Colin Gareau

Patience, Integrity and Well-Balanced Advice

News From The Rock: Spring 2018

 

This Could Be Your Next Home!


I am aiming to write one Newsletter/ Blog a month and I will endeavour to share information about the Real Estate Market in Victoria and the Capital Region. In addition, there will be links to articles and information about some of my favourite things too: travel, food, the outdoors, events around the city and so much more! Feel free at anytime to unsubscribe, I know the inbox can get rather full.


 

 


What's Happening In The Market??

The sentiment above might be a good one if you are an owner of Real Estate in Victoria, but I would not recommend waiting any longer if you want to purchase. There is low inventory (Victoria Real Estate Board statistics show a 7.3% decline from Dec/17 to Dec/18) and the pickings are slim, but I don't see the prices dropping much, as everyone wants to live in Victoria! In the spring, the number of houses listed does increase, so there is hope, but we have to get used to the fact that these days it is pretty rare that a desirable property does not have multiple offers. According to Feb./March issue of Douglas Magazine and their quote of Kyle Kerr, VREB president, he says he doubts that we will see the booming price increases of previous years, largely because 85% of buyers in the VREB region are local. He states, "Since local salaries aren't likely to go up by 25%", Kerr says, "I can't see housing prices climbing astronomically again". Mortgage rules and the Stress Test all had an effect on the end of 2017, and the new proposed changes on property ownership by the NDP Government will be another thing for people interested in investment properties to consider. This Government document about the speculation tax may be of interest. Stay tuned for there are sure to be more changes a foot. Just after posting more information has been released by the BC Government. Have a read.




Around Town

 The Licorice Ferns are out on Pkols, formerly Mt. Douglas Park. A hike on the weekend also allowed my wife Sue and I to see Shooting stars and Fawn lilies! Check out the other easily accessible parks like Mt. Tolmie for the Camas in April and Playfair Park and U Vic Finnerty Gardens in April and May for the Rhododendrons. The Government House Gardens are free to the public and are open dawn to dusk all year round. Truly epic views can be had towards the Olympic mountains from the terraces on the Southern Side. 



What's Coming Up? 

 

Every year in May, Newport Realty helps sponsor the Mother's Day Garden Tour weekend, with proceeds going to the Victoria Conservatory of Music. This year treat someone special to the Garden Tour and support a good cause.



I hope that you have enjoyed my Blog! Coming up next time some Frequently Asked Questions as well as a favourite recipe!

Warm Regards, Colin

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