Do you know of someone who has wished to live in a tiny home? The idyllic setting on a forested piece of land near a creek?

What a romantic idea! Unfortunately, just as in some romances, you might end up heart broken….

Why aren’t there more year round liveable tiny homes in the area?

The answer isn’t simple.

Some questions to consider:

Is the tiny home on wheels, is it a recreational vehicle or is it a building?

If it is on wheels, then it might be a recreational vehicle - like an RV?

If it is not on wheels then it might be a building?

If it is a building meant to be used as a dwelling, does it have CSA approval? If not, then it requires a building permit and land suitable for a permit for this type of home. It must also have the needed infrastructure for water, sewage disposal, power hook ups and a substructure or foundation.

This is where the romance might result in heart break:

From Cowichan Valley Regional District: A tiny home (on a chassis with wheels) “may be used for intermittent camping at an approved camp site, but it is not designed for permanent human habitation. Placing this structure on your land for the purpose of using it as a year-round dwelling will be a violation of your local Zoning Bylaw and the BC Building Code”. In North Cowichan Municipality - a “factory built” tiny home must follow “regulation being the BC Building Code” and have manufactured home CSA approval. 

Where can you find the piece of forested land near a creek?

Ask your real estate professional to look for freehold land.  Always check with local municipal planners to see if your type of tiny home would be permitted for year round or seasonal use on the land. Minimum dwelling size requirement and distance watercourse setbacks may apply.

If other dwellings exist, zoning suitable for a secondary dwelling unit would be necessary.  Consider that your “tiny home” would need to meet manufactured home standards requiring CSA approval. (CSA Z240 MH or CSA A277) or would require a building permit and must meet BC building code.  The land would also need to have an ample water source and approved sewage disposal. 

Consult a trusted real estate professional and check with local municipality zoning bylaws, before you commit to your tiny home romance. To find that perfect home or for more information on the subject, contact Vida Glaser,

Canada has committed to reach net zero greenhouse gas emissions by 2050, and we have many ways to get there. As concerned individuals, we often ask ourselves, , “What lifestyle changes can we make that reflect these goals?”

It seems to be a well known trend on Vancouver Island, but if you haven't been following the market, here is some news about the early spring real estate market in the Victoria area and on Vancouver Island in general.

Blossoms are poking out in many places.  This usually signifies a tapering off of rain and the start of the warmer, spring real estate season.

 In the words of Victoria Real Estate Board President David Langlois; “Our bustling market continues to be fuelled by strong consumer demand to own a home in the Greater Victoria. This is driven in part by low interest rates and by the overall desirability of our larger community. This continuing demand, coupled with our record low inventory, has resulted in competition for desirable properties. The competition for sparse inventory has pushed both pricing and activity up and has created the very fast-paced market that we've been experiencing for the past several months."

Prices are pressured upward, with low supply in the early, spring months.  If you are looking for a good and safe investment, Vancouver Island properties are a good bet.  Buy now into the market and see your investment increase in value over the busier (the) summer months. Last month alone, a single family home in the Victoria area  increased by 1.8%.  Single family homes in the Victoria area and the Peninsula have increased from 8.3%- 15.5% in one year.

If you need a professional REALTOR to help you or your clients get into the ever increasing Victoria or Vancouver Island real estate market, Contact me.

Vida Glaser REALTOR

Firstly, I hope this news letter reaches you well and healthy.

Many homeowners and investors are looking for predictions in the real estate market on Vancouver Island.  As no one would ever predict that COVID-19  pandemic were to transform the world health and economy, 6 months prior, a prediction in real estate would not be prudent. However there are historical comparisons and indicators of where the market may go, please keep in mind that the Real Estate industry’s direction is a moving target.

What the facts are ( It's not all good news) :

• “The S&P/TSX Composite Index capped off the first quarter down 21.59 per cent”

• Energy ( Stocks) : -38.2 per cent"- BNN Bloomberg April 1 2020 

• "OTTAWA — Canada lost a record-breaking 1 million jobs in March while the unemployment rate soared to 7.8 per cent, official data showed on Thursday” Financial Post April 9 2020

• "Evidence suggests housing activity will continue to improve into 2020, with prices either continuing to rise or accelerating in many parts of Canada. Indeed, many housing market indicators continue to support this outlook. " CREA Dec 2019 forecast

• "Mortgage interest rates have declined, including the Bank of Canada’s benchmark five-year rate used by Canada’s largest banks to qualify applicants under the B-20 mortgage stress-test. Though the decline in the benchmark rate has been modest, it is helping to improve homebuyer access to home purchase financing.”CREA Dec 2019 forcast.

The Positive News for Real Estate in B.C.: 

1. Currently, homes are holding their value. The real estate markets did not see the plummet in prices that stock markets saw in March. 

2. People will need to move. There is  a need for homes and supply of Real Estate.

3. 2020 started with low inventory.  Prior to COVID reality there was upward pressure of the need for housing inventory. Buyers are waiting in the wings.  There is a good likelihood that Vancouver Island will see another wave of buyers from Alberta seeking retirement or a change in life-style homes.

4. Forecasts suggest upward pricing within the year and maybe as early as summer months.

5. Mortgage rates are apppealing, making home ownership possible for new home buyers.

In summary, it is a good time to talk to me about selling your home.  Based on low inventory and low activity levels, I believe  there will be a surge in the Real Estate market activity when health and social-distancing restrictions are lifted.  Both for investors who have pulled out of stock markets and people downsizing or a need to liquidate their Real Estate assets will need to move to a more affordable home.

Real Estate services are essential services in BC. I offer all the required COVID safeguards to keep you and your home safe.  The Real Estate Trade is running, albeit adapted, almost the same as before.

We are fortunate to live in such a beautiful community full of natural beauty with a variety of homes.  Someone will want to purchase your home.

Be ready for the market to gain momentum soon, when social distiancing rules are modified.  If you are considering selling or buying now is a good time to talk give me a call.  As always, confidental. 

Call or Text. 778-966-9177 Vida Glaser  vidasellsvi@gmail.com

January 2019 Real Estate Statisics

Sales numbers decreased in December 2018. What does that mean in the housing market? Fewer properties sold, so more to choose from.

“A grand total of 7,150 properties sold over the course of 2018, 20 per cent fewer than the 8,994 sold in 2017. 2018 sales came in very close to the ten-year average of 7,351 properties sold. Condominium sales totalled 2,162 in 2018, compared to 2,783 in 2017. Single family home sales were down from 4,069 in 2017 to 3,187 in 2018. 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2017 was $832,000. The benchmark value for the same home in December 2018 increased by 3.2 per cent to $858,600, lower than November's value of $865,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2017 was $464,300, while the benchmark value for the same condominium in December 2018 increased by 8.2 per cent to $502,400, slightly more than November's value of $500,500.”

"The market in 2019 will continue to be quieter than in previous years, as buyers and sellers adjust to new market conditions and government policies," adds President Kerr. "Inventory is still quite low when you look at a longer range, which will continue to put pressure on pricing. Our overall economy is predicted to slow slightly, and that will likely mean a slower increase in interest rates but also slower growth. The good news is that savvy buyers will have more time to find their new homes, and that sellers will be under less pressure if they are planning to move within our market.

 This means more opportunity for buyers and that the market is approaching Normal values.  Watch for some price reductions while the market remains strong compared to Alberta.

Remember in evolving markets like ours, it's important to enlist the services of a REALTOR® to help you navigate what may be your largest transaction ever."

Finally, there is some clarity. Buyers should have their REALTOR verify if the property they purchase maybe subject to this tax.  BC Government website info:

"

Are you putting yourself and your biggest asset at risk?

For Sale by Owners…BEWARE

-You put yourself at risk of being sued or liable for misinformation or for non-disclosure on contracts; brokerages and associates would usually be the barrier to the home owner in this case.

-You risk losing thousands of dollars by poor pricing or poor exposure to the market to make your home price languish and get stale. Would you want to buy a stale loaf of bread? Your home is your biggest asset!

-Your real estate associate is trained in negotiating with the greatest benefit to, their client, the seller. They have a fiduciary duty to act in your best interest; with…… maybe the expert buyer.  Are you ready to haggle for the value of your home and to keep your equity for your most important asset?

-Would you feel comfortable selling your $400,000 retirement fund, with no expert advice, to a stranger?

Are you showing your own home, who is at risk?

-Who are you inviting into your home? Are they an interested neighbor – using your precious time to “look around”?  Are they a stranger who may be scouting out your home?  Have you told them when you are and aren’t home? Can they see children live here?

-Is there a security risk to being alone in your home with a stranger to you and your young or elderly family?  Is there a risk they may come back when you are NOT at home?

- Real estate associates a you professional real esate asscociate will pre-qualify a buyer to ensure their motive is to buy a home and keep your home safe and secure when it’s for sale.

Who saves the commission?  Will you be losing out on income?

-Buyers come in thinking they can save the commission, so they may “low ball “your price.

-Ask a buyer if they expect to pay full commission prices on a FSBO?.

-Are you offering the buyer’s agent 3.5% and 1.5% to come and see your home? If you are paying the same amount to buye’rs agents, are you really saving on the whole sale or just getting a discount for poor exposure and uncertain pricing and a lot of stress?

-Many professional real estate associates will not show their buyer’s a FSBO.  It may put their client at risk for a fraudulent sale or other legal issues, undisclosed defects, potential difficulty in negotiating with an emotional sale or having to haggle for or put their full commission at risk.  Are you missing out on buyers seeing your home?

-Sellers will have to incur their own cost up front for time and cost of advertising, internet posting, marketing to get the same exposure to the real estate market at their cost when full service brokerage associate commission covers this.

-Sellers will have to lower their initial listing prices to gain attention in the market, then what happens when an offer comes in, will they offer full commission prices then, or will they offer even less?

-Who determines if the listing is competitively priced, too high? =No interest, Too Low? =Risk losing income from the sale? This is you professional real estate associate’s business and goal: to be educated to professional and provincial standards to help you price your home right.

After having read this?

Who comes out on top of a “For Sale by Owner” ( FSBO)?  

You may have heard that Victoria Real Estate is experiencing higher prices due to the low supply compared to February 2017?  In Last months statistiics indicate that inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.  

Some buyers and sellers see this as low inventory for previous month and expect an increase of supply for the comiing months  Look again....In February 2015 there were 3,480 active listings for sale on the Multiple Listing Service® at the end of February, 7.7% fewer than the 3,770 active listings in February 2014. Total MLS® sales in February were 412, a 4.6 per cent increase over February 2013 when 394 units sold and a 20.5 per cent increase over the 342 sales reported to the Victoria Real Estate Board (VREB) in January 2014.

The high supply of homes on the market was due to low sales in previous years combined with higher inventory levels. 

Good news  for buyers , number of sales have decreased; March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year. We are seeing fewer sold, in the last month, so things may be settling down.  Builders are building up a storm, there are options for people who want to move to more suburban centres for lower prices. We might see and easing up of high prices and more Victoria homes available this spring.  The peak may have passed

Keep your eye out for a cooler market late this spring. March trends will give better indications of where the peak prices are going.

Calgary and area real estate markets are trending to more balanced conditions. Transition to higher prices will be slow. Detached inventory in Calgary was easing to lower levels in Jan. and Feb.  stablizing prices.  Sales to new lisitng ratio has improved from Feb. 2016 to Feb 2017, 39% to 55%.  Benchmark prices for detached homes were 1% lower than 2016. CREB says," sellers need to be realisitc with pricing".  We may have realized the bottom of prices and  it is forcasted to be a slow and steady recovery.