Because your investment properties may well be part of your extended overall investment portfolio, selling them is probably one of the most important decisions you will make in your life. And once you have made that decision, you'll want to sell your investment properties for the highest price in the shortest time possible without compromising your sanity. Before you place your investment property on the market, here are ways to help you to be as prepared as possible.
To assist those investment owners affected by the new taxes in British Columbia, a new industry report has just been released called "What we know about the Speculation and Property Tax Transfer taxes and what to do first to get the information you need” It tackles the important issues you need to know to make your investment property competitive in today's tough, aggressive marketplace.
Through these 3 tips, you will discover how to protect and capitalize on your most important investment, reduce stress, be in control of your situation, and make the most profit possible.
In this report, you'll discover how to avoid financial disappointment or worse, a financial disaster when selling your investment property in British Columbia. Using a common-sense approach, you get the straight facts about what can make or break the sale of your investment property. Bottom line is these new taxes are complex, require a review of your entire portfolio and tax position as well as understanding how these changes (combine with other municipal Airbnb and Residential Tenancy changes) will potentially affect the entire Victoria Real Estate market.
ORDER YOUR FREE REPORT NOW, YOU OWE IT TO YOURSELF TO LEARN HOW THESE BRITISH COLUMBIA PROPERTY AND SPECULATION TAX CHANGES WILL AFFECT RESALE MARKET CONDITIONS NOW AND MOVING FORWARD.
Knowing this will give you the competitive edge to get your investment property sold fast and for the most amount of money. We are currently working with clients caught up in this situation so we are eager to help you navigate your best path.
Victoria real estate market continues to adapt in the changing times
August 4, 2020 A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 per cent more than the 706 properties sold in July 2019 and 21.2 per cent more than the previous month of June 2020. Sales of condominiums were up 11.2 per cent from July 2019 with 239 units sold. Sales of single family homes were up 61.1 per cent from July 2019 with 559 sold.
"If we look at the numbers alone, June and July were unseasonably busy months and the number of sales this month are on the higher end of our market for a typical July," says Victoria Real Estate Board President Sandi-Jo Ayers. "But we are not in a typical season. We cannot derive an ongoing trend nor forecast by looking at activity because we know the market is subjected to unusual factors amidst a health crisis. Our spring market was delayed because of the pandemic. It is likely that our spring demand moved into summer now that folks are moving around our community more freely. Time will tell if these factors are resulting in a very compressed cycle of activity or if this trend will persist in the fall."
There were 2,653 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2020, 10 percent fewer properties than the total available at the end of July 2019 and a 1.7 per cent decrease from the 2,698 active listings for sale at the end of June 2020.
"A big factor in our market right now is that we continue to see this very long term, very low supply of inventory which puts pressure on our market and prices," adds Ayers. "Though we had a good number of new listings come to market this month, many of those listings were snapped up by buyers. Our average active listings for July over the past ten years is 3,767 but our current local inventory is more than a thousand properties less than that. Right now we have a lot of demand for single family homes – without the numbers to meet demand - prospective buyers are often entering into multiple offer, competitive situations or are unable to find appropriate properties. It's a challenging market to navigate, but your REALTOR® is standing by to help should you wish to discuss a strategy to buy or sell a home in our current market."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2019 was $861,100. The benchmark value for the same home in July 2020 increased by 5.7 per cent to $910,400, 1.6 per cent more than June's value of $896,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2019 was $520,900, while the benchmark value for the same condominium in July 2020 increased by 1.7 per cent to $529,900, 0.8 per cent more than the June value of $525,600.
About the Victoria Real Estate Board – Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,374 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
I hope this finds you all healthy and well, and able to expand your bubbles to enjoy some face to face time with those that you missed.
WIth the gradual re-opening of our province, we are seeing a lot of activity both from buyers and sellers, and I would like to reassure you that our main priority is still to assist you in buying or selling...safely.
If you are a home buyer, have a look at my below video about how I ensure that you don't over pay for a home.
Take care of yourselves and each other.
Home Buyers: How do you know what a fair price is to pay for a home? Have you heard of a Reverse CMA? Ask how much FREE Service prevents buyers from overpaying for their home!
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Habitat for Humanity Victoria brings communities together to help families build strength, stability and independece through affordable homeownership.
Some 14% of renter households in the Capital Region are defined as being in "core housing need", meaning they do not live in, and are unable to access housing which is affordable, in adequate condition, and of suitable size. An affordable home provides the strong foundation on which families can build their future.
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