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Happy New Year! I hope you feel excited about 2011 and the prospect of Spring; a renewal of sorts and a fresh start to everything. The real estate year has started with a quite a few favourable signs. There is evidence the wealth lost in the recession is returning to the baby boomers / seniors and that means there is more confidence returning to the local real estate market. Another sign that bodes well is the continuing steady influx of retirees heading our way. We still remain the number one destination for Canadians looking to retire; a choice based on lifestyle. However, this group is getting younger and younger. They may have older children and they may still want to work, usually from home. They prefer to buy rather than rent, and schools become more important as well as the opportunity to work from home. HST has had a huge impact on the local market. According to the Victoria Real Estate Board over 91% of residential purchases in 2010 were re-sales as opposed to new construction. Until this tax is resolved, selling prices of used homes should hold or increase their value. The tightening of mortgage credit and the high prices of Victoria single family homes will continue to drive the condo/townhouse market because of the affordability. In 2010 60% of all condo sales were in the urban core (VREB stats). A side effect will be these predominately first time buyers putting pressure on existing stratas to be more flexible on existing restrictions. We all know how things today can change in a hurry. That applies to real estate too. The local market is remaining stable, but the needs of buyers in particular are changing too. I have been working on a report based on statistics produced by Victoria Real Estate, CMHC, and Stats Canada showing what is important to Buyers. I have called it the “Victoria Report - A Buyer Survey for Sellers’.” If you would like a copy please email me VictoriaRealEstateByMarsha@shaw.ca. I am proud to have been recognized for performance in November of being in the top 100 Remax Realtors out of almost 6000 agents in Western Canada. I know this is due to the great support of you, my clients and friends. Your support with your business and referrals is so much appreciated.. I love being a Realtor and helping people to make the right decisions for their circumstances. Being a Realtor is by far the most gratifying career I have ever had. Thank you!!! If you ever have any questions about Real Estate give me a call, I am your Real Estate resource.
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A Segment from The Victoria Report Rent or Own Rental of 1 bedroom and 2 bedroom apartment condos go for between $806 and $1024 on average. There are currently an estimated 21,646 apartment condos across the region with 33% investor-owned.
3 main reasons
For the full report please call me 250-889-8200 or email VictoriaRealEstateByMarsha@shaw.ca |
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Ask me about my referral program My business has been built on referrals. I guarantee I will treat everyone who you refer to me with total professionalism and integrity. You will be glad you sent your friends and family to me. |
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