Canada to Increase Mortgage Amortization for First Time Home Buyers
Posted on Apr 11, 2024 in First Time Home Buyers
As of April 2023, in Canada, the maximum amortization period for a mortgage with less than a 20% down payment and hence requiring mortgage loan insurance (typically from the Canada Mortgage and Housing Corporation, CMHC) is 25 years. This is due to regulations meant to ensure financial stability and manage the risk associated with longer loan terms...
Not Enough Growth In Inventory Numbers means Spring Market Sales Slow
Posted on Jun 01, 2023 in Market Statistics - History
A total of 637 properties sold in the Victoria Real Estate Board region this April, 22.7 per cent fewer than the 824 properties sold in April 2022 but an 8 per cent increase from March 2023. Sales of condominiums were down 21.8 per cent from April 2022 with 205 units sold. Sales of single family homes decreased 19.4 per ce...
Ban on Foreign Buying in Canada
Posted on Feb 07, 2023 in Foreign Buyers
For a period of two years starting January 1, 2023, non-Canadians are banned from purchasing homes in Canada under the definition of “residential property” indicated in the legislation and associated regulations that the federal government published on December 21, 2022.
Although further technical interpretations of the regulations are still pending...
Metchosin's Beautiful Devonian Park
Posted on Jul 11, 2022 in Things to see in Victoria
The luxury of living in the Westshore area of Victoria BC is the amount of natural habitat and outdoor parks contained in this diverse area. From lakes to parkland there is always a place to adventure into and you'll either land on a pure sand or cobble stone beaches. Welcome to Metchosin! Enjoy a 15 minute Gentle walk on clear trails through mixed...
Victoria’s hot housing market levels off, supply still important for long-term attainability
Posted on Jul 11, 2022 in Market Statistics - History
July 4, 2022
A total of 612 properties sold in the Victoria Real Estate Board region this June, 35 per cent fewer than the 942 properties sold in June 2021 and a 19.6 per cent decrease from May 2022. Sales of condominiums were down 40.2 per cent from June 2021 with 202 units sold. Sales of single family homes decreased 31.4 per cent from June 2021 w...
Victoria still experiencing low inventory and high demand
Posted on Apr 11, 2022 in Market Statistics - History
A total of 833 properties sold in the Victoria Real Estate Board region this March, 29 per cent fewer than the 1,173 properties sold in March 2021 but a 16 per cent increase from February 2022. Sales of condominiums were down 26 per cent from March 2021 with 279 units sold. Sales of single family homes decreased 28.2 per cent from March 2021 with 4...