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Will you pick up? 

Make 2023 your year to find your dream home.

As always, please don’t hesitate to contact us because we would love the opportunity to talk real estate with you!

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Buyer Tip

Visit the home multiple times before making your final decision

Don't be that buyer that looks at a home once and makes their decision on the spot. Visit a potential home several times at different times of day to gain a different perspective. This is the place you intend on spending many years in, so you should feel comfortable saying it's right for you.

Buying a home in Victoria’s real estate market can be exciting, but don’t get too caught up in the excitement. To give yourself the best chance of avoiding buyer’s remorse, take your time to make your final decision on buying a home.

If you're thinking of buying and would like some tips or assistance, reach out to us!

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It’s that time of the year again! As of January 1st you could’ve found out your 2023 BC property tax assessment. Many of you will probably find the numbers a bit inflated.

“Homeowners across Vancouver Island can generally expect about a 10% to 20% rise in assessment values with a few exceptions," says Vancouver Island Deputy Assessor Jodie MacLennan. While the current real estate market has been trending downwards, it is important to consider that 2023 assessments are based on what your home could have sold for as of July 1, 2022, when the market was performing higher.

WHAT IS ASSESSED VALUE? The assessment authority provides values that are determined in July of 2022. Its sole purpose is to help the municipality determine the amount of property taxes homeowners will have to pay during the year. A common misconception is that a big jump in your home’s assessment directly translates into higher property taxes. If your property’s assessment change is similar to the average change for your property class, your property taxes will likely remain the same.

WHAT IS MARKET VALUE?  A realtor will pull recent comparable sales in order to determine the market value of your property. Ultimately, a market value is determined by what a buyer is willing to pay for your home, and what the seller is willing to accept.

 

If you’re curious about what your home could sell for in the current market or want a recommendation for a listing price, then reach out for a FREE market evaluation, no pressure and no obligation.

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Nowadays, real estate is a hot topic with so much to cover. Everything from the state of the housing market, to tips for first-time home buyers, and trends in home design are covered in REAL TIME podcasts. Queue up, or tune in and listen to the experts in all things real estate share real advice, in real time.


1. Episode 7- Buying and Designing: Lessons Learned in Real Estate with Sarah Richardsonn. This infotaining chat with designer, author, and TV icon Sarah Richardson. The Canadian design expert imparts knowledge from the real estate lessons she’s learned throughout her career as a designer, business owner, and homeowner.


2. Episode 20- The Positive Effects of Universal Design: Brad McCannell discusses the importance of design that accommodates people of all ages and abilities.You’ll discover simple ways to adopt universal design that will not only make your space more accessible, but can help add value to your home.


3. A Conversation About Homelessness in Canada, with Jesse Thistle. Jesse joined REAL TIME in November of 2020 to share his personal experience with homelessness and how Canadians can help prevent it on a local and national scale.


4. Episode 13- Wellness by DesignTiffany Pratt discusses creating a Home that Brings Joy. If you feel you need a creative spark and motivation to make changes in your space to really express who you are, this episode is for you.


5. Episode 18- The Evolution of Canadian Vacation Properties. Heather Bayerdraws from her 20 years of experience to share best practices for investing in a vacation property, affordability, and the pros and cons of short-term rentals. Get a sense of which buyer bucket you fit into, and how it can affect your plans to purchase a vacation home or turn your existing getaway property into a short-term rental.

If you're thinking of buying and would like some tips or assistance, reach out to us. We'd love to discuss anything realestate with you!

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We ranked #2 Top 100 Month to Date (December) Team Residential for Western Canada! 

On behalf of RE/MAX of Western Canada, Island Homes group ranked in at #2 

An outstanding team performance on completed transactions for the month of December 2022(based on paid out commissions in the month). 

We are so very grateful for this huge accomplishment. Thank you to all of our loyal clients, friends and family for the continuous support
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The market is changing for sellers and buyers alike, but we are here to help! ⁠

Navigating the Bank of Canada's rising interest rates, price reductions, and a reduction in offers is not something you need to face alone. ⁠

Give us a call and let's discuss what the changing market means and how we can help you.


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We ranked in the RE/MAX Top 50 Canada (Small Team, Residential) in Canada!

Island Homes Group is ranked #12, and we are so very grateful for all the help and support we’ve consistently received from all of our loyal clients, friends and family. Thank you for helping us achieve a spot on the Top 50 list!



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Here are some critical changes in the real estate market that came into effect as of January 1 2023.

Anti-flipping tax

  • Selling a property within 12 months of buying it will be considered “flipping” and profits will be taxed as business income.

  • Ineligible for the principal residence exemption or the 50% capital gains rate.

  • There are exemptions for “life events” such as a divorce or death.

Buyer Rescission Period

  • Buyers can walk away from a purchase within three 3 business days after an offer is accepted.

  • Buyer will have to pay the seller 0.25% of the purchase price. ( $2500 for every $1,000,000.)

Canada-wide ban on No Foreign Buyer purchases for 2 years

  • Only Canadian citizens or permanent residents will be allowed to purchase property in Canada for 2 years

  • Temporary residents, work permits, non-residents who are married to residents/Canadians, diplomats and refugees are exempt from this ban

  • Exemptions for buildings with more than 3 units, recreational property, foreclosures, and inheritances.

Speculation & Vacancy Tax expansion in BC

  • Now that rentals must be allowed in buildings, units that aren’t rented will be subject to the speculation/vacancy tax of 0.5% of the value and 2% for foreign owners per year, plus in Vancouver, 3% empty home tax annually.

  • Pressure to have units rented out if vacant for more than 6 months of the year

  • Expanded to more areas such as Squamish, Lions Bay, Ladysmith


If you have any questions about recent changes to the real estate market, contact us!


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Spring and summer are commonly known as peak-season in Canada’s real estate market. But there are a number of benefits to purchasing in what is considered off-season too! From cost savings to enhanced convenience, here are five advantages of off-season house hunting and off-season homebuying.

Perk #1: Highly motivated sellers

Winter sellers tend to be highly motivated and eager to sell their property quickly, particularly if they’ve listed just before or during the holiday season. This is a favorable time of year for buyers, in terms of encountering sellers who are receptive to negotiating on price and sales conditions.

Perk #2: Fewer bidding wars

Many parents would rather enroll their kids in a new school in September, not mid-year. You’ll have fewer competitors when you bid on a house that’s for sale during the off-season. You’ll encounter fewer fever-pitch multiple-offer scenarios, and be less likely to be outbid.

Perk #3: You’ll be able to see problems and negotiate solutions.

Does the roof leak? Are telltale icicles indicating attic heat loss? Is the basement carpet wet? Is the street around the house buried in snow because the municipal ploughs come here last? Are the living spaces drafty? Find out before you buy.

Check out a house midwinter and you’ll see what it’s like during the worst of our Canadian weather. No surprises here. And with motivated sellers and fewer potential buyers/competitors, you’re more likely to have the problem repaired outright, or to negotiate a repair credit into the sale price.

Perk #4: Less-busy real estate professionals

Almost every professional you deal with during your midwinter house hunting will be less time-stretched than during the peak season. From real estate agents to bank representatives and real estate lawyers, everyone will be seeing fewer clients. With fewer client needs to juggle, you can benefit from lightning fast response times, and faster than average turnarounds on paperwork and processing, from everyone you work with during the house hunting and homebuying process.

Perk #5: A smoother move

You can count on better service – and a better price – when you hire movers for a winter job. With fewer moves going on, you’re more likely to get your preferred date and time. By avoiding peak season, you’ll pay the lower off-season moving rates.


Although there are downsides to off-season buying (namely, fewer homes to choose from, and one more thing to add to your busy holiday schedule), the benefits are significant enough to make it a smart choice for many first-timers and experienced homebuyers alike.

If you’re okay with a mid-winter move, you may get access to inventory that would be otherwise difficult to purchase. 


So don’t stop looking for homes just because winter is here.

Let us help you find the home you’re looking for!



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Congrats to all the top producers!

We are so grateful and proud to be recognized as one of RE/MAX Camosun’s top producing teams for the month of December! Even throughout the Holidays, our team has been putting in long days at the office this past month and their efforts do not go unnoticed!

Thank you to all our friends, family and clients for your continued support, it means the world!


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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.