Victoria Neighbourhoods – Oak Bay

Money Sense magazine voted Oak Bay as the third best place to live in Canada in 2017. It is an affluent area with magnificent homes, seafront panoramas, and healthy living. Gorgeous homes are a short walk to beautiful beaches. Everything you could want to enjoy life is here.

A beautiful neighbourhood greets people as they walk down Oak Bay avenue. Specialty shops, gourmet food places, and boutiques abound. The meticulously decorated downtown turns into a wonderland of Christmas lights along the avenue during the winter season.

Kitty Inlet natural waterfront park is a great place to view marine life and water vessels. Admire the Olympic Mountains and Trial Island from the comfort of permanent wooden chairs. Outdoor painted pianos speckle the coast, parks, and Oak Bay Village. The Arts Alive outdoor public art program features works of art from across Canada – each with its own story!

Eating out is an enjoyable experience in Oak Bay. Have coffee or wine on the patio of the Windsor Café. With a world class reputation, the Marina Restaurant never disappoints with bounty from the sea cooked to perfection. Enjoy an all-day breakfast menu at The Village Restaurant. If you’re looking for excellent fare and drink in Olde English pub charm, try the always popular Penny Farthing

Oak Bay village is well known for its high-end bookstores. Ivy’s bookshop always has the latest bestsellers and they do special orders. Many recreation centres offer fitness classes, such as Oak Bay Recreation Centre, complete with a pool and water slide, and ‘Fit for Life’ Fitness Studio for older adults. The Monterey Centre has amazing educational programs, art programs, and classes for seniors and activities for children.

Oak Bay is an Eden-by-the-sea.

Household Debt in Canada:

An insolvency firm called MNP Ltd. made the news last December when they announced their survey found 31 per cent of Canadians say they don't make enough to cover their bills and debt payments. The Office of the Superintendent of Financial Institutions (OSFI), who’s mandate is to protect Canadian financial systems by making sure the institutions are stable has been worried about Canadian household debt for some time. They introduced the B-20, also called the “mortgage stress test” to make sure Canadians didn’t borrow on the edge of their abilities. The stress test stipulates home buyers must demonstrate they can afford the mortgage at two per cent higher than their mortgage rate.

Townhouses on the Rise in Greater Victoria

Townhouses represent just 11 per cent of units sold compared to condos and single detached homes. However, they are generally less expensive than detached residential homes because of shared walls and amenities yet have more square footage than a condo.

“They tend to be more suitable for families than high density condos,” said Casey Edge, executive director of the Victoria Residential Builders Association. “As land and [government] taxes and fees on housing increase, there is more need for low rise density such as [townhouses] to replace single detached housing.”

Here's a townhouse listing (new price) in the U Vic/Arbutus area:
http://janelogan.com/listing2.html?agency_id=45&%20building_id=242842

Victoria Neighbourhoods - James Bay

James Bay is the oldest residential neighbourhood on the west coast of Canada and the hub of Victoria’s tourist industry. The south end of the Inner Harbour, the Royal BC Museum, the Legislative Assembly and Emily Carr House all find their home here, and tourists arrive by the thousands in the summer months to enjoy them.

It is surrounded by water on three sides; the Victoria Harbour to the north and west, and the Strait of Juan de Fuca to the south. Just around the corner from Victoria’s Inner Harbour, west of the Inn at Laurel Point, you will find the delightful Fisherman’s Wharf; an active marina full of food kiosks, shops and eco-tour adventures scattered among fishing vessels, pleasure boats and float homes.
The outer harbour is ringed by a heliport, coast guard facilities and cruise ship terminal at Ogden Point.

To the east, the larger part of Beacon Hill Park falls within the neighbourhood; a serenely beautiful area full of water features and displays by master gardeners. The park’s sylvan diversity includes Garry Oak, Douglas Fir and Black Cottonwood trees. The park also contains the Beacon Hill Children’s farm full of peacocks, birds, goats and other animals your kids will love.
Other parks in James Bay include Holland Point Park along Dallas Road, waterfront parkland in the Laurel Point area, MacDonald Park, Fisherman’s Wharf Park, and more.

The heart of the neighbourhood is James Bay Village, filled with local shops and services and the James Bay Community Centre. The village is a hub for many community sporting events that use Dallas Road as a major portion of their routes.

Schools in the neighbourhood include South Park Elementary School and James Bay Elementary School.

James Bay is delightful to walk and bike along the waterfront. Or treat yourself! Take one of the horse-drawn carriages and see the neighbourhood in leisurely style.

B.C. Economy Checkup:

B.C.’s economy grew by an estimated 2.4 per cent in the 2018 calendar year, the third highest rate in the country, led by goods-producing industries with notable gains in mining, oil and gas extraction, construction and manufacturing. B.C. also had the lowest unemployment rate in Canada at 4.7 per cent in 2018, down from 5.1 per cent in 2017. Wage and salary growth also led the country at 5.9 per cent in 2018.

Source: https://vancouversun.com/news/local-news/b-c-posts-1-5b-surplus-as-tax-revenue-increases-and-real-estate-market-cools

The B.C. government ended its fiscal year with an operating surplus of $1.5 billion.

The 2018-19 public accounts released Thursday by Finance Minister Carole James show that the surplus was about $1.3 billion higher than anticipated, driven by $2.9 billion in increased revenue primarily from personal and corporate income taxes.

James said the previous Liberal government relied on an out-of-control real estate market to boost its budget while her NDP government has a long-term economic plan.

“In fact, my bigger worry… is running an economy based on a speculative real estate market and skyrocketing housing prices, which meant that people couldn’t build their lives here in British Columbia,” she said.

Source: https://vancouversun.com/news/local-news/b-c-posts-1-5b-surplus-as-tax-revenue-increases-and-real-estate-market-cools

10 More Details About the First Time Buyer Incentive

1. Total borrowing is limited to 4 times the qualifying income. The combined mortgage and Incentive amount cannot exceed four times the total qualifying income. The amount for the mortgage loan insurance premium is excluded from this calculation.
   
2. The maximum threshold for debt service ratios are GDS 39% and TDS 44%. This is only applied on the first mortgage and is subject to requirements by lenders and mortgage loan insurers.
   
3. The Incentive is a second mortgage on the title of the property. There are no regular principal payments. It isn’t interest bearing and has a maximum term of 25 years.
   
4. The Government of Canada will share in the upside and downside of the property value upon repayment.
   
5. Mortgages must be eligible for mortgage loan insurance through either Canada Guaranty, CMHC or Genworth. The first mortgage must be greater than 80% of the value of the property and is subject to a mortgage loan insurance premium.
   
6. The premium is based on the loan-to-value ratio of the first mortgage only. That is, the first mortgage amount divided by the purchase price. The Incentive amount is included with the total down payment.
   
7. Mortgage loan insurance premiums may be subject to provincial taxes.
   
8. Minimum down payment is 5% of the first $500,000 of the lending value and 10% of the lending value above $500,000.
   
9. The minimum down payment must come from traditional down payment sources.
   
10. Traditional down payment comes from the borrower’s own resources and may include:

• savings
• withdrawal/collapse of a registered retirement savings plan (RRSP)
• non-repayable financial gift from a relative

Note: Unsecured personal loans or unsecured lines of credit used to satisfy minimum down payment requirements are not eligible for the program.

Reference: https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

Victoria Neighbourhoods – Fernwood

Fernwood is a highly active and inclusive residential neighbourhood with Fernwood Square at the heart of its village centre. The square is the community’s gathering place with seasonal markets and lively summer celebrations.  The Belfry Theatre’s excellent theatrical productions, the unique shops and cozy eateries draw Victorians in to enjoy the Fernwood scene.

Fernwood has several neighbourhood parks and natural spaces. Stevenson Park next to the Fernwood Community Centre sports playground equipment and open lawns. An orchard and kitchen garden are located next door. Stadacona Park, to the south, hosts tennis courts amongst well-established trees and garden beds. Fernwood has o the Fernwood Community Centre. Spring Ridge Commons hosts an eclectic variety of plants and is open to the public, and there are a variety of other parks amongst residential areas of the neighbourhood.

Victoria High School is a prominent landmark adjacent to the village. The original version opened in 1876 which was the oldest high school west of Winnipeg and north of San Francisco. The current Vic High building on Grant Street is the fourth iteration and opened its doors in 1914. Other schools include: Central Middle School, George Jay Elementary School, Victor Elementary School and Victoria High School.

Fernwood is well-loved by its residents. Passionate artisans and community minded members operate the Fernwood Neighbourhood Resource Group (https://fernwoodnrg.ca). Their mission is to preserve the neighbourhood’s heritage and diversity and ensure the social, environmental, and financial sustainability of the neighbourhood. They plan and run a variety of events through the year, most notably the annual “Fernwood Bites” which features local fare in the beautiful Fernwood Square and taste the best food & drink Victoria and Southern Vancouver Island have to offer, and Fern Fest (more info https://www.facebook.com/FernFest.FernwoodNRG/); a jam-packed, community-based, family, art, and music festival.

Fernwood is a diverse mural of creativity and you’ll love living there.

More News About the First Time Home Buyer Incentive.

Jean-Yves Duclos, the Minister responsible for CMHC, has announced that the First Time Home Buyer incentive program is set to be available from September 2, 2019. The incentive will allow eligible first-time homebuyers who have the minimum down payment for an insured mortgage with CMHC, Genworth or Canada Guaranty, to apply to finance a portion of their home purchase through a form of shared equity mortgage with the Government of Canada.

Incentive program details:

• The First Time Home Buyer Incentive will be 5% for the purchase of an existing home, while for the purchase of a newly constructed home, an incentive amount of 5% or 10% may be available.
• No on-going repayments are required, the incentive is not interest bearing, and the borrower can repay the incentive at any time without a pre-payment penalty.
• The government shares in the upside and downside of the change in the property value.
• The buyer must repay the incentive after 25 years, or if the property is sold.
• The incentive will be available to first-time homebuyers with qualified annual household incomes up to $120,000.
• Participant's insured mortgage and the incentive amount cannot be greater than four times the participant's qualified annual household income.

Reference: https://www.canadianrealestatemagazine.ca/market-update/launch-date-and-other-info-about-first-time-home-buyer-incentive-276351.aspx?utm_source=Pinpointe&utm_medium=20190715&utm_campaign=CREW-Weekend&utm_content=3AB553C5-4FBB-49B5-8918-4AF4FE09BBAB&tu=3AB553C5-4FBB-49B5-8918-4AF4FE09BBAB

Is it a Buyer’s or Seller’s Market?

A study of real estate activity from February to May 2019 which looks at the sales-to-active-listings ratio (SAR) in each individual neighbourhood, for all property types reveals Vancouver Island hotspots that remain firmly in a seller’s market. There are 34 Island neighbourhoods which are still seller’s markets. The three hottest areas were in South Jingle Pot in Nanaimo, Campbell River Central and Victoria’s Jubilee neighbourhood, all at 32 per cent SAR. In the single-family market, Nanaimo’s Old City was by far the hottest spot with an SAR of 67 per cent. Condos are most in demand in Victoria West, with a 33 per cent SAR.

A figure over 20 per cent indicates a seller’s market, while 12 to 20 per cent is a balanced market, and below 12 per cent is a buyer’s market.

Reference: https://www.timescolonist.com/real-estate/which-vancouver-island-neighbourhoods-are-still-seller-s-markets-infographic-1.23884138

Housing Prices Down Slightly in Greater Victoria

According to the Victoria Real Estate Board (VREB), the benchmark value for a single-family home in Victoria’s core was 859,600 in June 2019 compared with $898,500 in June last year – a 4.3 per cent drop. However, Victoria officially remains a seller’s market as measured by the sales-to-active listings ratio.


Reference:
https://www.vicnews.com/news/statistics-canada-warns-of-deteriorating-market-conditions-in-greater-victoria
https://www.vreb.org/current-statistics

Thinking of Buying an Electric Vehicle?

Rising gas prices, the B.C. incentive and a new federal incentive are all encouraging public interest and sales of electric vehicles. According to the New Car Dealers association which administers applications for the B.C. incentives, they handed out 9000 applications for electric vehicle incentives between Jan. 1 and July 3 with 5,500 submitted in May and June.

Rising gas prices has been the primary factor driving interest. In April and May, gas prices peaked at $1.62 per liter and despite the recent gas war in Greater Victoria, prices are likely rising again soon. In May, the Federal government announced it would offer rebates of up to $5,000 toward the purchase of a new electric vehicle. Today, combined federal and B.C. incentives can knock $8,000 off the price of an electric vehicle.

Roughly 25 per cent of carbon emissions in Canada come from transportation, with personal vehicles accounting for half. The Canadian power grid is over 80 per cent non-polluting and getting cleaner every year. That means when we plug an electric car into that grid, we’re not only saving money, we’re also significantly reducing pollution and our carbon footprint.

Sources:
https://www.timescolonist.com/business/price-war-fuels-wide-range-of-gasoline-prices-in-greater-victoria-1.23875410
https://www.nationalobserver.com/2019/06/17/opinion/canadian-government-making-smart-investments-electric-vehicles

Victoria Neighbourhoods – North Saanich

North Saanich has some of the most striking and magnificent properties on Vancouver Island, many with an ocean view. Large estates and acreages guarantee privacy and solitude, away from the madding crowd. Money Sense magazine ranked North Saanich as the fourth best place to live in Canada in 2017 - based on access to health services; high wealth and incomes; and low crime.

Adventure and fun await. Want to feel the thrill of jumping from a plane at 10,000 feet? Capital City Skydiving in North Saanich provides a once-in-a-lifetime experience. The air is sweet and fragrant at the Victoria Lavender Farm where you will find a purple field of lavender, strolling gardens, and a rare bird display. Outdoor enthusiasts and hikers will enjoy the many scenic trails in John Dean Provincial Park, hikes up Mt. Newton and forays into Horth Hill Regional Park. With BC Ferries is at your doorstep, exploring one of the Gulf Island is an easy, single-day adventure.

Deep Cove Chalet in North Saanich is on USA Today's 'Ten Best' list world-wide for its French cuisine with a West Coast twist. Snowdon House Gourmet & Gifts offers home-made gourmet treats packaged in hand-crafted finery. Experience mouth-watering homemade biscotti at Melinda's Biscotti Bakery Cafe. Enjoy fresh local produce at The Fickle Fig Farm Market, a year-round farmers market, bakery and bistro.

For a quiet afternoon, kick back at the Sidney / North Saanich Vancouver Island Regional Library which offers innovative programs for children and adults. McTavish Academy of Art will feed a creative soul, and for science buffs, there is The Institute of Ocean Sciences. Panorama Recreation Centre (https://www.crd.bc.ca/panorama), the major recreation centre in the area, is a state-of-the-art facility with southern Vancouver Island's tallest and longest water slide.

Schools in the area include North Saanich Middle School and Deep Cove Elementary.

Welcome to North Saanich, where life is simply beautiful.

Victoria Neighbourhoods - Uplands

Architect John Olmsted was famous for designing some of the best neighbourhoods and parks in North America. In 1907, he was commissioned to craft a beautiful landscape in north east Oak Bay. The result was Uplands; an early 20th century neighbourhood of impressive homes, winding streets amongst fully grown trees, manicured gardens, and unique globe streetlamps. It is a peaceful and idyllic with no overhead wires to distract the eye from the landscape.

If you enjoy sailing, you will love Royal Victoria Yacht Club. https://www.rvyc.bc.ca It is the oldest in western Canada and they host regular regattas and sailing races. New sailors are always welcome. The club provides a wide range of services including moorage, cruising excursions, kayak & stand up paddle boards rentals, dining and themed events. As they put it, they offer “fun for kids from two to one hundred and two.”

The Uplands Golf Club https://www.uplandsgolfclub.com is a challenging course with exceptional fairways and greens you can play any time of the year. They have hosted many RCGA, National, Provincial and local championships including PGA Tour Canada. A Google reviewer called it a “mecca for socializing and a facility that allows you to participate in a physical activity well into your 80's.”

There are plenty of schools to choose from, especially for younger families. Five Elementary schools and one Secondary school are within the boundaries of the Uplands. They include: Uplands Park Elementary, McGirr Elementary, Randerson Ridge Elementary, Rutherford Elementary School, Frank J. Ney Elementary and Dover Bay Secondary. The Four Seasons Montessori school also finds its home here.

Uplands Park and the adjoining Cattle Point feature breathtaking ocean views from the craggy shoreline. You will see Discovery and Chatham Islands, The San Juan Islands beyond, and on a clear day, Mount Baker’s snow covered peak. Storm watchers will especially enjoy the wild winter winds and surf crashing over the jagged rocks, filling the air with salt spray. Down a set of stairs, there is a causeway that takes you south to Willows Beach with its family friendly playground.

Rental Only Zones in Victoria

Victoria councillors decided Thursday to begin consulting with building owners and the public on plans to apply residential rental tenure zoning to all 500 existing purpose-built rental buildings — containing about 16,000 apartment units — in the city. If approved, this would mean only residential rental units would be permitted on the properties.

“It’s a move that’s needed in a city where 61 per cent of residents are renters, said Mayor Lisa Helps.
 “This is a non-starter,” says David Hutniak, CEO of Landlord B.C. who feels new zoning should “absolutely not” be imposed without the owners’ consent.

Read the full story in Times Colonist online: https://www.timescolonist.com/news/local/victoria-eyes-forever-rentals-but-landlords-say-no-way-1.23876766

Reviewing June’s Greater Victoria Housing

The MLS® HPI benchmark value for a single-family home in the Victoria core area last month was $859,600, down by 4.3 per cent from $898,500 in June 2018. The MLS® HPI benchmark value for a condominium was $524,100 last month, which is an increase of 2.97 per cent from $509,000 in June 2018.

The number of year-to-year sales rose. A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018.

There is more inventory on the market giving buyers more choice. Active listings have risen 17.1 per cent from June 2018. There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019.

Reference: https://www.vreb.org/current-statistics