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
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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.

Understanding Strata Ownership: A Guide for Victoria Home Buyers

Are you thinking about buying a home, condo or townhouse in Victoria with a strata? It's a great way to enjoy the benefits of homeownership without the hassle of maintaining a single-family home. However, there's one important thing to understand before you take the plunge: strata ownership.

What is Strata Ownership?

Strata ownership is a form of ownership where you own your individual unit within a larger building or complex. You also share ownership of the common property, which includes everything outside your unit's walls. This includes things like the building exterior (roof, walls, landscaping), shared amenities (pools, gyms), and building systems (plumbing, electrical). A strata can be associated with a single-family home, duplex or half duplex (freehold), row/townhome, or condominium.

The Strata Plan document outlines all of the details on who owns what—whether exclusive use or common shared ownership. In addition, the strata has a set of rules and by-laws that govern the use of the units and surrounding property. These types of documents—called supplements—can be found with the listing information accessed by Realtors.

What Does This Mean for You as a Homeowner?

As a strata owner, you are responsible for:

• The interior maintenance of your unit

• Your share of common expenses, which are covered by strata fees

• Potential special levies for major repairs

Common Misconceptions About Strata Ownership

One common misconception is that you are only responsible for what's inside your unit. The strata corporation handles everything outside. However, this is not the case. As a strata owner, you are jointly responsible for the maintenance and upkeep of the entire property.

Another misconception is that strata fees are a fixed cost. Strata fees can fluctuate depending on the needs of the building. For example, if the building needs a major repair, a special levy may be assessed to all owners.

Why Understanding Strata Ownership is Important

Understanding strata ownership is important for several reasons. First, it can help you avoid unexpected costs. If you are not aware of your responsibilities as a strata owner, you may be surprised by a special levy or a bill for repairs to the common property.

Second, understanding strata ownership can help you avoid disagreements with other owners. If you are not sure who is responsible for what, it can lead to conflict.

How to Get Informed About Strata Ownership

If you are considering buying a strata-managed property in Victoria, it is important to do your research on strata ownership. Here are a few tips:

• Read the strata documents carefully. These documents will outline the rights and responsibilities of owners, as well as the rules and regulations of the strata corporation.

• Attend strata meetings. This is a great way to learn about the financial health of the strata corporation and any upcoming projects.

• Talk to me. I can help you understand the specific strata corporation for the property you are interested in.

Buying a home in Victoria? I Can Help!

If you are thinking about buying a condo or townhouse in Victoria, I can help. I’m an experienced professional who can help you understand strata ownership and find the perfect property for your needs.

Contact me today to learn more!

Jacqueline Ross, REALTOR®
250.415.5656
jac@yourvanislehome.com

I know you are curious about what's been happening in Victoria's real estate market, so I'm here to give you a clear picture of the latest trends. This post dives into the December 2024 sales activity and shares some important insights from the Victoria Real Estate Board Chair, Laurie Lidstone, on what we can expect in 2025.

December 2024 Market Highlights:

Let's look at the numbers:

• We saw a total of 421 properties sold in the Victoria Real Estate Board region this December.

• That's a 28% jump from the 329 properties sold in December 2023! That's great news!

• However, it's a 23.6% decrease from November 2024, showing the market is always dynamic.

• Condominium sales were up 25% from December 2023, with 135 units sold.

• Sales of single-family homes also increased by 20.9% from December 2023, with 191 sold.

• Over the entire year of 2024, a grand total of 6,893 properties changed hands—an 11% increase from the 6,207 sold in 2023.

What This Means for You (Buyers & Sellers):

I want to break down what these numbers mean for you, whether you're looking to buy or sell:

For Buyers:

• The increased sales activity tells me the market is active. This is great for choice, but be prepared to act fast on properties you love.

• Inventory is still relatively low, which can mean more competition for desirable homes. Let's work together to make your offer stand out.

• Recent government changes, like extended amortization periods for first-time buyers and adjustments to property transfer tax thresholds, are aimed at making homes more attainable. Let's explore how these can benefit you.

For Sellers:

• The good news is that prices have been relatively stable for the past two years, providing a more predictable market for you.

• The low inventory could work in your favour if demand picks up, which could put upward pressure on prices.

My Take on 2025 (and What the VREB Says):

Laurie Lidstone, the 2024 Victoria Real Estate Board Chair, summed it up well: "2024 was a fairly calm year for local real estate...a year of stability and predictability." This is exactly what we want for a healthy market! The VREB also mentioned that consistent interest rates will help people make moves. I agree – stability is key.

The VREB is also advocating for gentle density development, which will help with our long-term inventory challenges.

My Advice:

The market is influenced by many factors, and predicting the future is impossible. But with consistent interest rates and the possibility of increased demand against limited inventory, it is key to be prepared.

Call to Action:

Whether you're thinking about buying or selling in 2025, I'm here to help you navigate this complex market. As your local expert, I can create a personalized strategy for you and your property.

Contact me today for a free consultation!

A Few More Numbers:

• At the end of December 2024, there were 2,290 active listings. This is down 19.3% from November but up 7.4% from December 2023.

• The benchmark price for a single-family home in the Victoria Core in December 2024 was $1,306,400, a 2.7% increase from December 2023 ($1,272,000) and a slight 0.3% increase from November.

• The benchmark price for a condo in the Victoria Core in December 2024 was $547,800, a 1.6% decrease from December 2023 ($556,500) but a slight 0.6% increase from November.

Stay in the loop! Subscribe to my newsletter for more market updates and local insights!

I'm here to help you achieve your real estate goals in Victoria!

– Jacqueline Ross

Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com 
YourVanIsleHome.com
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Keeping you informed on the latest mortgage rate trends and policy changes.

Bank of Canada Rate Announcement: The Bank of Canada lowered its key interest rate by half a percentage point today but signalled a slower pace of rate cuts moving forward.

The decision marked the fifth consecutive reduction since June and brought the central bank's key rate down to 3.25%. Read more about this here.

If you’re buying, lower interest rates can lead to more affordable mortgage payments, making it easier to qualify for a mortgage and purchase a home.

Our trusted mortgage partners are ready to help you understand the changes affecting your purchase or renewal. Send me a message if you'd like a referral to a mortgage broker.

Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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