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New property listed in NS Swartz Bay, North Saanich

I have listed a new property at 11070 Salal Pl in North Saanich. See details here

Stunning ocean view family home on a sprawling one-acre lot beside Green Park. This 4-level split provides ample space and flexibility. Step inside a newly tiled entryway and be greeted by a striking spiral staircase. The lower lvls comprise 2 beds, den/office, a masterfully updated 3-piece bath, an addt’l rec/family room, and an oversized dbl-car garage and workshop. The main lvl includes a bright living room with vaulted ceilings and a stunning stone fireplace. Adjacent is the dining area which leads to a generously sized kitchen and an eating nook. The family room provides an inviting atmosphere, complete with a wood stove. The top floor offers a primary bed with ensuite and two more beds. Outside, enjoy an entertainment area featuring a hot tub, multiple decks and patio spaces. Recent updates include a new heat pump, irrigation system, new flooring and more. Located minutes from Sidney with easy access to the local trail network, marinas, and parks, making this one an ideal choice.

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I have sold a property at 309-311C 1376 Lynburne Pl in Langford

I have sold a property at 309-311C 1376 Lynburne Pl in Langford on Mar 15, 2024. See details here

Discover an incredible quarter share opportunity at the Premier Fairways Hotel nestled at the foot of Mt. Finlayson in VICTORIA! Own a spacious 1,456sqft 1 bed/2 bath suite with a full kitchen, fireplace, and an adjoining 1 bed/1 bath with a kitchenette lock-off. Enjoy the spectacular views of the Jack Nicklaus designed golf courses right from your suite, offering unmatched privacy amidst the serene forest. This haven is steps away from specialty shops, clubhouse, spa facilities, and restaurants. Additionally, relish in the tranquility of covered CLAY TENNIS COURTS, 2-18 hole Jack Nicklaus designed GOLF COURSES, biking and HIKING TRAILS on Mt. Finlayson. For sports enthusiasts, the Bear Mountain Activity Centre (with a gym & pool) is available. With the unit rented as hotel rooms when not occupied by the owner (managed by hotel staff), this opportunity offers both luxury living and potential revenue. Plus, it's only a 25-minute drive to downtown Victoria. *Imgs from a similar unit.

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~Housing Market Update~ 

Property Flipping Tax 2024~

The Property Flipping Tax is a sliding-scale tax, with a 20% tax on those properties that are resold within a one-year window and a lesser tax on any sale within a two-year time frame The provincial government aims to levy this tax on property flippers who purchase and sell a property within two years. The tax targets property flippers who are solely looking to make a profit. According to the Bank of Canada, approximately 3.1% of homes in Vancouver and Victoria are sold within one year. If you consider the charts above, courtesy of BCREA Economics, the participation of homes sold in B.C. throughout a one-year time frame is, on average, between 2.5-3.1%. The stats do not delineate between those in the business of flipping properties and those with valid reasons for a resell within one to two years.

There are many reasons families decide to move within a two-year time frame, and the majority are for purposes that are exemptions to the flipping tax. This begs the following question: What are exemptions to this "flipping tax"? Exemptions that could apply include a death in the family, an addition to the family, employment relocations, martial breakdown, default or bankruptcy, illness or disability, destruction of the property, expropriation of the property, and more. Please visit the government of B.C.'s website: https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax



What are the effects of the flipping tax? The BCREA Market Intelligence Report notes, "In other jurisdictions where similar rules exist, such as the United States, Australia, New Zealand, and Singapore, the effect of such taxes on prices remains ambiguous; the evidence is mixed and inconclusive, and if an effect exists, it is minor."

What can be said about the impact on the market on sellers who hold off listing their homes? The impacts remain to be seen. However, rational thought would indicate that if sellers are deferring their listings for a one—to two-year time frame, this would result in a reduction of listings. This would lead to a resultant price increase for the limited inventory as there would be even fewer homes, albeit not a huge amount, for purchasers to compete for.

Although the government feels that taxing the small percentage of homeowners who truly "flip" their properties is a great way to gain additional tax revenue, the focus should remain on supply-side measures and programs that create the much-needed housing. Those "flippers" who are taking risks with their capital to build additional housing units for rental stock are not the ones who should bear the brunt of the government's short-sighted policies. On the other hand, those owners who are speculative with their purchases, looking to make a quick buck, and artificially inflating the market pricing should bear the tax.






FIRST TIME HOME BUYER?? Call me at 250-884-3980 to chat about the ZERO-DOWN FINANCING OPPORTUNITY!
*Some exceptions apply* 


Looking to find out what your home is worth?? Call me, and we can discuss a market evaluation. 

Click here to visit my website.

#ProvincialFlippingTax#Realestate#Commonsenserealestate#Victoriarealestatenews#updatesvictoria

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I have sold a property at 2815 Inlet Ave in Saanich

I have sold a property at 2815 Inlet Ave in Saanich on Nov 30, 2023. See details here

Gorgeous 1912 built 4 Bed/2 Bath Family Home steps to the Gorge Waterway. Main floor living features a functional 2 Beds/1 Bath layout with an updated kitchen boasting granite countertops and stainless steel appliances. The mahogany wood flooring is delightful. Updates to the home include a newly installed Heat Pump, upgraded plumbing and wiring, thermal windows, improved insulation, soundproofing between floors, and a metal roof. The master bedroom overlooks the private rear yard with access via the private back deck. Downstairs you will find a well-apportioned 2 Bed/1 bath additional accommodation with in-suite laundry, an updated kitchen, and a private entrance. The lower level has a walkout patio area and access to the rear yard. In the backyard, you will find an office/workout studio, a private infrared/steam sauna, as well as a hot tub. All amenities including groceries, shopping, and mall are close-by with easy access to downtown as well as the main highway.

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I have sold a property at 7413 Veyaness Rd in Central Saanich

I have sold a property at 7413 Veyaness Rd in Central Saanich on Dec 29, 2023. See details here

This is the perfect family home in a beautiful semi rural setting with fabulous views. The traditional layout offers 3 bedrooms upstairs with a cheater ensuite bathroom. The primary bedroom features a private double jetted tub looking out over the treetops. Living/dining is bright and spacious with vaulted ceilings and a gas fireplace to enjoy on a cool night. Gorgeous engineered hardwood floors flow through to the large kitchen/family room that opens out onto an expansive deck for gatherings and bbq's. The lower level has been renovated with a lovely one bedroom suite that has it's own entrance and laundry. There is so much space to explore the fully fenced property and is paradise for kids and dogs. The workshop sits above the lower portion of the property with it's own decking and could easily be used as a greenhouse or playhouse. The current owner has archery and a driving range set up for recreation. Brand new roof and newer hot water tank.

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I have sold a property at 11 1019 North Park St in Victoria

I have sold a property at 11 1019 North Park St in Victoria on Nov 30, 2023. See details here

Gorgeous 2002 built 2 Bed/2 Bath end unit townhome located in Central Park. Private walk-up accessible entry into the main floor which features an open-concept living and dining area with a cozy gas fireplace. The spacious kitchen is adorned with a new sink, granite countertops, and repainted cabinets. Enjoy the sunny and private South-facing patio. Fully fenced yard perfect for pet owners - up to 3 cats or 2 cats and 1 dog. Upstairs you will find In-suite laundry which is conveniently located along with 2 beds. The generously sized master bedroom is separated from the second bedroom by a 4pc cheater ensuite which has new flooring and cabinets. Storage under the stairs and front hallway. Steps to Fernwood Village, Downtown Victoria, or Royal Athletic Park. Parking is included, and easy access to transit! Superb management, unrestricted rentals allowed, and no age restrictions!

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I have sold a property at 303 1714 Fort St in Victoria

I have sold a property at 303 1714 Fort St in Victoria on Oct 17, 2023. See details here

Welcome to Carriage Court! This beautiful condo is in a superb location and on the quiet side of the building! Close to parks, trails, restaurants and so many amenities. This bright and spacious home offers 2 bedrooms and 2 bathrooms with an open concept living and dining room. The gas fireplace (Gas is included in monthly fees) is a delight to curl up in front of and read or entertain friends and family. Large windows let in the natural light and a nice private balcony over looking the park for relaxing with a morning cup of coffee or your afternoon tea. The primary bedroom is a generous size with a two piece en-suite. Nicely updated and a great lay out with in-suite laundry. Park your car in the secured, underground parking and store your bike in the bike storage room. No worry about storage bring your treasures and store them in the oversized storage locker. What a great opportunity to live in this ideal neighbourhood. Don't miss out on this one, you will sure to be impressed.

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I have sold a property at 2885 Gorge View Dr in Saanich

I have sold a property at 2885 Gorge View Dr in Saanich on Nov 30, 2023. See details here

Located on a large corner lot in the Gorge waterway area, this nicely updated family home includes an in-law suite and a large detached studio. Many recent upgrades are evident throughout this 4/5 bedroom property including a newer kitchen with sit-up bar opening up to a cozy dining room and a bright spacious living room. A fantastic sunroom/den, a great place to relax, has access to the wrap around deck and a large southwest, fully fenced yard which is especially perfect for gardening, backyard play or entertaining. The Lower level provides a 1 or 2 bed in-law suite with a large living area boasting extra space with its own entry. The detached studio surrounded by various fruit trees, could be adapted to achieve a carriage house/backyard bungalow (buyer to verify). This attractive south-west facing home with all day sun also features newer hardy siding, oak hardwood flooring, gas forced air furnace and more. Only steps to the waterway and close to absolutely every amenity possible.

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I have sold a property at 1089 Quailwood Pl in Saanich

I have sold a property at 1089 Quailwood Pl in Saanich on Sep 29, 2023. See details here

Discover this stunning architecturally designed home, situated in a captivating park-like setting that embraces the serenity of nature. Tucked away at the end of a quiet cul-de-sac and perched atop a hill, this private property offers an expansive living space exceeding 3200 sqft. With three spacious bedrooms, four bathrooms, kitchen with an inviting eating area, a cozy family room, separate dining and living rooms, mudroom, and a double car garage, this residence exceeds expectations. Surrounded by lush greenery, the property provides an idyllic retreat where wildlife roams freely, and tranquility prevails. Ideally located in the highly sought-after Broadmead neighbourhood, with access to parks, trails, the ocean, beaches, and all essential amenities just a short stroll away. Don’t miss out on this rare and incredible opportunity nestled in a quiet and peaceful setting!

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I have sold a property at 202 383 Wale Rd in Colwood

I have sold a property at 202 383 Wale Rd in Colwood on Aug 31, 2023. See details here

Welcome to one of the Westshore's most affordable 2 bedroom condos. Here is a great opportunity for a first-time buyer to get into the market! This well kept 2 bedroom, 1 bathroom unit has been nicely cared for and has so much to offer. Featuring in-suite laundry, new vinyl flooring, new blinds, new dishwasher, new fridge and other recent upgrades. This condo is move-in ready and would make a great choice for anyone. Secured underground parking, separate storage, bicycle storage and BBQ's allowed. Pet friendly and well managed strata. Conveniently located within easy walking distance of all amenities, Royal Colwood Golf Course, Rec Centre, and bus routes. Royal Roads, Galloping Goose Trails and 5 minute drive to the beach and 20 minutes into downtown Victoria.

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I have sold a property at 2266 Sooke Rd in Colwood

I have sold a property at 2266 Sooke Rd in Colwood on Sep 2, 2023. See details here

Located minutes from Westshore Town Centre this southeast facing home offers an easy-care lot with a flexible floor plan and plenty of parking. This solid 1960-built home is approx. 2,561 sqft and offers 6 beds/2 baths over 2 levels. The home has been updated over the years and offers exceptional value to both First-Time Buyers or astute property investors. The main level offers a spacious living room/dining room combo with original wood flooring and a cozy fireplace! The kitchen offers an open concept layout perfect for entertaining. 2 beds plus a den, a 4-piece bathroom, and in-suite laundry finish off the main level. The lower level offers an additional 2 beds for the main unit. The lower level also offers additional accommodation in the form 2beds/1 bath approx 919sqft with in-suite laundry. All amenities, including Parks, schools, groceries, shopping, and golf course, are nearby. Showings with your Realtor are restricted to Sundays 3:45-5pm and Wed 5-7:30pm with 24 hours notice.

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 February 21, a 20% Foreign Buyer Tax will be levied on purchases in the Capital Region - according to the BCREA this tax will have an immediate impact on transactions underway, but there are some transitional rules, outlined below.



Transitional Rules
If the property is located in the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan or Nanaimo Regional District and the property transfer is registered on or after February 21, 2018, there are two instances where you don't have to pay the additional property transfer tax:      
1. You don't have to pay the additional property transfer tax if the registration occurs before or on May 18, 2018 and the property transfer is subject to a written agreement dated on or before February 20, 2018. Otherwise you will have to pay the additional property transfer tax.
 
Note: If the written agreement is assigned to a foreign entity or taxable trustee on or after February 21, 2018, the additional property transfer tax must be paid.
  
2.     You don't have to pay the additional property transfer tax and your property can be registered at any time if:
    • The property transfer is subject to a court order dated on or before February 20, 2018
    • The property transfer is subject to an Order Nisi of Foreclosure dated on or before February 20, 2018
    • The property transfer is subject to a separation agreement which was signed on or before February 20, 2018
    • The property transfer is from the personal representative of a deceased's estate to the beneficiary and the death of the deceased occurred on or before February 20, 2018
    • The property transfer is to a surviving joint tenant when the death of the deceased occurred on or before February 20, 2018
You can find the above info and more on the government's website


Also live tomorrow is an increased Property Transfer Tax for properties over $3 million. The Property Transfer Tax will increase to 5 per cent for properties over $3 million.

The Minister of Finance also announced that a speculation tax will roll out in Fall 2018. 

 

 

Click Here to view some Hot Listings

 

How to Benefit from the Hot Property Market 
   
   
The Housing Market in Victoria has continued to be extremely hot with both Sellers and Buyers reaping the rewards.  The current inventory is lower than average and coupled with low interest rates, the current housing market will continue to remain hot. 

If you are planning to sell or buy within the next three months, give me a call and I will ensure you realize the best possible result. 

My Best,
Arran



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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.