Realtor and Associate Broker Lorne Gait has just prepared for you this mid year Vancouver Island Real Estate Update market update for the central Vancouver Island area. Lorne is a professional working in the mid Vancouver Island are based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.
VIREB (Real Estate Board) Real Estate Market Update
The Vancouver Island Real Estate Board also has its own Vancouver Island market Update. Check it out HERE
The gist of the market is that there is still not a piling up of unsold properties. There is still less available properties than Buyers would like. However, the demand has slowed a bit by modest amounts.t
The demand is still active as Buyers find the mid Vancouver Island area fairly affordable compared to Victoria and Vancouver. As a result there is not any huge drop in pricing. Prices are stable, but hot rising like they were in the last number of years. It is still a good time to Sell –though at the prices you have seen — not higher. It is a good time to Buy because there are a few motivated Sellers who want to achieve a sale.
Lorne and Morgan would love to help you with your real estate needs. Let’s get in touch . . . at 250-618-0680.
Attention entrepreneurs, business owners and professionals! Take note of these ocean view apartments and commercial suites. Own your own commercial space, and if desired, live on site or continue with current excellent rentals. This building consists of four strata lots (one commercial). There are 2 – two bedroom apartments, 2 bachelor suites and 2 commercial spaces. Current mortgages are assumable at current rates and conditions. Allowable businesses include retail sales, restaurant (coffee shop type), medical/dental office, business offices and more. This property is located near the Mill Bay Ferry Terminal in an excellent ocean view location. Along with excellent current use opportunities, this property has future value for development to higher and better uses. Call or text Lorne Gait for more information or a viewing at 250-618-0680.
Pictures of these Water View Apartments . . .
Directions to these Ocean View apartments and commercial suites . . .
Vancouver Island Realtor LORNE GAIT and MORGAN FISHER: “If you would like more documents or details . . . lets get in touch at 250-618-0680. If you want to arrange a viewing, we are happy to assist.”
Luxurious living, wide ocean views, and a private setting can be yours in this gorgeous 3 bed and 3 bath single family home in Vancouver Island’s Premiere Ocean view Town home community – the Gales – in Ladysmith. Enter this custom home through your double garage or through a high-end entry way. Enjoy your beautiful hardwood and tile floors with hardwood cabinets and granite countertops. There is a spacious master bedroom with five-piece en-suite and walk-in closet. A second bedroom on the main could be your office or guest area. Downstairs there is a shop for your projects. There is a large family room for your personal recreation. A third bedroom and bathroom in the lower areas give you lots of room for extra family or company. The views are plentiful from the lower floor and the main floor. The home is in a community of high-end custom ocean view homes. No expense has been spared. From this home you have access to town amenities in Nanaimo and Duncan. Even Victoria is only an hour and fifteen-minute drive. Golf courses and marinas are nearby. Call or text Lorne Gait for more information or a viewing at 250-618-0680.
Check out these pictures and the 3D Walk through Tour
Vancouver Island Real Estate and New 2018 Canadian Mortgage Rules
Are you ready for new Canadian Mortgage rules? If you applied for a new mortgage after January 1, 2018, would you qualify.
Check out this interesting news release . . . CLICK HERE
If you have any mortgage questions, Vancouver Island Realtor Lorne Gait or Morgan Fisher can help you. Further, they can help you find a great Vancouver Island Mortgage Broker who can assist you with your mortgage needs.
In the past the mortgage stress test was used only for those who were putting a small amount of money down on their purchase and as as result needed CMHC financing. As of January 1, 2018 all Buyers who need a mortgage will need to pass the stress test. CLICK HERE for more information on the stress test.
Ok . . . I know . . . I know, it is a rainy day. How can I enjoy the Ladysmith lifestyle on a day like this? You can see that from the fence at the back of my yard. But it is a good day moderate temperature day compared to much of Canada. And unlike most of Canada we do not have snow. Therefore, yesterday I decided to travel around my town looking for reasons why someone would want to live here.
For most of my life I have lived on Vancouver Island. Most winters are quite moderate. There was almost no snow for the past three winters. This current winter of 2016-2017 gave us more snow than average. But it is likely that for every five or six years, there will be at least one winter cooler than others. But still, we have it better than most every other part of Canada. Vancouver Island is truly the Hawaii of Canada. Our Ladysmith Lifestyle is amazing.
So then . . . reasons why I like the Ladysmith lifestyle. Here are some: The first is waterfront for all to enjoy. I enjoy an ocean view from my home. Many of my clients enjoy waterfront. But for everyone, there are lots of beaches and water play areas. Check out Transfer Beach. This morning which was again overcast, I had opportunity to walk to the beach and back home. It was great winter time exercise. These can be your views December through February.
But then there are also other water Ladysmith lifestyle possibilities for you. Several of my friends own a boat. Some choose moorage at places like the Ladysmith Maritime Society. Some choose to keep their boat at home and launch it from time to time. From Kayaks to Large Sailboats and Motor Yachts. You can pick your pleasure.
If you are not into boating . . . how about parks and hikes. There are some great parks like the Kinsmen Park. Take the kids if you have them. Back several years ago, I used to climb on the park amenities with my children. They are grown up and gone now. But recently the park has been upgraded for a new generation of children and parents. This is a cool family place.
For those who want more exercise out of their Ladysmith lifestyle there is the Holland Creek Trail. Find a trail starting place and launch out to a morning or afternoon adventure. You can go for miles and miles.
Can you see yourself on this trail? This is a good one for taking a friend or your favourite pet. If you are very adventurous, you can even head up to Heart Lake. Take hiking polls or you will wish you did.
If it is too rainy or if it does happen to snow, there is still something to do. How about the Frank Jameson Recreation Centre? Swimming, spinning, yoga, pickleball, free weights, exercise machine and so much more.
The white haired among us, might choose to go to the Seniors Centre. This is a great place for indoor activities cards, dining, clubs and more. Beyond that, this Ladysmith Resources Centre building offers great support for folks of many ages and needs. It is a great town amenity. It is a great place for volunteers.
Of course, some of us are not into exercise or outdoor recreation. For those folks, there is the Coronation Mall and the historic downtown First Avenue Business corridor. Shopping, bakery time, a coffee shop, a restaurant or pub might be the part of the Ladysmith Lifestyle you will enjoy the most.
Occasionally you might want to check out the events in town. This the Aggie Hall. Concerts, dances, home shows and much more take place here. Other gathering places include: The Little Theatre, the Eagles Hall, the Legion and more. You can pic your place to hang out in the late afternoons and evenings.
The Ladysmith lifestyle allows opportunity for all levels of education from Preschool through grade twelve. The Vancouver Island University is up the road in Nanaimo and is hardly a 25-minute drive. There are many great educational venues.
If you get enjoying the Ladysmith live with too much exuberance such that an accident happens or if time passes and you have long term health needs. There are great amenities in the area. Feel secure because there is the hospital clinic. Know you can get a ride with the ambulance service. Trust that there are greater care facilities in Duncan and Nanaimo.
So, there you go. This is the Ladysmith lifestyle on a rainy Saturday afternoon in the middle of Winter. Sure, it might be better to be in Mexico or Hawaii. But if you need to be in Canada. It is a very good option.
If you want to talk more about the Ladysmith lifestyle or if you are considering a move to Ladysmith. Let’s get in touch and find a way to help you be here.
Vancouver Island Real Estate Foreign Buyer Tax — Will she or won’t she?
Will she or won’t she add the dreaded 15% Vancouver Island Real Estate Foreign Buyer Tax for Property Transfers? This is a question that engages the thoughts of my clients this Spring. This is especially the case as Buyers and Sellers consider what Premier Christy Clark’s government has done in the Vancouver Real Estate Market. My thoughts are these:
Not too long ago, the BC Provincial Government changed the Provincial Property Tax for homes purchased in the Greater Vancouver Area. The tax was 1% on the first $200,000 and 2% on the balance. Currently the tax is the same if you are a Canadian resident. However, if you are a foreign Buyer, the tax is now 15% on the whole amount. This is huge for foreign Buyers. It reflected a government attempt to regulate price increases through Government regulation, intervention and taxation. One Vancouver Lawyer told me that if the Provincial Government did not intervene, the coming election would be lost.
Vancouver Island Real Estate Foreign Buyer Tax — The impacts . . .
The obvious result of this regulation, taxation and intervention was an almost immediate price reduction in the price of Vancouver homes. It is a double digit drop in prices and a substantial slow down in the number of sales. You can read the details here — THE GLOBE AND MAIL
There has been talk about putting this new tax on Victoria homes and likely on homes across the rest of the Province. You can read about this in several online articles. Witness the TIMES COLONIST ARTICLE
However, the issue is both political and economic. There has been much concern about the decline of the Vancouver Real Estate Market. The Province is headed into an election and BC home owners concerned about price drops also reflect a huge voter block. Therefore, Premier Christy Clark’s Government is attempting to walk back the challenging aspects of the new added tax. Foreign Buyers who buy and who will be working in Vancouver could soon be exempt from the additional Tax. The Vancouver Sun quotes Christy Clark–VANCOUVER SUN
The Vancouver Sun has further quotes on this from Finance Minister Michael de Jong. Check it out — VANCOUVER SUN
Vancouver Island Real Estate Foreign Buyer Tax — Conclusions . . .
So, the question remains . . . will there be a Vancouver Island Real Estate Foreign Buyer Tax. This realtor believes there will be continued pressure to slow the impact of foreign Buyers on our market. However, at the same time, there will be some refining of the legislation around the matter of who pays the tax and how it is administered. If a foreign Buyer plans to settle down and work in the area, then tax relief is likely. If on the other hand, a Buyer buys a home and plans to be absentee, then likely there will be no tax relief.
In the end. . . time will tell. These are political times. It is fashionable to let others pay taxes–Especially foreigners. It is all good until my / your house value drops.
If you want to discuss this further, Associate Broker and Realtor (R) Lorne Gait is happy to discuss this further. Let’s get in touch.
Greater Victoria’s real estate market continued its strong pace in May as the average price of a single-family house rose to a record $763,517 and the number of properties sold blasted to a new high. The latest average price in the capital region is up by 17.6 per cent from $649,431 a year ago. It’s a seller’s market as buyers face rising prices and multiple offers in hot spots such as Fairfield, Oak Bay and Saanich East. Benchmark prices, calculated by the Victoria Real Estate Board based on a “typical” house, also give a sense of what’s happening. For the entire region, the benchmark was $584,700 in May.
Stunningly beautiful Ocean and Island views are yours in this beautiful Yellow Point oceanfront three bed and two-bathroom rancher.
Enter the property in your own circular driveway with high private hedges to maintain your privacy. There is lots of parking and a garage workshop if you wish. A large home entranceway welcomes you to the plentiful views.
The Kitchen, nook, dining room, living room, den and master bedroom all have ocean views. Sit in the shade on a partially covered concrete patio area. Then go out to an upper deck with hot tub or a lower deck with dining area.
An easy path to the beach winds through your property till you get to an ocean side sitting area with fire pit and private ocean views.
There is a beach, there is opportunity for you to have your own Buoy. The yard is beautifully landscaped. There are many gorgeous shrubs and flowers. A fenced garden area will keep deer away from your veggies.
To view a drone video of this beautiful property, click HERE
Follow this link to a short Video Tour on this Yellow Point Waterfront Home . . . . TOUR