Buying a strata property can be an exciting step towards homeownership. However, it's crucial to remember that along with your mortgage payment, property taxes, and utilities, you'll also have monthly strata fees. These fees cover a range of expenses related to the upkeep and maintenance of the building and common areas. Failing to factor in these fees can significantly impact your monthly budget and potentially strain your finances.

What are Strata Fees and What Do They Cover?

Strata fees are a recurring monthly charge levied on each strata lot owner within a strata corporation. These fees contribute towards various expenses, including:

• Building maintenance: This includes routine maintenance tasks such as landscaping, cleaning common areas, and repairs to the building structure.

• Insurance: Strata fees often cover building insurance, which protects the building and common areas from damage or loss.

• Amenities: If your building has amenities like a gym, pool, or party room, the fees will contribute to their maintenance and upkeep.

• Reserve fund contributions: A portion of your strata fees goes towards a reserve fund, which is used for major repairs and replacements, such as roof replacements or elevator upgrades.

• Property management: If your building has a property manager, their salary and administrative costs are typically covered by strata fees.

Why are Strata Fees Important for Your Budget?

Strata fees can vary significantly depending on the size of the building, the age of the building, the amenities offered, and the quality of building management. It's essential to consider these fees as a non-negotiable part of your monthly housing costs.

Here's a simple breakdown of how to factor strata fees into your budget:

1. Estimate your monthly mortgage payment: Use an online mortgage calculator to determine your estimated monthly mortgage payment based on the purchase price, interest rate, and loan term.

2. Calculate property taxes: Research property tax rates in the area and estimate your annual property taxes. Divide this by 12 to get your monthly property tax payment.

3. Estimate utilities: Consider your estimated monthly costs for electricity, gas, water, and internet.

4. Factor in strata fees: Obtain a copy of the strata corporation's financial statements to get an accurate estimate of the monthly strata fees.

5. Create a monthly budget: Add up your estimated mortgage payment, property taxes, utilities, and strata fees to determine your total monthly housing costs.

6. Factor in other expenses: Don't forget to include other essential living expenses such as groceries, transportation, and entertainment in your overall budget.

Tips for Budgeting Effectively:

• Review your strata corporation's financial statements: This will give you a better understanding of how your strata fees are being used and whether there are any upcoming major expenses.

• Consider the long-term implications: Keep in mind that strata fees can increase over time due to factors such as inflation and the need for major repairs.

• Build an emergency fund: Having an emergency fund can help you cover unexpected expenses related to your strata property, such as special assessments or unexpected repairs.

By carefully considering strata fees and incorporating them into your monthly budget, you can make an informed decision about whether strata living is the right choice for you and ensure that you can comfortably afford your housing costs.

Ready to start your condo search? Contact me today for a personalized consultation and let's find the perfect home for you.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Big news just dropped! The Bank of Canada has announced a decrease in the overnight rate, now set at 2.75% as of March 12th. If you're considering buying or selling in our beautiful city of Victoria, you're probably wondering how this impacts you. Let's break it down:  

For Victoria Home Buyers:

This rate cut is potentially fantastic news! Lower interest rates translate to lower mortgage costs, which can significantly increase your buying power. You might find yourself able to afford a larger property or simply enjoy more financial flexibility in your monthly budget. Now is an ideal time to revisit your pre-approval and see how this change affects your affordability.  

I can connect you with trusted mortgage professionals who can help you navigate this new landscape. They'll review your financial situation and ensure you're well-prepared for your home-buying journey.

For Victoria Home Sellers:

The rate cut will likely stimulate buyer activity, potentially bringing more people into the market. However, it's crucial to remember that Victoria still maintains a balanced market. This means strategic pricing is paramount.

Homes priced competitively are selling, while those priced above market value tend to linger, often leading to price reductions later. Accurate market analysis is more important than ever.

What This Means for You:

This rate cut is a significant shift that could directly influence your real estate plans. If you're considering a move, it's essential to understand how these changes impact your specific situation.

Ready for a Personalized Strategy?

Want to know exactly how the Bank of Canada rate cut affects your next real estate move? Let's schedule a consultation to discuss a personalized strategy tailored to your Victoria real estate goals.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Spring is in the air, and so is the excitement of finding your dream home! 🌷 This is a prime time for the real estate market, but it can also be competitive. To help you navigate the spring home search with confidence, I've put together some essential tips and tricks.

1. Get Your Finances in Order 

• Pre-Approval is Key: Before you start your search, get pre-approved for a mortgage. This will give you a clear understanding of your budget and show sellers you're a serious buyer. I can point you to several professional mortgage brokers to find your best rate options.

• Down Payment & Closing Costs: Ensure you have your down payment and closing costs readily available.

2. Define Your Needs & Wants 

• Make a List: Create a list of your must-haves and nice-to-haves. This will help you narrow down your search and stay focused.

• Consider Your Lifestyle: Think about your lifestyle and what kind of home and neighbourhood will best suit your needs.

3. Find the Right Realtor (That's Me!)

• Local Expertise: A knowledgeable realtor with local expertise can make all the difference. I can provide valuable insights into the Victoria market and help you find the perfect home.

• Communication is Key: Choose a realtor who communicates effectively and is responsive to your needs.

4. Be Prepared to Act Quickly 

• Hot Market: In a competitive spring market, desirable properties can sell quickly.

• Stay Informed: Set up alerts for new listings and be prepared to view properties as soon as they become available.

5. Don't Skip the Inspection 

• Protect Your Investment: A thorough home inspection can uncover potential issues and save you from costly repairs down the road.

6. Embrace Flexibility 

• Be Open-Minded: Be open to considering different neighbourhoods or property types. You might be surprised at what you find.

7. Negotiate Strategically 

• Work with Your Realtor: I can help you craft a competitive offer and negotiate the best possible terms. I also have your back on a million other things during the buying phase.

Ready to Find Your Dream Home?

Spring is the perfect time to make your real estate dreams a reality. As your local Victoria Realtor®, I'm here to guide you every step of the way. Let's connect and find your perfect place!

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!

Spring is just around the corner—even if there’s still snow on the ground! As the weather warms up, many homeowners start thinking about renovations to refresh their space, improve energy efficiency, or add value to their property.

Whether you're upgrading your kitchen, adding a rental suite, or making energy-efficient improvements, there are several financing options to help make your project a reality.

According to Paul Macara, our trusted mortgage professional with Macara Mortgages at The Mortgage Group, one of the most cost-effective ways to fund a renovation is by leveraging your mortgage:

• Refinancing: If your home’s value has increased, you may be able to refinance your mortgage and access additional funds at a lower interest rate compared to personal loans or credit cards.

• Home Equity Line of Credit (HELOC): A HELOC allows you to borrow against your home equity, giving you flexibility to withdraw funds as needed during your renovation.

• Purchase Plus Improvements Mortgage: If you’re buying a home that needs work, this option lets you roll renovation costs into your mortgage right from the start.

• Renovation-specific loans: Some lenders offer loans specifically designed for home renovations, providing structured repayment terms and competitive rates.

Government Programs to Consider:

There are also government-backed programs designed to support home renovations:

• Greener Homes Loan: If you’re planning energy-efficient upgrades like new insulation, windows, or a heat pump, you could qualify for an interest-free loan of up to $40,000 through this federal program.

• Secondary Suites Loan: Homeowners looking to create a legal secondary suite may be eligible for financing assistance to help offset construction costs. This is particularly beneficial if you plan to rent out the space for additional income.

• Provincial rebates and incentives: Many provinces offer additional rebates and incentives for energy-efficient home upgrades, such as grants for solar panels, insulation, and high-efficiency heating systems. These programs vary by province and can help offset renovation costs significantly, making eco-friendly upgrades more affordable.

• Municipal incentives: Some cities and municipalities also provide rebates or financing for home improvements, particularly those focused on sustainability and accessibility. Paul Macara can share if there are any additional programs in your area.

Finding the Right Option for You:

• Each financing option has its benefits and requirements, so it’s crucial to find what fits your needs.

• Consider factors like interest rates, repayment flexibility, and eligibility criteria before making a decision.

• No matter the size of your project, the right financing can bring your vision to life without added financial stress.

Thinking about a spring reno? For more detailed information about mortgage financing for your spring renovations, connect with Paul Macara: (250) 857-4741, paul@macaramortgages.com or visit Macara Mortgages with The Mortgage Group to learn more.

Stay tuned for next month’s mortgage minute! If you need help with buying a home or getting your property ready for the market, reach out to me:

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
Instagram | Facebook  
Get the newsletter!

The Greater Victoria real estate market has shown remarkable stability in February, offering a balanced landscape for both buyers and sellers. According to the Victoria Real Estate Board, February saw a total of 528 properties sold, marking a 12.3% increase compared to February 2024 and a significant 25.1% jump from January 2025. This steady activity, coupled with a growing inventory, paints a promising picture for the local market.

Key Highlights from February 2025:

• Increased Sales: Overall property sales surged, with condominium sales experiencing a notable 26.3% rise from February 2024 (192 units sold) and single-family home sales increasing by 4.5% (234 units sold).

• Growing Inventory: Active listings reached 2,630 at the end of February, indicating a 9.8% increase from January and an 11.3% rise from February 2024.

• Balanced Market: The combination of increased sales and growing inventory has created a balanced market, fostering comfortable conditions for both buyers and sellers.

• Stable Price Appreciation: The benchmark value for a single-family home in the Victoria Core increased by 3.7% year-over-year, reaching $1,309,500. Condominium benchmark values experienced a slight decrease of 0.5% year over year, settling at $551,900.

What This Means for Buyers:

• More Options: The increase in active listings provides buyers with a wider selection of properties to choose from, increasing the chances of finding the perfect home.

• Stable Prices: Nearly two years of steady prices combined with recent favourable interest rates provide a degree of confidence for buyers.

• Balanced Market: A balanced market means less pressure and a more relaxed buying experience. Buyers have more time to make informed decisions.

• Favourable Interest Rates: Recent favourable interest rates help with affordability.

What This Means for Sellers:

• Increased Sales Activity: The surge in sales indicates strong buyer demand, increasing the likelihood of a successful sale.

• Growing Market: A healthy increase in sales from the previous year, and the previous month shows market momentum.

• Balanced Market: A balanced market allows sellers to achieve fair market value for their properties.

• Importance of Proper Pricing and Presentation: Well-presented and properly priced properties are crucial for success in the current market.

Looking Ahead:

The Greater Victoria real estate market appears to be following its typical early spring cycle, with expectations of peak activity in late spring. The hope is that increased inventory will continue to meet consumer demand. However, the market remains sensitive to global economic policy changes, underscoring the importance of staying informed.

Navigating the Market with a REALTOR®:

In today's dynamic market, having a knowledgeable and experienced REALTOR® is essential. I can provide invaluable guidance, help you understand market trends, and navigate the complexities of buying or selling a home.

Ready to discuss how these market trends impact your real estate goals? Contact me today for personalized advice and expert guidance.

Jacqueline Ross 
REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
Instagram | Facebook  
Get the newsletter!