We have had a fantastic summer and amazing weather, and the Greater Victoria Real Estate Market has been just as hot! After having one of the best spring markets since 2008, the summer has continued with rising sales numbers and decreased listings. In June 910 properties sold in Greater Victoria which was a 33.8% increase over June 2014. July sales were consistent with summer trends and down from the spring, but there were still 796 properties sold compared to 681 the same month last year, a 16.9% increase. We are sitting at 3,942 active listings right now for the entire Victoria Real Estate Board which is 13.7% fewer than the same time last year when we had 4,570 active listings. The value of a Benchmark single family home in the Victoria Core also increased to $599,800 last month, that's a 6.3% increase over the same time last year of $564,300!
CMHC announced last month that as of September 28th, 2015 they will allow 100% of the total rental income from a legal secondary suite to be used when qualifying for a mortgage, previously they used 50% of the rental income. CMHC is Canada's largest default mortgage insurer and this change applies to mortgages with less than a 20% down payment. This will be a huge help for first time home buyers and home affordability. The bank of Canada also lowered their interest rates in July, making home ownership even more affordable! If you get pre-approved now for a mortgage your lender can put a hold on the current rate for 90 days while you search for your home.