About Capital Area, BC

The Royal couple, Charles and Camilla are visiting our beautiful city - they arrived late afternoon yesterday, and although Camilla admitted to being a bit jet-lagged they were "on show" for a few hours on the lawns of the Legislature. The crowds welcomed them and even though a lot of people couldn't care less about the Royal family, the people of Victoria always turn out to see and cheer them.

It won't be long before they will be back again for the Winter Olypics in February 2010, in nearby Vancouver and Whistler. But for now, I'm sure they will enjoy our city which is now splendid in Autumn colours, with the golden leaves falling on the ground.

Photo Victoria Times Colonist

OPEN HOUSE - Saturday, November 7th from 1:00 PM - 4:00 PM
3555 Promenade Crescent, Colwood, BC

COURT ORDEORED SALE with NEW PRICE! Well below assessed value, appraised at $770,000 now on the market for $688,000. Over 3600 square feet in this 2004 home with a one bedroom suite located in prestigious Royal Bay community. Beautiful water and mountain views, maple floors and nicely finished this house is a perfect family home. Some work needed which is reflected in the price. Offers are subject to court approval and must include Schedule "A".

For more information on this property or others available in this area please contact Diane Richardson at 250.588.3861 or email me at drichardson@macrealty.com.

For buyer and seller resources and details about my techno-centric marketing programs please visit my website at www.DIANE-RICHARDSON.com

OPEN HOUSE - Saturday, November 7th from 1:00 PM - 4:00 PM
3555 Promenade Crescent, Colwood BC

Please come see me this Saturday, November 7th between 1:00 PM and 4:00 PM at 3555 Promenade Crescent in Colwood.

This is a court ordered sale of a 2004-built home in prestigious Royal Bay development. Appraised at $770,000, on the market for $688,000. 5 Bedrooms, 4 Bathrooms, 3600 square feet with maple floors and nicely finished, does need work as is reflected in the price. Stunning mountain and ocean views, don't miss this opportunity on the best-priced house in this neighborhood. Offers are subject to court approval.

For more information visit my website at www.DIANE-RICHARDSON.com or send me an email at drichardson@macrealty.com.

For a no-cost market evaluation of your home or for other comparable properties please give me a call at 250.588.3861.

The biggest benefit in a down market is that it’s the perfect time to upgrade your property. Whether you want to move from a condo to a house or just need another bedroom now is the time to make the move.

I’m not saying that we’re in a down market; house sales in the Victoria area are going strong. However, we are experiencing prices that are still down from when the market was at its peak a couple of years ago. There is the side of the argument that says wait until prices go up so you can get maximum dollars for the property you own now. The flaw in this logic is that if you wait for the value of your home to go up so will the prices of what you want to move to.

The most over-looked part of the equation in real estate purchasing is the impact the interest rates have over time. Current rates are as low as they’re going to go, the Canadian government has said that they won’t raise rates until June of 2010 but we know what the promises of politicians are worth. They may not be able to keep rates down for any number of reasons but the bottom line is they will go up.

So let’s have a look at the impact of the interest rate on a mortgage. On a $500,000 purchase with 10% down, a 25 year amortization at a 5% annual rate with a 5 year term, your mortgage will cost $105,317.13 in interest in those first 5 years. That’s just interest; it does not include any money which is paid to the principal (with these terms $51,716.21 goes to principal).

If we take that same purchase and increase the annual rate to 5.5% (only ½ a percent) you’re now paying $116,149.45 interest in the first 5 years – that’s an increase of $10,832.32!

As you can see interest rates have a huge impact on what your home actually costs. I know this is all very dry and not very exciting but when you consider that upgrading your home now could get you what you need and save you more than $10,000 in the next 5 years it’s really worth weighing your options.

All calculations were done using the mortgage calculator at http://www.diane-richardson.com/MortgageCalculator.ubr and are used as an example only. For mortgage information please contact your lending agency or a mortgage broker.

To make a comment about this blog or to request a no-cost market evaluation of your home contact Diane Richardson at 250.588.3861 or email: drichardson@macrealty.com.

Victoria Real Estate At The Highest Level Since 1992

Victoria Real Estate last month were at the highest level for the month of October since 1992.

742 homes and other properties sold in October through the Victoria Real Estate Board’s MLS system.

There were 776 sales in September and up more than double the 316 sales in October of last year. Prices, meantime, remained stable.

• The average price for single family homes sold in Greater Victoria last month was $590,567, down from $619,936 in September. The median price was $536,000.

• The overall average price for condominiums was $322,349 last month, down slightly from $325,106 in September.
  
• The average price of all townhomes sold last month was $438,058 down from $441,966 in September.

MLS® sales last month included 400 single family homes, 203 condominiums, 76 townhomes and 12 manufactured homes.

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Google Map To Fred's Office

Cheers

Fred Carver
Re/Max Camosun-Oak Bay

Google Map of Fairfield and Rockland

2239 Oak Bay Ave, Victoria, BC V8R 1G4
Victoria, BC
250-598-2963

Victoria Homes and Properties For Sale

Copyright © 2009 By Fred Carver All Rights Reserved "Victoria Real Estate at the highest level since 1992"