RSS

The purchase of your new home involves other costs that a REALTOR® can make sure you are aware of.

 

Application/ Mortgage Broker Fee - A fee is sometimes charged if income and credit issues come up.

 

Land Survey Fee - A plot plan is important to see if there are any encroachments such as a neighbours shed on your land.

 

Insurance - If you are applying for a high ratio mortgage, a loan of more than 80% of the purchase price, lenders protection in the form of a mortgage insurance fee.  Make sure there is fire and extended coverage to protect the home.

 

Legal Fees - for setting up mortgage, conducting a title search, drawing up title.

 

Property Tranfer Tax - This is calculated on the fair market value - 1% on $200,000 and 2% on the remainder.  First time home buyers exempt with certain conditions, including value of home less than $425,000

 

HST - You pay the tax on new homes.  You are eligible for a rebate of the provincial protion(71.43% of HST).  up to $26,250 on $525,000 and  a flat rebate of $26,250 on anything over $525,000

 

 

 

Arran McLellan

Read

Market update!

 

 
A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that market activity has returned to comparable levels of a year ago. "Overall sales so far this year are down 21 per cent compared to a year ago. It’s important to note, however, that the first few months of last year were very active compared to this year and we are now seeing a return to similar market conditions of a year ago."
Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently seven per cent higher than a year ago. "The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June - the highest monthly level in 15 years." Fimrite add that there were 4,857 properties available for sale at the end of May.

The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June.

The overall average price for condominiums last month was $320,172, down from $328,345 in May. The average for the last six months rose to $329,402. The median price for condominiums in June also rose to $300,000.

The average price of all townhomes sold last month declined to $444,768 from $466,845 in May. The median price also declined to $399,000 while the six month average rose to $448,159.
MLS® sales last month included 348 single family homes, 177 condominiums, 62 townhomes and nine manufactured homes.

Active Listings, New Listings and Sales Graphs
Average Selling Price Graphs

 


What this means is that there is a gradual lowering of home prices due to the amount of properties for sale. Supply is greater than demand so that drives the prices down.


The only reason the Single Family home prices are up is due to sales of the higher priced properties - million dollers +


If you are a buyer this is a great time to invest in your future as home prices are down and interest rates are attractive.

Read
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.