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SOLD! Another happy client at 676 Townview TERR in VICTORIA

Posted on April 28, 2011 by Mark Roozendaal (Re/Max Camosun)

Property Photo: 676 Townview TERR in VICTORIA

We have just sold another property at 676 Townview TERR in VICTORIA. We would love to sell your property, just give us a call.

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Panoramic & unobstructed southern ocean, city, and mountain views greet you from every principal room in this well cared for house. During the day, watch eagles soar as the cruise ships pass by in the background. At night the city lights provide a stunning backdrop for entertaining, or relaxing in your hot tub, on your very private deck. Unusual for a view home, there is also a large, level, grassy yard. Inside, the home is spacious with an open layout. Upstairs are 3 roomy bedrooms, and a large bonus room, again with great ocean views. Located at the very end of a quiet cul-de-sac, and situated on the lot to maximize privacy and views, this is one worth your consideration

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How To Avoid Hidden Mortgage Costs

Posted on April 27, 2011 by Leong & Roozendaal (Re/Max Camosun)

By David Larock

If Canadians shopped for cars the same way we shop for mortgages, most of us would be driving around in old beaters that would be better used as lawn ornaments. That’s because all of our focus would be on price (interest rate), and not on potential repair costs (interest rate penalties).

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Variable rate mortgages from 2.2%, 5 year fixed from 3.65%

Posted on April 27, 2011 by Leong & Roozendaal (Re/Max Camosun)

A quick check with a few of my mortgage broker and bank contacts tells me that variable rate mortgages can be had for 2.2%. Five year fixed rate mortgages vary widely from 3.65% all the way to 5.69%. It pays to shop around.

Most "experts" in the field feel that it is quite likely that the Bank of Canada will increase its key rate in June of this year, most likely leading to increased mortgage interest rates. Keep this in mind when choosing between a fixed or variable rate mortgage.

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The Market Slows for the Fourth Week in a Row

Posted on April 26, 2011 by Leong & Roozendaal (Re/Max Camosun)

Over the last 30 days, 247 single family houses were sold, down by 23 houses from last week. The median price is unchanged at $560,000. The average house was on the market for 29 days.

In the same time period, 140 condos were sold, down by 10 condos from last week. The median price is up $15,500 to $320,000. The average condo was on the market for 35 days.

This is the fourth week in a row that the number of home sold has been lower than the week before.

There are now 2,011 houses for sale, up by 75 from last week. Condo inventory has risen by 15 to 1021 suites.

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Higher Inflation Pointing Towards Higher Mortgage Rates

Posted on April 19, 2011 by Leong & Roozendaal (Re/Max Camosun)

The Vancouver Sun reported today that inflation in March was higher than expected. Since controlling inflation is the key goal in our central bank's interest rate policy, it is increasingly likely that we will see mortgage interest rates start to rise in June.

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The market softens slightly over last week

Posted on April 18, 2011 by Leong & Roozendaal (Re/Max Camosun)

Over the last 30 days, 270 single family houses were sold, down by 15 houses from last week. The median price is down $1,000 to $560,000. The average house was on the market for 29 days.

In the same time period, 150 condos were sold, down by 9 condos from last week. The median price is up $5,000 to $304,500. The average condo was on the market for 35 days.

There are now 1,936 houses for sale, up by 46 from last week. Condo inventory has risen by 12 to 1006 suites.

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NEW LISTING at 400 Quayle RD in VICTORIA

Posted on April 15, 2011 by Mark Roozendaal (Re/Max Camosun)

Property Photo: 400 Quayle RD in VICTORIA

We have a new listing at 400 Quayle RD in VICTORIA.

See details here

Nestled in the centre of its beautiful garden, this grand & spacious country home offers tranquil rural living, yet is just minutes from downtown, and a short walk to Camosun College Interurban campus. Inside, the large, well appointed rooms are rich in detail and invite you to sit down and enjoy the garden view. A recently completed and extensive renovation means that this home is in superb move in condition. Downstairs, you will find a bright & cheery in-law suite, perfect for a teenager or extended family members. With 3 bedrooms, with potential for a fourth, and such a great location, this home deserves your careful consideration.

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Eight Tips to Help You Buy a Better Home – Tip # 7

Posted on April 14, 2011 by Leong & Roozendaal (Re/Max Camosun)

Look for home insurance well before you move:

If you wait until the last minute, you'll be rushed to find an insurance policy that's a fit for you. Make sure you give yourself enough time to shop around in order to get the best deal. Prices and options do vary quite a bit between insurance brokers. If you need any suggestions on a few brokers to call, ask your Realtor.

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Power of Attorney and Real Estate Transactions

Posted on April 13, 2011 by Leong & Roozendaal (Re/Max Camosun)

In Victoria, with its significant elderly population and its many out-of-town investors, real estate transactions are often conducted by an Attorney acting under the authority of a Power of Attorney. There are a number of issues that arise when conducting a real estate transaction by Power of Attorney.

Buyers, sellers and real estate professionals should ensure that they review the POA document itself, for two principal reasons. First, all parties to the real estate transaction must assure themselves that the person claiming to be the Attorney is in fact the same persons named in a valid POA document. Second, it is critical that you ensure that the document itself authorizes the Attorney to do what it is that they intend to do, i.e. sign the listing agreement, enter into a Contract of Purchase & Sale, remove subjects etc. This is particularly important where the POA document sets out a finite, limited list of circumstances in which the person is authorized to act as Attorney.

In addition, Buyers and Sellers looking to avail themselves of a POA should examine the language of the grant of power in the context of the date on which the POA was executed. This is because Section 56(1) of the Land Title Act states that unless there is a statement to the contrary in the POA itself, for the purposes of the Land Title Act and the Land Title Office the POA expires three years after the date on which it is executed. While I will almost always advise clients to specifically exclude the effect of this provision, this statutory expiry date is often overlooked with the result being that the Attorney may find they are unable to use the POA on a purchase or sale because the three year term has expired.

Finally, when a Buyer is looking to arrange mortgage financing, it is important to note that many financial institutions will not permit their clients to sign mortgage documents by POA. Buyers must be aware of this possibility and know that if they intend to sign by POA, they should disclose this to the lender or mortgage broker when arranging their financing.

If you have any questions or concerns about Powers of Attorney and would like an opinion on their validity, or you have any other questions on any aspect of real estate law, please donÕt hesitate to contact me. Thank you for your time,

Please note that this is a preliminary discussion of the matter. In the meantime, should you have any questions or concerns with respect to this or any other aspect of real estate law, please contact Mullin DeMeo at

brendan@mdlawcorp.com, or (250) 477-3327.

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Bank of Canada Holds Rates

Posted on April 12, 2011 by Leong & Roozendaal (Re/Max Camosun)

For at least another 2 months, mortgage rates should pretty well stay where they are. But, with what amounts to be a pretty rosy forecast for the Canadian economy, a June rate increase seems more and more likely.

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