Everywhere you look, mortgage rates are front and centre—but the fine print behind those low numbers can cost you more than you think. This month, our trusted mortgage broker, Paul Macara, with Macara Mortgages, has some thoughts on why it’s not always about the rate.

We get it, mortgage rates are everywhere. You see them on ads, in your inbox, and all over comparison websites. And it’s tempting to chase the lowest number on the board.

But here’s the thing: the mortgage with the lowest rate isn’t always the cheapest in the long run.

Whether you’re renewing, refinancing, or switching lenders, it’s important to look beyond the headline rate and ask a few smart questions before signing on the dotted line.

Not all mortgages are created equal

Some lenders offer teaser rates that jump sharply after the intro period. Others offer “no frills” mortgages that take away basic features like prepayments or portability just to offer a slightly lower rate.

And here’s something many borrowers don’t realize: the lowest mortgage rates are often reserved for insured mortgages—typically those with down payments under 20%. These loans carry less risk for the lender, which is why they get better pricing. So, even if a rock-bottom rate catches your eye, it may not be available to you unless your mortgage qualifies.

Before you choose, here are 10 questions you should be asking:

1. Is this rate only available on insured mortgages?
   If you have more than 20% equity, you may not qualify for the rate you saw advertised.
   

2. Can I make lump-sum payments or increase my monthly payment?
   Flexibility matters if you want to pay down your mortgage faster.
   

3. What’s the penalty if I break this mortgage?
   Life happens. Make sure you understand the cost of ending the term early. And be aware that prepayment penalties can vary widely between lenders.
   

4. Is this a short-term teaser rate?
   If the rate only lasts 6 months and then resets much higher, your long-term cost could be greater.
   

5. Is this a no-frills mortgage?
   Lower-rate products often remove useful features, which could limit your ability to refinance with other lenders, make prepayments, or move the mortgage with you if you buy a new home.
   

6. Can I transfer this mortgage to a new property?
   If you move, a non-portable mortgage could mean thousands or even tens of thousands in prepayment penalties.
   

7. Is this a fixed or variable rate?
   Fixed gives payment stability, while variable rates move with the market. What fits your risk tolerance?
   

8. How is the fixed-rate penalty calculated?
   Not all lenders’ penalty calculations are created equal Some use harsher comparison rates in their IRD (interest rate differential) formula, which can make breaking your mortgage more costly.
   

9. What’s the lender’s reputation?
   A low rate won’t mean much if service is poor or approvals are rigid.
   

10. What’s the total cost over the term?
    Ensure you know the total cost, not just the rate.

A better mortgage is about the full picture
Choosing the right mortgage is about more than rate. It’s about flexibility, protection, and making sure your mortgage fits your life…not just your budget.

Have questions or want a personal mortgage referral? I’m always happy to connect you with trusted pros like Paul—just reach out anytime.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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The crocuses are blooming, the days are getting longer, and "For Sale" signs are popping up everywhere. Welcome to the spring housing market! While the warmer weather and increased inventory make it an exciting time for first-time home buyers, it's also traditionally the busiest and most competitive season in Victoria.

But don't let that deter you! With the right preparation and strategy, you can navigate the buzz and land your dream home. Here's what first-time home buyers should focus on to stay ahead and get the house they want this spring.

1. Get Pre-Approved, Not Just Pre-Qualified (and Do It NOW!)

This is the golden rule for spring market success. A mortgage pre-approval is miles ahead of a pre-qualification. A pre-qualification is a quick estimate of what you might be able to borrow, while a pre-approval means a lender has verified your financial information, credit score, and income, and committed to lending you a specific amount.

Why this matters in spring:

• Shows you're serious: In a competitive market, sellers and their agents prioritize offers from pre-approved buyers. It signals you're financially ready and reduces the risk of the deal falling through.

• Know your true budget: You'll have a clear understanding of exactly how much you can afford, saving you time and preventing you from falling in love with homes out of your price range.

• Act fast: When that perfect home appears, you'll be ready to make a strong offer without delay. Homes in the spring can sell in days, even hours!

2. Understand Victoria's Market Dynamics

While the overall Victoria market has seen some shifts, the spring market still brings a surge in listings and buyer activity.

• More inventory, more competition: You'll have more homes to choose from, but so will everyone else.

• Be prepared for quick decisions: Desirable properties, especially in prime locations, will move very fast.

• Monitor local trends: Work closely with me as your real estate agent to understand the specific dynamics of your desired neighbourhood. Are bidding wars common? Are prices holding steady or declining?

3. Define Your "Must-Haves" vs "Nice-to-Haves"

Before you even step into your first open house, sit down and make a comprehensive list.

• Must-haves: These are non-negotiable features (e.g., number of bedrooms, specific school district, attached garage).

• Nice-to-haves: These are features you'd love but could compromise on (e.g., granite countertops, a specific type of flooring, a large backyard).

• Deal-breakers: What absolutely won't work for you (e.g., on a busy road, needs major structural repairs).

Having this clarity will help you filter listings efficiently and make confident decisions when you're under pressure.

4. Assemble Your Dream Team

You wouldn't build a house without an architect and a contractor, so don't buy one without the right professionals!

• Experienced Real Estate Agent: I’m a local agent who truly understands the spring market in your desired area is invaluable. I’ll give you early access to listings, help you craft competitive offers, and navigate negotiations.

• Mortgage Broker: While banks offer their own products, a mortgage broker shops around with multiple lenders to find you the best rates and terms. They can explain different mortgage types (fixed vs. variable) and help you understand your options. I can recommend great professionals to work with.

• Home Inspector: Even in a fast-paced market, do not skip the home inspection. Spring weather can reveal issues that might be hidden in winter. A professional inspection can uncover potential problems and save you from costly surprises down the road. Need one? I’ve got you!

5. Be Ready to Make a Strong, Strategic Offer

In a competitive spring market, your offer needs to stand out.

• Competitive Price: As your agent, I’ll help you determine a fair and competitive offer based on recent comparable sales. In some areas, offering slightly over asking might be necessary.

• Limit Contingencies (Carefully!): While contingencies (like financing or inspection clauses) protect you, too many can make your offer less attractive to a seller. We’ll discuss which ones you can safely reduce or waive, especially if you have a solid pre-approval.

• Flexible Closing Date: Accommodating the seller's preferred closing date can give you an edge, even if your price isn't the absolute highest.

• Personalized Letter (Optional but Powerful): A heartfelt letter to the sellers, explaining why you love their home and envision your life there, can sometimes create an emotional connection that sways their decision.

6. Budget Beyond the Purchase Price

Many first-time buyers focus solely on the down payment and mortgage, but there are other significant costs to factor in:

• Closing Costs: These include legal fees, property transfer tax, title insurance, appraisal fees, and more. They typically range from 1.5% to 4% of the purchase price in Victoria.

• Property Taxes: Don't forget these ongoing costs!

• Home Insurance: A mandatory expense when you have a mortgage.

• Moving Expenses & Initial Repairs: Factor in costs for movers, new appliances, or any immediate fixes.

The spring market offers a fantastic opportunity for first-time home buyers in Victoria, with more choices and potentially easing prices in some segments. By being prepared, proactive, and working with the right professionals, you can confidently enter the market and achieve your homeownership dreams this season.

Don't just dream about your first home – make it a reality this spring! Start your pre-approval process today and connect with me, your trusted local real estate agent, to get a head start.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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I’m here to help you understand the latest in our market, influenced by both recent federal developments and local trends.

Federal Election Impact on Housing & Mortgages: A Quick Look

Following the recent federal election where the Liberal Party secured a minority government, several housing-related promises are on the horizon. Key proposals include potential GST removal on new homes under $1 million for first-time buyers and significant investment in homebuilding, particularly for rental and affordable units.

While interest rates may see further easing later this year, economic uncertainties remain. The full impact of these policies will become clearer with the upcoming federal budget.

Victoria Real Estate Market: April 2025 in Review

April saw a total of 642 properties sold in the Victoria region, a slight decrease year-over-year but an increase from March. Condominium sales decreased, while single-family home sales remained relatively stable. VREB Chair Dirk VanderWal noted that federal election uncertainty and broader US economic concerns likely tempered the spring market, yet the local market showed "continued stability" with steady pricing and inventory.

Active listings rose to 3,425, indicating a balanced market with more options for buyers. While single-family homes in certain price ranges are in demand and may see multiple offers, the condo market has a larger supply. The benchmark price for a single-family home in the Victoria Core was $1,344,800 (a 3.3% annual increase), and for a condo, it was $566,100 (a 0.9% annual increase).

What This Means for Buyers

• More inventory provides greater choice.

• Price growth is relatively stable, though some competition exists for single-family homes.

• Potential GST savings for first-time buyers on new homes are worth monitoring.

• Explore various property types, as the condo market offers more options.

What This Means for Sellers

• Strategic pricing and presentation are key in a balanced market.

• Well-priced single-family homes in desirable areas can still see strong interest.

• The condo market requires competitive pricing to attract buyers.

• Be mindful of broader economic and political influences on buyer sentiment.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, I highly recommend connecting with Paul Macara and Dan Miller of The Mortgage Group. They are seasoned professionals who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Victoria Real Estate Market Stable in the Face of Uncertainty
The Victoria real estate market demonstrated resilience in March 2025, maintaining a stable and balanced state despite ongoing global economic uncertainties. According to the Victoria Real Estate Board, a total of 613 properties changed hands in the region this past March, marking a 4.3 per cent increase compared to the 588 sales recorded in March 2024 and a significant 16.1% jump from February 2025.

Here's a quick look at the average prices in the Victoria Core:
* Single Family Detached Homes: $1,283,842
* Townhomes: $804,796
* Condos: $642,059

Breaking down the sales by property type, condominiums saw a notable surge in activity, with 202 units sold, representing a 14.1% increase from March of the previous year. The single-family home market also experienced positive growth, with 292 sales, a 2.1% rise compared to March 2024.

"The economic uncertainty the world faces right now certainly colours our local real estate market," commented 2025 Victoria Real Estate Board Chair Dirk VanderWal. "In spite of this, our market remains as it has in recent months - stable and balanced. Inventory levels this past month held steady at over three thousand listings, which meant that there was a good amount of selection for buyers, while relatively flat pricing meant more predictability for sellers and buyers."

The number of active listings on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2025 stood at 3,023. This represents a substantial increase of 14.9% from the 2,631 listings in February and a 14.2 per cent rise from the 2,647 active listings available at the end of March 2024.

Chair VanderWal further noted, "As in past months, the balanced market in March softened the demand-side pressures of markets we've seen in recent years. There is more time for decision making, which is a positive aspect for both sellers and buyers. Thoughtfully priced and presented homes are selling well and we do see instances of multiple offers, which is often a hallmark of the spring market. For the best outcomes in your property search or sale, connect with your favourite local REALTOR® to navigate the current market."

Looking at benchmark pricing in the Victoria Core, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in March 2025 reached $1,335,300, a 3.6% increase from the $1,288,400 recorded in March 2024 and up from February's $1,309,500. The benchmark value for a condominium in the Victoria Core area saw a more modest increase, reaching $560,400 in March 2025, a 0.4% rise from $558,200 in March 2024 and an increase from February's $551,900.

Local Market Activity
Across southern Vancouver Island, we've seen great turnouts at open houses for single-family detached and townhomes in the $900,000 to $1.3 million range. Many of these sales were competitive due to multiple bids on listings. The recent decrease in interest rates has made this segment of the market very attractive to buyers, especially for properties that could provide rental income.

Navigating the Victoria Real Estate Market
The current stability of the Victoria real estate market presents both opportunities and considerations for buyers and sellers. With a healthy inventory and more balanced conditions, now is an opportune time to make informed decisions. 

Whether you're looking to buy your dream home or sell your property for the best possible price, having expert guidance is crucial. Contact me today to discuss your real estate goals and navigate the Victoria market with confidence.

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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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
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Spring is just around the corner, and so is the HOT real estate market on Vancouver Island! Are you ready to make your dream of homeownership a reality? This guide will walk you through the essential steps to prepare for a successful spring home search.

The spring market often sees increased competition, so being prepared is key. Let's dive into what you need to do:

1. Get Pre-Approved for a Mortgage:

Knowing how much you can afford is KEY to a successful home search. Getting pre-approved for a mortgage is the crucial first step. It shows sellers you're a serious buyer and gives you a clear budget to work with. Don't skip this! I can recommend professional mortgage brokers to work with.

2. Gather Your Funds:

Start saving for your down payment and deposit NOW! Having your finances in order will make the process smoother and more competitive. Every little bit counts! 

3. Connect with a Realtor (That's Me!):

A good realtor is your best ally in this market. I can help you navigate the often complex process, find the right properties that match your needs and budget, and negotiate the best deal. Let's chat! I'm here to guide you every step of the way.

4. Educate Yourself About the Market:

Understanding the home-buying process is crucial. From current market trends to legal considerations, being informed empowers you to make confident decisions. I'm here to answer all your questions! Knowledge is power in the real estate market.

Ready to Make Your Spring Real Estate Dreams a Reality?

I can connect you with trusted mortgage brokers, lawyers, home inspectors, and other professionals you'll need for a smooth transaction. Let's work together to find your perfect place on Vancouver Island! Contact me today to get started! ➡️ 250.415.5656 | jac@yourvanislehome.com | www.yourvanislehome.com

To learn more before we chat, download your FREE home-buying guide right here.