Banking Fees

Do you know how much you pay in banking fees every year? A study released on April 10th, by Koho (a Canadian Financial Tech Company), shows Canadians pay a median $159 in charges a year. “The number of fees that we’re being charged, and the amount, are still not obvious to access and I think that’s been a profitable practice for banks,” Koho Chief Executive Officer Daniel Eberhard. It’s Koho’s marketing strategy certainly, but it could lead to greater banking transparency.

Here’s a link if you want to know more: https://www.bnnbloomberg.ca/billionaire-family-scion-slams-canadian-banks-over-opaque-fees-1.1242325

Victoria’s Average Rents will Rise

CMHC predicts the average rents in Victoria will increase, due in part to the turnover of tenants living in older apartments. The average rents in downtown Victoria are currently well below the price paid by new entrants to the market. As older units turn over, rents will be increased to reflect new entry level prices. As the lower end of the price distribution catches up to current market realities, the overall rent average will increase. It might be time to consider making the move from renter to owner over the next few years. Call me to get your process started.

Reference: https://www.timescolonist.com/real-estate/victoria-home-price-growth-to-cool-over-next-two-years-forecast-1.23488852

Canadian Housing Market

Two years ago, the Canadian housing market experienced one of its hottest Spring markets with prices rising at a tremendous rate. Since then, real estate price increases have slowed down due in part to the implementation of foreign buyer taxes, higher interest rates and stricter mortgage qualification rules. 

Many pundits feel Greater Victoria’s real estate market will continue to see lower sales and higher inventories of homes available for purchase than in recent years, according to a forecast by the Canada Mortgage and Housing Corporation (CMHC).

Reference:

https://www.macleans.ca/economy/realestateeconomy/canada-real-estate-market-spring-outlook

https://www.timescolonist.com/real-estate/victoria-home-price-growth-to-cool-over-next-two-years-forecast-1.23488852

April is Construction Month

Let’s celebrate all the hard-working men and women of this industry who are creating a world-class built environment for British Columbians. 

Our construction industry continues to be the number one employer in B.C.’s goods sector - more than 242,000 people. Currently there is $376BN in projects underway or on the horizon within BC.

Source: https://www.constructionmonth.ca

Residential Properties Owned by Shell Companies

A 2016 report by Transparency International Canada indicated nearly one-third of the 100 most valuable residential properties in Metro Vancouver were owned by shell companies. 

On April 2^nd 2019, the BC government introduced legislation aimed at preventing tax evasion and money laundering. Their goal is to bring anonymous real estate owners hiding behind shell and numbered companies out of the shadows. The Landowner Transparency Act would create Canada's first public registry of property owners to compel corporations, trusts and partnerships to disclose the owners of the land they currently have and are purchasing. Read more in the CBC report. 

https://www.cbc.ca/news/canada/british-columbia/b-c-introduces-law-to-prevent-money-laundering-tax-evasion-in-real-estate-1.5082253

Live and Work in BC

BC is a great place to work and live. The province had the lowest unemployment rate in Canada in March at 4.7 per cent. There are 79,400 more people employed in B.C. in March 2019, compared to March 2018. In GREATER VICTORIA, the unemployment rate remained the second lowest in the country at 3 per cent, an improvement from the 3.2 per cent registered in February. Only Guelph, Ontario has a lower unemployment rate at 2.2 per cent.

References: https://www.timescolonist.com/business/capital-region-b-c-have-rock-bottom-unemployment-rates-1.23782824

What will $678,000 buy you in downtown Victoria vs downtown Vancouver?

In downtown Victoria, it will buy you a “Heritage Style”, 2 bedroom, 2 bath townhouse built in 2001, on a no exit street and a short walk to Cook St. Village, Beacon Hill Park and the ocean.





In downtown Vancouver, $678,000 will buy you a 585 sq. foot, 1 bedroom, 1 bath condominium a short walk from downtown, with a nice city and water view.



Which city offers better lifestyle choices? My vote is “Victoria”.