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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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The single family home and the condo market continue to operate quite differently from one another. On one hand, the market for houses is quite stable: prices are steady, volume is increasing slowly, and houses are selling within a reasonable amount of time.  However, the condo market is quite challenging.  Prices are holding steady, but at the expense of sales volume.  In short, sellers are holding the line on their asking prices with the result that many fewer units are selling.  To illustrate my point, the sales volume for condos is off by 38% from the peak at the end of March!  If I owned a condo that I wanted to sell, I would drop my price slightly and get my unit sold.  I think it is quite unlikely that demand will suddenly increase and catch up to the optimistic asking prices.
 
On another note, tomorrow is a big day as the Bank of Canada decides if they will hold their interest rate, drop it, or raise it.  An increase would increase mortgage costs and have a negative affect on property values, so let’s hope for good news.
 
Over the last 30 days, 310 single family houses were sold, up by 11 houses from last week.  The median price is down $15,500 to $569,500. The average house was on the market for 32 days.
 
In the same time period, 115 condos were sold, down by 6 condos from last week.  The median price is down $100 to $294,900. The average condo was on the market for 33 days.
 
There are now 2,186 houses for sale, up by 29 from last week.  Condo inventory has risen by 15 to 1105 suites.
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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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Over the last 30 days, 299 single family houses were sold, up by 11 houses from last week. The median price is up $23,250 to $585,000. The average house was on the market for 31 days.
 
In the same time period, 121 condos were sold, down by 15 condos from last week. The median price is down $2,250 to $295,000. The average condo was on the market for 41 days.
 
There are now 2,157 houses for sale, up by 36 from last week. Condo inventory has fallen by 3 to 1090 suites.
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The single family home market continues to be quite healthy with a substantial volume of sales and steady values.  However, I am not as pleased with what I see in the condo market.  The number of properties sold, and the median price, both continue to slowly fall.
 
Over the last 30 days, 288 single family houses were sold, up by 2 houses from last week.  The median price is unchanged at $561,750. The average house was on the market for 28 days.
 
In the same time period, 136 condos were sold, down by 12 condos from last week.  The median price is down $2,750 to $297,250. The average condo was on the market for 43 days.
 
There are now 2,121 houses for sale, up by 66 from last week.  Condo inventory has risen by 45 to 1093 suites.
 
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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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