When you are thinking of a family home what do you see? I'll bet this place is it. Welcome to the UPLANDS. Bright, extensively updated and upgraded and move in ready. The main floor addition was created by well known architect, Nigel Banks. Modernized by the open concept living of the kitchen/family room, the perfect laundry room setup with lots of cupboards and counter space that continues to a large Master Suite, large walk-in closet and an ensuite with elevated counters all feeling like a separate wing that leads to a patio door from the Master suite to the glorious private back garden that awaits your hot tub experience. A high efficiency gas boiler that only emist steam with a recirculation system to provide hot water on demand, HVC (heat, ventilation and air exchange system), Pella Windows and doors. Modern kitchen with pull out cabinetry, pantry, under counter lighting, oversize sink and an elevated dishwasher. Oak floors throughout most of the home with a square shape staircase leading to three additional bedrooms, ensuite and another spacious full bathroom. Additional patios and decking added to several areas to allow for more flexibility along with a fully fenced property with high hedges on three sides for privacy and perfect for a family pet. Royal Victoria Yacht Club just around the corner. Convenient bus route access to the University of Victoria and Uplands Golf Coarse. A few notes from the owners regarding the garden: The yard is fully fenced with very high hedges on three sides (Thuja, Cypress and Pyramidal Cedar along with other evergreens that create this seclusion. Between February through to July there are mature Rhododendrons and Azaleas in bloom. Many other plants in the garden for example...Weeping Sequoia, Hydrangeas, a very mature purple Magnolia which blooms twice a year, a fruit bearing apple tree, several large Maples-Rainbow/Red Japanese varieties, a mature Imperial Peony, Lilies abound, Hellebore's, California Lilacs, Red Hot Pokers, Ferns and Hostas, varieties of Clematis and Fuchsias, Dahlias, Variegated Holly and more...

I just finished uploading this House for sale, 1911 Quixote Lane, Fairfield Victoria, BC

This home is all about feeling and comfort. The design and layout convey a wonderful feeling of privacy, ease and relaxation in every room, out on the deck, or in the spectacular garden. A floor plan that allows for your creativity. Whether it's an inlaw area, a granny area or a get a way for kids area the point is it is a finished area and not a 'basement' area. Luxurious master suite, large kitchen with granite counters, oak flooring and patio doors that leads to a 19 x 7 deck. Some ocean, city and mountain views as well as views of Government House. Walk to Margaret Jenkins Elementary, Gonzales Bay, Fairfield Plaza. Close bus routes to UVIC, Oak Bay Village and downtown. All appliances, window coverings, office mahogany colored furniture and wall shelving in the rec room remain. Situated on the top end of a private cul de sac with only a few homes (yearly strata fee approx. $1,005.) Roof replaced in 2005 - Parker, Johnston PABCO 30 Weathered Wood fibreglass laminated shingles. Some of the garden highlights include; Weeping Sequoia, Austrian Pine, Goose-Neck Loosestrife, Berginia, Japanese Maple, Skimmia Japonica, Hydrangeas, Smoke Bush, English Primrose and False Cypress.

Graph Showing Oak Bay Home Sales By Price Range

A total of 207 Oak Bay home sales for 2012.  Topping off with one sale between $4.5 - $499,999,999 price range.

Below A Graph Showing Oak Bay Condominiums Sales By Price Range

Below A Photo of the Seasonal Lighting Showing Off 'Oak Bay Municipality' located on Oak Bay Avenue.

View this recently sold Condo or see all my home sales.
Walk to the Inner Harbour, float planes and Seattle Clipper from this location.

When you are thinking of a family home what do you see?  I'll bet this place is it.  Welcome to the UPLANDS, the part of Oak Bay with no visible electrical wires.
        Bright, extensively updated and upgraded and move in ready.  The main floor addition was created by well known Architect, Nigel Banks.  Modernized by the open concept living of the kitchen/family room, the perfect laundry room setup with lots of cupboards and counter space that continues to a large Master Suite, large walk-in closet and an ensuite with elevated counters all feeling like a separate wing that leads to a patio door from the Master suite to the glorious private back garden that awaits a hot tub experience.
        A high efficiency gas boiler with a recirculation system to provide hot water on demand, HVC (heating, ventilation and air exchange) Pella Windows and doors. Modern kitchen with pull out cabinetry, pantry, under counter lighting, gas range and an elevated dishwasher. Oak floors throughout most of the home with a square shape staircase leading to three additional bedrooms, ensuite and another spacious full bathroom.  Additional patios and decking added to several areas to allow for more flexibility along with a fully fenced property and framed high hedges on three sides, perfect for a family pet. Royal Victoria Yacht Club just around the corner.  Convenient bus route access to the University of Victoria, Downtown, Willows Beach and more.

View Larger Map

Everything happens downtown. Why not join the scene by living in the heart of it in a beautiful and one of the most important historic commercial structures in Victoria's Old Town District location. The building was originally built in 1896 as a warehouse to supply the gold miners. Beautifully restored so that the loft condos reflect the best of history's qualities combined w/the best of contemporary style. Restored red brick accent walls, engineered floors & stairs, stainless steel appliances, in-suite laundry & large separate storage unit, views, roof-top patios & the water only steps away for strolling or play. Zoned 'Transient' so vacation rentals allowed. No property taxes due until 2018! Large ROOF TOP DECK. 2-5-10 Warranty.

View this recently sold Condominium or see all my home sales

A unique architectural marvel of international standard and quality. Four stories, each one perfect in its purpose, adding up to approximately 4600 sq ft, all topped off by a 1500 sq ft rooftop deck made for entertaining. The home presents a combination of modern minimalist architecture with warm West Coast contemporary maple, hardwood and Italian granite throughout all levels. The color scheme is rich and sophisticated creating an ideal backdrop for furnishings and art (also offering as 'turn key').  At the center of the home an elevator takes you to every level and back. VIEWS that are of course no surprise. The city and downtown in one direction and the OCEAN in the other make it one of the perfect locations in Fairfield/Oak Bay or Naples or Lisbon or London.

Gonzales Beach in Oak Bay is Victoria's Malibu.  Views to the Southwest of the Olympic Mountains in Washington State.

Gonzales Beach is just a few minutes away from 1915 Quixote Lane

Victoria's Prestige Building "The Bayview". Fabulous Inner Harbour Views perfect location to watch next years Canada Day Fireworks. This suite was meant for visiting mothers-in-law, it was never occupied and now no longer needed is therefore seriously and realistically priced at $699,000 (possible furnishings). Located in the Bayview is ideal for a business couple with amenities that make it seem more like a hotel than a condo; conference room, discussion lounge with patio and fire pit area, gym, swirl pool, it's practically next door to the Delta Hotel and a short walk across the bridge from the true downtown of restaurants, clubs and society. Price includes two underground parking spaces, one of which is extra wide and one located across from the elevator. Also a DOGGIE WASH Parlour! Have you ever heard of this? Greatest place build.

The Victoria Real Estate Board has provided this new inforamtion about this mornings announcement from the Minister of Finance announcing changes to the standards governing government-backed insured mortgages:

• the maximum amortization period was reduced from 30 years to 25 years;
• the maximum amount Canadians can withdraw in refinancing their mortgages was lowered to 80 per cent from 85 per cent of the value of their homes;
• the maximum gross debt service ratio was fixed at 39 per cent and the maximum total debt service ratio at 44 per cent; and
•  the availability of government-backed insured mortgages was limited to homes with a purchase price of less than $1 million.

CREA has continually stressed the need to avoid changing the minimum down payment. Today’s announcement confirms Canadians will continue to be able to purchase a home with five percent down.

The changes announced today will come into effect July 9th.

Frequently Asked Questions (From Department of Finance Canada) 
 

Q. Why is the Government making these changes at this time?

A. These measures will support the long-term stability of the Canadian housing and mortgage markets and promote savings through home ownership. They are intended to be timely, targeted and measured. The measures will reinforce the importance of borrowing responsibly and using home ownership as a savings vehicle. The Government actively monitors developments in the housing market and is committed to taking action when necessary.

Q. What will be the impacts of the adjustments to the rules for government-backed mortgage insurance on the Canadian economy?

A. The adjustments to the rules for government-backed mortgage insurance will provide significant benefits to the Canadian economy by supporting the stability of the housing market and promoting savings through home ownership. The short-term impact on the housing market is expected to be manageable, given that the majority of Canadian families are already taking a prudent approach in managing household debts. In the long term, these measures are expected to have a positive impact on the economy through higher savings and a lower number of financially vulnerable households.

Q. When do these measures take effect?

A. The new measures will take effect on July 9, 2012.

Q. Are further measures expected?

A. The Government actively monitors developments in the housing market, consumer debt and the economy, and is committed to taking action when necessary to support the long-term stability of the housing market and protect the investment of Canadian families.

Q. Do these measures apply to multi-unit buildings?

A. These standards apply to mortgages on residential property with four units or less.

Q. Why is the Government lowering the limit on refinancing again?

A. The new measure announced today will reduce the maximum amount on refinancing to 80 per cent from 85 per cent of the value of the home. Limiting the amount of refinancing will promote saving through home ownership and limit the shifting of consumer debt into mortgages guaranteed by taxpayers.

Q. Why is the Government lowering the maximum amortization period again?

A. The new measure announced today will reduce the maximum amortization period to 25 years from 30 years. Limiting the maximum amortization period will reduce the total interest payments Canadian families make on their mortgages, helping them build up equity in their homes more quickly and pay off their mortgages sooner.

For example, reducing the amortization period from 30 years to 25 years on a mortgage would result in a moderate increase in the monthly payment. However, over the life of the mortgage, this modest increase would result in a significant reduction in the total interest payments. For a $350,000 mortgage at 4 per cent interest rate, the interest savings could be over $45,000.

Q. Why is the Government limiting the maximum gross debt service (GDS) and total debt service (TDS) ratios?

A. The GDS ratio is the share of the borrower’s gross household income that is needed to pay for home-related expenses, such as mortgage payments, property taxes and heating expenses. The TDS ratio is the share of the borrower’s gross income that is needed to pay for home-related expenses and all other debt obligations, such as credit cards and car loans.

The new measure announced today will set the maximum GDS ratio at 39 per cent and reduce the maximum TDS ratio to 44 per cent. These debt service ratios measure the share of a household’s income that is required to cover payments associated with servicing debt. Both measures are already used by lenders and mortgage insurers to assess a borrower’s ability to pay. Setting a GDS limit and reducing the TDS limit will help prevent Canadian households from getting overextended and reduce the number of households vulnerable to economic shocks or an increase in interest rates.

Q. Why is the Government introducing a maximum allowable price for insured mortgages?

A. The new measure announced today will establish that government-backed mortgage insurance is only available for a new high loan-to-value mortgage if the home purchase price is less than $1 million. Because homes priced at or above $1 million would not be eligible for government-backed high ratio insurance, borrowers for these homes would require a down payment of at least 20 per cent.

Introducing a maximum allowable price will ensure that government-backed mortgage insurance operates the way it was originally intended: to help working families and first-time homebuyers. This measure is expected to have a negligible impact on working families and first-time homebuyers as the vast majority of these borrowers purchase properties priced below the threshold.

Concerns About Borrowers 

Q. I already have an insured mortgage. How will these changes affect me?

A. Mortgage insurance is good for the life of the mortgage. Borrowers renewing their insured mortgages will not be affected by these changes. For example, if a borrower had a 30-year amortization and there are 27 years remaining on the mortgage, the mortgage can be renewed with a 27-year amortization, as long as no new funds are being added to the mortgage.

Q. What is required to qualify for an exception to the new parameters?

A. The new measures will apply as of July 9, 2012. Exceptions will be made to satisfy a binding purchase and sale, financing or refinancing agreement where a mortgage insurance application has been made before July 9, 2012. While the changes come into force on July 9, 2012, any mortgage insurance applications received after June 21, 2012 and before July 9, 2012 that do not conform to the measures announced today must be funded by December 31, 2012.

Q. Will a purchase and sale agreement dated prior to July 9, 2012 be considered binding if there are outstanding conditions that have not been fulfilled prior to July 9, 2012?

A. Yes, if the date on the purchase and sale agreement is earlier than July 9, 2012, and a mortgage insurance application has been made prior to that date, the new parameters will not apply, even if the conditions of the agreement have not been waived.

Q. Will the new refinancing rules allow a borrower with a mortgage above 80 per cent loan-to-value (LTV) to refinance by extending the amortization period?

A. No. Effective July 9, 2012, borrowers will not be permitted to refinance a mortgage above an 80 per cent LTV, unless the borrower has a binding refinance agreement dated prior to July 9, 2012, and a mortgage insurance agreement has been made prior to that date.

Q. I have a written mortgage pre-approval from a lender, dated before July 9, 2012 with a 30-year amortization. Will I still be eligible for a 30-year amortization if I don’t sign an agreement of purchase and sale until July 9, 2012 or later?

A. No, a mortgage pre-approval without an agreement of purchase and sale is not sufficient to qualify for a 30-year amortization. You may have a 30-year amortization only if your agreement of purchase and sale is dated before July 9, 2012 and you have made a mortgage insurance application before July 9, 2012. You may wish to discuss with your lender to revise your mortgage pre-approval using the new parameters announced today.

Q. Will the new parameters apply to assignment (“switch” or transfer) of a previously insured loan from one approved lender to another?

A. No. As long as the loan amount and amortization period are not increased, the new parameters will not apply to a switch/transfer/assignment of the mortgage to a different lender.

Q. If I sell my current home and buy another, will the new parameters apply if I transfer the outstanding balance of my insured mortgage to the new home?

A. As long as the outstanding balance of the insured loan, the LTV ratio and the remainder of the amortization period are not increased, the new parameters will not apply when the mortgage insurance is transferred from one home to another.

Q. What if I need to increase the amount of my insured loan when I sell my current home and buy another?

A. In this situation, the new parameters will apply for any insured loan.

Q. If I bought a condo that is not expected to be built for another two years, will the new parameters apply?

A. If you bought a condo and have made a mortgage insurance application on or before June 21, then the new parameters would not apply.

If you buy a condo and make a mortgage insurance application after June 21, the new parameters will apply if the mortgage loan is not funded by December 31, 2012.

I hope you find this helpful.  If you have any questions about Victoria real estate please call me direct at 250.744.4556 or toll free at 1.800.550.0585. Licensed since 1990. Please stay tuned for more updates! 

Oak Bay had a total of 41 home sales year-to-date with 14 of those sales during the month of March.  Below is a great graph that I like to view every month from the Victoria Real Estate Board showing the Victoria and Oak Bay area sales by 'price range' for Single Family Dwellings. 

Condominium Sales - March 2012 By Price Range

I hope this information was helpful.  if you are wanting to purchase and/or sell real estate in Victoria, have any questions... please call direct at 250.744.4556 I look forward to hearing from you.  Brenda has been licensed since 1990.  Please click on the Victoria Market Update for more information regarding Victoria.  

February turned out to have good activity for Single Family Dwellings.  Sixteen homes sold with a total of twenty-three year-to-date.  One of the luxury priced listings sold between the $2,500,000. - $2,999,9999. range and on the other side of the scale a sale showed between $550,000. - $599,999.  See below for all the Oak Bay home sales by price range for the month of February.  'YTD' means Year-To-Date.

Not many townhomes available in the Oak Bay area so it is no surprise that the number of sales are low.  Year-to-date showing 2 sales so far for 2012.  Below shows you the real estate stats by price range for 'townhomes'.

Condominium Sales By Price Range

February showed three sales with a total of eight year-to-date.  The newest building in Oak Bay that is on it's final leg of completion is the famous Oak Bay Beach Resort.  What a treat it will be to offer ocean front luxury to locals and visitors.  A day at the new spa, fine dining, experience a dinner show, the friendly Snug Pub, Kate's Cafe and more. Situated in South Oak Bay across from the Victoria Golf Coarse and walking distance to the Oak Bay Marina. Sounds perfect.  Also offering 'Private Residences'.  

Below is a photo taken along Beach Drive showing views towards the Oak Bay Marina and Restaurant

If you are Selling or Purchasing Real Estate in Victoria and would like some help I've been licensed since 1990 and would be happy to help please call me direct at 250.744.4556 or Toll free at 1.800.550.0585.  I hope this Oak Bay update was helpful for more information read the Victoria Market Update page and please stay tuned for more updates.  Thank you and wishing you a happy spring!

UNITED STATES.  Phoenix real estate rises with Canadian buyers.  Bob Major returned to Phoenix in October in search of more bargains like the four empty houses he purcahsed in 2010.  The retired builder from Vancouver instead found real estate about 20 per cent higher and stiff competition.  "There's been an extreme turn" Major, 66, said in an interview at a Chandler, Arizona pizzeria, sitting beside his wife, Wendy.  "We put bids on thirty properties and only got two."  The Phoenix housing market, down 55 per cent from peak values with more than two-thirds of borrowers owing more than their properties are worth, is starting to recover as demand grows and inventory shrinks.  Sales rose in November for the 12th straight month on a year-over-year bases, and distressed real estate accounted for the smallest share of purchases since 2008, according from research from DataQuick. Low prices attracted flocks of Canadians taking advantage of 28 percent currency gain versus the U.S. dollar since March 2009--and winters with an average high of 19 degrees Celsius.  Canadian edged out of Californians last year as the largest group of outside buyers, with 4.2 percent of purchases.

AUSTRALIA'S love affair with property is about to be tested. Right now is not a time to be buying real estate in Australia. Residential prices are likely to fall up to 60 per cent, possibly even more, within five years. Artificially low interest rates, high loan-to-value lending practices, overinflated property prices, unrealistic vendor expectations and Australia's large number of second mortgages. Prices will be on a slippery slope next year when interest rates begin to rise, commodity prices peak and China's demand for Australian exports slows. US economist Harry Dent recently said Australian house prices were 50 per cent overvalued. Sydney real estate agent Charlie Bailey of Ray White Inner West believes there will not be a burst because there is no bubble. "In Sydney, we have 20,000 people a week looking for accommodation and not enough supply. “I can't see the city's housing infrastructure changing any time soon so a prediction of a 60 per cent fall in property prices is a big call."  In recent years, Australian cities have experienced Vancouver-style real estate booms, with housing prices soaring from Sydney to Melbourne.  Like Vancouver, buyers from China help drive Australia’s speculative real estate market. Faced with mounting public pressure, in 2010 the Kevin Rudd government introduced strict regulation aimed at foreign ownership.  Under the new rules, the Foreign Investment Review Board (FIRB) screens foreigners (including temporary residents and students) to determine their land purchase eligibility. Foreigners can’t buy existing properties and must build on vacant land within two years of purchase or face government-ordered sale.  Scofflaws face capital gains confiscation.  Finally, before foreign homeowners leave Australia, they must sell.

CHINA’S Evergrande Real Estate Group Ltd, the second-biggest developer in China by sales value, on Monday forecast flat 2012 sales and said the wider property market would be gloomy in the first quarter, with no improvement until after the Lunar New Year in late January. The developer and many of its peers reported sharp double-digit annual drops in sales in December as the mainland Chinese property market felt the pinch from the central government’s efforts to lower home prices and restrict property purchases.  Annual growth in real-estate investment in China, a main driver of the economy, slowed in December to its lowest pace in a year, falling in tandem with property sales revenues, but analysts predict the worst is yet to come.  A Reuter’s poll last week showed that analysts expect average home prices in China to fall between 10 and 20 percent this year, with the biggest declines in major cities such as Beijing as well as highly speculative markets of Ordos and Wenzhou.  

Stable Past- Stable Future

January 22, 2012

Prepared by Jim McNaught

President of Pacwest International Management Inc.

What truly sets the Greater Victoria region apart is its unique combination of economic opportunity and its superior quality of life. Entrepreneurs with ventures of all sizes comprise more than 17,000 businesses in the region. Technology, tourism, marine, health and service industries are all thriving sectors, and the region has become a world leader in environmental services and technologies, with world-class research activities in the field.

Advantage Victoria

• Home to 770 high tech companies, many of which focus on sustainability, like the Vancouver Island Technology Park which makes its home in an environmentally sound building
• An expert labour force made up of the best and brightest
• An advanced technology industry worth $900 million and specializing in biotech, e-business, printing/publication, knowledge-based services, software development and telecom
• Regional economy is geared for growth—Small businesses are the rule with nearly 22,000 in operation, yet major employers also provide jobs in tourism, transportation, government and defence
• More than 72% of all residents over the age of 15 have some post-secondary training
• Solid foundation in service, trade, health care and public administration
• Focused on developing opportunities in research, marine sciences, education and the advanced technology industry
• Household internet usage ranks among the highest in Canada
• #2 for Cost of Doing Business in the Pacific Northwest – KPMG Competitive Alternatives Study
• World-class ferry system’s transport passengers to mainland British Columbia and US destinations
• Victoria is just 35 minutes by plane from Seattle and Vancouver and direct flights depart daily for Toronto
• 4 Post Secondary Institutions
• World-class transportation network –Source investincanada.gc.ca-2012

 As Canadians enter 2012, a report from the BMO Retirement Institute - Where do Canadian plan to retire, and why? - has found that Victoria, British Columbia is Canada's hottest retirement destination for Boomers.

 According to the study, conducted by Leger Marketing for the BMO Retirement Institute, Canadian Boomers chose Victoria, B.C. as the number one spot to retire within Canada (15 per cent). "With its mild climate, breathtaking scenery and outdoor lifestyle, it's no wonder that so many Canadian Boomers have chosen Victoria as the ideal place to retire," said Tina Di Vito, Head of the BMO Retirement Institute. "Additionally, a good portion of Victoria's population is over 65 years of age and there's a strong health care network in the region; this adds to its appeal for Canadians considering relocating upon retirement.“  Source BMO Jan 4, 2012

According to the Canada Mortgage and Housing Corporation's (CMHC's) Fall Victoria Housing Market Outlook Report, the level of new residential construction activity in the Victoria Census Metropolitan Area (CMA) will total 1,700 housing starts in 2011, and edge up to 1,850 housing starts in 2012.

"Numerous multi-family projects are currently flowing through the construction pipeline (this includes the planning and development approvals stages) across the CMA. Multi-family construction activity will remain consistent with the ten-year average for the CMA," said Travis Archibald, CMHC Senior Market Analyst, "while competition from a well-supplied resale market is expected to keep single-detached housing starts below their historical average both this year and next."

Wishing you all the best in which ever way you celebrate the Winter Solstice.  "With all the strains and worries and fears of the today's world our ultimate saving grace is that we're human beings and we have each other." 

View this recently sold House or see all my home sales.

Below is a graph from the Victoria Real Estate Board showing all the Single Family Dwellings sold in the Victoria and Oak Bay areas by Price Range. For example in the Victoria area the most expensive home sold as of September 1, 2011 was just below $3 Million.  I find this graph useful to see where the activity is in various price ranges.  I hope it may be helpful to you as well.  Please stay tuned for more real estate updates!

U.S. Property Tax Rules Hit Real Estate Hard for Canadians!

This Fairfield home was built in 1945, a two bedroom/two bath Craftsman Home has already stood the test of time and proven itself strong, square and worthy. Lovely woods throughout and fabulous oak floors. Gas appliances, a working fireplace, cared for with taste and style; if elegance is simplicity then this is the perfect example. Even a delightful, retro rec-room downstairs with sliding glass doors leading out to a side deck and the huge, sun-filled back yard and garden. And what a garden; tilled and loam rich and a great producer of all your favorite vegetables and berries. Sit in the sun, play with the kids and watch your garden grow. And when you do have to leave the grounds, the world is a short walk away because this is the most convenient neighborhood in the city. Seriously, the beach is three blocks away, Thrifty Foods is a block, every bus route runs nearby, five parks are less than ten minutes away. The Lieutenant Governor's Residence abuts the backyard and you gotta figure they know a good neighborhood, right? The photos give you an idea. Get out of the craziness for a bit and be charmed by the sanity of this lovely home.

Just a Sampling of Fairfield Plaza

View this recently sold House or see all my home sales.