Greater Victoria Neighbourhood: View Royal

View Royal is an attractive, largely residential community in the centre-west part of the Capital Region traversed by Highway 1 (Trans-Canada Highway) and the Island Highway. View Royal contains a rich variety of ecosystems including the salt-water environment of Esquimalt Harbour and Portage Inlet, the blending of salt and fresh waters in Craigflower and Millstream Creeks and their estuaries, and the freshwater ecosystems of Thetis, Prior and McKenzie Lakes. The terrestrial environments are equally interesting and varied, ranging from the moist Douglas Fir forest habitat to the drier, rockier areas that produce the unique Garry Oak meadows.

View Royal is divided into eight neighbourhoods which include Atkins, Burnside, Craigflower, Harbour, Helmcken, Hospital, Thetis and Wilfert. The Victoria General Hospital is centrally located and is one of the largest employers on Vancouver Island accounting for at least one third of the approximately 4,000 jobs in View Royal. Elements Casino on the Island Highway is another large employer and a fun, high energy venue for evening entertainment.

There are many things to enjoy in View Royal. It contains numerous municipal parks and 25 kilometres of trails. The well-known Thetis Lake is along with McKenzie and Pike Lake are contained within the municipality. Beautiful ocean shorelines include sandy beaches with fun-to-explore small caves, large driftwood piles and rocks, starfish, crabs, seals and an abundance of marine life.

Two historic “road houses” or pubs include the Four Mile Pub & Six Mile Pub. both have existed for approximately 150 years.

Craigflower Manor & Schoolhouse Is National Historic Site of Canada as one of four original farms set up by the Hudson's Bay Company which housed the McKenzie family in the Manor, a saw mill, a flour mill, a blacksmith's shop, a brick kiln, slaughterhouse and a general store.
Schools in View Royal include View Royal Preschool and Elementary school, Eagle View Elementary School and Shoreline Community Middle School.

View Royal is a centrally located community gem well worth considering as your next place to live.

FortisBC on Upgrades to Older Apartment Buildings

A new study by FortisBC found that upgrading older apartment buildings and making them sustainable will not only contribute to the reduction of carbon emissions, but also help owners reduce maintenance costs.

Based on the estimates of the study, simple energy-efficiency upgrades have the potential to reduce carbon emissions in British Columbia by about 200,000 tonnes annually, which is equivalent to removing 43,000 gasoline-powered cars from the road.

Around four in five rental apartments in BC were built more than three decades ago to lower efficiency standards, said FortisBC director of conservation and energy management Danielle Wensink.

In 2015, FortisBC began its Rental Apartment Program to help owners in the province upgrade their apartment buildings. The program helps replace ageing and less-efficient boiler systems. Since its launch, it has helped more than 800 buildings across the province receive upgrades like energy-efficient taps, faucets and showerheads that reduce water consumption and energy usage.

One of the achievements of the program is the reduction of domestic hot water-energy use by an average of about 12% per year. The water savings reached the equivalent of filling close to 110 Olympic-sized swimming pools or running a garden hose non-stop for over 20 years. It has also lowered carbon emissions by almost 15,000 tonnes.

Read more at: https://www.fortisbc.com/news-events/media-centre-details/2019/11/12/new-data-from-fortisbc-reveal-the-impact-of-making-older-apartments-more-sustainable

Growing population, declining mortgage rates speed up B.C. housing recovery

Bryan Yu is the Deputy Chief Economist for Central 1 Credit Union. Speaking on a report recently released by Central 1, he predicts a stabilization in the pricing along with some upward momentum in the housing market throughout the province.

A tight labour market, immigration and population growth and low mortgage rates are working together to build momentum.

Read the full article here: https://www.timescolonist.com/growing-population-declining-mortgage-rates-speed-up-b-c-housing-recovery-1.24017939?fbclid=IwAR0K41yxGzvyGV7aMoWbsFsoBIEr7Tm5Ho70wlARuvPzST7zASu6pQaMas8

Gingerbread for Christmas Event

Love gingerbread houses?

Check out The Habitat for Humanity Gingerbread Showcase, presented by Revera. It’s the ultimate holiday treat full of sensational edible creations which you can donate to vote for your favourite.

All the proceeds support Habitat’s affordable homeownership program. The Gingerbread House Showcase is at the Parkside Hotel and Spa – 810 Humboldt Street.

More info at https://www.habitatvictoria.com

Looking at Timeshares Outside of Canada? Three Things to Consider

When you want to travel and spend some time in warmer places, but you can’t get away for an extended period, purchasing a timeshare may seem like the perfect solution. However, many people may not be aware of the potential complications associated with purchasing and/or selling a timeshare located outside of Canada. Here are the three main challenges:

1. Obtaining a legal opinion is the most significant issue. Lawyers in Canada are not permitted to provide advice on the law in other jurisdictions. If you’re looking at a timeshare in Mexico, you need a lawyer licensed in Mexico to provide a legal opinion. Unfortunately, it can be difficult to know which law firms in other countries will be able to best assist you if you’re unfamiliar with the area. You might also face a sizeable retainer fee up front to ensure the legal bills are paid, given that you reside in another jurisdiction.
2. The decision to purchase a timeshare is often based on the belief you can save money in the long run. That might be true but remember timeshares might be overpriced due to the sales commission inherent in the charge. Don’t sign until you’re satisfied with your own research.
3. Selling your timeshare and/or terminating the contract early will depend on the documentation you signed when you purchased the timeshare. There are often clauses included in the contract that either do not allow for early termination of a contract, or require you pay a hefty penalty.

My purpose isn’t to dissuade you. A time share might be a good idea for you and your family. The best advice I can give, as always, is do your research – especially when you’re facing high-pressure sales tactics.

Reference: http://www.rbc.com/economics/economic-reports/canadian-housing-forecast.html

RBC Economist Predicts the 2019 Canadian Housing Market is a “Turning Point”

RBC Economist Predicts the 2019 Canadian Housing Market is a “Turning Point”
A report from senior economist Robert Hogue, reflects on a year where the Canadian Housing Market faced challenges but also saw a return to more normal conditions with inventory tightening, buyer demand and prices rising.

He notes that sales in October were 7.3% above the 10-year average and prices increased 1.8% year-over-year as the pace increased over the past four months.

He highlighted the scant housing inventories in Ottawa, Montreal, and Halifax and tightening inventory in Toronto and Vancouver.

However, he stated the market is in better shape than it was at the start of 2019 due to low mortgage rates, solid labour markets, and strong population growth in Canada, with the exception of the prairies where sales and prices continue to lag.

His 2020 Predictions:

• Outside of the Prairies, demand and prices will rise at a moderate pace.
• Affordability in Toronto and Vancouver will continue to be a concern even after improvement in 2019.
• The housing market should be further supported by any expansion of the first-time homebuyer incentive.

Reference: http://www.rbc.com/economics/economic-reports/canadian-housing-forecast.html

Report from CREA on Canadian Real Estate in October

Canadian homes sales held steady in October from the previous month after a string of monthly increases that began in March, the Canadian Real Estate Association (CREA) reported on Friday, November 15th.

The industry group said actual sales, not seasonally adjusted sales, rose 12.9% from a year earlier, while the group's Home Price Index was up 1.8% from October last year.

Read the full report: https://creastats.crea.ca/en-CA

Enjoy Bach

Bach’s melodies are still so culturally relevant that contemporary musicians have reused them several times throughout the centuries since his death. You can hear Bach references in pop music and jazz. There is something for anyone, and Bach’s work can be played on any instrument.

Enjoy some of the best of Bach by Victoria Chamber Orchestra Concert on Friday, November 22nd, from 7:30 - 9:30 PM at the First Metropolitan Church, and then on Sunday, November 24th, 2:30 PM at the Honeymoon Bay Community Hall.

Tickets for each event are $20 Adults; $15 Seniors (over 65) & Students; free admission for Music Students. Find out more details HERE: http://www.victoriachamberorchestra.org/2019-2020-concert-season.html

Greater Victoria Neighbourhoods – Malahat

When we hear about the Malahat, it usually evokes thoughts of the long drive over the mountain for which our vehicle must be fitted with winter or all-season tires this time of year. It’s not often considered as a place to live, and that’s a shame because it’s a beautiful area. The Malahat Area is nestled in a mature rain forest with steep cliffs and spectacular views of the Gulf Islands and the Saanich Peninsula.

The approximately 1,200 sq. km. Malahat & Area district is sub-divided into 5 neighbourhoods: Cobble Hill, Malahat Proper, Mill Bay, Shawnigan Lake and Sooke Lake. To the North is the community of Shawnigan Lake and Mill Bay. Beyond Mill Bay is the farming village of Cobble Hill. Much of the western portion is undeveloped.

Mill Bay, 41 km north of Victoria, features quiet waterfront streets and delightful views of the Gulf Islands. The serene parks and scenery are perfect for hiking, cycling and boating. As an alternative route, B.C. Ferries operates a regularly scheduled service from Brentwood Bay. If you haven’t tried it, do. It’s a relaxing alternative to driving over the summit.

Located on the eastern shore of the lake, Shawnigan Lake Village contains two small general stores, three restaurants, several beaches and various small businesses. It is well-known for arts and craft shows. An excellent museum is run by the Shawnigan Lake Historical Society.

Cobble Hill, surrounded by a picturesque landscape, is a creative community for painters, sculptors, potters and totem pole carvers. The warmer weather is ideal for wineries that have begun operating in the Cowichan Valley in the last few decades.

The Malahat features a diverse selection of homes for sale in a natural community setting away from the city, and while the drive may not appeal to you if your job is in Victoria proper, a growing number of employees, especially government employees, are enjoying the privilege of working at least part-time from home. (See B.C. government’s mandate for “flexible workplaces” https://www2.gov.bc.ca/gov/content/careers-myhr/all-employees/work-arrangements/flexible-workplaces.)

Schools include George Bonner Elementary, Frances Kelsey Secondary, Shawnigan Lake School and Brentwood College School.

Why Are Household Savings Important?

High savings rates are good for future growth, and long-term economic prosperity. Household savings can be used to finance capital investments. They also provide cushioning for an economic downturn, allowing for a more rapid recovery.

It can be tough to save money and budgeting is key. Here are a few apps and website reviewed by ratehub that could be helpful: https://www.ratehub.ca/blog/the-best-money-saving-apps-and-money-management-apps-in-canada

Canadian Households Owe Over $2.24 Trillion In Debt

Canadian households are still into debt, just not if it’s for anything other than a house. Bank of Canada (BoC) data shows household debt reached a new high in September. While mortgage debt is accelerating, other forms of consumer credit are decelerating. The balance of household debt reached $2.24 trillion in September, up $82.0 billion from last year. Most of the household debt is tied to mortgages representing $1.60 trillion of the September balance, up $63.8 billion from last year.

Canadians Are Saving Less Than 10 Years Ago

Canadian savings rates are dropping. the past 12 months, they managed to save $15.62 billion though, a decline of 29.52% from the same period a year before. Households spent $5.82 billion in savings in Q2 2019, The rate of savings fell to negative 1.9% in Q2 2019 when households spent $5.82 billion in savings.

It’s worth pointing out that this is the quarter where real estate sales were also the highest, so a good portion of that negative print is likely going into down payments.

Reference: https://betterdwelling.com/canadian-households-are-saving-a-quarter-of-what-americans-do

Federal Foreign Real Estate Speculator Tax

Prime Minister Justin Trudeau and his Liberals campaigned on taxing offshore buyers, and it’s expected the federal tax on foreign real estate speculators will be passed by Parliament.

Parliamentary Budget Office expects the tax to take in $217 million in revenue for the first year.
The one per cent tax would apply to all residential properties owned by non-Canadians, including corporations and trusts, but homes, condos and townhomes rented to tenants who are not immediate family members will be exempt.

The tax mimics what some provinces have already implemented. Our province implemented a 15% property transfer tax on foreign property buyers in downtown Vancouver in 2016, which the NDP increased to 20% and expanded to include more regions.

Reference: https://canoe.com/news/national/federal-foreign-real-estate-speculator-tax-expected-to-pass

Head Over Tails in Love – One Day Promotion

Are you planning on adopting a new furry family member? This Saturday, November 9th B.C. SPCA hoped to boost the number of adoptions this month with a one-day half-price promotion at all 36 SPCA adoption centres in B.C. which will allow animals to enter new loving homes for up to 50 per cent off the usual adoption fees. 

Victoria adoption and registration fees range from $15 for a hamster or gerbil to $624 for some breeds of puppies. Fees include veterinary examination, spay or neutering, removal of any fleas, de-worming and implant of a microchip identification tag under the skin.

Federal Foreign Real Estate Speculator Tax

Prime Minister Justin Trudeau and his Liberals campaigned on taxing offshore buyers, and it’s expected the federal tax on foreign real estate speculators will be passed by Parliament.

Parliamentary Budget Office expects the tax to take in $217 million in revenue for the first year.
The one per cent tax would apply to all residential properties owned by non-Canadians, including corporations and trusts, but homes, condos and townhomes rented to tenants who are not immediate family members will be exempt.

The tax mimics what some provinces have already implemented. Our province implemented a 15% property transfer tax on foreign property buyers in downtown Vancouver in 2016, which the NDP increased to 20% and expanded to include more regions.

Reference: https://canoe.com/news/national/federal-foreign-real-estate-speculator-tax-expected-to-pass

Bank of Canada Maintains Overnight Rate Target at 1 ¾ Percent

The BOC expects growth in Canada to slow due to uncertainty associated with trade conflicts. Business investment and exports are likely to contract before expanding again in 2020 and 2021.

Government spending and lower borrowing rates are supporting domestic demand. The services sector remains robust and wage growth is picking up. Consumer spending has been choppy but is supported by solid income growth. Finally, housing activity is picking up in most markets. The BOC remains cautious due to global slowdowns in manufacturing and investments.

Greater Victoria Neighbourhoods – Cordova Bay

Cordova Bay is a serenely beautiful region of south Vancouver Island. Bounded by the Central Saanich municipality on the north, Haro Strait on the east, Patricia Bay Highway on the west and Broadmead residential area and Blenkinsop Valley on the south, it is accessed via Sayward Road just north of Elk Lake and Royal Oak Drive via Highway 17 (between Victoria and Swartz Bay).

The bay and gorgeous sand and pebble beach with nearby seaside cottages and restaurants is only minutes from Victoria by car or bicycle and is a delightful area to explore year-round. The area’s charms include a meandering road between Claremont Ridge and the oceanfront, beach access and single-family homes on the shore side, a “small village feel,” along with plenty of green space and the absence of box stores or large commercial areas. There are several public access points to the beach along Cordova Bay Road and the beaches are popular for swimming and sunbathing on warm summer days.

The most prominent topographical feature is the ridge running its length from sea level up to 90 meters then dropping again to meet Elk Lake on the west side. The ridge affords breathtaking views of Haro Strait, Mt. Baker, and the San Juan Islands to the east and Elk Lake and the Sooke Hills to the west.

Residents and visitors enjoy a delightful blend of relaxing spaces and unique shops featuring the works of local artisans at Mattick’s Farm. The whole family can enjoy outdoor fun with mini golf, high tea at Adriennes and locally grown meats and produce at Red Barn. https://www.matticksfarm.com

Close by, the Cordova Bay Golf course is a beautiful testament to the sport. Their staff are friendly and helpful, the flower beds, shrubbery and trees add to the beauty of the course, and the vistas are exhilarating. As one of their admirers put it, "The Cordova Bay facility and its staff have been integral to the development of the love of golf for our entire family.” http://www.cordovabaygolf.com
There is a good selection of schools in the area which include Carrot Seed and Cordova Bay Preschools, Lochside, Frank Hobbs and Cordova Bay Elementary, Royal Oak Middle School, Claremont Secondary and Lakeview Christian School.

Cordova Bay is a mix of suburban, rural residential and agricultural land use. While Saanich counsellors are working with the neighbours, developers and the community association to allow development while preserving the charm and character of Cordova Bay, there is no doubt among residents the area is at a crossroads. Modest beachfront houses continue to be replaced by large upscale houses valued in the millions. Planned developments are poised to add more than 450 residential housing units to the area. These projects include Sayward Hill – an eight-storey building with 46 condos, a mixed-housing development to build 309 homes at the former Trio Ready-Mix gravel pit, 25 condos in a four-storey building at Doumac Avenue, and plans to redevelop the Cordova Bay Plaza features 37,000 square feet of retail space - more than doubling the size of the grocery store - and the addition of 85 new condos.

Four Mile Pub Closed for Repairs after Fire

One of Victoria’s oldest pubs was swarmed by 42 firefighters from Langford and Esquimalt just before 2 pm on Tuesday, October 22nd. It took nearly an hour to find and control the the blaze by cutting through the walls and floors to get to it.

The pub has gone through many renovations over the years which made it more difficult to locate the fire. The cause has not yet been released.

The old Tudor style building which houses the Olde English Inn pub is located just outside downtown Victoria and has been serving the public for over 100 years.

Collecting Personal Data for the Speculation Tax

B.C.’s Office of the Information and Privacy Commissioner last week ruled that the Ministry of Finance can collect, use and disclose taxpayers’ personal information under the Speculation and Vacancy Tax Act.

The commissioner’s office opened an inquiry after receiving complaints the Finance Ministry had exceeded its authority by collecting social insurance numbers on the declarations. The office also received letters of concern about collection, use and disclosure of names, addresses, dates of birth and email addresses.

Adjudicator Erika Syrotuck said she was satisfied that the information collected relates to and is necessary for administering the tax.

In her ruling, Syrotuck agreed with the Finance Ministry that a social insurance number was necessary to determine whether the filer was Canadian and to calculate tax owing. Syrotuck said the province is not required to get federal approval to use social insurance numbers, and that B.C. can share information collected with the Canada Revenue Agency under agreements.

The tax is a major component of the government’s $6.5-billion plan to deliver 114,000 affordable homes over the next 10 years. The government said the speculation tax will target foreign and domestic real estate speculators, increase the amount of rental homes and provide revenue for housing initiatives.

The tax affects only properties in the Greater Victoria, Nanaimo, Central Okanagan, Fraser Valley and Metro Vancouver areas. All property owners are required to file a declaration, which is used to determine whether the tax should be paid.

Real Estate Policy After the Election

The re-election of Justin Trudeau’s Liberals will likely result in help for first-time home buyers and potential new barriers for foreign real estate investors. The Liberal’s promises on housing included some expansion of its first-time buyer’s assistance program, and a one per cent tax on vacant homes owned by non-Canadians.

What we’re now very unlikely to see is the demand-side stimulus that was promised by both the NDP and the Conservatives in the form of longer amortization and potential easing of the stress test. Many pundits feel that’s a good thing because such policies could have pushed prices up further.