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