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Wow, it just keeps getting less expensive to buy a home.  Five year fixed rate mortgages can now be found for as little as 3.27% for those with great credit.  That's pretty cheap money.  A variable rate mortgage could cost you as little as 2.2%.  That's even better, but with the five year rate so close, I would be tempted to lock in, pay a little more, but live with less stress.

Do you have an opinion on this?  If so, always feel fee to add your comments.
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Over the last 30 days, 254 single family houses were sold, down by 5 houses from last week.  The median price is up $13,050 to $558,050. The average house was on the market for 38 days.

 

In the same time period, 115 condos were sold, down by 20 condos from last week.  The median price is up $00 to $275,000. The average condo was on the market for 42 days.

 

There are now 2,283 houses for sale, down by 09 from last week.  Condo inventory has fallen by 5 to 1140 suites.

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Property Photo: 2648 Pinnacle WAY in VICTORIA
We have a new listing at 2648 Pinnacle WAY in VICTORIA.
 
Nestled on a quiet cul-de-sac in a neighbourhood known as one of the friendliest around, this spacious 3 bedroom home offers superior value at a very affordable price with its vaulted ceilings, modern open play layout, and lots of beautiful windows & skylights. Outside, you can relax on your covered deck, or enjoy the brand new stone patio and landscaping in your fully fenced rear yard, which backs onto a peaceful forest. As an added bonus, the lower level has suite potential, or room for your growing family. Conveniently located close to schools, transportation, and many shopping options, this newer home is in better than move in condition!
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MULLIN DEMEO ELECTRONIC LEGAL UPDATE - August 22, 2011
 
Most real estate purchases are made conditional on the buyer approving the results of a building inspection. Because most buyers are unable to determine whether a house is well built and structurally sound on their own, they rely on advice provided by qualified, licensed inspectors. However, what if the information and advice provided by the inspector turns out to be incorrect? A recent decision of the B.C. Supreme Court examined this exact scenario. 

In 2006 a prospective purchaser (hereafter the “Purchaser”) made a conditional offer to purchase a Victoria property. The offer was accepted by the sellers. One condition of the offer was that it was subject to the Purchaser’s approval of the results of an inspection; the Purchaser hired a local building inspector to inspect the property and, upon completing of his inspection, the inspector advised the Purchaser that there was a solid, complete foundation and only minor drainage problems with the house. In addition, when the sellers filled out the Property Disclosure Statement (the “PDS”) they indicated that they were not aware of any structural problems or moisture related problems with the house. Relying on that advice, and on the PDS, the Purchaser removed this condition in addition to all of the others and completed her purchase. 

After completion, the Purchaser discovered water damage in the house caused by significant cracking in parts of the foundation, and further discovered that the house was not in fact supported by a complete foundation. The costs of completing the necessary repair work were estimated at more than $30,000, so the Purchaser sued the building inspector alleging negligence as well as the sellers for misrepresentation. 

At the outset of the trial the Supreme Court judge quickly dismissed the case against the sellers. The judge reaffirmed that the PDS is not a warranty from the sellers to the buyers, and that in most instances the seller’s only obligation is to not mislead or lie on the PDS. The judge held that the sellers honestly did not know of the problems with the foundations, and therefore did not misrepresent anything on the PDS. Addressing the inspector’s liability, the judge noted that the “…purpose of securing a residential home inspection is to provide to a lay purchaser expert advice about substantial deficiencies in the property...” This expert advice helps the buyer determine whether or not to proceed with the purchase. In addition, the court noted that “…persons who hold themselves out as professional know they invite reliance, and create a risk of harm if….their advice is wrong”. 

The court emphasized that the inspector not only missed the fact that there were significant problems with the foundation, but he in fact positively asserted that the foundation was fine. This turned out to be incorrect. The Purchaser reasonably relied on the inspector’s expert advice, and suffered as a result of it. The Supreme Court ruled against the inspector and awarded damages emphasizing that real estate purchasers act reasonably when they rely on the advice of professionals, and those professionals are expected to provide advice that is reasonable in the circumstances. 

This discussion of building inspectors’ liability 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, Mullin DeMeo, at lawyers@mdlawcorp.com, or (250) 477-3327. 
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We have just sold another property at SW Glanford, Saanich West.  We would love to sell your property, just give us a call.
 
 
Extremely Motivated Seller!!! Priced well below the assessed value. This townhouse offers 3 good sized bedrooms, with 2 bathrooms. Large unit with a wonderful bonus area downstairs. It could be your workshop or a place to get away from it all. Centrally located, with schools and shopping just moments away. Excellent family location as there are parks for the kids to play in, and a wonderful pool for the whole family to enjoy. New cedar fence adds privacy to an already private backyard. Great for entertaining friends or just sitting back enjoying the lazy days of summer. At this price you can create instant equity!! And with a little elbow grease you can have a fantastic corner unit for a steal of a price. Offered for sale @ $324,900.
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We have just sold another property at SE Camosun, Saanich East.  We would love to sell your property, just give us a call.
 
 
Oak Bay border! Superior location on quiet side street with transit at corner, easy 5 min stroll to quality shops, Allenby Park & Carnarvon Park. Numerous recent upgrades-vinyl thermopane windows, newer detached garage & driveway, underground irrigation, top quality sunroom addition, gutters & downspouts recently replaced, newer gas water heater, electrical service upgrade, new water service from street, complete interior repaint. Living room features gas fireplace, cove ceilings & oak floors under carpet. 2010 hydro cost $56/mo, gas $65/mo. Private back garden,fully fenced. Impeccably maintained property - an astute investment & an attractive alternative to buyers who may be considering a condominium.
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Property Photo: 6 440 Parry ST in VICTORIA
We have a new listing at 6 440 Parry ST in VICTORIA.
 
Heritage brick transformed into a truly unique modern masterpiece! This is your urban retreat in the very heart of James Bay. Inside, you will be surrounded by luxurious fixtures & finishes, including wood floors, quartz counters, heated floors, high ceilings, and huge skylights. Outside, relax or entertain on your nearly 400 sqft private patio with a retracting living room wall that seamlessly merges inside and out. Located in a unique, nine unit boutique development on one of the quietest streets in James Bay, yet a block from the village core, this an excellent opportunity at an even better price! This top-level corner unit is vacant and ready for immediate possession.
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Even though the market feels a bit sluggish these last few weeks, this is normal for this time of year as those who are not on holidays are focused on getting the kids ready for back-to-school.  Taking that into consideration, things are pretty good with the volume of sales expected to be over 10% ahead of August 2010.
 
Over the last 30 days, 259 single-family houses were sold, down by 3 houses from last week.  The median price is down $13,050 to $545,000. The average house was on the market for 38 days.
 
In the same time period, 135 condos were sold, up by 6 condos from last week.  The median price is down $4,000 to $275,000. The average condo was on the market for 42 days.
 
There are now 2,292 houses for sale, down by 26 from last week.  Condo inventory has risen by 4 to 1145 suites.
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Property Photo: 1553 Eric RD in VICTORIA  
We have just sold another property at 1553 Eric RD in VICTORIA.  We would love to sell your property, just give us a call.
 
 
Situated on a quiet road in the prestigious Mount Doug neighbourhood, these beautiful homes with wide lawns surrounded by majestic oaks rarely are offered for sale. Inside this five bedroom home, you will enjoy the large rooms, especially the spacious kitchen with family room attached, leading you out to the warm and sunny patio with gazebo in the large, level back yard. What a great place to relax or play with the kids, inside or out! Even winter mornings are cozy with the multiple fireplaces and brand new heat pump. Perfectly situated in an area of excellent schools, close to UVIC and Camosun, this is the family home that you have been looking for. Make it yours today.
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Property Photo: 5174 Agate LANE in VICTORIA  
We have just sold another property at 5174 Agate LANE in VICTORIA.  We would love to sell your property, just give us a call.
 
 
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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