The market is changing for sellers and buyers alike, but we are here to help! ⁠

Navigating the Bank of Canada's rising interest rates, price reductions, and a reduction in offers is not something you need to face alone. ⁠

Give us a call and let's discuss what the changing market means and how we can help you.

We ranked in the RE/MAX Top 50 Canada (Small Team, Residential) in Canada!

Island Homes Group is ranked #12, and we are so very grateful for all the help and support we’ve consistently received from all of our loyal clients, friends and family. Thank you for helping us achieve a spot on the Top 50 list!

Here are some critical changes in the real estate market that came into effect as of January 1 2023.

Anti-flipping tax

• Selling a property within 12 months of buying it will be considered “flipping” and profits will be taxed as business income.

• Ineligible for the principal residence exemption or the 50% capital gains rate.

• There are exemptions for “life events” such as a divorce or death.

Buyer Rescission Period

• Buyers can walk away from a purchase within three 3 business days after an offer is accepted.

• Buyer will have to pay the seller 0.25% of the purchase price. ( $2500 for every $1,000,000.)

Canada-wide ban on No Foreign Buyer purchases for 2 years

• Only Canadian citizens or permanent residents will be allowed to purchase property in Canada for 2 years

• Temporary residents, work permits, non-residents who are married to residents/Canadians, diplomats and refugees are exempt from this ban

• Exemptions for buildings with more than 3 units, recreational property, foreclosures, and inheritances.

Speculation & Vacancy Tax expansion in BC

• Now that rentals must be allowed in buildings, units that aren’t rented will be subject to the speculation/vacancy tax of 0.5% of the value and 2% for foreign owners per year, plus in Vancouver, 3% empty home tax annually.

• Pressure to have units rented out if vacant for more than 6 months of the year

• Expanded to more areas such as Squamish, Lions Bay, Ladysmith

If you have any questions about recent changes to the real estate market, contact us!

Spring and summer are commonly known as peak-season in Canada’s real estate market. But there are a number of benefits to purchasing in what is considered off-season too! From cost savings to enhanced convenience, here are five advantages of off-season house hunting and off-season homebuying.

Perk #1: Highly motivated sellers

Winter sellers tend to be highly motivated and eager to sell their property quickly, particularly if they’ve listed just before or during the holiday season. This is a favorable time of year for buyers, in terms of encountering sellers who are receptive to negotiating on price and sales conditions.

Perk #2: Fewer bidding wars

Many parents would rather enroll their kids in a new school in September, not mid-year. You’ll have fewer competitors when you bid on a house that’s for sale during the off-season. You’ll encounter fewer fever-pitch multiple-offer scenarios, and be less likely to be outbid.

Perk #3: You’ll be able to see problems and negotiate solutions.

Does the roof leak? Are telltale icicles indicating attic heat loss? Is the basement carpet wet? Is the street around the house buried in snow because the municipal ploughs come here last? Are the living spaces drafty? Find out before you buy.

Check out a house midwinter and you’ll see what it’s like during the worst of our Canadian weather. No surprises here. And with motivated sellers and fewer potential buyers/competitors, you’re more likely to have the problem repaired outright, or to negotiate a repair credit into the sale price.

Perk #4: Less-busy real estate professionals

Almost every professional you deal with during your midwinter house hunting will be less time-stretched than during the peak season. From real estate agents to bank representatives and real estate lawyers, everyone will be seeing fewer clients. With fewer client needs to juggle, you can benefit from lightning fast response times, and faster than average turnarounds on paperwork and processing, from everyone you work with during the house hunting and homebuying process.

Perk #5: A smoother move

You can count on better service – and a better price – when you hire movers for a winter job. With fewer moves going on, you’re more likely to get your preferred date and time. By avoiding peak season, you’ll pay the lower off-season moving rates.

Although there are downsides to off-season buying (namely, fewer homes to choose from, and one more thing to add to your busy holiday schedule), the benefits are significant enough to make it a smart choice for many first-timers and experienced homebuyers alike.

If you’re okay with a mid-winter move, you may get access to inventory that would be otherwise difficult to purchase. 

So don’t stop looking for homes just because winter is here.

Let us help you find the home you’re looking for!

Congrats to all the top producers!

We are so grateful and proud to be recognized as one of RE/MAX Camosun’s top producing teams for the month of December! Even throughout the Holidays, our team has been putting in long days at the office this past month and their efforts do not go unnoticed!

Thank you to all our friends, family and clients for your continued support, it means the world!

If home buying is on your to-do list this year, there are some tasks to tackle before you start shopping. To help you prepare, here are five New Year’s Resolutions for homebuyers that you’ll definitely want to keep this year.

1. START SAVING FOR YOUR DOWN PAYMENT
It’s important to start thinking about how you will come up with the money – whether it’s using your RRSPs through the first-time Home Buyers’ Plan, savings, or financial help from the Bank of Mom and Dad.

2. CHECK YOUR CREDIT RATING
According to credit-rating company Equifax, a score of 690 or higher is considered “good.” Lenders will use this score in tandem with other factors, such as your debt-to-income ratio, to determine mortgage eligibility.

3. CREDIT CLEAN-UP
If you’re not happy with your credit score, take some time to bring it up to par before you start the pre-qualification process.

4. GET PRE-APPROVED FOR A MORTGAGE
Pre-approval is a written confirmation of the approved amount and the promised rate, so you can shop with confidence within a budget you know you can afford.

5. START SHOPPING
Online is a good place to start your search, but nothing beats first-hand experience. With budget in mind, bundle up and hit the streets to explore different neighborhoods.

Last but not least... work with the right agent who has experience in the area and the type of home you plan to purchase. They will make setting up viewings easy, and be ready and on your side to negotiate the best price when it comes time to finally make an offer.

If you're thinking of buying and would like some tips or assistance, reach out to us!

Here’s a little nudge to get out and enjoy the amazing activities and experiences you can find in the Victoria area this season.

Below is a small list to get you started!

1. Butchart Gardens
Over the Christmas season, from Dec 1 – Jan 6, Butchart Gardens is decorated in Christmas lights, and it’s truly magical to see. You can enjoy skating on an outdoor pond, listening to carollers sing, and having a meal or a hot chocolate in one of the coffee shops or restaurants.

2. The Royal BC Museum
Home to an impressive collection of artifacts and interactive exhibits, the Royal BC Museum also hosts a variety of fun and festive events come wintertime.

3. Brews & Bites Tour
Hop on a walking tour of the city’s best brews and bites. Sample delicious small plates of food expertly paired with sips from local microbrewers. Meet the brewer, get a hands-on introduction to the brewing process and taste the freshest possible beer sampled straight from the source!

4. Cowichan Wine Country Tour
If the weather outside is frightful, delight in a day trip north to the Cowichan Valley and warm your soul with a glass of wine. Unwind as you soak in stunning views and sip on an assortment of award-winning wines from three different vineyards.

5. Chinatown Historical Walks
Explore the oldest Chinatown in Canada by venturing out on a Chinatown Historical Walking tour. Discover Tam Kung Temple, the famously narrow Fan Alley and more for an in-depth understanding of Chinatown’s fascinating past and vibrant present.

Let’s us know if we missed any of your Victoria must see/do activities.

Client Testimony!

Thank you Irina & Alex for the glowing review! We love to hear feedback from our clients. It was such a pleasure working with both of you. 

So happy to help guide such great clients through the buying process. It’s crucial you go with an agent that you like and trust.

Your agent should be the quarterback behind making sure your property looks absolutely perfect when it hits the market to give it the best chance to sell for the highest possible price. 

Happy we could come up with a plan, execute, and find the right house!

Contact us if you are looking to Buy or Sell!