When you set a budget for a new home, you’re obviously hoping — maybe even expecting — to find the ideal property within that price range.

But, it doesn’t always work out that way.

In fact, there are many circumstances in which you might have to rethink your budget and possibly even increase it, to get the home you want.

For example, you might find that properties in neighbourhoods you’re targeting are selling for more than you expected. In that circumstance, you might have to look for a home in a different area, or see if you can bump up your budget.

Another scenario that often comes up is changing wish lists. You may view a few homes for sale and realize that a particular feature is more important to you than you initially thought. For example, you might have budgeted for a three-bedroom home, but once you’ve seen a few properties with four, you think, “Okay, we definitely want four bedrooms!” That might result in a budget bump.

Finally, you might find that you view a property and fall in love with the place. It’s perfect. It has everything you need. You’ve got to have that home! But, its price is outside your budget.

In that case, you’ll need to weigh paying a bit more against getting a home that will have a significant and positive impact on your lifestyle and happiness.

As you can see, there’s a lot to consider when shopping for a home and trying to stay within a budget.

Imagine you want to take the “trip of a lifetime” this fall. Would you leave it until the summer to start planning, booking dates, and generally getting ready?

Probably not. A trip like that is a big deal. You’d want to start making arrangements now, so by the time you’re ready to go to the airport, everything will be set for you and your family to have a great time.

The same is true when selling your home. If you intend on listing your property in the spring or summer, now is the time to start making plans.

Starting the process early in the year gives you four significant advantages:

1. Ample time to prepare your home. Starting now gives you time to declutter your property, get needed repairs done, and otherwise make your home ready to be seen by buyers.
2. Less stress. Unless you enjoy scrambling to get things done within a tight timeline, you want to give yourself as much time as possible to prepare for your home sale without the stress of a tight timeline. Starting early gives you that.
3. Listing date flexibility. Starting now means you’ll likely get your property prepared for the sale early in the year. Sure, your plan might be to list in the summer. But, if the market changes or some other opportunity presents itself, you’ll be able to list sooner. Your home will be ready.
4. More time to find your next home. If you’ll also be looking for a new home, starting the process now will give you more time to explore neighbourhoods, get financing arranged, and determine the ideal type of home for you.

As you can see, it pays to start the process now, even if you won’t be selling until spring or summer.

When searching for a new home, many buyers will focus only on the list price and what they may need to offer to get the property. For example, a buyer might think, “We can get this house for $XX. That’s within our price range!”

Of course, the selling price plays the pivotal role in whether or not you can afford a particular home. But, carrying costs should also be considered.

Carrying costs include any regular expenses related to the property. The obvious ones are gas, hydro, water, garbage, and taxes. But there may be others. For example, a home may also have a subscription-based alarm system, high-speed internet, and hot water tank rental.

If there are common elements, such as a private street or some other neighbourhood feature, there may be an annual maintenance fee.

It’s also smart to factor in predicted maintenance and repair costs, especially when buying an older home. A property that hasn’t had its asphalt roof shingles replaced in 20 years may be due soon.

So, when shopping for a new home, consider what the carrying costs will be. That will help you make a more informed decision.

That being said, having to pay a little more in monthly costs may be worth it if you love the place and it (as well as the neighbourhood) has everything you want.

A total of 474 properties sold in the Victoria Real Estate Board region this January, 26.6 per cent fewer than the 646 properties sold in January 2021 but an 8.2 per cent increase from December 2021. Sales of condominiums were down 13 per cent from January 2021 with 188 units sold. Sales of single family homes decreased 39.7 per cent from January 2021 with 179 sold.

"A cursory glance at our sales numbers could lead to the quick conclusion that our market is slowing down," says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. "But what we must consider is not only the number of homes that have sold, but also the number of homes which were for available for sale within the month. To put our inventory into context, last year broke the record for lowest inventory for the month of January. This January broke that record nearly in half and that lack of supply in the market really impacts what our end sales numbers are. Had we seen more homes for sale, it's likely our result would have been many more sales."

There were 744 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 14.1 per cent compared to the previous month of December and a 43.7 per cent decrease from the 1,321 active listings for sale at the end of January 2021.

"As it stands, our market will be slow to change until our inventory levels perk up," adds President Dinnie-Smyth. "This means we need to see supply added of all types of housing and we need to establish a sustainable source of supply into the upcoming years to meet growth. The reality of housing is that it takes years to add new numbers and until we are better able to meet demand, our market will be under pressure. With the constrained and fast paced market, it's an excellent time to use the services of an experienced REALTOR®, one who can help you identify a strategy and process for selling or buying - or selling and buying - a new home."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2021 was $932,200. The benchmark value for the same home in January 2022 increased by 24.6 per cent to $1,161,500, up from December's value of $1,144,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2021 was $487,500, while the benchmark value for the same condominium in January 2022 increased by 20.5 per cent to $587,300, up from the December value of $570,600.

There are numerous reasons why you might need to sell early in the year. Perhaps you even need to sell this month! Whatever your reasons, preparation is key. Make the right moves now and your sale is likely to go smoothly and successfully.

Follow these tips:

1) Make a list of what needs to be done around the property to prepare it for listing. That includes decluttering, cleaning, getting needed repairs done, and so forth.

2) Schedule those tasks. On a calendar or planner, block out ample time to do everything on your list. Give yourself a time buffer because things can often take longer to do than expected.

3) Get help. You don’t need to do everything yourself. Consider hiring a painter, contractor, cleaning service, and other professionals. Outsourcing can reduce a lot of the stress of selling while ensuring your property is prepared in time.

4) Dispose of unwanted items that may have accumulated over the years in the garage, basement, and closets. You can have a yard sale, sell stuff online, donate items to charity, or take them to your local recycling centre.

5) Free up your schedule during the period you expect your property to be on the market. You want your home to be accessible for showings as often as possible, giving prospective buyers a lot of flexibility when scheduling.

The idea is to get your property as “sales-ready” as possible — as early in the year as possible. That way, when it comes time to list your home, you won’t have to scramble to get it ready. The hard work will be done and you’ll be able to focus on selling your property quickly and for the best price.

Want more tips on preparing your home for sale? Call today.

When you’re selling your home, you may find buyers who want to see it later in the evening, when it’s dark outside. In that circumstance, effective home lighting becomes more important.

The best place to start is with exterior lighting. If you have soft ground lamps on the walkway, make sure those are turned on. That will make for a more pleasant and inviting trip up the walkway.

Do you have motion detection lighting? Make sure those are set to continuous lighting. It can be jarring for a buyer to be hit with an unexpected beam of bright light when walking to your door.

Also, check the brightness of exterior lights. If they are bordering on blinding, replace the bulbs with lower wattage options.

Inside the home, keep curtains and other window coverings open. Although it may be dark outside, an unobstructed window will help make the room seem more inviting and spacious.

Turn on your full lighting system in the backyard. Make that outdoor space enticing for buyers to check out.

If you have dark areas in your home, such as a basement room or walk-in closet, explore ways to light it better.

Overall, you want the lighting to help buyers see and appreciate the best qualities of your property.

Want more advice on selling your home? Call today.

January 4, 2022 

A total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December 2020 and a 32.9 per cent decrease from November 2021. Sales of condominiums were down 22.1 per cent from December 2020 with 152 units sold. Sales of single family homes decreased 34.1 per cent from December 2020 with 207 sold.

A grand total of 10,052 properties sold over the course of 2021, 18.3 per cent more than the 8,497 that sold in 2020. 2021 sales came in close to 2016's record breaking sales year where 10,622 properties were sold.

"The theme of this year has been very consistent," says 2021 Victoria Real Estate Board President David Langlois. "Each month a high demand for homes paired with record low inventory has put strong pressure on pricing and attainability and has made the local and global housing market a top news item and political talking point. We see stories from many countries highlighting the increasing desirability of home ownership in the wake of the pandemic. We leave this year with the lowest number of properties for sale that we have had on record - but with such strong demand that most transactions see multiple offers."

There were 652 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2021, a decrease of 26.5 per cent compared to the previous month of November and a 49 per cent decrease from the 1,279 active listings for sale at the end of December 2020. This represents the lowest inventory of active listings at month-end in at least the last 25 years.

"We have spoken throughout the year about the need for new housing supply at all levels to help moderate prices and improve attainability," adds President Langlois. "Some of our municipalities have begun to look at ways to make it easier for new homes to be brought to market and we applaud and encourage any movement in this area - it has been far too difficult and expensive to build homes in our region. The situation we are now in is because of the deficit of supply that has compounded over the past decades of hesitation around growth. However, governments at the federal and provincial level have instead chosen to focus elsewhere and invest their time re-inventing the process of how homes are sold in Canada by creating new rules which include the introduction of a 'cooling-off' period. These measures will do nothing to improve our market, nor will they increase consumer protection. The process of how a home is sold is not the issue - homes will sell for what consumers will pay for them - using any sales process. The issue is how homes are brought to the marketplace and our huge lack of supply. Governments should expend their resources to address supply issues that continue to drive up competition for homes and result in ever increasing prices."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2020 was $915,300. The benchmark value for the same home in December 2021 increased by 25.1 per cent to $1,144,900, up from November's value of $1,122,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2020 was $487,100, while the benchmark value for the same condominium in December 2021 increased by 17.1 per cent to $570,600, up from the November value of $560,700.

A total of 653 properties sold in the Victoria Real Estate Board region this November, 17.9 per cent fewer than the 795 properties sold in November 2020 and 12.3 per cent fewer than the previous month of October. 236 condominiums sold, 5.2 per cent fewer than in the previous month of October. 276 single family homes sold, 18.6 per cent fewer than in the previous month of October.

"Strong demand for housing in our community continues to exceed the ultra-low number of listings of homes available for sale,” said Victoria Real Estate Board President David Langlois. “This demand creates competition and pressure on pricing and we continue to see home values notch up. At this moment in time, there are fewer than 600 residential properties for sale in our market.”

There were 887 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2021, 51.1 per cent fewer properties than the 1,813 available at the end of November 2020 and 14.4 per cent fewer properties than the 1,036 active listings for sale at the end of October 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2020 was $903,700. The benchmark value for the same home in November 2021 increased by 24.2 per cent to $1,122,600, a 1.7 per cent increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2020 was $485,100, while the benchmark value for the same condominium in November 2021 increased by 15.6 per cent to $560,700.

“Only with strong measures around supply will we see a lift in the pressures on our housing market,” added President Langlois. “Governments continue to try to intervene by using demand side measures, such as the province announcing their plan to introduce a ‘cooling off’ period for resale homes. This concept was delivered without industry consultation or supporting data. Introducing measures that add uncertainty to the marketplace fails to address the issues of supply and attainability in our community - and threatens to make the supply situation worse. A cooling-off period will not increase consumer protection - in fact many of the unintended consequences of such a policy could decrease protection for both buyers and sellers. The housing market is complex and policy must be evidence-based and designed for all types of markets – not to react to a moment in time. The government needs to sharpen their focus on the issue that has been documented for years – that a consistent delay in the delivery of homes to meet the needs of our growing population has created housing gridlock.”

Imagine if, for whatever reason, you suddenly needed to find and buy a new home in a hurry. What if you had just a few weeks?

If you’re like most people, your first instinct might be to panic. Well, there’s nothing wrong with having some apprehension about having to find a new home quickly. But, there are steps you can take that will make the process a lot less stressful and, ultimately, make it more likely that you’ll find a great property you’ll love.

The first thing you need to do is determine your budget. That will give you a price range you can confidently shop within. Your budget should take into account how much your current home will likely sell for, how much you qualify to receive on a new mortgage, as well as any other funds you can put into a new home.

Next, decide on areas or neighbourhoods that have listings within your budget to target in your search. Narrowing your scope will actually help you find the right home, sooner.

When viewing properties for sale, be as flexible as you can. You don’t necessarily need to compromise on what you want. However, if you need to buy in a hurry, it makes sense to consider listings that may be less than perfect, yet still check most of the boxes on your wish list.

Keep in mind that if you purchase a property that isn’t exactly what you want, a renovation or other improvement could potentially turn it into your dream home.

Having to find a new home quickly can be challenging. But if you get the right professionals working for you, it’s going to be a lot easier — and achievable.

Throughout the history of journalism, reporters would pride themselves on getting the “inside scoop” on a story. In fact, that’s where that expression came from.

So imagine you’re shopping for a new home and click on a listing online. Up comes all the property information. But, chances are, there is more to the story of that property than is presented in that listing. For example, you might want to know more about:

• The empty field behind the home.
• The addition that was added to the house. (Was it professionally done?)
• What the neighbourhood is really like.
• The age of the roof shingles. (Will they need to be replaced soon?)
• Noise levels on weekends.
• Upcoming new development that might change the character of the area.

Most property information listed on MLS and elsewhere is incomplete. There’s almost always more to the story of a listing than you can find online.And, even after viewing a listed property, you may still have lingering questions or concerns.

So, you’ll want to get the “inside scoop” and find out more.

But how?

To get the inside scoop on a listing, call me. I can get the additional information you need on a property so that you can make a more informed decision.

When preparing your home for sale, you need to fix things up, declutter, perhaps slap a fresh coat of paint on a few walls. That’s all part of getting your property ready for buyers.

But there’s another type of preparation that you also need to do. And, the sooner you do it, the less stressful your move will be. You need to get all your paperwork together.

Here’s what to gather:

• Property documents such as deeds, easements, surveys, liens, etc.
• Mortgage documents, plus any other loans (i.e., line of credit) that use the property as collateral.
• Maintenance and service agreements that may continue with the new owners.
• Warranties and guarantees that are transferrable to the new owners.
• Recent utility bills, such as water, electricity, etc.
• Rentals (i.e., water heater rental.)
• Home security agreements and codes.
• Contracts for any work done on an ongoing basis. For example, lawn maintenance.

Getting these records together early will ensure you’re not scrambling at the last minute to find them. Some of these documents, such as warranties, also make for attractive selling features.

November 1, 2021 

A total of 745 properties sold in the Victoria Real Estate Board region this October, 24.7 per cent fewer than the 990 properties sold in October 2020 and 2.1 per cent fewer than the previous month of September. Condominium sales were down 18.1 per cent from October 2020 with 249 units sold. 18.6 per cent fewer condominiums sold in October 2021 than in the previous month of September. Sales of single family homes were down 30.4 per cent from October 2020 with 339 sold. 2.4 per cent more single family homes sold in October 2021 than in the previous month of September.

"Once again – it's anyone's guess what our sales numbers would be like had we been in a market with a historically average number of homes for sale," said Victoria Real Estate Board President David Langlois. "Over the previous ten years, the average number of properties for sale in October was 3,210 - we are one third of that this year. We continue to see record breaking low levels of homes for sale and with continuing competition for homes, we see pricing pressure persist."

There were 1,036 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2021, 51.2 per cent fewer properties than the 2,122 available at the end of October 2020 and 7.8 per cent fewer properties than the 1,124 active listings for sale at the end of September 2021.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2020 was $880,500. The benchmark value for the same home in October 2021 increased by 25.3 per cent to $1,103,600, a 0.3 per cent increase from the previous month of September. The MLS® HPI benchmark value for a condominium in the Victoria Core in October 2020 was $482,200, while the benchmark value for the same condominium in October 2021 increased by 14.4 per cent to $551,800.

"The only solution to our current market is to create more supply," added President Langlois. "And creating supply isn't something that happens overnight, so we need to make a commitment to build in the coming years. That takes cooperation. It takes public acceptance of increased density in some areas, the ability for builders to staff and supply their developments and for investors to be able to make their plans a reality within a reasonable timeline and at a reasonable cost. We need to continue to focus on densification of our urban areas – the idea of encouraging duplexes and small plexes in neighbourhoods and building up in core areas. Thoughtful densification will allow us to protect our greenspace, leverage existing infrastructure and take advantage of existing amenities."