Archives 2021

Flood Insurance Information

Posted by Jack Barker

As the events of the past week have shown, extreme weather risks need to be a consideration when purchasing a home. While Victoria itself hasn’t been too badly affected by the floods, it’s still a good idea to keep these issues in mind, and to ensure you’re protected should the worst case scenario happen.

This brings us around to the important topic of home insurance, and in particular, protection against extreme weather and floods.

We’re going to look in a little more detail at one of the most important insurance protections for British Columbians: flood insurance.

Moving to Victoria - October Property Market Updates

Posted by Jack Barker

With more and more people moving to Victoria and Vancouver Island there is a high demand for properties, but a low inventory, and so house prices are rising.

There is currently about half as many residential listings as we would like to see for a balanced market, resulting in the aggregate price of a home in Greater Victoria increasing 27.7% year-over-year to $957,400 in the third quarter of 2021, while the aggregate price of a home in Canada increased 21.4% year-over-year to $749,800 in the third quarter of 2021.

Victoria Housing Trends – September Updates

Posted by Jack Barker

The Victoria real estate market continues to be characterized by low inventory and high prices. There is also a concern that raising interest rates will drastically reduce property market activity and prices across all of Canada.

Because many Canadians carry debt, they are particularly susceptible to interest rate movements – one only has to look at the events of 2018, where the rate of home price appreciation came to an abrupt end due to a series of interest rate hikes.

What First Time Buyers Should Know Before Starting Their Search

Posted by Jack Barker

Buying a house or condo for the first time is exciting, but as with anything you do for the first time, there can be a few unknown elements along the way. It can be a complex process and there is a lot to consider.

First thing is to make sure that the time is right. Do some soul searching and make sure you want to buy a home because you genuinely want a home — not because you need an investment or simply think it’s “time” to settle down.

Homes require a great deal of time, money, and energy to purchase and maintain. You want to love your home. If the timing isn’t right, you may regret the decision. If it is the right decision, then great! You can move onto the next step.

Things to Consider When Downsizing

Posted by Jack Barker

Downsizing in property refers to when you move out of a property into a smaller one. This is often a decision made by those who now have an empty nest, are struggling to deal with the upkeep of their home, or are finding the related costs hard to deal with.

It may just be that you are eager for a change, want to simplify your life, want to move closer to friends or family members, or want to start a new phase in life. While many people have been trying to upsize throughout their home-buying journey, downsizing can offer so many options!

But before selling off all the major assets, there are a few things to consider before getting started.

Avoid Money Pit Problems & Get a Home Inspection Before Purchasing a House

Posted by Jack Barker

There are many reasons to be excited about purchasing a new home, but there are potential issues as well. Every time one thing comes to mind, you realize the money it could cost to repair or maintain it. Getting a home inspection completed can avoid blowing out your budget and make the process exciting all over again.

If you are a first-time homebuyer, an inspection can give you a crash course in home maintenance and a checklist of items that need attention to make your home as safe and sound as possible. Whatever the situation, addressing issues early through a home inspection can save you tens of thousands of dollars down the road.

3 Reasons You Should Consider Buying a House With a Friend

Posted by Jack Barker

Purchasing property in this day and age seems like an impossible goal when you’re a single person. Buying a house with a friend can open you up to a lot more possibilities, including specialty loans created just for these situations.

A co-owner doubles your buying power because you’ll be combining your income and savings with someone else. There’s also the added bonus of building a closer relationship with your friend as you own your home together.

Buying Property Without Seeing it in Person

Posted by Jack Barker

The past year has been difficult for many people, but restrictions on gathering in person have also given rise to technology we already had in place to be used differently.

Real estate agents and buyers alike have found that remote viewing is not only possible, but often more desirable for all parties involved.

The use of this technology means that the property can be staged at the seller’s convenience, and they don’t necessarily have to leave the property in order for remote viewings to take place. This also helps buyers who plan to move long distances make a purchase with no regrets.

Here are a few more reasons how and why you can buy a house without ever stepping foot in it.

Decrease in First-Time Buyers: March Updates

Posted by Jack Barker

Much like 2020, 2021 has represented a uniquely challenging and unpredictable time for all of us, and that’s reflected in the most recent news out of the BC Real Estate Market. Here are some market trend updates to know about.

Property Insurance and Covid-19: February Updates

Posted by Jack Barker

Property insurance is something every homeowner should have — but it’s also something that many homeowners remain in the dark or misinformed about, despite its vital importance in protecting and securing their home.

That’s why today, we’re going to look at what home insurance does exactly, as well as a little on how the Covid-19 crisis is affecting home insurance.

Sellers: Tips on Staging Your Home for Sale

Posted by Jack Barker

If you’re looking to sell your home there are two things you need to know: what does the market look like in my area, and what can I do to make my home as appealing as possible to prospective buyers.

That’s precisely what we’re going to be taking a look at in this post, with an overview of how the Victoria real estate market looks after December 2020, and some tips on how to stage your home to make it as appealing to buyers as possible!