by Macrealty Marketing Team | Aug 30, 2017 | In The News
Metro Vancouver is heading for a rental housing crisis this fall as a “perfect storm” of factors pushes an already record low vacancy rate even lower, says a leading Vancouver-based real estate firm.
“There has traditionally been a shortage of rental housing for students when they start school in the fall, but this year it looks like that shortage is going to be a lot worse,” said Nick Marini, vice-president at Macdonald Property Management.
Based on government statistics, Macdonald is forecasting a seven-per-cent increase this year in international students attending B.C. educational institutions. Meanwhile, the market-dampening 15-per-cent foreign buyers’ tax and tighter mortgage qualification requirements mean that parents of students are less likely to buy homes for their children, said Marini. As a result, a larger number of students will be hunting for rental housing this fall, increasing demand for accommodation.
Marini said the government steps to cool the red-hot housing market — such as the 15-per-cent foreign buyers’ tax and mortgage restrictions requiring that first-time buyers have higher incomes — have only pushed the housing affordability crisis to the rental market.
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by Macrealty Marketing Team | Aug 11, 2017 | In The News
No. 1 wins for scenic views and proximity to downtown.
In April 2017 MoneySense.ca selected their top Victoria neighbourhoods to buy real estate.
By the end of last year, the benchmark price had grown almost 24% for a single-family home in the Victoria area. According to Victoria’s Real Estate Board, this spike in sales price is due, in part, to dwindling listings. Listings were down 41%, when compared to 2015, even as the number of sales last year broke new records for this west coast city. As a result, buyers looking for a home in the Greater Victoria Area are beginning to look further afield. Read the rest of the article here.
We’ve rounded up homes for sale in each of these Where to Buy neighbourhoods to make it easy for you.
The top 5 Victoria neighbourhoods for buyers, according to MoneySense are:
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To view all active listings currently for sale in one of these areas simply click the neighbourhood links above or call our head office at 1-877-278-3888 to be matched to an expert real estate agent in your area.
by Macrealty Marketing Team | Aug 3, 2017 | In The News
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With less than 2,000 active listings, Victoria’s real estate market remains firmly weighted in favour of the seller, according to data released Tuesday by the Victoria Real Estate Board.
There were 1,921 active listings at the end of last month, a drop from the 2,161 on the market in July 2016, which led to sellers getting excellent prices for their homes.
The median sale price of a single-family home in the region was $759,000 last month, a 14.3 per cent increase from the $664,000 recorded in July last year.
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by Macrealty Marketing Team | Jul 17, 2017 | In The News
Million-dollar communities have more to offer than just price appreciation.
In April MoneySense.ca produced their annual list of Where to Buy South of the Fraser River neighbourhoods. We’ve rounded up homes for sale in each of these Where to Buy neighbourhoods to make it easy for you to find your next home.
The top 15 South Fraser neighbourhoods for Buyers, according to MoneySense are:
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To view all active listings currently for sale in one of these areas simply click the neighbourhood links above or call our head office at 1-877-278-3888 to be matched to an expert real estate agent in the area of your choosing.
Read the rest of the MoneySense article here.
by Macrealty Marketing Team | Jul 13, 2017 | In The News
First-time homebuyers and owners about to renew their mortgages are nervous about the first benchmark interest-rate hike, a Victoria mortgage broker said Wednesday.
The increase, the first in nearly seven years, might prompt some people to lock in their mortgage rates, Colleen Flynn of Select Mortgage Group said. “It’s a concern for people. They are saying: ‘What’s this going to mean for me?’ ” she said. “I think more people are locking in to be cautious.”
Flynn said she’s also getting calls from homeowners who want to renew their mortgages early.
The Bank of Canada raised its key interest-rate target to 0.75 per cent from 0.5 per cent on Wednesday, prompting the five big banks to raise their prime rates a quarter of a percentage point. At the Royal Bank of Canada, that puts the prime rate at 2.95 per cent, up from 2.7 per cent.
Economists expect a gradual cycle of rate hikes amid rising confidence in the economy and projected growth.
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by Macrealty Marketing Team | Jun 1, 2017 | Company, In The News
Meet Michelle Yang, co-owner at Backyard Vineyards in Langley B.C. Michelle shares her story as a new partner in the winery, learning the wine business, and how her REALTOR® was able to guide her through the process.
To meet a professional realtor in your area visit macrealty.com
About Backyard Vineyard:
With a name as true as its location, Backyard Vineyards evokes neighbourhood comforts and a welcoming environment. Top this off with their exceptional wines and well-crafted tasting room for a must-see the next time you take a jaunt through Langley. Backyard Vineyard’s effort of using 100% BC grapes allows them to take their name to heart of loving the landscape of the region and province. Focusing on quality helps their winemaker James Cambridge and the owners express the intricacies of the varietals they carry, as well as the ability to experiment to find their award-winning portfolio.
Visiting this vineyard is a treat, from their large inviting tasting room to their outdoor picnic area there is plenty of space to enjoy a taste and tour. With some grapes grown at this vineyard and others sourced from the Fraser Valley and Okanagan, there is something to please all palates.
Backyard Vineyards – 3033 – 232nd Street, Langley, BC
