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Strata Tip of the Week - Understand Parking and Storage Designations

Most buildings that were built in the 90s or earlier came with more parking stalls and storage lockers than units. Today, we’re seeing many new strata developments that have less parking stalls and storage than units, which makes these components that much more important and valuable to consumers.

You should be able to find information about a strata lot’s parking and storage on the Form B. It’s important to also verify this information on the Strata Plan or Parking Plan filed with the Land Title Office, as we’ve come across many Form Bs that provided incorrect information.

When it comes to parking stalls and storage lockers, there are 5 ways you’ll typically see them designated:

  • It forms part of the Strata Lot

  • Common Property (the strata council grants permission to an owner to use a spot on a yearly basis, and although unlikely, can change or take the spot away)

  • Limited Common Property (you have exclusive use of a specific spot, and the designation can only be changed if the owners pass a unanimous resolution)

  • Limited Common Property for a Specific Section (found in sectioned stratas; the residential executive grants permission to use a spot on a yearly basis and (like with a common property spot) can change or take the spot away)

  • Long Term Lease (the spot is subject to a long term lease associated with the strata lot; a copy of the lease should be obtained from the sellers, as the strata corporation does not usually retain copies)

Long term parking and/or storage leases can have significant implications for both buyers and sellers. Here’s an article from the BCFSA which provides a good example and cautionary note.

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The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed be covered by third-party new home warranty insurance. You may often hear this referred to as the “2-5-10 New Home Warranty”. Basic coverage includes:

  • 15 months for defects in labour and materials

  • 2 years for building cladding and delivery systems (plumbing, HVAC, etc.)

  • 5 years for building envelope defects

  • 10 years for structural defects

 

While some consumers may worry when hearing that a strata corporation is working on addressing warranty defects, we typically see this as a good thing. The reality is that almost no building is built with zero defects, and addressing problems while the warranty coverage is still active shows that the strata is being proactive and committed to addressing deficiencies, while still under warranty.

Finding no information pertaining to the building's warranty is therefore worrisome. As part of our review process, we always recommend that consumers obtain the strata corporation’s warranty certificate, as well as all documents and reports pertaining to the warranty and any warranty claims.

Next week we’ll look at alterations within strata units, as reported on the Form B. If you have any suggestions for other topics you’d like us to cover, please let us know at info@bchomegroup.ca

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The Depreciation Report:

depreciation report provides important insights for buyers looking to buy into a strata corporation. It not only speaks about the current condition of the physical components (as long as the report is recent), but also the financial state of the strata corporation. Some of the most important information in a depreciation report can be found in the following two sections:

  • The evaluation of the strata’s physical components

  • The financial analysis and forecasting

Omitted Components:

One issue we often come across when reviewing depreciation reports is omitted components. Oftentimes this is due to the strata council directing the author of the report to omit certain items, which is a significant concern because excluding some items from the report leads to an underreporting of future capital expenses.

In simple terms, by excluding some items from the report, it appears as though the strata will have less to spend on future capital projects, than in reality. If not caught, this practice can be extremely misleading to potential buyers.

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Last week the provincial government announced the roll out of their Homebuyer Protection Plan (HPP). This new measure will begin January 2023. Your Board, the other provincial boards and BCREA will continue to work with the BC Financial Services Authority preparing for the introduction and implementation of the HPP.
 
Please note that we do not have full information regarding the roll out and application of the HPP at this time.
 
Per BCREA, here are the details that are currently available:
 
Deposit
  • if a deposit is held in trust, brokerages may release it upon rescission
  • rescission fee amount is provided to the seller
  • the balance (if any) is returned to the buyer, despite what may be provided in the contract. 
 
Exemptions and waivers
The HPP cannot be waived. Narrow exemptions include:
  • sales subject to a 21 of the Real Estate Development Marketing Act
  • sales of residential real property located on leased land
  • sales of leasehold interest in residential real estate
  • sales at auction
  • sales under a court order or supervision of a court
 
Defining residential real estate
The policy will apply to the following types of structures:
  • detached homes,
  • semi-detached homes,
  • townhouses,
  • apartments in a duplex or other multi-unit dwelling,
  • residential strata lots,
  • manufactured homes that are affixed to land, and
  • cooperative interests that include a right of use or occupation of a dwelling.
 
The HPP does not apply to presale properties already subject to a rescission period under the Real Estate Development Marketing Act.
 
Requirements to Inform Consumers
Licensees must provide general information on the HPP to all consumers through the Disclosure of Representation in Trading Services (prescribed content).
 
Service of Notice
Homebuyers must serve rescission notice on the seller in one of the following forms:
  • registered mail
  • fax
  • e-mail with read receipt
  • Personal service
 
Rescission Notice Content
Rescission notice must contain:
  • address, PID or description of the property
  • names and signature of the purchaser
  • name of the seller(s)
  • date of notice
 
Additional Disclosure
Licensees must also provide an additional mandatory disclosure at the time of preparing an offer on behalf of presenting an offer to a client, containing the following information:
  • the HPP cannot be waived,
  • the rescission period,
  • dollar amount of the rescission fee,
  • deposit handling, and
  • HPP exemptions.
 
Records Retention
Brokerages must retain a copy of a rescission notice that it prepares or receives (enables audit and reporting).
 
To learn more:
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I have sold a property at 1702 Kings Rd in Victoria.
This is your opportunity to own a great 4 bedroom, 3 bath home in one of Victoria’s finest and most accessible neighbourhoods! Located super close to parks, shopping, all amenities and schools. This ideal and efficient floor plan offers a 3 bed 2 bath home, plus a 1 bed, 1 bath in-law suite in an amazing location. The well thought out floorplan has open concept living/dining space with wood burning stove, and private patio access off the spacious kitchen. Upstairs offers 3 spacious bedrooms with 2 baths. The primary bedroom features a walk in closet and 3 pc ensuite. BONUS one-bedroom in-law suite provides plenty of options and can accommodate larger families. Private and fenced yard space is perfect for pets and kids alike. Listed Lot size combines dedicated strata lot, LCP yard/carport/patio space. Newer roof, windows, several newer appliances and water tank makes this one ready for you to move-in. This is the home and location you’ve been waiting for!
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The current strata insurance situation in BC has been difficult to say the least. Many strata corporations have seen premium increases from 20% to 50%, with some high value/high risk stratas seeing increases in the 200% to 400% range.

While the narrative around this problem has focused predominantly on premium increases, the lesser mentioned factor is that some strata corporations are also seeing their deductible amounts skyrocketing to levels not covered by most personal insurance policies.

For example, if a strata has a $500,000 water damage deductible and an owner can only get $100,000 of coverage, that owner could be on the hook for $400,000 if there is a loss from within their unit. This is a scary reality, so it’s important that consumers are made aware of these figures and advised to seek advice from a qualified insurance broker.

Are your clients looking at newer stratas? Next week we’ll discuss new home warranties in strata corporations. If you have any suggestions for topics you’d like us to cover, please let us know at info@bchomegroup.ca

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Shift in Victoria Real Estate market brings more time for buyers and sellers
 
A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 per cent fewer than the 835 properties sold in July 2021 and a 16.7 per cent decrease from June 2022. Sales of condominiums were down 39.4 per cent from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 per cent from July 2021 with 254 sold.
 
"We’d previously indicated a shift in the local housing market,” said 2022 VREB President Karen Dinnie-Smyth. “This continued be the case in July as sales dipped, and we saw fewer listings come to the market, with more of the existing inventory remaining for sale. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many.”
 
There were 2,162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 per cent compared to the previous month of June and a 70.2 per cent increase from the 1,270 active listings for sale at the end of July 2021.
 
“As a result of the higher interest rates and inflation occurring right now, we see fluctuations in price and availability,” adds President Dinnie-Smyth. “Values will rise and fall over time, and historically local real estate values slowly increase over time, which means despite month-to-month variations, if you are buying a home, you have a sound, long-term investment. We need to remember that people don’t buy and sell on a month-to-month basis and that in the larger scheme of things, housing is more than numbers. A property is a place where people live their daily lives, raise their families, etc. It is more than a commodity, and for many it is the most important purchase they make in their lifetime. The government’s recent focus has been on demand-side mechanisms and other market modifiers such as a mandatory three-day cooling off period to start in 2023. A better long-term approach to housing affordability for our future is to address housing supply constraints which will be central to the next round of upward pressure on home prices. Consult with your REALTOR® to keep informed regarding current values and market conditions if you are in the market to buy or sell.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2021 was $1,204,900. The benchmark value for the same home in July 2022 increased by 19 per cent to $1,433,800 but was down 2.1 per cent from June's value of $1,464,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2021 was $502,600, while the benchmark value for the same condominium in July 2022 increased by 27.3 per cent to $639,600, down by 0.5 per cent from the June value of $643,100.
 
 
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This morning the government announced its plan to introduce a three-day homebuyer protection period effective January 2023.
 
From the Ministry of Finance announcement:
 
A new homebuyer protection period will protect people in B.C. looking to buy a home from being pressured into high-risk sales. The period is the first of its kind in Canada and marks the first key action the Province is taking based on the B.C. Financial Services Authority’s (BCFSA) report on ways to offer homebuyers better consumer protection in the real estate market. The mandatory three-day period will give homebuyers an opportunity to take important steps, such as securing financing or arranging home inspections, as they prepare to make one of their biggest financial decisions.
 
The homebuyer protection period will come into effect on Jan. 1, 2023. It includes a rescission (cancellation) fee of 0.25% of the purchase price, or $250 for every $100,000, for those who choose to back out of a deal. For example, if the purchaser exercises the right of rescission on a $1-million home, they would be required to pay $2,500 to the seller.
 
Buyers still may make offers conditional on home inspections or financing at any time. The protection period will offer homebuyers the opportunity for due diligence at times when conditions are not in place.
 
The homebuyer protection period is informed by the results of consultations that the BCFSA completed this year with a wide range of real estate industry stakeholders, including home inspectors, appraisers, realtors, and academics, as well as representatives from the legal and financial services sectors.
 
The Province will continue studying the BCFSA’s advice and its potential effects to further strengthen public confidence in the real estate market.
 
 
---
 
Details of the homebuyer protection period are not yet available, but your Board will work on making sure there are opportunities for you to learn about how this period will be implemented and how to prepare for the January 2023 rollout as further information becomes available.
 
As you know, many VREB Members. your Board, BCREA, and other boards across the province consulted with BCFSA and government stakeholders on consumer protection measures. All of these entities will continue their advocacy as the government moves through the BCFSA's recommendations.
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Victoria’s hot housing market levels off, supply still important for long-term attainability

A total of 612 properties sold in the Victoria Real Estate Board region this June, 35 per cent fewer than the 942 properties sold in June 2021 and a 19.6 per cent decrease from May 2022. Sales of condominiums were down 40.2 per cent from June 2021 with 202 units sold. Sales of single family homes decreased 31.4 per cent from June 2021 with 302 sold.
 
"The market feels a bit more normal right now,” says Karen Dinnie-Smyth, 2022 Victoria Real Estate Board President. “We have seen more inventory come onto the market to the extent that we are back to numbers closer to those which we saw in pre-pandemic 2020. This is good news, as more inventory provides more choice and builds in more time for consumers to work with their REALTORS® to make decisions.”
 
There were 2,059 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2022, an increase of 15.9 per cent compared to the previous month of May and a 49.7 per cent increase from the 1,375 active listings for sale at the end of June 2021.
 
"It may seem counterintuitive to continue to talk about the need for supply at a time when inventory is rising,” adds President Dinnie-Smyth. “We must keep the conversation alive, and we urge all levels of government to continue to aggressively address the housing supply situation. We need more supply of all types of housing. Not only do we remain on the lower side of longer-term historical averages of homes for sale, but there will be future challenges - changing interest rates, supply chain and labour constraints will hamper the ability to create new homes at a pace to meet future growth. New supply will be the key to future housing attainability in our community.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2021 was $1,184,700. The benchmark value for the same home in June 2022 increased by 23.6 per cent to $1,464,400, up from May's value of $1,446,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2021 was $495,900 while the benchmark value for the same condominium in June 2022 increased by 29.7 per cent to $643,100, up from the May value of $633,800.
 
 
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I have sold a property at 8518 Tribune Terr in North Saanich.
VIRTUAL O/H--> HD VIDEO, AERIAL, 3D MATTERPORT, PHOTOS & FLOOR PLAN online! If you're looking for a fully updated custom built 5bd 3bth home w/over $500k in upgrades & breathtaking ocean & mountain views, this is the one! Perched on the highest point at the end of the culdesac & nestled in a private park-like setting, this rare opportunity won't last! This home oozes quality throughout. Proudly renovated by East Bay Developments, you'll love the bright modern open concept design, custom Pronautic kitchen w/ walnut/white cabinetry, stunning quartz countertops w/waterfall edges on island, floating staircase in entry w/stainless steel edging, all new interior/exterior paint, doors, flooring, bthrms, hardware & lighting, 2 linear gas FP's w/custom cabinetry, all new windows ordered/paid, 200amp... to name a few. Main offers spacious bright floorplan kitchen, dining, 2 family rooms, 2bthrms 3bdrms -primary bdrm w/spalike bthrm. Flexible lower offers 2brms which includes 1bdrm nanny suite.
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STRESS TEST SECRET 

Innovative strategy by innovative brokers. Currently variable rate rates still need only 5.25% to qualify not 6.25% So, qualify on the variable rate at the stress test of 5.25% – lock in after.
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Pace of the Greater Victoria real estate market steady into spring
 
A total of 761 properties sold in the Victoria Real Estate Board region this May, 27.5 per cent fewer than the 1,049 properties sold in May 2021 and a 7.6 per cent decrease from April 2022. Sales of condominiums were down 23.1 per cent from May 2021 with 250 units sold. Sales of single family homes decreased 31.7 per cent from May 2021 with 367 sold.
 
"The real estate market in Greater Victoria is returning to a steadier pace following the strange two years we experienced over the course of the pandemic,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “While inventory is still below historical levels for a spring market, it is now within our pre-pandemic five-year average, which is good news for buyers. The increase in inventory provides buyers with more options, and we are seeing market activity and price points differ within the unique neighbourhoods that make up Greater Victoria. During a changing market like the one we see now, it is more important than ever to have an expert on your side – whether you are buying or selling it’s a great time to give your favourite REALTOR® a call.”
 
There were 1,776 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2022, an increase of 30.1 per cent compared to the previous month of April and a 22.5 per cent increase from the 1,450 active listings for sale at the end of May 2021.
 
"Looking to the future of the market, the Board has reviewed the British Columbia Financial Services Authority (BCFSA) report which the government requisitioned to guide the deployment of their cooling-off plan," adds President Dinnie-Smyth. “We are aligned with BCFSA on the importance of consumer protection in real estate and see areas of the BCFSA report which reflect the Victoria Real Estate Board’s and the British Columbia Real Estate Association’s recommendations - specifically the concept of a five-day pre-offer period. However, the BCFSA report leaves detailed process and procedural questions unanswered. The government will need to do more consultation with industry stakeholders prior to implementation to ensure these changes are without negative consequences to consumers and to the market.”
 
The Multiple Listing Service® Home Price Index benchmark values are currently unavailable. This document will be updated when May’s numbers are available for publication. 
 
 
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A new 2-year ban of no foreign buying that includes condos, apartments, and single residential units. (Exempt are recreational units.)
Loopholes? As always there are a few: The ban does not apply to foreign students, permanent residents, foreign workers, or foreigners who are purchasing their primary residence in Canada. Also, recreational properties are exempt.

With commodity prices cooling we continue to expect a lower Canadian dollar

I stated over and over that in tough times, bad money wants to be changed into ‘good ‘money.’ The US dollar remains a reserve currency – valued as such by individuals around the world. In tough times they flee into the dollar. More money coming in drives up the value. Period. We see that continue


Big Banks Raise 5-Year Fixed Rates Above 4%

Most of the country's big banks are now advertising special-offer 5-year fixed rates above 4%.

All assignment sales on newly constructed or substantially renovated residential homes will be taxable.
    • "Budget 2022 proposes to make all assignment sales of newly constructed or substantially renovated residential housing taxable for GST/HST purposes, effective May 7, 2022."
    1. Starting May 7, the government will add taxes on home flippers who buy properties to renovate and put them back on the market less than 12 months later. Who will want to renovate now? Loopholes: Looks like multiple exceptions again for permanent residents, foreign students, etc.
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I have sold a property at 119 1375 Bear Mountain Pkwy in Langford.
Immaculate one bedroom, one bath desirable ground level condominium nestled in private quiet St. Andrews Walk East, on the very top of Bear Mountain. Condo offers beautiful floors, granite counter tops and higher end KitchenAid stainless appliances. Abundant natural light pours into your living room that features high ceilings and an electric fireplace. Enjoy evening BBQs on your own private covered patio, as well as underground-secured parking, separate storage locker and a dedicated bike storage area. Steps to the Bear Mountain Jack Nicklaus designed Golf Course and Mt. Finlayson. Your pets are welcome here! Whether you are buying to live in, or as a vacation retreat for you to escape the city or an investment, this condo in St. Andrews Walk is a great opportunity while it lasts!
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2022 Federal Budget Impacts Market in BC Real Estate - Details


Multigenerational Home Renovation Tax Credit

This will allow families to claim 15 per cent (up to a $7,500 credit) in eligible renovation and construction costs incurred to construct a secondary suite for seniors or adults with disabilities.


Increased Contribution for First Time Home Buyers.

They can contribute up to $40,000 also a Registered Retirement Savings Plan (RRSP) contribution would be tax-deductible, any money instead of being contributed TFSA can be put in place into real estate. Further, the First Time Home Buyers' Tax Credit will be doubled to $10,000, retroactive to homes purchased on or after January 1, 2022. 


Bidding Wars

Plan to end this in the real estate market.


Foreign Demand

Policy is being passed to prohibit non-Canadian citizens or permanent residents as well as non-Canadian commercial enterprises from acquiring property in Canada for two years.

No Flipping - Tax

Policy being passed so Buyers get taxed heavily if they try flipping real estate,  beginning January 1, 2023.








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Victoria real estate market continues to experience low inventory and high demand
 
A total of 833 properties sold in the Victoria Real Estate Board region this March, 29 per cent fewer than the 1,173 properties sold in March 2021 but a 16 per cent increase from February 2022. Sales of condominiums were down 26 per cent from March 2021 with 279 units sold. Sales of single family homes decreased 28.2 per cent from March 2021 with 412 sold.
 
“Once again, we have had a record breaker of a month,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “This March had the lowest number of active listings we have seen in a month of March – beating last year’s record low. For context, in the past five years the average number of active listings at the end of March is 1,864 properties. This March had just over one thousand properties at month end. We did see more homes come to market this month compared to February - which is a positive sign - but our supply is still so constricted that multiple offers and competition continues, especially in the lower price ranges. We may see a lift in that pressure if more listings come to market over the spring, but since our inventory is so much lower than average, we have a long way to go to find balance.”
 
There were 1,063 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2022, an increase of 25.2 per cent compared to the previous month of February but an 18.9 per cent decrease from the 1,310 active listings for sale at the end of March 2021.
 
“March generally kicks off the busy spring real estate season,” adds President Dinnie-Smyth. “However, this month’s sales and listings may have been partly depressed by reasons beyond the market. After two spring breaks of COVID restrictions, it’s plausible that many prospective buyers and sellers put their plans on pause to travel. Looking forward, it is difficult to predict what this spring will look like as those buyers and sellers return to the market. Many factors - including rising interest rates, the government’s promise to apply new barriers to sales such as cooling-off periods, inflationary pressures and record high house prices - continue to make this a challenging market. If you are considering a move, a sale or both, it’s a good time to engage the assistance of a trusted local REALTOR® to help you navigate the complex landscape.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2021 was $968,500. The benchmark value for the same home in March 2022 increased by 27.4 per cent to $1,233,700, up from February’s value of $1,196,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2021 was $497,000 while the benchmark value for the same condominium in March 2022 increased by 27.8 per cent to $653,100, up from the February value of $603,600.
 
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A total of 718 properties sold in the Victoria Real Estate Board region this February, 16.8 per cent fewer than the 863 properties sold in February 2021 but a 51.5 per cent increase from January 2021. Sales of condominiums were down 7.9 per cent from February 2021 with 267 units sold. Sales of single family homes decreased 20.8 per cent from February 2021 with 309 sold.
 
“It was heartening this month to see some more listings come to market in February,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “However, inventory levels remain at record lows and without a strong government focus on increasing supply, buyers will continue to face escalating prices and difficult market conditions.”
 
There were 849 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2022, an increase of 14.1 per cent compared to the previous month of January but a 35.6 per cent decrease from the 1,318 active listings for sale at the end of February 2021.
 
“We have asked the government for strong solutions to create supply to bring our market back into balance,” adds President Dinnie-Smyth. “We need incentives for gentle densification and the removal of municipal barriers to development. What government has chosen to focus on instead is their announcement of a cooling-off period for residential sales this spring. They announced this measure with no industry consultation into how this may impact our housing market. The Victoria Real Estate Board and the British Columbia Real Estate Association have strongly recommended against a cooling-off period. Industry research shows that a cooling-off period will add volatility in both slow and pressurized market conditions. It provides no protection for home sellers and creates more risk and uncertainty for them when selling a home. Experienced and well-funded buyers will have an advantage over first-time buyers because a cooling-off period reduces negotiations to price alone. We have recommended alternative ideas for consumer protection – including the suggestion that a pre-sale offer period be introduced, which transcends market conditions and would better protect buyers and sellers while also mitigating the impact of pre-emptive offers. We hope our suggestions are taken seriously, they are a result of thorough research and consultation of hundreds of our local practitioners. Instead of discussing the British Columbia Real Estate Association’s recommendations yesterday, Minister Robinson chose to inform the public that REALTORS® have a vested interest in home prices. For Robinson to suggest that Realtors are keeping prices high is a convenient excuse and a weak attempt to divert attention away from the real issue – supply. Realtors would prefer a balanced market with reasonable prices and plenty of housing supply to meet demand. Our Realtors’ only vested interest is in their clients and the more balanced our market is, the better we are able to serve the needs of buyers and sellers.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2021 was $948,500. The benchmark value for the same home in February 2022 increased by 26.1 per cent to $1,196,300, up from January’s value of $1,161,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2021 was $494,200, while the benchmark value for the same condominium in February 2022 increased by 22.1 per cent to $603,600, up from the January value of $587,300.
 
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The 2021 Victoria real estate market year in review
 
A total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December 2020 and a 32.9 per cent decrease from November 2021. Sales of condominiums were down 22.1 per cent from December 2020 with 152 units sold. Sales of single family homes decreased 34.1 per cent from December 2020 with 207 sold.
 
A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in 2020. 2021 sales came in close to 2016’s record breaking sales year where 10,622 properties were sold.
 
“The theme of this year has been very consistent,” says 2021 Victoria Real Estate Board President David Langlois. “Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point. We see stories from many countries highlighting the increasing desirability of home ownership in the wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on record – but with such strong demand that most transactions see multiple offers.”
 
There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2021, a decrease of 26.5 per cent compared to the previous month of November and a 49 per cent decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest inventory of active listings at month-end in at least the last 25 years.
 
“We have spoken throughout the year about the need for new housing supply at all levels to help moderate prices and improve attainability,” adds President Langlois. “Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area – it has been far too difficult and expensive to build homes in our region. The situation we are now in is because of the deficit of supply that has compounded over the past decades of hesitation around growth. However, governments at the federal and provincial level have instead chosen to focus elsewhere and invest their time re-inventing the process of how homes are sold in Canada by creating new rules which include the introduction of a ‘cooling-off’ period. These measures will do nothing to improve our market, nor will they increase consumer protection. The process of how a home is sold is not the issue - homes will sell for what consumers will pay for them – using any sales process. The issue is how homes are brought to the marketplace and our huge lack of supply. Governments should expend their resources to address supply issues that continue to drive up competition for homes and result in ever increasing prices.”
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1 per cent to $1,144,900, up from November’s value of $1,122,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the same condominium in December 2021 increased by 17.1 per cent to $570,600, up from the November value of $560,700.
 
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IN SUMMER the days getting dryer, make sure you insert the following statement into Contracts/offers on areas that have a higher degree of forest fire risks.  Each year insurance companies start restricting insurance approvals in areas of fire risk.  
 
Longer the close, potential increased risk during these summer months. 
 
 
WILDFIRE / INSURANCE STATEMENT: 
 
In the event that the insurance underwriters defer placement of property insurance due to wildfire risk prior to or at the time of completion, the Buyer(s) and Seller(s) agree that the completion, possession and adjustment dates shall be deferred until such time that insurance can be obtained. The Buyer will make all reasonable efforts to complete the sale.
 
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