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