city by visiting the Facebook page below.  Once there, click "like" and add your comments!
 
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Over the last 30 days, 286 single family houses were sold, up by 13 houses from last week.  The median price is up $4,350 to $561,750. The average house was on the market for 27 days.  This is the second week in a row, after four weeks of negative news, that the single family home market has picked up.  Based on how busy we were this weekend with new buyers, I think that a new positive trend is starting.
 
In the same time period, 148 condos were sold, down by 5 condos from last week.  The median price is down $10,000 to $300,000. The average condo was on the market for 43 days.  As you can see, the condo market continues to be very price sensitive.
 
There are now 2,055 houses for sale, up by 55 from last week.  Condo inventory has risen by 36 to 1048 suites.
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Property Photo: 15 630 Brookside RD in VICTORIA  
We have just sold another property at 15 630 Brookside RD in VICTORIA.  We would love to sell your property, just give us a call.
 
 
Welcome home! This gorgeous and spacious executive townhouse offers all of the premium features you have been looking for, including soaring lofted ceilings, an efficient heat pump, and generously sized rooms. Amazing attention to detail is everywhere you look. The main upper level offers all the principal rooms on one floor, with direct access from the kitchen to your sunny patio. A bonus loft above makes a great private retreat. Downstairs the spaciousness continues with a flex-area, great for a media room, wine cellar, or home gym. Of course, it would not be complete without the large double garage PLUS a workshop to keep everyone happy.
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