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Property Photo: 5174 Agate LANE in VICTORIA
We have a new listing at 5174 Agate LANE in VICTORIA.
 
Simply WOW! Located in the coveted Agate cul de sac at Cordova Bay beach, this ocean view home is directly across a quiet lane from the park & beach, offering direct access to the warm sandy shores of the bay. Inside, you will find a very well cared for home with an open layout, vaulted ceilings, and a wall of windows facing the water view. Three bedrooms upstairs, with an additional bedroom + ensuite down, provides a versatile layout for family and guests. Out back, the very private and sunny rear yard featuring a newer cedar deck surrounding your own hot tub is a relaxing retreat. This move-in-ready home in such a peaceful and exclusive location is a must-see!
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Property Photo: 339 Farview RD in VICTORIA  
We have just sold another property at 339 Farview RD in VICTORIA.  We would love to sell your property, just give us a call.
 
 
This quiet cul-de-sac home has everything that your family is looking for! Offered for the first time in 21 years, here you will find a lovingly maintained home with many recent upgrades including a newer roof, efficient vinyl windows, a gas furnace, and an upgraded kitchen featuring a gas range. Even the layout is perfect with lots of room on the main level, including 2 family rooms, plus 3 bedrooms up, including an ensuite in the master. Outside, the detached garage / workshop and true RV parking is a real bonus for the active family. Located on a quiet cul-de-sac, convenient to shopping, schools, and transportation, this warm & cozy home is in move-in condition and ready for the next family.
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We have just sold another property at 3505 Promenade Cres in Victoria.  We would love to sell your property, just give us a call.
 
 
Main house has 4 bedrooms all on one level. Come and enjoy this home that offers a great patio to share with Friends & Family while playing Bot-chi ball in the well maintained fully fenced garden. Spacious kitchen with a built in Pantry, which will give you easy storage of pots pans and dry goods. Laundry is on the upper level so you will have no carrying of laundry up and down the stairs. On top of this you have a bright, level entry (no Stairs) 2 bedroom legal suite, (Elder family members?). This hard to find 4 bedroom on one level wont last long. Call to view this home.
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Over the last 30 days, 293 single family houses were sold, down by 11 houses from last week.  The median price is down $12,450 to $575,000. The average house was on the market for 39 days.
 
In the same time period, 161 condos were sold, up by 13 condos from last week.  The median price is up $50 to $305,000. The average condo was on the market for 41 days.  Another week of increasing fortunes for the condo market!
 
There are now 2,267 houses for sale, up by 20 from last week.  Condo inventory has risen by 4 to 1147 suites.
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We all know that sooner or later mortgage rates will increase.  It just doesn't make sense for rates to stay at these unprecedented levels forever. 
 
Well, it seems that the vast majority of Canadians are taking advantage of these low rates to accelerate paying off their mortgage and are ready to handle increasing rates in the future.  Good going Canada!
 
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Property Photo: 3630 Craigmillar AVE in VICTORIA
We have a new listing at 3630 Craigmillar AVE in VICTORIA.
 
GREAT MORTGAGE HELPER! With 3 bedrooms on the upper main level, and 2 bed, 2 bath extra accommodation on the ground level, this home provides the rare opportunity for an owner to have tenants pay the bulk of the mortgage! The upper level features solid wood floors, high character ceilings, and a sunny west facing deck with city views. Down below, the large suite has been recently updated and has great tenants who would love to stay. Located on a quiet country lane with wildflowers everywhere, but still right in the city core, this home is a solid value. As a bonus, the large suite could be configured as two separate suites for even more revenue.
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Historically, real estate has been transferred by the physical transfer of deeds. The lawyer acting for the buyer reviews the deeds to establish a “good root of title”. The lawyer checks that each transfer of the property was valid and that there have been no defects in the chain of transfers. This process is problematic, both because it is time consuming and because the lawyer’s opinion is only as good as the deeds placed in front of him. As an alternative, a host of companies began selling title insurance policies which, subject to certain limitations, insure against most problems that may arise with deeds of title.
 
In BC we have a unique land title system, the Torrens system. Under our Land Title Act, our land title registries identify each property by its unique Parcel Identifier or PID. By searching for that PID in a land title registry, a person is supposed to be able to identify both the boundaries of the property and every interest in the property that exists. Generally, this precludes a role for title insurance policies in BC; however, in limited circumstances title insurance can still play a major role in our land title system.
 
Survey Defects
 
Historically, most mortgage lenders have required that a survey certificate be prepared by a certified land surveyor, to identify the boundaries of the property and the location of the buildings relative to those boundaries. These survey certificates can be expensive ($300-$500), and can, on occasion, incorrectly outline the property’s boundaries or fail to note that a building crosses over on to neighbouring property. Title insurance is now generally accepted by most mortgage lenders as an alternative to a survey certificate; as such policies can protect both purchasers and lenders against any costs involved in remedying problems with the boundaries or the location of buildings on the property.
 
Unregistered Interests in the Property
 
There are a few instances in which valid interests in property are not registered against title. These include liens, family law matters, work orders, issues pertaining to violations of zoning bylaws, and a few other matters. Title insurance can protect purchasers in the event that they purchase a property unaware of the existence of these interests. This is invaluable because in these instances virtually no amount of due diligence on the part of the Realtor, the buyer, or the lawyer can uncover these problems.
 
Fraudulent Transactions
 
The spectre of fraud permeates all things real estate. Two major court decisions in 2009 highlighted the role that title insurance can play in protecting both owners and lenders against the costs of real estate fraud. In both cases a fraudster impersonated the owner of a home and signed a transfer of that home to an accomplice. The accomplice approached a mortgage lender and granted a mortgage against title. The mortgage money was advanced from the lender to the fraudster, and by the time the bank realized what had happened, the fraudsters had skipped town.
 
The court decided that justice could only be done if the actual home owner was entitled to the return of title to the property, and the cost involved in the fraudulent mortgage remained with the bank (or the fraudster). As a result, many banks now require that a lender’s title insurance policy be obtained, usually at the buyer’s expense, as a condition of loaning the mortgage money.
 
Caveat
 
In BC there is a number of title insurance companies selling an array of polices. These policies provide insurance for some specific concerns while they exclude coverage for others. Not every potential problem with the property or defect in title is insured by every policy. Buyers need to ensure that they are acquiring the right policy to protect their specific interests.
 
This discussion of title insurance is intended only as an introduction to the matter, and is not intended as legal advice. 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 Brendan@mdlawcorp.com or (250) 477-3327.
 
Thank you for your time,
 
Brendan Piovesan
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The last week was strong for both single family homes and condos.  In both markets, volume and pricing were up.
 
Over the last 30 days, 304 single family houses were sold, up by 7 houses from last week.  The median price is up $2,450 to $587,450. The average house was on the market for 35 days.
 
In the same time period, 148 condos were sold, up by 3 condos from last week.  The median price is up $95,450 to $304,950, making this the best week in the condo market in months.  Is there a surge happening in this segment?  The average condo was on the market for 35 days. 
 
There are now 2,247 houses for sale, up by 16 from last week.  Condo inventory has risen by 26 to 1143 suites.  Inventory is high and that means lots of choices for buyers.  If you are selling, make sure that your price is very competitive.  If you are a buyer, take advantage of this opportunity while it lasts.
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Property Photo: 207 360 Dallas RD in VICTORIA
We have a new listing at 207 360 Dallas RD in VICTORIA.
 
It is rare to find a Dallas Road WATERFRONT VIEW CONDO at such an affordable price! This large & spacious 2 bedroom suite offers partial ocean views from all principal rooms, and even better views while relaxing on the huge L-shaped deck. In addition to being a very desirable corner unit, the West facing outlook gives you lots of windows to really bring the afternoon sun in. Inside, the suite has been freshly painted and has been very well cared for ? ready for you to move in. Located right on Dallas Beach, steps from the breakwater, and a short stroll to shopping, dining, and more, this is an ideal James Bay location at an outstanding price. Aggressively priced below BC Assessment value!
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