Local Craft and Produce

If you enjoy local produce, you’ll like the North Saanich Farm Market displaying and selling their produce every Saturday from 9:30 am – 12:30 pm.

You will find locally raised meats, plants, flowers, baked goods, wine and beer, not to mention handmade crafts and occasionally live music. Get your produce fresh while the summer lasts!

Find out more about them on their Facebook Page: https://www.facebook.com/North-Saanich-Farm-Market-114647165219152

Victoria Neighbourhoods - Gordon Head and Arbutus

People living in Gordon Head and Arbutus areas of Greater Victoria are very lucky to live in the best of all possible worlds. Beautiful homes and manicured lawns exist side by side with the jaw-dropping natural beauty of wooded areas, hills, beaches and forests. Combine that with excellent restaurants, centres for knowledge and the arts, wonderful entertainment, an ecological reserve, top-quality recreational opportunities, and an array of services make Gordon Head and Arbutus enviable places to put down roots.

There is a cornucopia of things to explore and discover in the Gordon Head and Arbutus areas. Mt. Douglas Park is a local treasure with well-used trails through pristine thickets of trees and local fauna and flora. Arbutus Cove is an idyllic open and naturalistic area with trails to the cove and sandy beaches. Families play at Lambrick Park, a large area with tennis and basketball courts. Budding scientists regularly visit the Ten Mile Point Ecological Reserve.

One of Canada’s top-rated schools, the University of Victoria sits serenely on a verdant and immaculate acreage in Gordon Head. As well as programs for every kind of student, UVic boasts a new world-class sports complex; both a law library and an extensive academic one;  theatres for movies, plays and performances; and an astrophysical observatory. On campus art galleries include the Audain Gallery and The Maltwood Museum and Gallery. The iconic UVic bookstore has a large collection of newly published books by local authors and an eclectic array of gifts.

University Heights Shopping Centre offers many speciality shops and a wide variety of services. For instance, Picture Perfect Gallery will take your favourite photos and digitally print them, frame them, or mount them on pressed wood. Three different fitness facilities will keep your body buffed and trim. Make your escape from reality at Landmark Cinemas.

Exquisite dining experiences are around every corner. Indulge your taste buds at the Thai Lemongrass Restaurant or Little Thai Place. Recreation Centres pepper Gordon Head: Gordon Head Recreation Centre with a leisure and river pools; UVic’ s public facility; and Henderson Recreation Centre. There are plenty of schools in the Gordon Head and Arbutus areas: Gordon Head Middle School, Hillcrest Elementary, Campus View Elementary School, Arbutus Middle School, Mount Douglas Secondary, Marie Montessori Academy, Reynolds Secondary School, and Lambrick Park Secondary.

Maybe it is time to be one of the 'lucky' ones?
PS: I just recently sold this townhouse in Gordon Head!

Victoria Residents Have the Best Average Credit Scores in Canada

The Canada Mortgage and Housing Corporation and Equifax reports delinquency rates remain low and the average credit scores remain strong, especially for Victoria residents who have the highest average scores at 780 closely followed by Vancouverites at 776.

Credit scores range from 300 to 900 and anything above 750 is considered good credit. Lower scores might mean a borrower needs a co-signer and may have to pay higher interest rates.

Strong credit scores are needed to buy homes in Victoria that are more expensive relative to most of the rest of Canada. Paying bills on-time and avoiding maxing out credit cards help to build up one’s credit score.

Reference: https://bc.ctvnews.ca/residents-in-victoria-and-vancouver-have-highest-credit-scores-in-country-1.4561798

BC’s Robust Economy

Numbers released Thursday by Canada Mortgage and Housing Corporation reflect how B.C.’s robust economy and low unemployment rate may be having a positive impact on resident’s credit scores.

CMHC senior economic analyst Pershing Sun noted that despite increased interest rates, the credit scores of B.C. residents are at an excellent level compared with the national average. Consumers in B.C. tend to be more stable financially and possibly more cautious about their credit activities in general.

Reference: https://www.timescolonist.com/business/mortgage-delinquencies-low-in-greater-victoria-thanks-to-strong-economy-1.23924761

Interested in Lanterns, Boating, Local History or Affordable Housing?

Do you like lanterns? The Salish Sea Lantern Festival is coming up August 24th on the waterfront in Sidney. They need volunteers to help with set up/take down, site coordinator and parade procession assistants, equipment stage crew, face painters and bubble station operators. Shifts are from two to four hours and start at 6 p.m. Contact: Artsea.ca or by email to grants@artsea.ca

If you’re a boating enthusiast, the Maritime Museum’s Classic Boat Festival from August 30th to September 1st needs volunteers to welcome visitors, accept donations and answer visitor questions. Dock volunteers for dock safety, fulfilling ice requests, carrying a VHF radio, ensuring safety of all visitors. Familiarity with VHF radio and/or marine experience preferred. Morning shifts 8 a.m.-12 p.m. Contact: Rhian McKee 250-385-4222 Ext. 105.

Passionate about local history? Do you enjoy gardening in a beautiful setting? Are you a people person and a storyteller? Point Ellice House Museum & Gardens is looking for volunteers. Check out PointElliceHouse.com/Volunteer for details.

Habitat for Humanity Victoria is looking for people who are passionate about affordable housing to join its board of directors. If you have proven expertise in any of the following fields: land development, planning, retail management, risk management, finance/accounting, law, real estate, public relations, social work construction, lending or project management, contact Yolanda Meijer, CEO, ceo@habitatvictoria.com

Victoria Neighourhoods - Central Saanich

Urban and rural mix pleasantly in the pastoral setting of Central Saanich. If you love local produce and 100-mile diets, you will never be disappointed living here. This area is called “The Land of Plenty” for good reason. Farmlands held by generations of Islanders grow a great variety of fresh produce and local markets. Dan’s Farm and Country Market or Michells Farm Market grow and sell pesticide free fruit, vegetables and meat for every season.
If you enjoy unique products and crafts, you’ll find a small farm growing or making it here: Fruits of all kinds, strains of honey, tulips, lavender, and festive crops. In October, Michells’ pumpkin patch creates an orange vista easily seen from Pat Bay highway, and small unique farms like Lazy J Tree Farm grow Christmas trees and craft wreaths.
The selection of cuisine and beverage are unequaled here. Church & State Wines Brentwood, one of Vancouver Island’s largest wineries, serves award-winning wines paired with excellent local ingredients for lunch in their bistro. Trip Advisor rates water-front restaurants such as The Dining Room Restaurant, Blue’s Bayou Café and Sea Horses Café as “three of the best dining experiences with a view”.
Brentwood Bay is a beautiful community to live in, especially if you and your family love outdoor activities and nature. Nestled in the deep waters of Saanich Inlet, the community supports a thriving marina and ferry terminal where you will find services for kayakers, canoeists and small to medium size boaters.
Brentwood Bay is also home to world famous Butchart Gardens and the Victoria Butterfly Gardens. More than 100 years ago, Jennie Butchart began building a garden in an abandoned lime quarry which is celebrated as one of the world’s best floral display gardens in the world. Victoria Butterfly Garden is home to nearly one hundred species of butterflies in a tropical paradise of plants and animals.
Central Saanich hosts a variety of private schools such as Discovery School for kids with disabilities, and Maria Montessori Academy providing a Christian, self-directed learning environment for children. Public Elementary, Middle and Secondary schools are plentiful and can be found on the Saanich School District website: https://www.sd63.bc.ca/about-us/our-schools.
The pastoral settings of Central Saanich is the perfect place to connect with the land and raise a family.

The Number of Home Sales is Rising

The Canadian Real Estate Association (CREA) says home sales in July rose 12.6 per cent compared with the same month last year. In Victoria, home sales were up 13 per cent year-over-year in July.
It’s too soon to indicate a trend, but that significant uptick in activity reveals there are plenty of buyers are still out there. More have decided to stop waiting after lower prices and reduced mortgage rates increased their home affordability.

Reference: https://www.westerninvestor.com/news/opinion/will-newly-lowered-interest-rates-push-residential-prices-back-up-1.23913134

Mortgage Interest Rates are Dropping

Mortgage interest rates, along with the rate at which you must qualify, are dropping. Bond yields are falling. In turn, lenders are offering much better deals on five-year fixed rates, with 2.36 per cent now available, according to RateHub.ca.

This means that buyers can now afford a higher home price for the same monthly mortgage payment. And in response to the falling discounted rates, the Bank of Canada dropped the qualifying rate for the mortgage stress test to 5.19 per cent, giving buyers more purchasing power.

Reference: https://ca.news.yahoo.com/soaring-house-prices-could-return-224950716.html

Greater Victoria Neighbourhoods: LANGFORD

In a state of explosive growth and development, the city of Langford is a very exciting place to live these days. People are flocking there due to the affordable ‘champagne’ lifestyle. Beautiful, state-of-the-art homes are being built that provide people with the lifestyle they want. With every amenity available and the natural splendour of trails, forests, beaches and lakes, Langford is quickly becoming ‘the’ place to be on south Vancouver Island.

The urban core of the West Shore, Langford is a young blossoming community with bold aspirations. It is an adventurer’s dream with three spectacular lakes – Florence, Glen and Langford -- and the magnificent Goldstream Provincial Park, famous for its fairy-tale forests, trails, bubbling creeks and spawning salmon runs. Mount Wells and Mill Hill provide an outlet for passionate climbers. A favourite destination is the ever-popular Thetis Lake.

The Isabelle Reader Theatre provides Langford residents with a live theatre venue. The Goldstream Farmers Market, where visitors savour fresh locally grown produce, locally produced culinary delights, and the skilled craftsmanship of talented community artisans.

When people want to play, they go to Langford. Bear Mountain Resort tops the list. Heaven for golfers, it boasts the only 36-hole Jack Nicklaus-designed property in Canada. At Sante Spa, the massage specialists massage skin and muscles into Zen-like bliss. City Centre Park is entertainment central with mini golf, an outdoor skating rink in the winter, and a splash park in the summer. Recently opened in the park is Sportsplex and Langford Lanes.

Recreational facilities abound. The North Langford Recreation Centre at Bear Mountain offers a hot tub, swimming pool, gyms, and fitness and yoga centres. Lawn bowling and golfing are the icing on the cake at Juan de Fuca Recreation Centre. Only for the brave and fearless, Wildplay West Shore Element Park puts you up in the trees, zipping through the air over the grandeur of our natural environment.

High quality education is a top priority in Langford with many excellent schools. At the Elementary level, there are David Cameron, Millstream, Lakewood, Ruth King, Willway and many more. Secondary schools include Belmont, Spencer, and John Stubbs.

Want to be part of a flourishing community with high hopes for the future? Check out Langford!

Time to Review B.C.’s Taxes?

BC’s business community is applauding an all-party legislature committee’s recommendation that it’s time for a review of the province’s carbon tax, employer-health tax, luxury tax, sales tax, and, something the Victoria Real Estate Board wants, the speculation and vacancy tax.

Business Council of B.C. estimates the provincial taxes paid by businesses have increased by about $5 billion annually since 2013 when harmonized sales tax was killed. It says the biggest increase was a result of the return to the PST, and a return to business paying about $3 billion annually in sales tax on a range of business inputs. It remains to be seen if the Provincial government will entertain the idea.

Want more information? https://www.timescolonist.com/business/business-groups-welcome-suggestion-for-b-c-tax-review-1.23911419

The Pace of Construction Slows in Greater Victoria

With every level of government implementing policies designed to slow the housing market, new construction is slowing down. From January through May of this year, more than $930 million was invested in all types of new construction, renovations, conversions and smaller permitted projects such as swimming pools and garages. It’s a slight drop in Greater Victoria, from the $977 million recorded through the same period in 2018.

Investment in residential construction dropped to $733 million through the first five months of 2019 compared with $770 million at that point last year. Investment in non-residential construction slipped down to $198 million from $207 million.

Reference: https://www.timescolonist.com/real-estate/greater-victoria-construction-pace-slows-1.23893278

Canadians Owe Over $3.71 Billion In Reverse Mortgage Debt

The balance of reverse mortgage debt reached a new record high. Filings show reverse mortgage debt reached $3.72 billion in May. Boomers and seniors who are house rich and cash poor, or who hate the thought of downsizing are flocking to these loans to tap the equity in their home. They can elect to receive a lump sum or regular payments, drawing down equity they’ve built over the years. It’s kind of like a home equity line of credit (HELOC), but the rates are higher, and you don’t have to make a payment. While the loan can be repaid, it is normally not due until death, default, or sale. The challenge is, If you’re not making payments, the interest can rack up quickly. You may end up spending a lot more of your equity than you expected. Worse if you borrowed at peak prices and falling value of equity must be paid and the debt remains.

Before entering a Reverse Mortgage or HELOC agreement, consider calling me. It pays to thoroughly explore all your options going into your golden years.

Housing-Needs Report Due by April 2022

The Provincial government has required B.C. municipalities to prepare a housing-needs report for which they need to collect data, analyze trends and present reports that describe current and anticipated housing needs in their communities.
They will include:

• Key areas of local need, including affordable, rental, special-needs, seniors and family housing, and shelters and housing for people at risk of homelessness.
• The number of housing units required to meet current and anticipated housing needs for at least the next five years, by housing type (with housing type defined by number of bedrooms).

VIEW ROYAL is the first municipality to put out calls for proposals.

Victoria Neighbourhoods – Sidney BC

Take everything that you love about life on the South Island, squeeze it into a small seaside town, and you have Sidney.

Prepare to be enchanted.

Overlooking the ocean, the natural beauty of bucolic Sidney draws visitors from all over the world. It is an explorer's paradise. Bike or stroll the walkway around the sea's edge while admiring sculptures by local artists. Take an Eco-Tour, go diving off Sidney Pier, enjoy boating in the sunny harbour, or take a tiny ferry to Sidney Spit Marine Park - an island jewel with scenic beaches, salt marshes, and tidal flats. 

Art and culture abound in this picturesque town. The Mary Winspear Centre -- a state-of-the-art event, conference and theatre facility -- regularly features top international performers.
Refurbished and shiny, the Star Cinema shows Hollywood's masterpieces and Indie gems. Sidney is replete with elegant high-end art galleries, featuring world-renowned artists such as Robert Bateman. The Peninsula Gallery, The Village Gallery, Laroch Fine Art Gallery, and the New West Gallery are just a few teasers. Charming boutiques, like the Tivoli Gallery, adorn Beacon Avenue, offering traditional Native Art and unique handicrafts by local artisans.

Sidney is known as 'Book Town'. Each store has its own personal style and treasures: Tanner's Books, The Haunted Bookshop, and Galleon Books and Antiques top the list. Learn about aviation history at the BC Aviation Museum. The Sidney Museum and Archives is heaven for history buffs and features popular LEGO exhibits. Fine dining and ambrosial food are commonplace around Sidney, such as the iconic Latch Restaurant and the Sea Glass Waterfront Grill.

Family-friendly Sidney is fun for all ages. The local aquarium, The Shaw Centre for the Salish Sea, showcases 160 species of marine life. Search for precious gemstones at Mineral World and the Scratch Patch. Many recreation centres treat locals to exercise, life-long learning, and relaxing pools and jacuzzis. The major rec centre for Sidney is Panorama Recreation Centre, (https://www.crd.bc.ca/panorama), which also includes Greenglade Community Centre. For the 55+ crowd, the Shoal Centre has something for everyone. (https://beaconcs.ca/services-programs/shoal-centre-for-seniors)

Schools near Sidney include Parkland Secondary, Sidney Elementary, and Kelset Elementary.

Relish the good life in Sidney. Small on size. Big on joyful living.

Update on the Stress Test

Effective July 22nd, the Bank of Canada recently reduced the benchmark qualifying rate to 5.19 per cent, down from 5.34 per cent.

The mortgage stress test, implemented in early 2018 by the Office of the Superintendent of Financial Institutions, means that borrowers with a down payment of more than 20 per cent, who don’t require mortgage insurance, have to show they can afford a mortgage with an interest rate that’s two percentage points above the rate being offered, or the Bank of Canada’s 5-year benchmark, whichever is higher.

The new rules only apply to new mortgage loan agreements. They do not apply when renewing your existing mortgage loan.

Is the Bottom Going to Drop Out of Real Estate? Not Likely

RBC senior economist Robert Hogue, who studies Canadian housing prices, isn’t convinced the bottom’s about to fall out of the market. He says there is an affordability problem, but there isn’t going to be a big correction.

“Hedge fund people have been saying for a decade that we’re in a bubble and that there’s going to be a big correction, but that hasn’t happened,” said Hogue. “Really, the numbers are reflecting Vancouver and the Greater Toronto Area, and we’ve seen a bit of a cooling off in both those places already. And that’s a healthy thing. It’s better to have a gradual, small correction than a sudden one.”

Was Applying the Vacancy Tax to the Island a Reaction to the Lower Mainland Problem?

The Times Colonist reported on a survey of real estate agents on Vancouver Island which demonstrated our real estate market is focused on local buyers, with few interested in investment or recreational property which often remain vacant for extended periods of time.

91 per cent of all buyers came from B.C. and 1.87 per cent from outside Canada, and so far this year that breakdown remains the same with 90 per cent of all buyers coming from B.C. and less than 1.5 per cent from outside Canada.

It also found 59 per cent of all buyers were purchasing for retirement purposes and that only 2.5 per cent were buying homes as an investment or for recreational purposes.

Construction & Real Estate Industry Driving GDP

Canada’s real gross domestic product (GDP) came in at $1.97 trillion in May, up 0.23% from the month before; a seasonally adjusted $4.52 billion. The real estate and construction industries were responsible for most of May’s rise with revenues for real estate, rental, and leasing hit $250.69 billion in May, or 12.75 per cent of total GDP.

Increased construction activity across Canada represented 27.06% of growth, residential construction being over 80% of that number.

Reference:
https://ca.reuters.com/article/businessNews/idCAKCN1UQ1UG-OCABS
https://www150.statcan.gc.ca/n1/daily-quotidien/190731/dq190731a-eng.htm

Amazing Anonymous Donation!

Broadmead Care Society last week announced the New Home for Nigel House Campaign thanks to an anonymous $1-million matching donation. Their goal is to raise $3 million to go towards building a new home for adults with disabilities on Vancouver Island which will cost an estimated $40 million.

The new Nigel House, located near the Uptown shopping centre, will house 41 residents between the ages of 19 and 55. It will have single rooms, a rooftop garden, and feature accessible rooms and hallways and pathways to ensure residents can access the nearby shopping and parks.

Read more at
https://www.timescolonist.com/islander/our-community-anonymous-donation-helps-nigel-house-1.23891498

Are Tiny Homes Fad or Future?

Some might assume tiny homes are simply a fad, but, with the average cost of a single-family home in Victoria Core coming in at $859,600, according to the Multiple Listing Service® Home Price Index benchmark value, tiny homes may be a sustainable solution for several demographics, including developers, first-time home buyers and, subsequently, renters.

But not everyone is sold on the idea of a tiny home. The size, lack of information around appropriate city bylaws regarding this housing model and obtaining mortgage financing on tiny homes are some of the reasons why they haven't taken off.

Despite this, its economical, low-carbon footprint qualities, the low energy and maintenance costs, and its price make this model attractive to many. 

Reference: https://www.cbc.ca/news/canada/newfoundland-labrador/tiny-homes-more-than-a-trend-prajwala-dixit-1.5061237
https://www.vreb.org/current-statistics