Are you looking for Real Estate in Victoria BC? You could use the MLS multiple listing service to browse around. This article is for those looking to connect with a Realtor or real estate lawyer. If you need us to connect you with a Realtor or lawyer for a free consultation, contact us.
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What is the cost of living in Victoria, British Columbia?
The cost of living in Victoria is very high. This city attracts people from all around the world for its excellent quality of life and economic opportunities — the price of goods and service is high as a consequence. You can see our real estate blog to learn more.
Is Victoria, British Columbia a good place to retire to?
It’s a fantastic place to retire to. Most municipalities have amenities within a 5km radius. You are surrounded by an abundance of nature and activities (walking trails, beaches, hiking, golf, sailing, etc.). There are also lots of retirement homes in the area to accommodate an aging individual.
Victoria, BC is a great city to live in. The cost of Real Estate is high, but once you are here, you won’t want to leave.
What is your review of Victoria, BC?
Victoria is a beautiful place with an abundance of natural beauty. The high price point of real estate does make the city difficult to live in for the average person. If you are looking to be close to a city, but don’t like the business of a major metropolitan (Vancouver, Toronto, etc), then Victoria is the place for you.
Which city is better to live in: Vancouver or Victoria?
This depends on the individual’s needs. Typically, Vancouver is a much better option for people focusing on their careers as that is where a lot of businesses operate. However, Covid-19 has significantly changed the game for a lot of individuals. Working from home will become more common, therefore, people will likely begin to move away to more affordable areas.
Is Victoria, BC a good place to raise a family?
Victoria is a great place to raise a family. You will find all levels of school here, from the public to private universities.
What is Victoria, BC is known for?
Beautiful nature, tourism, and excellent quality of life.
What is the difference between Vancouver and Victoria?
Vancouver has many more amenities and a very high cost of living. The city is where you go to build your career. Victoria is where you go to retire and/or relax.
Are Americans generally welcome in Victoria, BC?
Victoria is a very popular tourist destination. During the summer months, we have 100’s of American cruise ships enter our ports.
Will COVID-19 lower house prices in British Columbia?
It’s too early to determine. However, the general consensus right now is “probably not”. Victoria has several economic drivers that will assist with keeping the prices stable. Even with 1 or 2 legs down (foreign investment and tourism), we still have hospitals, schools, tech, Military, Government, small businesses, and retirees that will likely keep things stable. However, with COVID ushering in a work-from-home lifestyle, the city will have to figure out what to do with all the commercial buildings. The commercial cost of Real Estate is unrealistic for most businesses, many not even able to survive a month of shutdowns. This means there might be an opportunity to increase supply of housing to match the demand.
Is there a Canadian equivalent of Zillow? | Real Estate Victoria BC
There are websites such as REW.com and Realtor.ca that are admirable search engines, but nothing quite like Zillow yet. Zillow has been criticized for its inaccurate price estimates. The primary source of their revenue comes from selling data and leads to Realtors and Real Estate companies.
Is Victoria BC a good place to live off the land in nature?
Victoria itself doesn’t have much farmland left, most of the vacant land has been converted to protected parks. However, the Greater Victoria and Westshore areas (Saanich, Central Saanich, North Saanich, Langford, Metchosin, Colwood, and Sooke) have plenty of large lots that are used for farming both commercially and recreationally.
What is the cheapest place to live in Victoria?
The area with lower home values is Victoria West and certain parts of Esquimalt. If you are willing to extend your reach out to Westshore, the prices begin to drop slightly.
What does a $5,000,000 house look like where you live?
Very luxurious. We generally separate the housing market from the Luxury market as both markets are affected by different economic factors.
What does a $200,000 house look like where you live?
Generally, you won’t find any freehold properties at this price point. Leasehold property, like modular home parks, or houseboats enjoy lower price points. The major drawback is that you don’t own the land beneath the home, you only own the physical home itself.
What are some cool things to do in Victoria BC?
Hiking, nature, boating, any outdoor activity you can imagine. We also have tons of good restaurants and coffee shops.
Why do home appraisals cost so much?
The prices of most goods and services reflect the economic situation of the city. The cost of living is quite high, so businesses have to charge more to match the high cost of function.
What is an OC in real estate?
OC means an Occupancy Certificate. You cannot tenant or sell your property until you obtained an Occupancy Certificate or Certificate of Occupancy.
Is it a good idea to immigrate to Victoria?
If you can handle the high cost of living, absolutely.
Is it boring living in Victoria?
You can do anything here that you could do in one of the major cities.
Which university is the best of the best on Vancouver Island?
Both UVic and VIU are famous around the world. Many students come here to study from around the world.
How does a home sale work for real estate in Victoria BC?
The sale of a home is broken down into 3 steps:
1) Pre-Launch Phase – The customer engages the services of an agent and signs mandatory documents required by the board. Afterward, the agent will provide the customer with a breakdown of the marketing they will do as well as offer an opinion of the value for their home.
2) Sale Phase – The home is “launched” onto the market and all avenues of marketing are deployed. When an offer is made, the realtor will present any and all offers to the client. When reviewing the offer, the agent will offer professionally informed opinions around the various unique elements tied to that offer or property. Once an offer is acknowledged, the seller will sign any changes that need to be made. If no changes are made, then the clients will sign the offer as is and the offer is considered accepted. After the offer is accepted, the buyer will begin working through any conditions (financing, inspections, title review, etc) as stipulated in the contract. When all conditions have been met within the agreed timeline, the buyer will remove the conditions and submit the deposit — which then solidifies the transaction, thereby making this offer unconditional.
3) Post-purchase – Once the home is unconditional, the agent’s help guides the client through any post-purchase logistical matters (moving, buy another house, repairs) after which they will send the unconditional agreement along with all paperwork to the lawyers for processing. Once the lawyer has conveyed the transaction, and the seller receives their money, the new buyer becomes the official owner.
What should you not fix when selling a house?
Don’t waste money on expensive cosmetic upgrading, you will not see a return on that money. Also, don’t invest in a pool.
Do you get all the money when you sell your house?
If you sold your house through an agent, there will be fees associated with that service. In addition, there will be lawyer fees, potential capital gains, repairs, etc. Your net will be your current equity less any expenses.
Is it wise to sell your house and rent? | Real Estate Victoria BC
True wisdom requires you to understand the differences between the two and make a decision based on what’s best for your situation.
What sells houses quickly for real estate in Victoria BC?
Any house that meets the needs of more than 1 demographic, thereby increasing its demand. Also, anything that is moderately priced. That is because Victoria BC is an expensive place to buy real estate. This is because everyone wants to live here.
What adds the most value to a house real estate in Victoria BC?
Useful Square footage (bedrooms, suites). Talk to a Realtor about real estate in Victoria BC before doing the renovations.
What color carpet is best for selling a house? | Real Estate Victoria BC
Carpet is so 1990s. If it’s a non-negotiable, keep it a neutral color.
How much money do you lose when you sell a house?
If you break your mortgage agreement early, there will be penalties attached to that process. You’ll also lose money on any potential fees as your equity won’t have had the opportunity to grow either through debt paydown or market appreciation.
$600,000 house with a $100,000 downpayment + $15,000 in closing costs. Assuming your mortgage with $2000 per month — half goes to interest — and you decide to sell within 4 years of owning, thereby breaking your mortgage agreement.
$145,000 total equity – $21,000 Realtor Fees – $1000 lawyer Fee – $5000 Mortage penality – $5000 moving costs, clean up, etc = $100,000 — $113,000 — $125,000 (depending on if market went up or down during that time period).
It depends on a number of variables but generally recommended no to sell your house within 3 years of purchase.
How long does it take to get money from a sold house?
On the completion period as stipulated on the contract, it is paid out at some point before 5 pm on that day.
Are companies that buy houses for cash legit?
Yes, they are but don’t expect market value.
What to fix before selling a house?
It is worth fixing/updating all major structural components (roof, perimeter drains, foundation, windows, etc) as well as any cosmetic recommendations made by your agent or interior design specialist. Real estate in Victoria BC normally sells pretty fast.
How much equity do I need to sell? | Real Estate Victoria BC
Technically no equity is required to sell. You’ll be on the hook for any fees associated with the transaction if you are unable to cover the costs through any existing equity.
Is it bad to sell your house after a year?
Only if your reason for purchasing was the make money.
What are some of the most mind-blowing facts about Victoria?
1) Buchart Gardens was originally a limestone mine. When the mine started to run dry, Mr. Buchart decided to convert the quarry into a giant garden for his wife. It was a win-win, he got to keep his workers employed and his wife was able to have her dream garden just outside the city. Buchart Gardens is now one of the most famous tourist attractions in BC.
What is the hardest thing about living in Victoria?
You are on an island, so traveling via plane usually requires to make a connection in Vancouver or Seattle. Also, you can take a ferry to get to where you need to go. It’s beautiful but takes 1.5 hours to get to Vancouver.
What is it like to live in Victoria, British Columbia?
The quality of life is like non-other. If you are looking for a medium-sized city, that is safe, surrounded by nature and host to all sorts of amenities and activities, then Victoria is for you. Also, Victoria has a very low crime. You can walk anywhere at any time of day or night.
What are the best places you have visited?
Every single town and city in BC is surrounded by nature and has something to explore. There are countless beaches and forests to explore. Also, you can live in Victoria for ten years and still find new exciting places.
What was your worst neighbor experience?
With the high cost of living, you have many young people using the — what used to be family homes — as rental properties. This does not jive well with a lot of older, long-term residents who are used to the quiet family-hood atmosphere. Naturally, complaints about noise and parking congestion are common. The municipalities are working on solutions, however, they are VERY slow to act, leaving both changes and complaints generally unaddressed. If you want to buy or sell real estate in Victoria BC, you want to have a great experience.
We hope you enjoyed reading part of our Victoria BC Real Estate Blog. If you want to learn about ClearWay Law, see some of our videos.
FAQs | Real Estate Victoria BC
What is the best city to immigrate to in Canada?
Canada is a very welcoming country. People will immigrate wherever economic opportunity exists.
What surprises people when they visit Victoria?
People often think they will get bored living on an Island, that could not be further from the truth. I have helped many people move here from major cities — with similar concerns — none of them could imagine living anymore else.
How can I verify a buyer is legit?
Normally you try and get a deposit from them as soon as possible.
Is Victoria BC a good place?
Yes, it’s one of the best cities in the world.
How does the ClearWay Law system work?
We will have a Realtor or real estate lawyer contact you depending on your needs.