May 11th, 2008 by Bill Ethier - Victoria, BC. Real Estate
Our blogs usually focus on our most recent listings, the real estate market condition in Victoria BC, but sometimes we like to add in an article now and then on home improvement tips. So today we thought it would be a good day for such an article.
Good fences make good neighbours – and the right fence can really make your yard. These steps can help you find a style that works for your space.
Step 1: Determine your needs
First, figure out the purpose of your fence. Do you want it to provide privacy? Beautify your yard? Keep kids or pets in? Comply with pool safety standards? Define your property lines? Add to the value of your home? Determining your needs can help you choose the right fence for you.
Step 2: Choose your style
- Private. A solid-board fence blocks an unattractive view completely, but it also cuts out light and breezes and can make you feel boxed in.
- Semi-private. This style, which can have subtle spacing, louvers or lattice to let in light, is friendly, comfortable, and makes your yard feel bigger.
- Open. Great if you want to enclose your property but don’t want to block it off visually.
Step 3: Select your material
Your options are limited only by your imagination and, of course, your budget.
Chain-link. Definitely the most cost-effective choice, but not necessarily the most aesthetically pleasing. It’s good for defining boundaries, keeping kids and pets in, and maintaining a sense of openness. If you’ve got a big yard and a small budget, this is the way to go.
Wood. Styles range from split rail and picket fences to board-on-board styles that look great on both sides and offer privacy, yet let in air and light. The downside to wood? It needs regular maintenance to look good over time.
PVC/vinyl. Vinyl fencing looks just like painted wood, but you’ll never need to paint it – all you have to do is clean it once a year.
Iron, aluminum or steel. Use it if you want an open, formal look. Aluminum, which looks like wrought iron but is less expensive, is the most budget-friendly choice. If cost isn’t an issue, custom ironwork is an excellent way to incorporate a fence or gate that’s completely unique.
Natural “fencing.” Hedges and shrubs reduce noise and dust better than a fence, are less expensive, and look lush and beautiful. You’ll just have to be patient while your “fence” grows in.
A great-looking fence adds tremendous value to your home – whether it’s resale value or your own enjoyment of it over the years. Think carefully about your needs and your personal style, then go ahead and build a fence you’ll love.
Be nice to your neighbours.
Talk to them before you do anything. Choose a design that looks good from both sides, and make sure you know exactly where your property lines are.
Think outside the box.
You may not need to surround your whole yard to get the privacy you want. Consider using a fence to screen in a sitting area or create an outdoor room.
I hope you enjoyed this little article on fencing. If you have any questions about real estate in Victoria BC please do not heistate to contact us.
Cheers
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.
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Posted in Alberta Real Estate Update, BC Real Estate Update, Calgary Real Estate, Manitoba Real Estate Update, New Brunswick Real Estate Update, Newfoundland & Labrador Real Estate Update, Northwest Territories Real Estate Update, Nova Scotia Real Estate Update, Nunavut Real Estate Update, Ontario Real Estate Update, PEI Real Estate Update, Prestigious, Québec Real Estate Update, Saskatchewan Real Estate Update, Victoria Real Estate Update, Yukon Real Estate Update || No Comments
May 9th, 2008 by Bill Ethier - Victoria, BC. Real Estate
We the Properties in Victoria team are proud to announce another great new home for sale. This Fantastic well cared for Condo only minutes from Downtown Victoria has been wonderfully updated.
What a location! What a price! Right at Beacon Hill Park, this affordable, freshly painted and quiet leasehold apartment will be hard to beat. Recently refinished hardwood floors, large bedroom and galley kitchen. Pleasant outlook from your patio. Spacious and bright living with in-line dining. Operated by Devon Properties, in-house caretaker, games room, sauna, whirlpool, hobby room and bike storage. Parking space and locker are assigned by Devon. Monthly assessment includes heat, hot water and taxes.
If you would like more information on this property, such as virtual tours or floor plans please visit our webiste www.PropertiesinVictoria.com or any other property in the Greater Victoria area please dot hesitate to contact us.
Bill Ethier
B.Sc - REALTOR®
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.
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May 8th, 2008 by Bill Ethier - Victoria, BC. Real Estate
We the Properties in Victoria team are proud to announce another great new home for sale. This Fantastic well cared for Condo only minutes from Downtown Victoria has been wonderfully updated.
Fabulous 2 bedroom, 2 full bath spacious sunny NW corner suite in “SPENCER CASTLE” an exceptional steel and concrete building with amenities such as indoor pool, billiards room, library, guest accommodations and roof top terrace. Masterbedroom with ensuite and large 2nd bedroom. This lovely unit has many recent upgrades: Kitchen and appliances, wood floors, custom bar and paint.
If you would like more information on this property, such as virtual tours or floor plans please visit our webiste www.PropertiesinVictoria.com or any other property in the Greater Victoria area please dot hesitate to contact us.
Bill Ethier
B.Sc - REALTOR®
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.
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May 4th, 2008 by Bill Ethier - Victoria, BC. Real Estate
The Greater Victoria set another record price for Single Family Homes. The average price has now surpassed the $630,000 dollar mark. Where is going to go from here? Please read the article below from the Victoria Real Estate Board:
Sales of homes and other properties in the Victoria area moderated in April with a total of 768 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 707 sales in March but down from the 898 sales in the same month a year ago. Overall prices remain steady but 28 sales of over $1 million, including two sales in Oak Bay of over $2 million, pushed the average price of single family homes to a new record high.
Victoria Real Estate Board President, Tony Joe, notes that the number of properties available for sale continues to increase. “In April, there were 3,859 properties available for sale - a 17 per cent increase over the 3,305 properties on the market in April of 2007. This increase in inventory coupled with a moderation in the number of sales offers further indication of a more balanced market that offers stability for both buyers and sellers.”
Joe added that despite the record high average price for single family homes, overall prices remained steady last month. “The relatively large number of high-priced sales had a substantial impact on the average price of single family homes in Greater Victoria, pushing this figure to a new record high of $630,295 but it is important to note that the median or mid-range price was substantially lower at $558,000.” Joe noted that nearly 28% of single family homes last month sold for under $475,000.
The average price of all condominiums sold in April was $325,975; the average for the last six months was $328,915. The median was again lower at $294,900. The average price of all townhomes sold last month was $420,658; the six month average was $440,364. The median price was $407,450.
MLS® sales last month included 395 single family homes, 235 condominiums, 80 townhomes and 20 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
If you have any questions about the market or would like to discuss the buying and or selling process feel free to conact us. We would love to help. Also for more Real Estate news visit our website: www.PropertiesinVictoria.com and log onto Quarterly Report or Victoria Market Update
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.
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April 27th, 2008 by Bill Ethier - Victoria, BC. Real Estate
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MLS®: 244726 Status: Current List $: 412000 Sold $: Pend Date: DOM: 4 Sub Class: Single Family Detached Built: 2007 Beds: 4 Baths: 3 Fin SqFt: 2003 Unfin SqFt: 639 Addnl Accom: Potential Lot SqFt: 4356 Acres: .10 Parking: 2 Tax $: 1174.50 Tax Year: 2007 Strata Fee $:
Wonderful family home built in 2007 in new sub-division of fine homes. This 4 bedroom 3 bathroom home has everything you want: wood floors, carpet, open concept living/dining combo and master bedroom with ensuite. Potential for in-law suite on ground floor - new flooring and cabinets/counters recently added, only appliances needed. Located close to all amenities, recreation and schools. Floor plans available on website. |
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If you would like more information on this property or any other property in the Greater Victoria area please dot hesitate to contact us.
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April 20th, 2008 by Bill Ethier - Victoria, BC. Real Estate
Our REALTOR® friend Matt Collinge has provided us with a little sample of how things are shaping up in Vancouver BC. Have a read and if you want more information on the Vancouver Market please visit Matt’s blog.
The Greater Vancouver real estate market saw increases listings and decreased sales last month, yet prices continued to climb. That is not how it is supposed to work, but lets reserve opinion for a month or two and see what happens. Sellers always suffer a hang-over prices inflation as they re-adjust to the idea that the demand for the product may not be there anymore.
The Real Estate Board of Greater Vancouver has a new president now, Dave Watt from Royal LePage Northshore. Here is his first quote of the month:
“The market is continuing to balance, with sales and listings beginning to re-align with our 10-year averages,” says REBGV president, Dave Watt. “The selection of inventory hitting the market is wider than we have seen in the past few years, which gives prospective buyers more choices.”
Time is short today so I will leave it to that. The report is attached below and the reports for the last year can be found on the Statistics and Reports page of my website.
Matthew Collinge: Vancouver REALTOR®
For information the Victoria BC market please drop us a line or an e-mail.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
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.
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April 18th, 2008 by Anders Treiberg - Victoria, BC. Real Estate
Real Estate In Victoria BC - Victoria BC Real Estate First Quarter update.
The Victoria Real Estate market has been very busy for us over the last few weeks. We have many new listings coming to the market and there are some good deals to be had out there.
British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC dipped 1.8 per cent to $8.9 billion during the first quarter, compared to the same period in 2007. Residential unit sales declined 13.5 per cent to 18,635 units during the same period. The average MLS® residential price in the province reached $478,423, up 13.5 per cent from the first quarter of 2007.
“The housing market lost some steam during the first quarter,” said Cameron Muir, BCREA Chief Economist. “Eroding affordability has squeezed some potential buyers out of the market, while uncertainty about the duration and impact of a weak US economy and housing recession likely has some consumers sitting on the sidelines.”
“Despite weakness in the forest sector, economic fundamentals in the province remain strong and continue to underpin housing demand,” added Muir. “A 25 per cent increase in the number of homes for sale is providing home buyers with more selection and reducing the chances of competing bids on the same property.”
March MLS® residential sales volume fell 12.4 per cent to $3.48 billion compared to March 2007. Residential unit sales declined 22 per cent to 7,128 units in March, while the average MLS® residential price increased 12.3 per cent to $488,796 compared to March 2007.
If you have any comments on the above or Real Estate questions please drop a note below. Further feel free to contact us any time.
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April 10th, 2008 by Anders Treiberg - Victoria, BC. Real Estate
Being a Landlord as a Real Estate Investor.
Now that you have purchased your piece of Real Estate here in Victoria and the time comes to renting the property out, there are many things you should know and consider. The Residential Tenancy Act is something you want to familiarize yourself with.
How do I start being a landlord?
Whether you have a small apartment in your basement or own a large high-rise, as a landlord you are subject to rules and regulations that define your responsibilities and what you can and cannot do.
Since each province and territory has its own landlord and tenant legislation, make sure you know the rules and regulations that apply to your province (there are some surprising differences). The collection of Provincial and Territorial Fact Sheets is great reference material to get you started. You can also look for books, booklets, and guides published for new landlords (since legislation can change, make sure that the publication is up to date).
It is also advisable to get some expert legal advice. This is a specialized area of law, so make sure you consult a specialist.
If you have any comments on the above or Real Estate questions please drop a note below. Further feel free to contact us any time.
Cheers, Anders
PS. Check out our new website www.PrestigiousPropertiesInVictoria.com and our Prestigious blog at http://prestigiouspropertiesinvictoria.blogspot.com/
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Posted in Alberta Real Estate Update, BC Real Estate Update, Manitoba Real Estate Update, New Brunswick Real Estate Update, Newfoundland & Labrador Real Estate Update, Northwest Territories Real Estate Update, Nova Scotia Real Estate Update, Nunavut Real Estate Update, Ontario Real Estate Update, PEI Real Estate Update, Prestigious, Québec Real Estate Update, Saskatchewan Real Estate Update, Victoria Real Estate Update, Yukon Real Estate Update || No Comments
April 4th, 2008 by Anders Treiberg - Victoria, BC. Real Estate
Sooke Real Estate On The Rise - Business Park Now Not Only In Victoria
New business park in Sooke now providing location option in cramped commercial real estate market. Business sites offer flexibility and rural setting close to fast-growing West Shore
A new business park in Sooke is giving companies in Southern Vancouver Island’s red-hot economy another location option in a rural setting close to the West Shore, one of the fastest-growing areas in B.C.
The Sooke Industrial Park (http://www.sookeindustrialpark.com/) is in Otter Point, seven minutes from the centre of Sooke, less than an hour from downtown Victoria and only 25 minutes from development friendly Langford.Victoria-based Three Point Properties has partnered with Island View Construction to develop the property, which will provide space for up to 70 businesses, with fully serviced (with water and septic) fenced lots and 24/7 security, starting at $195,000. People familiar with the area will remember the 47-acre parcel as the former location of the TimberWest log-sort lot.
“Business in the region is booming, and with industrial vacancy rates at an all-time low of 0.2 per cent in the Greater Victoria area, companies looking for industrial space in Victoria are finding it tough,” says project manager Joanne Bateson. “In addition to flexibility and a competitive price, this park offers a great location near a rapidly growing town and region. It’s unusual to find a business park in this kind of rural setting, yet so close to major population centres and with convenient access.”The two companies are predicting the demand will be high for the pre-sales and lease-to-own options they are offering for the site, and an open house on the site will be held the weekend of April 12 and 13, from 1:00 p.m. –4:00 p.m. While potential purchasers are expected from across Southern Vancouver Island, Bateson is hoping the site will capture the attention of local business owners who like the idea of a shorter commute to work each morning.
For more information people can log onto www.sookebusinesspark.comor contact Shayne Fedosenko of Pemberton Homes at 250-384-8124, or Tony Zarsadias of Burr Properties at 250-382-8838.
About Three Point Properties:
Three Point Properties is a comprehensive real-estate development company with capabilities that span the realms of planning and conceptualization, design, construction and sales. The scope of Three Point Properties ’signature’ developments range from the overhaul of large industrial sites to the restoration of heritage commercial buildings to residential developments of all sizes. The company strives for excellence in all its projects, regardless of size and is committed to quality, design excellence and respect for both the natural and social environment. The Three Point Property team encompasses decades of experience in the property development world, and is backed by an award-winning international portfolio.
If you have any comments on the above or Real Estate questions please drop a note below. Further feel free to contact us any time.
Cheers, Anders
PS. Check out our new website www.PrestigiousPropertiesInVictoria.com and our Prestigious blog at http://prestigiouspropertiesinvictoria.blogspot.com/
Anders Treiberg, Associate Broker, REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital.
Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website or via email at anders@PropertiesInVictoria.com
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April 2nd, 2008 by Anders Treiberg - Victoria, BC. Real Estate
BC Real Estate Association Launches Green Tool Kit
Online guide helps home-buyers and homeowners understand “green”
Green Real Estate is a buzz word in Victoria that we hear very often. British Columbia Real Estate Association (BCREA) has helped consumers shed a light on “Green Real Estate“
The BC Real Estate Association (BCREA) today launched a new website designed to educate real estate professionals and consumers about “green” real estate and buildings in BC. BCREA’s Green Tool Kit for REALTORS® (www.greentoolkit.ca ) is a valuable guide for REALTORS® in BC to respond to the growing consumer interest in features of “green” real estate, from energy efficiency to water-saving measures.
“Quality of life is one of the key driving forces for the real estate market. Behind BCREA’s Quality of Life initiative is the recognition that the environment—clean air and water, parks and open space—is a big reason people want to live in BC,” said Andrew Peck, President of BCREA.
“The Green Tool Kit illustrates how we all can play a role in preserving the environment. Designed for BC, this guide will be useful for REALTORS® to help new and experienced homeowners make informed environmental choices.”The Green Tool Kit explains the benefits of greener homes, provides suggestions for homeowners on how to make greener renovations, and offers links to rebates and incentives. “Consumers are increasingly interested in greener homes, communities and lifestyles,” added Peck. “We’ve partnered with organizations like the Greener Realty Association of BC to offer consumers and real estate professionals resources to help educate them on environmentally friendly housing. We also thank the Real Estate Foundation of BC for providing funds for this project.”
About BCREA
BCREA represents the 12 real estate boards in British Columbia and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, required licensing and continuing education courses, economic research and analysis, standard forms and government relations. To learn more, visit www.bcrea.bc.ca .
About Quality of Life
Quality of Life is an approach BCREA adopted to demonstrate the commitment of the real estate profession to improve Quality of Life throughout the province. REALTORS® are active in their communities, and Quality of Life ensures BCREA reflects that work. The approach is summarized in five principles: ensuring economic vitality, providing housing opportunities, preserving the environment, protecting property owners and building better communities. Learn more about Quality of Life at www.qualityoflife.bcrea.bc.ca .
If you have any comments on the above or Real Estate questions please drop a note below. Further feel free to contact us any time.
Cheers, Anders
PS. Check out our new website www.PrestigiousPropertiesInVictoria.com and our Prestigious blog at http://prestigiouspropertiesinvictoria.blogspot.com/
Anders Treiberg, Associate Broker, REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital.
Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website or via email at anders@PropertiesInVictoria.com
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Posted in BC Real Estate Update, Prestigious, Victoria Real Estate Update || 1 Comment
March 29th, 2008 by Anders Treiberg - Victoria, BC. Real Estate
Victoria BC Real Estate - Earth Hour, 29th of March 2008, 8 pm.
Weather you own real estate or rent from someone here in Victoria BC join in and turn off your lights tonight at 8pm for one hour. We can all make a statement in saving energy. In Victoria we are a bit spoiled since our power is relatively cheep.
BC Hydro is a world leader in energy conservation, and has become an active participant in Earth Hour 2008. BC Hydro encourages residents, businesses and organizations in BC to turn off their lights and other electricity-consuming devices for one hour on Saturday, March 29, from 8 to 9 pm.
Earth Hour, run by the World Wide Fund for Nature, was created to take a stand against the greatest threat our planet has ever faced: global warming. On March 31, 2007, 2.2 million people and 2,100 businesses in Sydney, Australia turned off their lights for Earth Hour. This massive collective effort reduced Sydney’s energy consumption by 10.2 per cent for one hour, which is the equivalent effect of taking 48,000 cars off the road for 60 minutes.
Inspired by the collective effort of millions of Sydneysiders, many major global cities—including Vancouver—have joined Earth Hour in 2008, turning a symbolic event into a global movement.
Residents, businesses and organizations in BC can participate by:
- Turning off all unnecessary lights and other electricity-consuming equipment at 8 pm for one hour, on Saturday, March 29.
- Signing up at www.bchydro.com to receive information on how to be more involved in Earth Hour, including useful tools and tips.
- Encouraging friends to participate and sign up online at www.bchydro.com .
To learn more about ways to conserve energy in everyday life, as well as BC Hydro’s Power Smart residential programs such as mail-in rebates, the refrigerator buy-back program, ENERGY STAR windows, PST exemptions and Power Smart New Homes, visit www.bchydro.com/powersmart .
If you have any comments on the above or Real Estate questions please drop a note below. Further feel free to contact us any time.
Cheers, Anders
PS. Check out our new website www.PrestigiousPropertiesInVictoria.com and our Prestigious blog at http://prestigiouspropertiesinvictoria.blogspot.com/
Anders Treiberg, Associate Broker, REALTOR®
Properties in Victoria Professionals - Royal LePage Coast Capital.
Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website or via email at anders@PropertiesInVictoria.com
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March 28th, 2008 by Bill Ethier - Victoria, BC. Real Estate
Greater Victoria BC Real Estate - Municipalities looking at ways to address affordability issue in municipality.
Last year Victoria and View Royal began the process of legalizing secondary suites to help with on going rental crunch in Greater Victoria. Some estimates had put the number people residing in non-conforming suites as high as 70,000 people. I feel that may be a on the high side, but even at half that amount there are people potentially living in precarious living conditions. One complaint from a neighbour and they could be out. This problem in conjunction with Victoria’s homeless at 1500 is quite a concern. All this in conjunction with record high housing prices has made the municipalities in and around Victoria re-think there secondary suite policies.
Below is an article from the Times Colonist by Bill Cleverley who address the issue of Colwood going through this process. If only Saanich would do the same. Considering all the suites that exist there to help house the University housing issue
Bill Cleverley, Times Colonist
Published: Monday, March 24, 2008Colwood wants to hear from the public on legalizing secondary suites.“The suites are here. It’s not a matter of if we do something, it’s when we do something.
There are so many of them that we have to do something,” Coun. Dave Saunders, chairman of Colwood’s planning and zoning committee, said yesterday.“
I think it’s better to be proactive than reactive.”
Colwood administrator Chris Pease said one of the first steps is trying to get a handle on how many secondary suites there are in the municipality.“
I think also there’s a real concern that some of the structures where the secondary suites are created are not safe,” Pease said.“
There’s also another area that you wouldn’t normally think about. And that’s if the house is on septic, is the septic field capable of handling an additional load.”
Colwood’s planning and zoning committee is recommending the municipality host an open house to be followed by a series of workshops on the issues.“
That would create the necessary knowledge for committee members and the public to understand what’s going to happen,” Pease said.
Given the importance of the issue and the broad range of public opinion, staff recommended that council undertake a mailout survey.
But the committee believes the municipality will get a bigger bang for its buck from the open house, Pease said.
Staff also had suggested that the municipality look at putting a non-binding referendum question about legalizing suites on the November municipal ballot, but council hasn’t made a decision on that yet, Pease said.“
There are certain areas that do have legalized secondary suites. A good example is sections of Royal Bay. It was permitted right from the start (of that development) to permit secondary suites,” Pease said.
Secondary suites have also been permitted in some other new developments but for the most part, the municipality only hears about the suites when they become a problem. The examination of secondary suites is part of an overall look at housing affordability in the municipality.“
I just think it’s time we look at the issue,” Saunders said.Like many municipalities, Colwood currently only reacts to secondary suites when there are complaints.
Saunders thinks there may even be a bylaw on the books that prohibits enforcement unless there is a complaint.
Suites are particularly beneficial because they provide rental units at a time when new rental units are not being built, Pease said.
A recent survey of Metchosin residents found that more than 70 per cent were in favour of expanding the allowable size of secondary suites there.
That municipality’s current policy permits one secondary suite attached to a dwelling unit to a maximum of 60 square metres (646 square feet) or 35 per cent of the gross floor area.
Last year, Victoria councillors voted to legalize secondary suites in family homes.
A patchwork of regulations covers secondary suites throughout the region.
Oak Bay bylaws allow each home to have two boarders, but not a suite.
Saanich, too, is considering suites, but is taking it slowly. A questionnaire put out in conjunction with the municipality’s review of its official community plan showed that about 75 per cent of those who responded were in favour of legalizing them.
View Royal has legalized suites, as has Sidney.
Legalizing suites allows municipalities to regulate them, and make sure they’re built safely and to code.
Colwood is looking at secondary suites in tandem with the issue of affordable housing. The committee has received a draft housing needs assessment as part of putting together an affordable housing strategy.
The assessment shows that buying a house is rapidly getting out of reach for many who live in the area.
“The big thing is the residential sale price trends. My God, you look at housing from 2002 to 2007 and prices have jumped from a median of about $220,000 up to $450,000. For condos the dollar gap is even greater,” Pease said.
Saunders said the city has been collecting $500 from every new lot created in an affordable housing fund and it’s time to put that money to work.
- Prices for the average single-family home in Colwood have doubled in five years from just under $220,000 to about $450,000. Townhouses and condos, while less expensive, are also rising. The median sale price for a townhouse is almost $400,000. These prices are out of reach for median income households earning $67,000 a year (single person household incomes are much lower) who can only afford to buy a unit that costs about $290,000.
- Only households earning more than $100,000 a year can afford to buy a single detached unit today.- Rents in Langford, View Royal, Colwood and Sooke stood at $836 for a two-bedroom unit in 2006, up form $815 in 2005. In Colwood, rental units comprise a declining proportion of the housing stock, dropping to 24 per cent in 2006 from 26 per cent in 1996.
- CMHC reports that amid growing population and strong employment there has been little investment in rental housing. This means a strong rental market of rental condos and of secondary suites. Rents continue to rise above inflation and availability is down slightly. In Langford, Colwood, View Royal and Sooke the vacancy rate was 1.5 per cent in 2007, up slightly from 0.9 per cent in 2006 but still amounting to few units.
Needs and gaps in Colwood’s housing supply:
- The primary housing need in Colwood is for modest, family-oriented housing that is within the financial means of young families — rental and ownership within the reach of those families earning $67,000. There were 1,910 two-person households with incomes between $30,000 and $70,000 in 2001.
- Households with low incomes including individuals and families who work for minimum wage or who live on a fixed income and who do not meet the criteria for existing senior government programs face a difficult time finding adequate and affordable housing. Rental housing could help fill the gap, particularly if combined with some incentives or subsidies. Non-market housing would be needed for the lowest income housing. There were 470 households with incomes under $20,000 in Colwood in 2001 and a further 370 with incomes ranging between $20,000 and $30,000.
In the future it will be important to ensure there is a supply of units available to those who want to sell their homes and remain in Colwood. These would be smaller units, either owned or rented, requiring less maintenance and close to services, transportation and amenities.
For more information or comments on this article you can contact Bill Cleverley at bcleverley@shaw.ca
For more information on real estate in Victoria BC feel free to contact us at 250-920-7000 or though our website: www.PropertiesinVictoria.com
Cheers
BillBill Ethier B.Sc - REALTOR®Properties in Victoria Professionals- Royal LePage Coast Capital RealtyBill 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.
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Posted in Prestigious, Victoria Real Estate Update || 5 Comments
