Buying Victoria Real Estate

If you have been following the past 10 posts you know there area a lot of things involved in buying a property. If you would like to look at a few videos on buying real estate we have some for you. Just click on the following link: Buying with Properties In Victoria Professionals.

Weekly Mortgage Rate Update from DLC Prime Mortgage Works Inc. Victoria BC

 

 

             Mortgage Rates Effective: June 26, 2009

 

Term

Our Best Rate

Bank Rates

6 Month Open

5.50%

7.80%

6 Month Closed

3.95%

5.20%

1 Year

2.75%

5.00%

2 Year

2.95%

5.75%

3 Year

3.49%

5.75%

4 Year

4.09%

5.75%

5 Year

4.24%

5.75%

6 Year

                 4.65%

6.09%

7 Year

5.25%

6.09%

8 Year

5.35%

6.09%

9 Year

5.42%

6.09%

10 Year

5.25%

6.29%

15 Year

9.25%

                 9.55%

18 Year

9.25%

                 9.55%

25 Year

9.35%

9.65%

Prime Rate

2.25%

 

*Rates subject to change without notice *

                                                                                       

Susan English                                                        Kerry Patten

Mortgage Consultant                                                           Mortgage Consultant

Telephone: 250-708-2063                                       Telephone: 250-708-2063

Fax:  250-385-6035                                                  Fax: 250-385-6035

Cell Phone: 250- 888-6872                                     Cell Phone: 250-888-4051

susanenglish@shaw.ca                                           kerrypatten@shaw.ca

 

Website: www.primemortgageworks.com

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

Cheers,

Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K

Costs Involved in Buying Real Estate

When you buy a home, you will be asked for a down payment, usually between 5 and 25% of the total price of the property. You might also have a number of other fees and expenses to pay.

Some of the most common expenses are listed below. These expenses may vary:

Expense Paid
Mortgage application and appraisal fee At time of application
House inspection (optional) At time of application
Legal fees Closing
Legal disbursements Closing
Deed and/or mortgage registration Closing
Property survey (sometimes provided by the seller) Closing
Land Transfer Taxes by province Closing
Property tax adjustments Closing
Fuel adjustments Closing
Mortgage insurance Closing
Title insurance Closing

Estimate the full cost of your home with the Closing Cost Estimator. We at Properties In Victoria Professionals™ can give you a pretty good idea of the exact prices.

Purchasers in most large Canadian centres can add Land Transfer Taxes to their list of closing costs. Unless you live in Alberta, Saskatchewan, or rural Nova Scotia, Land Transfer Taxes (or property purchase taxes) are a basic fact of life.

Land Transfer Taxes, levied on properties changing hands, are the responsibility of the purchaser. Depending on where you live, the taxes can range from 0.5% to 2% of the total value of the property.

Many provinces have multi-tiered taxation systems and these can be complicated. If you purchase a property for $260,000 in Ontario, for example, 0.5% is charged on the first $55,000; 1% is charged on $55,000 to $250,000, and 1.5% is charged on $250,000 to $400,000.

Use the Land Transfer Tax Calculator to estimate the land transfer tax for your new property.

Land Transfer Taxes by province:

British Columbia (This tax is referred to as Property Transfer Tax)
Property Purchase Tax
Up to $200,000 X 1% of total property value
From $200,000 up X 2% of total property value

Manitoba
Land Transfer Tax
Up to $30,000 N/A
From $30,000 to $90,000 X 0.5% of total property value
From $90,000 to $150,000 X 1% of total property value
From $150,000 up X 2% of total property value

Ontario
Land Transfer Tax
Up to $55,000 X 0.5% of total property value
From $55,000 to $250,000 X 1% of total property value
From $250,000 to $400,000 X 1.5% of total property value
From $400,000 up X 2% of total property value

Quebec
Transfer Tax
Up to $50,000 X 0.5% of total property value
From $50,000 to $250,000 X 1% of total property value
From $250,000 up X 1.5% of total property value

Nova Scotia
Land Transfer Tax
Halifax Metro: 0% to 1.5% on total property value
Outside Halifax County: Check with local municipality.

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

Cheers,

Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

The Properties in Victoria Professionals™ Team is proud to announce the sale of a Great Condo in a Great Location

 

 

Location is everything, and this fine Family home has it all. Backing onto Mill Hill Park, and sitting on a quiet Cul de Sac at the top of the hill, you can raise your family knowing safety and outdoor nature are amply provided for. Uncommon in the neighbourhood, there is a large double garage with room for storage. Off the huge kitchen is a big deck that faces the park and the fully fenced back yard. The family room is on its own level providing separation from the main living area. 4th bedroom would make a great office, and the main level has the master and two more bedrooms with 2 full baths and a 3rd one down. Beautifully presented and well priced.

 

For more information on this property and all our other listings please click here.

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

 

 

Cheers,

Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K

Closing The Real Estate Deal

What does the term closing mean?
Closing refers to the preparation for the transfer of ownership of a property from the seller to the buyer.

There is no standard method for closing. In some places, “round table” closings bring all parties together at the closing table. In other areas, buyers and sellers complete the process through separate, individual appointments with their lawyer.

At Properties In Victoria Professionals™ we will tell you what is customary in Victoria and help lead you through the process.

What happens on closing day?
Closing day is the day you become the official owner of your home.

Typically, you visit your lawyer’s office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property, and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.

Once the mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home.

Congratulations! You’ve just bought a home!

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

Cheers,

Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

Negotiating a Real Estate Purchase

At Properties In Victoria Professionals™ we know the importance of being a good negotiator. Once your offer to purchase has been drafted, it will be presented to the seller as soon as possible. The seller can accept your offer, reject it, or make a counter offer.

Acceptance
An accepted offer means the seller has agreed to all the terms and conditions exactly as set forth in your offer to purchase.

Rejection
A rejected offer means the seller did not agree with any of the terms and conditions set forth in your offer to purchase.

Counter offer
A counter offer means the seller agrees with some of the terms and conditions of your offer, but not all of them.

The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions.

Once you have received a counter offer you have two choices. You can accept the new terms and conditions or reject them. If you reject them, you can choose to start the whole process over again.

Buying a home is probably the biggest single investment you will make. A home inspection prior to making an offer will protect you and your investment.

A qualified home inspector will give your house a thorough examination, checking the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement, and visible structures of the home.

The inspector will point out the need for major repairs, identify areas that may need attention in the near future, and explain what maintenance will be necessary to keep the house in good shape. But, it is not all negative. Most inspectors are more than happy to tell you about the home’s good qualities as well.

Home inspections are relatively inexpensive considering the size of the investment that you are about to make. Many people consider this a small price to pay for peace of mind.

We at Properties In Victoria Professionals™ can provide you with a list of reputable, qualified home inspectors in your area.

Appraisals
An appraisal is a report containing an estimate of the value of the property. Appraisals are conducted for the purpose of mortgage lending by certified appraisers. The appraisal should not be confused with the home inspection or the market analysis.

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

Cheers,

Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.


Townhome being foreclosed in Victoria BC

Court Ordered Sale. This 1600 sq ft, 3 Bedroom 2 bathroom end unit Townhome was made just for you! Within the complex is a pool & playground and close to schools. This is an ideal home. Sold “as is where is.” For more information on this property or for more listings by the Properties in Victoria Professionals team click here.   

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave 

 

Cheers, Bill

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K

The British Columbia Real Estate Association (BCREA) reported that Multiple Listing Service (MLS®) residential sales in the province rose 3 per cent to 8,270 units in May 2009 compared to the same month last year. It was the first year-over-year increase since December 2007. The month of May also posted the highest number of residential sales since April 2008, on a seasonally adjusted basis, and was the fourth consecutive month of rising home sales. 

Home sales have bounced back from the extraordinarily low levels recorded during the winter months,” said Cameron Muir, BCREA Chief Economist. “Improved affordability and less uncertainty about the future are the main factors driving home sales higher.”

 

 

 

 

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave 

 

Cheers, Bill

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K

Condo for Sale in Downtown Victoria BC

The Properties in Victoria Professionals™ Team is proud to announce the sale of a Great Condo in a Great Location.
Marvelous James Bay location. Across from Beacon Hill park and a short walk from the ocean, inner harbour, shopping or downtown. This popular steel and concrete building is waiting for you. Enjoy  the views from this 1 bedroom 1 bathroom with over 750 finished sq ft. Great amenities include an indoor pool, party room, top-of-the-town 360 degree viewing room with billiard table, and lovely garden terrace for barbecues. For more information on this property or for more listings by the Properties in Victoria Professionals team click here.   

 

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave 

 

Cheers, Bill

 

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K

 

 

 

OK We Are Buying

Once you’ve found the home you’re interested in, it’s time to make an offer. Deciding what to offer is one of the most difficult decisions to make. Offer too little and you stand a chance of losing the house (particularly in a seller’s market). On the other hand, nobody wants to pay more for something than it’s worth.

We at Properties In Victoria Professionals™ can help you enormously by showing you what comparable houses are selling for, helping you assess the condition of the house, and judging the type of competition you may face. Once you have decided on the price you are prepared to offer, we Properties In Victoria Professionals™ will draft the offer and explain the details to you.

We will communicate the offer, sometimes known as an Offer to Purchase (a legal document specifying the offers terms and conditions) to the seller, or the seller’s representative, on your behalf.

The offer can be firm or conditional.

Firm Offer to Purchase: usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.

Conditional Offer to Purchase: means that you have placed one or more conditions on the purchase, such as subject to home inspection, subject to financing, or subject to the sale of the buyer’s existing home. The home is not sold until all the conditions have been met.

So let’s put pen to paper:

When you’re making an offer to buy a home, there are six main elements to consider:

  1. Price
    The price you offer reflects your opinion of the value of the house and is determined by the condition of the property and local market factors. You can make any offer you like. It does not have to be the same as the seller’s asking price.
  2. Deposit
    The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Your Royal LePage Realtor can advise you on an appropriate amount.
  3. Terms
    Include the total price offered and the financing details. You may arrange your own financing or ask to assume the seller’s mortgage, especially if it has an attractive interest rate.
  4. Conditions
    Conditions are items that must be completed or fulfilled prior to an offer being concluded. These can include subject to home inspection, subject to you obtaining financing, or subject to you selling your existing property.
  5. Inclusions and exclusions
    Your offer may be contingent on certain items being either included or excluded in the sale. These might include appliances, fixtures, and decorative items, such as window coverings or mirrors.
  6. Closing or possession date
    The closing date is generally the day the title of the property is legally transferred and the transaction of funds finalized, unless otherwise specified (except in Manitoba and Quebec). In British Columbia the possession date is legally one to three days after closing.

More in our next blog.

If you are planning to purchase real estate in Victoria BC in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

Cheers,

Bill

Properties in Victoria Professionals™- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.