]|ÅËá hÑwtàx July, 2009 Uç ]|Å WxÜzÉâáÉyy How’s the Market?” 946 purchases in Victoria think it is great! WHAT TO TAKE TO BED WITH YOU VICTORIA REAL ESTATE MARKET CONDITIONS Housing Sales Surge Put your car keys beside your bed at night. If you hear a noise outside your home or The arrival of summer saw a significant surge in property sales someone trying to get in your house, just press the throughout the Greater Victoria area along with modest price increases panic button for your car. The alarm will be set for single family homes and townhomes. A total of 946 homes and other off, and the horn will continue to sound until ei- properties sold in June through the Victoria Real Estate Board’s Multiple ther you turn it off or the car battery dies. This Listing Service (MLS), up over 7% from the 879 sales in May and up 31% tip came from a neighbourhood watch coordinator. compared to the 723ales in June of last year. Next time you come home for the night and you Victoria Real Estate Board President, Chris Markham, says the start to put your keys away, think of this: market has regained strength faster than anticipated, “For the past couple It's a security alarm system that you of months we have seen growing strength in the market as many people who probably already have and requires no installa- were waiting to see which direction the market would move in have decided tion. Test it. It will go off from most every- now is the time to buy. However, the rebound has been stronger than we where inside your house and will keep honking anticipated and this bodes well for the coming months” Markham noted until your battery runs down or until you reset it that the number of sales in June was very close to the 949 sales in June of with the button on the key fob chain. It works if 2007...the peak of the recent market. you park in your driveway or garage. If your car There were 3,794 properties available for sale at the end of June, alarm goes off when someone is trying to break down 16% from the 4,513 properties available in the same month a year into your house, odds are the burglar/rapist won't ago. “The decline in the number of properties available for sale is making it stick around. After a few seconds all the more of a challenge for REALTORS to find the kinds of homes buyers are neighbours will be looking out their windows to looking for,” noted Markham. “The drop in available inventory is also see who is out there and sure enough the criminal reflected in the price increases for single family homes and townhomes that won't want that. And remember to carry your keys we saw last month,” he added. There were 26 sales of single family homes while walking to your car in a parking lot. The alarm can work the same way there. This is some- of over $1 million throughout Greater Victoria, including 1 in Oak Bay of thing that should really be shared with everyone. over $5 million. Maybe it could save a life or a sexual abuse crime. The average price for single family homes sold in Greater Victoria last month was $588,186, up from $573,442 in May. The overall average I am sending this to everyone I know price of condominiums was $298,200, down slightly from $306,971 in May. because I think it is fantastic. Would also be use- The average price of all townhomes sold last month was $413,218, up from ful for any emergency, such as a heart attack, $400,788 in May. where you can't reach a phone. My Mom has sug- gested to my Dad that he MLS sales last month included 539 single family homes, 242 con- carry his car keys with him dominiums, 104 townhomes and 18 manufactured homes. in case he falls outside and For more information, visit www.jim4homes.ca click on market she doesn't hear him. He can activate the car alarm and conditions. Scroll down to summary reports and graphs. then she'll know there's a problem. For more information, go to www.jim4homes.ca Did You Know Mortgage Rates (Fixed Rate Mortgages) • If you cut off the wide end 1 year closed: 2.90% Prime Rate: 2.25% of each stem before storing, 3 year closed: 3.15% As of June 29, 2009 5 year closed: 3.79% you will have juicer carrots 7 year closed: 5.05% 10 year closed: 5.15% • To keep cookies fresher store 5 year Closed Variable: 2.65% them in an ice bucket Home Credit Line: 3.25% • If you put the cheese grater In the freezer before use it Go to jim4homes.ca will keep cheese from sticking click onto Mortgage Rates and Calculator for your inquiries. Make Sure You Understand Buying Recreational Property Closing Costs Summer’s here, and many Canadians are taking a look at the investment and lifestyle benefits of recreational property. Whether Whether you are among those who your perfect place is a cottage by the lake or a cabin in the mountains, are buying a home this spring or are still you should be able to obtain financing on a second home with the same contemplating a move, it pays to be informed terms as financing on your principal residence. about the closing costs you may have to incur How much you can afford to borrow depends on the size of when completion date comes on the closing of your down payment, your income, mortgage interest rates, as well as your real estate purchase. Many homebuyers your other financial obligations. A mortgage consultant can obtain a are startled to learn that after they arrange mortgage pre-approval, which will give you a clear sense of how much their mortgage they have to pay a range of you can reasonably spend. additional fees to finalize the deal. With a growing number of mortgage options on the Canadian Your exact closing costs will depend market, as a prospective borrower you should understand your financ- on where you live, how much you are borrow- ing options. Emotion shouldn’t trump common sense when it comes to ing, how you finance your mortgage and your buying vacation property. Buyers need to do their mortgage home- closing date. The rules and regulations sur- work, and the advice of a mortgage consultant can help them get the rounding the various mortgage fees are com- most for their vacation home dollar. plex, and can vary from lender to lender. Another option is to stay home and enjoy our own backyard with BBQ’s and friends. You can also take a tour of your own city, A mortgage professional can offer and find interesting things to do. Let’s be a visitor in our own home you a wealth of advice on what these closing costs are, which ones you’ll have to pay, and town or city. even how to minimize what you pay. He or she can answer your questions on costs you may encounter such as the land transfer tax, title insurance, as well as fees for an appraisal and/or a home inspection, a land survey, and legal services. Would you feel comfortable introducing me to the friend’s, relatives and neighbours you care about, who can use my help?
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