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The latest market news, information, and statistics. |
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Property Assessments Explained |
Friday, January 4, 2013 |
Real Estate Appraisal and Property Assessment
British Columbia’s Assessment Act requires that every property owner receive a property assessment notice reflecting market values, effective July 1st of the preceding year. This means that sales of comparable properties up to June 30th from the prior year are used to determine Property Assessments. Market value is the price an unencumbered property would sell for if a reasonable amount of time is allowed to find a purchaser.
When a property is first assessed, BC Assessment receives information on what the Land portion sold for, and then the building permit to construct the home. In subsequent years, the Property Assessment is adjusted by comparable sales. Ongoing when establishing the market value for a particular property, BC Assessment considers each property's unique characteristics. These are the same characteristics that a home purchaser would consider; including size, layout, shape, age, finish, quality, number of carports, garages, sundecks and condition of buildings. Services in the area, location, views and neighbourhood may also influence a property's market value.
Appraisers may enter a home to conduct property inspections, ensuring that the description and condition of a property is accurately reflected on the Property Assessment Notice. BC Assessment appraisers analyze all real estate sales in their area and develop common units of comparison and corresponding values. They review similarities and differences between properties to arrive at a uniformly assessed value for a particular property.
Frequently Asked Questions about Property Assessment
Why is the assessment notice mailed six months after the July 1st market value date?
BC Assessment’s professional appraisers must review close to two million properties every year and this six month period provides staff with the time they require to ensure the annual assessment roll is as fair and accurate as possible. Appraisers must analyze real estate transactions which can occur before and after the July 1st valuation date.
What is the relationship between property assessment and taxes?
Provincial and municipal governments (taxing authorities) pay for public services through property taxes, which are based on assessed value. BC Assessment determines the market value of properties and sends property owners a Property Assessment Notice. Then, tax authorities determine the property tax rate they will set to raise the revenue needed to pay for public services. The tax authorities apply this rate to the assessed value of properties and send property owners a Tax Notice.
What if I disagree with information on my Property Assessment Notice?
If you disagree with the market value of your property, or if you believe your property is improperly classified, contact your local BC Assessment office before January 31st.
If, after talking to your local BC Assessment office, you still disagree with your property’s value or classification, you may request an independent review before a Property Assessment Review Panel (PARP). A written notice of complaint must be delivered in writing to your local BC Assessment office no later than January 31st.
As a homeowner, it is important to understand that you cannot appeal your taxes. Neither the assessor nor the PARP can consider taxes when establishing the assessment value of your home.
Why are assessments based on market value?
Market value assessment is widely considered to be the fairest system for distributing the property tax burden.
In any tax area, properties of equal value contribute the same tax, while higher-value properties contribute more than those with lower values. Both assessors and taxpayers can readily check assessments by comparing recent sales and assessments of similar properties in the neighbourhood.
Why is there a difference between my property’s value on the Assessment Notice, the bank mortgage appraisal or a real estate assessment?
The real estate market is the single biggest influence on market values. Market forces vary from year to year and from property to property. The market value on an assessment notice may differ from that shown on a bank mortgage appraisal or a real estate appraisal because BC Assessment’s appraisal reflects the value as of July 1st of the previous year, while a private appraisal can be done at any time.
The other main reason for a difference in value between BC Assessment and a Real Estate assessment can be attributed to property condition compared to the average for the category. For example, if you had two 30 year old homes, both the same size, design and on the same street, they should be the same value. But what if one home has never had any updating, painting or renovating, while the other has recently renovated kitchen and bathrooms? BC Assessment only has knowledge of renovations that require permits, while many renovations have historically not required permits if they are cosmetic in nature and do not change any of the main components.
So while BC Assessments are a guide to what you property might be worth, there are many variables affecting the current value. Because BC Assessment rely on data from the previous year, their information also lags the current market. This means that in an increasing market the BC Assessment might be below current market value, and conversely in a falling market the BC Assessment might be higher than the current market.
Do taxes increase as a result of inspections?
Not necessarily. A property inspection may reveal previously unrecorded improvements or evidence of physical deterioration. This could lead to a change in the value of the property assessment.
Property taxes increase for three reasons:
• the tax authority raises the property tax rate to raise more revenue;
• Improvements increase the property’s value; or
• Improvements raise the value of a property in relation to most other properties in the jurisdiction.
Changes in classification or exemption status can also affect the value of property and subsequent taxes. For more information on tax relief and deferments, contact your local municipal office.
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posted by DFH Real Estate Ltd. at 8:43 am - 0 comments
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Act Now to Receive The B.C. First-Time Home Buyers' Bonus! |
Thursday, December 6, 2012 |
Act Now to Receive The B.C. First-Time Home Buyers' Bonus!
If you are a new home buyer you may be eligible for the $10,000 bonus from the BC Government if you purchase and complete a newly built home before April 1, 2013. For those that have not yet purchased, you need to act fast ! Westhills homes purchased in December can be built before of April 2013 and will therefore qualify for the $10,000 bonus!
With interest rates at historic lows, the time to purchase a new home has never been better!
The chart below shows what your mortgage payment could look like.
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Home Price
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$399,900
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Down Payment
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5%
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Mortgage Rate
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2.99%
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Mortgage Term
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5 years
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Amortization
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25 years
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Monthly Payment (including CMHC premium)
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$1,841.17
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Please view the link below to see complete details about qualifying for the BC First-Time Home Buyers' Bonus!
If you have any further questions about homes in Westhills, please contact sales@westhillsbc.com or call (250) 889-4445. You can also visit our Display Centre at 2983 Dornier Road in Langford. We are open daily 12-4pm!
Find Westhills, find home.
Your Westhills Team
http://www.westhillsbc.com/
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posted by DFH Real Estate Ltd. at 9:15 am - 0 comments
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Fun activities in Victoria for around the holidays. |
Thursday, November 29, 2012 |
A friend emailed me this list so I'm passing it along to you!
December 2012 List of Activities/Events
Best Wishes, Happy Holidays, and hope to see you at some of these events.
Horse-Drawn Trolley Rides, Saturdays 11- 3pm, Sundays 12-4 pm, Downtown Victoria, Free: Enjoy a classic downtown tradition with your family this holiday season. Now, every weekend until December 23, horse-drawn trolleys will circulate throughout downtown making it easy to take in all of the sights and sounds of the Christmas celebrations. The trolleys are free of charge, compliments of the DVBA, and are a unique way to tour the downtown or take a scenic break while you rest your weary feet! Two free trolleys will circulate on a pre-set route throughout the downtown with 4 stops at:
-Store St. at Chatham St. (In front of Ocean River Sports)
-Johnson St. near Wharf St. (In front of Willie’s Bakery)
-Langley St. at Bastion Sq. (Across from re-Bar)
-Government St. at Fisgard St. (In front of CRD Plaza)
Ghosts of Christmas Past Walking Tour, Ghostly Walks, Tours start at the Visitor Info Centre, No reservations are needed, Purchase tickets from the guide before the tour, Offered at 7:30pm on Friday and Saturday nights, plus extra tours between Christmas and New Years.
Sidney Christmas Open House, November 30, 5-8pm for the 2nd annual Christmas Open House, hosted by the Sidney Merchants Co-Op. We have over 40 stores participating this year, offering extended hours and incentives such as sweet treats, snacks & beverages, promotions and in-store specials. On this evening, the long awaited Passport to the North Pole will be available! Collect 12 unique signatures or stamps from participating merchants for a chance to win a $2000 Sidney Shopping Spree and a $250 gift certificate to Haro's Restaurant and Bar in the Sidney Pier Hotel. Watch for the Gingerbread Man, Frosty the Snowman, Rudolph the Reindeer, and Fir the Christmas Tree handing out the passports. Enjoy the streets of Sidney on a romantic carriage ride with Black Beauty Carriage Company during the Christmas Open House and throughout the holiday season!
Lights & Animation in Centennial Square, Free, This Christmas, Centennial Square is the setting for a magical display of lights and animation. Now until the New Year, a huge, interactive animation will take over the back wall of the McPherson Theatre. Bring your smart phone with you and interact with a special story that will delight and captivate. At the other end of Centennial Square, see if you can find a special tree with lights that move and change with sounds. Use your voice or an instrument and watch as the lights magically swarm and dance to the sound.
Butchart Gardens Magic of Christmas, December 1-January 6:
Gingerbread Showcase, Now - January 1, Inn at Laurel Point, 10-6pm, 680 Montreal St, Feast your eyes and nose on creative inspirations constructed from gingerbread. More than houses they are sculptures and unique works of art created by both professional and amateur chefs. Vote for your favourite and make a donation to Habitat for Humanity Victoria. If you are bringing a special group of people contact the Inn at Laurel Point directly to arrange a private viewing!
The Festival of Trees, December: Approximately 50 trees are placed at the Fairmont Empress and businesses and organizations are invited to sponsor a tree by way of a financial contribution for BC Children's Hospital: Now to Jan. 4.
Craigdarroch Castle, December 1-31: During the month of December, the castle is elegantly decorated. Inside the castle, many Christmas displays abound for kids and kids at heart.
Deck the Hall - Winter Lights, December 01, 5-8:30pm: Saanich Municipal Hall
Santa Shuffle 2012, December 1, 10am, Victoria West Community Centre, 521 Craigflower Rd, Brought to you by the Running Room - 5 km Fun Run, 1 km Elf Walk, Race Kit Pickup: November 29: 5-8pm, November 30: 1-8pm, December 1: on Site Before 10am, Victoria Running Room 1008 Douglas Street, Post-Race Activities: There will be post event refreshments, awards & prizes. NEW for 2012! All participants will receive a unique Santa Shuffle finisher's medal!
Tuba Christmas, Market Square, December 1, 1 - 3 pm: More than 60 tuba players from BC and the Pacific Northwest will knock your socks off with this BIG concert! A tradition that began in New York City’s Rockefeller Centre more than 35 years ago; a great way to launch the holiday season.
IEOA Truck Light Parade and Food Drive, December 1: 5:45-8:30, Involves festively decorated trucks parading through the Capital Region with a goal of collecting nonperishable food items for the local food banks. Specially designated drop-off points are set up along the route the evening of the parade. The Truck Light Parade starts at Ogden Point.
Sea of Lights Parade, December 1, Inner Harbour, (appx. 7-9pm): Be a part of the 23rd Annual Lighted Ship Parade. Come enjoy a magical night filled with Christmas lights, holiday music and Santa! Visit our Holiday Night Market for unique gift ideas and enjoy the holiday cheer including free candy canes and hot chocolate. Bring new or gently used coats, jackets, blankets, personal hygiene products or a $2 donation to be entered to win great raffle prizes! All proceeds will go to the Victoria Cool Aid Society.
First Sunday of Advent, December 2.
Carol-Along with the Carillon, December 2, 4:30: Royal BC Museum. It's a unique holiday experience enjoyed by more than 100 people (and a few pets). The Provincial Carilloneur climbs 75 spiral steps to ring out 22 seasonal favourites and everyone sings along! Hot chocolate, cookies and songsheets are provided. Members of the Newcombe Choir lead the carolling. When the singing ends, the carillon is lit up for the festive season.
A Christmas Carol, Craigdarroch Castle Historic House Museum, 7pm, doors at 6:15pm: Craigdarroch Castle Historical Museum Society announces six ticketed performances of "A Christmas Carol" by Charles Dickens. The classic holiday tale has been adapted as a one-man play by Jason Stevens and will be performed in the historic Victorian mansion on Sundays, December 2, 9 & 16; Wednesdays, December 5, 12 & 19; and Fridays, December 7, 14, 21 & 28. All performances will be at 7pm with doors opening at 6:15. Tickets: $20 adults or $15 students. (Not designed for under ages 13.) Members of the Craigdarroch Castle Historical Museum Society receive $2.00 off admission.
47th Annual Carolling Week, December 3-7, Monday, Tuesday, Wednesday, Friday 12-1pm, City Hall Ante Chamber.
Christmas Starlight Cinema, Delta Victoria Ocean Pointe Resort & Spa, 6pm, Songhees Rd: Christmas Starlight Cinema at the Delta Ocean Pointe Resort and Spa This year, bundle up the family to enjoy one of Victoria great Christmas traditions - Christmas Movies under the Stars on Victoria's beautiful Inner Harbour. Visit the Delta Victoria Ocean Pointe Resort every Tuesday and Wednesday eveing in December and cuddle up to your loved ones for your favourite Christmas shows. Movies are FREE; donations to Santa's Anonymous are appreciated. Show time is 6pm each night. The hotel supplies the heaters; please bring a lawn chair and extra blankets!
December 4: Miracle on 34th Street
December 5: White Christmas
December 11: Jim Carrey, the Grinch
December 12: Home Alone
December 18: A Christmas Carol
December 19: It's a Wonderful Life
Sinterklaas, December 5.
5th Annual Man and His Dog Fashion Show, December 5, 7:30pm: It’s the most fun fashion show in town. Men and their dogs take to the catwalk and strut their stuff - the men in clothing by Outlooks and the dogs in what nature gave them. Tickets are just $25 with proceeds benefitting animal rescue. Wednesday, Outlooks Menswear 534 Yates Street.
Father Christmas at the RBCM, December 7-9, Royal BC Museum, 12-4pm: Can you imagine a more magical place to visit with Father Christmas than the decorated street of museum's Old Town? Share the holiday wishes and have your photo taken to preserve this special moment. Free with admission or membership. Extra fee for photos.
Royal Victoria Yacht Club Sea of Lights, December 7: to aid the Salvation Army and the Oak Bay Kiwanis. In the spirit of Christmas, the Sea of Lights will be lit by a parade of boats and led by HMCS Oriole. Admission is free, but donations or non-perishable food items will be accepted and donated to the Salvation Army. Bring your family and keep warm by the bonfire on the beach, a steaming hot chocolate and watch the beautiful array of beats float by. The Parade will pass Cattle Point at 7pm, Willows Beach at 7:15pm and Gyro Park at 7:45pm. Start time: 6:30 PM
Christmas in the Village, Saanich Historical Artifacts Society, December 7, 8, 9, and the 14, 15,16: For two weekends in December come out and see the Xmas lights from 5-8. Just great to see and to bundle up and go for a train ride in the dark.
Solstice Stroll (Guided Walk) All ages, December 8, 1-2:30pm, Witty's Lagoon Regional Park (Metchosin): Why do we sing about holly and ivy? What tales were told in the days of old? Enjoy the quiet forest of Witty’s Lagoon at this special time with CRD Regional Parks’ guest naturalist Joe Percival. Meet at the Witty’s Lagoon Nature Centre off Metchosin Road. Transit #54 or #55
Music in Market Square with The Greater Victoria Concert Band, December 8, Market Square, 1-3, 560 Johnson St, Admission: Free. This outdoor Christmas concert will feature performances by both the Intermediate Band, directed by David Marttinen and the Senior Band, directed by Michael Keddy. All donations from this event will benefit Our Place Society.
Pancakes with Mr. & Mrs. Claus, December 8, Chateau Victoria Hotel & Suites, 9-11:30 am, Vista 18, 740 Burdett Ave: Enjoy breakfast cooked by Executive Chef Garrett Schack and served by the management and employees of the Chateau Victoria team. Santa & Mrs. Claus will be there to thank everyone in person! 100% of the proceeds raised at this annual holiday event go to the Times Colonist Christmas Fund. Reservations are required as seating is limited: call Yvonne at 250-361-5660
Second Sunday of Advent, December 9.
Menorah Lighting, December 9, 3:30, Chabad of Vancouver Island invites you to the opening of the celebration of Chanukah in British Columbia with a Menorah lighting in front of the Provincial Legislature. Chanukah musical performance by the 5th (BC) Field Regiment - Canadian Military Brass Band. Chanukah doughnuts, Dreidels and Menorah kits. Chanukah, December 8-16.
Christmas in the City- Inauspicious Events, December 9, 4:30-6pm Christ Church Cathedral, 930 Burdett Ave., Admission: By donation, Come and enjoy a contemporary interpretation of the Christmas story in words and music. Script by Sheila Martindale, Music by Kelly Charlton, Directed by Kelly Charlton.
Naden Band Christmas Concert, December 10-12, 7:30pm, Royal Theatre, Admission: $10 for adults, $7 for students/seniors/children plus an unwrapped toy at the door. Celebrate the holiday season with this annual Christmas concert and toy drive for the Salvation Army featuring the Naden Band!
Victoria Symphony, Handel’s Messiah at UVic, December 14: Guest conductor Michelle Mourre leads the Victoria Symphony, the Victoria Choral Society and an impressive group of soloists for this year’s annual presentation of Handel’s glorious Messiah. Be a part of this inspirational annual tradition. Hallelujah!
Movie: A Christmas Carol (aka Scrooge), December 15, 2012, Time? The Vic Theatre, 1215 Blanshard St. $10 + HST: It just wouldn't be Christmas without this timeless family classic, A Christmas Carol. Released in 1951, this adaptation of Charles Dicken's original novel is widely considered to be the definitive of the many film versions. Starring Alastair Sim as Ebenezer Scrooge, this story follows sad life of a London miser who, despite his wealth, refuses to make charitable contributions and treats his sole employee, Bob Cratchit, as an indentured servant. On Christmas Eve, Scrooge is visited by three ghosts who transform his life and the life of Crachit completely, leading to an ending that is as warm as a Christmas hearth fire.
3rd Annual Victoria Figgy Pudding Carolling Competition, December 15, 1-4 pm: A fun and heart-warming event that will bring the voices of Victoria to downtown and Bastion Square. You don't need to sing well to participate - whether you're a beginner or a seasoned caroller, there is a competition category for you! The competition runs from 1-3 pm, with awards and a sing-along from 3:15 - 4 pm.
Third Sunday of Advent, December 16.
Live Outdoor Nativity Pageant: December 21-23,6:30, 7:00, 7:30, and 8:00: Topaz Ave. Free, This is the 26th year of this free gift to the community. Live actors, real animals, and vibrant costumes portray the birth of Christ. Come and and experience the sights, sounds and emotions from 2000 years ago.
Winter Solstice, Longest Night of the Year, December 21, 3;12 am. PST.
Fourth Sunday of Advent, December 23.
CBC Radio, The Shepherd story, December 24: Every Christmas Eve the program broadcasts Alan'sreading of The Shepherd by Frederick Forsyth.
Christmas Day, December 25.
Kwanzaa, December 26.
Polar Bear Swim, January 1.
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posted by DFH Real Estate Ltd. at 9:27 am - 0 comments
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To rent or purchase in Victoria BC? |
Wednesday, November 28, 2012 |
Courtesy: Gerry Smith, Senior Manager, Residential Mortages, TD Canada trust
Here’s a more positive spin on why first time home buyers should consider making a
purchase rather than renting. A review of current rental information indicates the
average rental for a two bedroom apartment is approx.. $1200.00 per month. Most
first time home buyers think it’s just too expensive to purchase a starter condominium.
Is it really? Not necessarily.
ASSUME INTEREST RATE OF 2.99% FOR A FIVE YEAR FIXED RATE AND
TERM ANORTIZED OVER 25 YEARS.
Based on a purchase price of $230,000.00 with a 5.0% down payment; property
taxes at $1500.00 after the home owner grant and monthly strata fees of $225.00,
the borrower needs $50,000.00 income to qualify
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Downpayment
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Mortgage
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CMHC Fee
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Total
Mortgage
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Monthly P & I
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Income Req'd
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5%
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$11,500
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$218,500
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$6,009
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$224,509
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$1,061
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$49,800
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The first time home buyer would have monthly obligations of Mortgage $1061.00
plus property taxes of $125.00 and monthly strata fees of $225.00 = $1411.00
Looks daunting doesn’t it?
However consider monthly rental of $1200.00 and no equity build up by the
tenant, just straight rent out the door. Payments for the mortgage as noted
above are $1411.00 which is higher than rent – BUT…. Look at the information
following,
Compare this to home ownership with interest rates at 2.99%, the
first time home buyer will pay $1061.00 per month principal and interest
and the PRINCIPAL portion of the mortgage is approx.. $505.00 per
month, almost 50% of their monthly mortgage payment goes to reducing
principal on the mortgage. In the first year alone, they will pay off over
$6000.00 against the mortgage. At the end of the five year term, they
will have reduced the balance of their mortgage by $32,971.00 which
is pretty incredible.
The biggest stumbling block seems to be down payment, but if
discussed with family and a down payment gift may possibly be
arranged. I’m sure a lot of family members would like to see
their children become home owners and may be able to assist.
Need more information? Call Gerry Smith.
Gerry Smith AACI, P.App
Senior Manager, Residential Mortgages
Tel. (250) 361-7068
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posted by DFH Real Estate Ltd. at 4:07 pm - 1 comments
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| rkmyKgnZuiZdFobrKu said... |
Wednesday, March 6, 2013 @ 7:21 am |
| Thinking like that is really impersisve |
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Home prices: Biggest rise in more than 2 years |
Wednesday, November 28, 2012 |
By Chris Isidore
@CNNMoneyNovember 27, 2012: 10:07 AM ET
Home prices are up for the 2nd straight quarter, the biggest year-over-year increase in more than two years.
NEW YORK (CNNMoney) -- In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index.
The 3.6% increase from a year earlier is more than three times the rise in the previous quarter and was the biggest jump in prices since the second quarter of 2010. But that 2010 rise was much more of a temporary blip caused by a homebuyer's tax credit of up to $8,000 on homes purchased in late 2009 and early 2010.
This latest rise comes as the housing market has shown numerous other signs of recovery in recent months. The rebound is spurred by a combination of record low mortgage rates, an improving jobs market and a drop in foreclosures to a five-year low, reducing the supply of distressed homes available. There is also a tighter supply of both new and previously owned homes on the market.
The improvement in housing market fundamentals have helped to lift the pace of both home sales and home building.
Dean Baker, the co-director of the Center for Economic and Policy Research who was one of the earliest economists to warn about the housing bubble and the trouble that lay ahead, said this recovery in the housing market should lead to some sustained housing price increases in the coming years.
"I've been an optimist as of late," he said. "Some think it'll get back to bubble prices and that's crazy. But we'll probably do better than inflation for the next few years, and people who have been underwater on their mortgage will get out from that, and build some equity."
Related: Housing is indeed heading higher
The latest rise in the Case-Shiller index was the second straight quarter of year-over-year improvement, while the monthly annual reading has climbed for four months in a row, with six straight month-over-month increases.
"With six months of consistently rising home prices, it is safe to say that we are now in the midst of a recovery in the housing market," said David Blitzer, chairman of the index committee at S&P Dow Jones Indices.
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posted by DFH Real Estate Ltd. at 11:41 am - 0 comments
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Great Day for DFH Real Estate |
Monday, November 19, 2012 |
Great Day for DFH Real Estate - we're now a member of "Leading Real Estate Companies of the World" a fantastic endorsement of our team!
DFH Real Estate Selected for Membership in Leading Real Estate Companies of the World®
Victoria, BC – DFH Real Estate, a prominent real estate company serving Greater Victoria and Southern Vancouver Island, has been selected for membership in Chicago-based Leadi...
ng Real Estate Companies of the World® (LeadingRE), Mike Nugent, Managing Director announced today.
DFH was invited to affiliate with the global network, which is comprised of more than 500 of the best-known real estate firms worldwide, with 4,600 offices and 140,000 sales associates in more than 30 countries. To be selected for membership, firms must be ranked among the top independent firms in the markets served and must meet other criteria related to reputation, stability, tenure, quality, relocation capabilities and other factors.
As an affiliate of Leading Real Estate Companies of the World®, DFH has access to a wide range of brokerage services to further strengthen its marketing presence and offerings. In addition, company representatives will have the opportunity to collaborate with other "best in class" firms from around the world for idea-sharing, referrals and business development opportunities at conferences and online through the network’s private interactive community.
The relationship also allows the firm to assist individuals purchasing or selling property in virtually any community worldwide and service corporate relocation accounts through RELO Direct®, LeadingRE’s corporate relocation management company.
“We are delighted that DFH Real Estate has joined Leading Real Estate Companies of the World®,” commented President and CEO of Leading Real Estate Companies of the World® Pam O’Connor. “Their selection was based on the company’s outstanding reputation, as well as its demonstrated ability to deliver the same high quality service and reliability as our other affiliates. This level of service is the foundation of our network and is the basis for our longevity and success as one of the industry’s leading providers of real estate and relocation services.”
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posted by DFH Real Estate Ltd. at 8:36 am - 0 comments
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DFH is pleased to welcome John Hladkey to our Shawnigan Lake office. |
Monday, November 19, 2012 |
John was raised on a farm west of Edmonton. After completing his post-secondary education at the University of Alberta he continued to farm part-time while working full-time for the Province of Alberta as a district agriculturist and raising his three children with his wife, Diane.
His career as a government employee in the Department of Agriculture lasted over 28 years. His work required him to consult with and provide advice to clients in the local rural community on a variety of topics including production, marketing, and financial management.
Two years ago, John and his wife relocated to Vancouver Island after many years of visiting the “Island” and dreaming about living here. John understands both the excitement and the challenges of relocating and is available to help make your move as smooth as possible.
John and his family enjoy spending time participating in outdoor activities. He appreciates the warmer and greener climate of the west coast, as well as the long flowering season with fall colors that seem to go on forever. |
posted by DFH Real Estate Ltd. at 8:29 am - 0 comments
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Common Mortgage Questions Answered |
Wednesday, November 7, 2012 |
Courtesy:
Gerry Smith AACI, P.App
Senior Manager, Residential Mortgages
Tel. (250) 361-7068
FOLLOWING IS A LIST OF THE MOST COMMON QUESTIONS I RECEIVE FROM CLIENTS AND REALTORS, THE QUESTIONS AND ANSWERS ARE IN ABBREVIATED FORM AS THERE MAY BE DIFFERENT ANSWERS TO THE QUESTIONS DEPENDING ON EACH SITUATION.
BEST ADVICE, IF THERE ARE ANY QUESTIONS ON ANY OF THESE TOPICS AT ANY TIME, PLEASE CALL TO DISCUSS IN MORE DETAIL.
- WHAT IS MINMUM DOWN PAYMENT?
5.0% DOWN PAYMENT IS MINIMUM REQUIRED
- WHAT IS CHEAPEST RATE?
2.99%, BUT YOU GET A VIRTUAL BANK AND A 1-800 NUMBER TO DEAL WITH. IT’S NOT ALWAYS ABOUT RATE, YOU GET WHAT YOU PAY FOR.
- RSP DOWN PAYMENT AFTER DIVORCE
CAN’T USE UNLESS YOU HAVE NOT OWNED FOR FIVE YEARS, MARITAL BREAKDOWN DOES NOT ALLOW YOU TO USE YOUR RSP TO MAKE A NEW PURCHASE WITHOUT TAX CONSEQUENCES.
- PURCHASE WITH IMPROVEMENTS
YOU CAN BORROW MORE THAN $40,000.00 AND/OR MORE THAN 10% OF THE PURCHASE PRICE THROUGH CMHC FOR IMPROVEMENTS, IT MAY THEN BE A PROGRESSIVE ADVANCE
- PURCHASE LEAKY CONDO
YES, YOU CAN. REQUIRES ENGINEERS REPORT; BUDGET AND COST HAS TO HAVE BEEN PASSED ON TO THE OWNERS BY THE STRATA COUNCIL (OWNER’S ASSESSED)
- MOBILE HOME FINANCING
BORROW UP TO 95% ON THE PURCHASE OF A MOBILE & COMBINE THAT WITH PURCHASE WITH IMPROVEMENTS TO UPDATE THE UNIT AS WELL
- LEASEHOLD CONDO FINANCING
CMHC/GENWORH WILL NOT INSURE, ONLY SOLUTION IS CONVENTIONAL FINANCING AND USUAL SOURCE IS THE LOCAL CREDIT UNIONS.
- .PURCHASE 2ND HOME`
BORROW UP TO 90% FINANCING TO PURCHASE A SECOND RESIDENCE OR VACATION HOME OR 95% IF YOU PUT YOUR SON/DAUGHTER ON TITLE (UNIVERSITY STUDENT?)
- FIRST TIME HOME BUYER’S BONUS
UP TO $10,000.00 FOR A 1ST TIME HOME BUYER PURCHASING A NEW RESIDENCE (EXPIRES APRIL 1, 2013)
- MAXIMUM AMORTIZATION
UP TO 25 YEARS ON A CMHC/GENWORTH INSURED MORTGAGE; UP TO 30 YEARS ON A CONVENTIONAL MORTGAGE
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posted by DFH Real Estate Ltd. at 9:57 am - 0 comments
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DFH is pleased to welcome Ginny Barlow to our Westshore office! |
Monday, October 1, 2012 |
Ginny Barlow
Born and raised in Victoria, Ginny grew up in the family business with both of her parents in Real Estate, learning early on that dedication, loyalty, patience and most of all hard work would be the foundation to her success. Prior to becoming licensed in 2012, Ginny enjoyed a successful career as a clerk for local police agencies, always knowing that becoming a Real Estate Representative was in her horizon. She is thankful for the support she has received from family, friends and colleagues at DFH Real Estate Ltd. during the transition, and has found her new career to be more rewarding than she ever thought possible. Whether you are looking to buy your first home, upgrade your family home or if it’s time to downsize, every client’s situation is different and important to them. This is why Ginny’s level of customer service is geared with her clients specific needs in mind, aiming to make the process of buying and selling as stress-free as possible. Making sure her clients are informed but not overwhelmed is key to any successful transaction as buying or selling real estate is a big decision for anyone. Ginny will guide you through the process whether you are a first time purchaser or a seasoned real estate investor, ane often thinks of those little details that we often forget. Ginny is well versed in the areas and neighborhoods all around the region and stays involved in her local community, both as a business person but also as a parent serving as an Elected Board Member with Juan de Fuca Lacrosse Association for 10 years and has devoted many hours hosting bottle drives and planning special events in support of youth sports. She is happy to call Victoria home and enjoys raising her family in the vibrant community of Westshore. |
posted by DFH Real Estate Ltd. at 8:51 am - 0 comments
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$559,000
Bedroom(s): 4
Bathroom(s): 3
Saanich East
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$469,900
Bedroom(s): 3
Bathroom(s): 2
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$285,000
Bedroom(s): 1
Bathroom(s): 1
Malahat & Area
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