Real Estate Information Archive

Your needs and wants when buying are important, but, should not completely interfere with your decision. It is not always possible to find everything you want in a home. Especially when a maximum price is concerned. Perhaps the "good bones" are already there and all you have to do is budget a few alterations to make everything perfect. Buyers should always compare the pros with the cons when viewing property and be realistic with there demands. In this market, first time buyers have a chance to buy under $450,000 but the very low mortgage rates available today may pass them by if they are hesitant to make a decision.

I don't know about the rest of Canada, but it is almost time to take the tarp of the boat, clean the decks, fill the water tanks and reprovision for the up and coming boating season. I am looking outside to sunshine and warmer temperatures.

That is what is so great about this part of the world. Some sailboats have been racing all winter long. The cruising season starts now and runs through to October for most recreational boaters. I guess that is why so many people retire to the Gulf Islands and Victoria.

One of the best kept secrets for accommodation in the Comox Valley is the Old House Village Hotel & Spa. It is establishing itself as the premier Hotel but is still very affordable. It is situated next to the Potlatch River and only a short walk to shopping and restaurants in Courtenay's town core. If you want to eat closer, just steps away is the Old House Restaurant.

I was present at an interesting talk by two ladies who operate a business called "Good To Grow Landscape Solutions Inc.". They seem to be very approachable and love to answer garden questions. You can even email them a question at goodtogrow@telus.net.

Wow! Mortgage rates are at unprecedented lows! 4 year rates are available at 4.19% and 5 years at 4.39%. Even 7 year rates are 5 bases points better than my own 3 year mortgage on a revenue property.

I was thinking today how lucky we are to live in Victoria. The temperature is mild with the sun popping out every so often and the birds are singing! Compare this with most other areas of Canada and the Northern United States where there is still snow on the ground and below zero temperatures. Even the economy is not as bad as some other areas.

The fact that we have a Naval Base and are the capital city of British Columbia helps dramatically with our economy. Commercial building vacancy space is very low and has encouraged the development of new construction in the Greater Victoria area.

So, even though property sales are quite slow and there is doom and gloom every day on the news, we must not loose site of the fact that we are living in the best place in the world!

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.