Daydreaming about owning something you can’t afford can be fun. Whether it’s a diamond-encrusted watch from Tiffany & Co., or the latest Lamborghini, even the thought of trying one on or going for a test drive can be exciting.

The problem with daydreaming, however, is that it’s all-too-easy to dismiss it as just that – a dream.

But, what if you daydream about owning a beautiful home in a desirable neighbourhood? Before you dismiss that as just fanciful thinking, it’s worth finding out if that dream could actually be achievable.

You might discover that you do qualify to get into the home of your dreams.

It’s relatively easy to figure it out.

First, you need to learn what homes are currently selling for in the neighbourhood you’re targeting. If you’ve been through that exercise already, keep in mind that the market might have changed substantially in the past few months.

The next thing you need to determine is approximately how much you can expect to get for your current property. That’s a fairly easy calculation and is based on what “comparable” homes in your neighbourhood have sold for recently.

Finally, you need to find out how much of a mortgage you may need and what your payments will likely be.

Once you have those numbers, you’ll know if you can afford the home of your dreams in the neighbourhood you’d love to get into.

Then you can stop daydreaming and make it happen!

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Keeping your lawn, flowerbeds and shrubs looking great enhances the “curb appeal” of your property. However, it can also be a lot of work! Here are some do-it-yourself tips for making these tasks easier and less time-consuming:

-  Add mulch around trees and shrubs. That way, you won’t have to cut grass in those areas, plus you’ll avoid the need to use shears or a trimmer to do the job properly.

-  Adjust lawnmower blades to the optimal height for short, well-groomed grass. That way, you won’t have to mow as often.

-  Use tools that don’t require you to bend over or work on your knees. That will greatly reduce fatigue. (Example: Stand-up grass shears.)

-  Consider applying mulch in flower beds. That will reduce weeds. It will also help retain moisture, so you won’t have to water as often.

-  Avoid high-maintenance plants that require strict watering and tending regiments. No-fuss plants are ideal. (Talk to your local gardening center.)

-  Consider using a soaker hose. It has holes all along the tubing that gently release water. Simply snake the hose through flowerbeds and shrubs or around trees, turn on the water and the hose does the rest.

Want more tips for making your property look great, especially if you’re thinking of selling? Call today.

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A total of 761 properties sold in the Victoria Real Estate Board region this May, 27.5 per cent fewer than the 1,049 properties sold in May 2021 and a 7.6 per cent decrease from April 2022. Sales of condominiums were down 23.1 per cent from May 2021 with 250 units sold. Sales of single family homes decreased 31.7 per cent from May 2021 with 367 sold.

"The real estate market in Greater Victoria is returning to a steadier pace following the strange two years we experienced over the course of the pandemic,” said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “While inventory is still below historical levels for a spring market, it is now within our pre-pandemic five-year average, which is good news for buyers. The increase in inventory provides buyers with more options, and we are seeing market activity and price points differ within the unique neighbourhoods that make up Greater Victoria. During a changing market like the one we see now, it is more important than ever to have an expert on your side – whether you are buying or selling it’s a great time to give your favourite REALTOR® a call."

There were 1,776 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2022, an increase of 30.1 per cent compared to the previous month of April and a 22.5 per cent increase from the 1,450 active listings for sale at the end of May 2021.

"Looking to the future of the market, the Board has reviewed the British Columbia Financial Services Authority (BCFSA) report which the government requisitioned to guide the deployment of their cooling-off plan," adds President Dinnie-Smyth.“We are aligned with BCFSA on the importance of consumer protection in real estate and see areas of the BCFSA report which reflect the Victoria Real Estate Board’s and the British Columbia Real Estate Association’s recommendations - specifically the concept of a five-day pre-offer period. However, the BCFSA report leaves detailed process and procedural questions unanswered. The government will need to do more consultation with industry stakeholders prior to implementation to ensure these changes are without negative consequences to consumers and to the market.”

The Multiple Listing Service® Home Price Index benchmark value* for a single family home in the Victoria Core in May 2021 was $1,168,800. The benchmark value for the same home in May 2022 increased by 23.8 per cent to $1,446,400, up from April's value of $1,424,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2021 was $495,600 while the benchmark value for the same condominium in May 2022 increased by 27.9 per cent to $633,800, up from the April value of $630,200.

*Please note that the MLS® HPI methodology and reporting was updated this month, and that some numbers may have changed when compared to previous reports. For more information, please refer to page four of the press release and summary / Statistics Package for Media.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.