Category: Uncategorized

The newly introduced Short Term Rental Regulations in BC aim to address the
challenges posed by the rapid expansion of the short-term rental market, particularly in
the context of its impact on the availability of long-term housing. Premier David Eby
emphasizes the need to turn short-term rentals into homes for people, highlighting the
strain on the affordable housing market caused by the surge in short-term rental listings.
The legislation focuses on three key areas:

1. Increasing fines and strengthening tools for local governments:
   Fines for operators breaking local rules are set to increase, with an
   emphasis on supporting local municipal bylaws.
   – Online short-term rental platforms will be required to share data with both
   the Province and local governments, enhancing enforcement capabilities
   and supporting tax auditing.
   – Short-term rental platforms must display business license numbers on
   listings used by local governments, ensuring compliance with local rules.
   – Regional districts gain the authority to issue business licenses, enhancing
   their ability to regulate short-term rentals in rural areas.
2. Returning more short-term rentals to long-term homes:
   – Short-term rentals in BC will be allowed only in the principal residence of a
   host in municipalities with a population of 10,000 people or more.
   – The legislation will remove legal non-conforming use protections for short-
   term rentals, discouraging investors from taking advantage of loopholes.
3. Establishing provincial rules and enforcement:
   – provincial host and platform registry will be established by late 2024 for
   increased accountability.
   – A provincial short-term rental compliance and enforcement unit will be
   launched to ensure adherence to the rules.

The phased-in approach includes:

Phase 1 – Increasing fines: Immediate implementation, focusing on higher fines
and improved tools for local governments.

Phase 2 – Releasing short-term rental units to long-term use (May 1, 2024):

• Enacting the principal residence requirement.
• Removing legal non-conforming use clause.

Phase 3 – Introducing platform accountability measures (Summer 2024):

• Requiring short-term rental platforms to include business license numbers
  on listings.
• Requiring platforms to provide information about listings to the Province
  for enforcement.

Phase 4 – Creating provincial oversight (Late 2024):

• Establishing a registry for short-term rental hosts.
• Launching a provincial compliance and enforcement unit.

These changes are part of the broader Homes for People action plan, aiming to address
housing challenges and create vibrant communities. The legislation exempts certain
communities, including resort regions, from the principal residence requirement.
However, it provides flexibility for larger communities with vacancy rates above 3% to
opt-out of the requirement.

In conclusion, these regulations are a comprehensive response to the challenges posed
by the short-term rental market, aligning with the goal of ensuring homes are available
for long-term residents and contributing to the overall stability of the housing market.

Whether you are shopping for your first home, upgrading or downsizing, finding the right borrowing product can be just as important as finding the perfect space.

As interest rates have risen rapidly, finding the right product to fit people’s financial picture has become more confusing and stressful than ever before. The standard 5-year fixed rate mortgage has become less appealing to many and variable rate mortgages have become more risky due to the correlation between their rate and the ever changing policy rate.

Navigating Victoria BC’s Real Estate Market: Expert Insights on Optimal Mortgage Options

Studies have shown that 1 in 4 new home buyers and renewals have started choosing shorter terms in hopes that rates will soften in coming years. According to the CMHC (Canadian Housing and Mortgage Corporation) in January 2023 36% of new mortgages had terms between 1 and 3 years. 28% were fixed rate terms between 3 and 5 years. Which is a deviation from the standardly sought after 3-5 year terms.

Reports are showing that borrowers and economists alike are expecting rates to soften from their impactful 15 year high. Given that the current offerings show a minimal difference between commitment terms, shorter terms have given consumers the option to ride out the Bank of Canada’s interest rate hikes. 

According to Desiree Palfrey of Paragon Mortgages in Victoria, shorter terms have become the more beneficial option for many consumers. Her main suggestion is to follow what fits best to your financial picture. When shopping for the right mortgage product the best approach is to sit down with a mortgage professional like Desiree Palfrey and discuss in detail what your outlook is for the duration of the term you are considering. She will assess your needs and goals as well as your risk tolerance during the process of the mortgage. 

Every borrower is different and whether it is your Real Estate Agent or Mortgage Professional both have a responsibility to ensure you end up with the home and borrowing option that fits you best.

Both Jeff Bishop and Desiree Palfrey offer expert advice with a tailored personal approach that is crucial for successful real estate transactions.

As March comes to a close, we are seeing the return of blooming flowers, longer days and much needed warmth. Southern Vancouver Island can breathe a sigh of relief as we look around and see cherry blossoms and later sunsets. This time of year also brings one of the most exciting times in Real Estate – Spring Market!

If you are considering Listing your home during this Spring in: Victoria, Langford, Colwood, Sooke and it’s surrounding areas we have compiled a list for you to help prepare your property to hit the market:

5) Attend to Outstanding Repairs

Remember that running to do list you have been meaning to get to for a while? Now is the time to tackle it. Holes and scuffs on walls, broken light switches, squeaky doors and any other items that have been on your mind should be attended to when you are preparing your home for Listing.

4) Spring Cleaning

A clean and nice smelling home provides the ability for prospective Buyers to focus on the space itself, as opposed to hidden messes and the aroma of last night’s dinner. Clean baseboards, window sills, and interior and exterior windows as required. If your carpets are looking a little worn, a carpet cleaning may be in order. Whether you attend to these tasks yourself or hire someone to take care of it for you, a clean home is a crucial part of the Listing process. We work with several cleaners in the Greater Victoria area and we have a list of options available for you in the event that you need them.

3) De-Clutter and Minimalize Personal Items

Clear that pile of receipts, put away the stack of books and clean up the kids toys. Utilize baskets and closet organizers to efficiently organize and store those items that haven’t yet found a home. Though minimizing personal items around the space might feel strange, it is best to keep in mind that anything out in the open will end up in the Listing photos. Once the Listing hits the Multiple Listing Service and it’s partnered websites, anything in the photos will become public. Tuck away anything you wouldn’t want displayed on the internet or visible for people coming through during viewings.

2) Exterior Cleaning and Maintenance

The curb appeal of a home is just as important as interior presentation. Winter can bring many variables that impact your home’s exterior on Southern Vancouver Island. Whether it be tired looking grass, fallen trees and branches or tired looking flower beds, attention to these details can make a big difference in how your home presents itself. When you attend to revitalizing and tidying the exterior of your home it will help prospective Buyers envision their families enjoying the space and how they would be able to make the most of it. We also work with a group of experienced landscapers in the event you would like to hire someone to attend to this aspect of preparation.

1) Schedule Photos

As well all know the weather on Southern Vancouver Island can be temperamental at best. With the assistance of Jeff Bishop, assess the week’s upcoming weather and choose a day that will heed the best results. Choosing a sunny day for photos will help the lighting and appearance of your property overall. The sun and favourable lighting helps any home look more appealing. Even if Listing might be a little bit in the future, getting photos done on a sunny day helps assist in getting the Listing to market promptly when the time comes.

Preparing your property to hit the market can be overwhelming and we are here to help in anyway we can with our skillset and expertise. We have partners in the Victoria area that are ready and willing to help get your home to market while lightening your load.

Jeff Bishop

When shopping for a home many factors can come into play. Bedrooms, bathrooms, potential for/or presence of a suite, land type, and location are all items that standardly come to mind when many people begin their search. School catchments are often items of importance when you have children, but they can play an important role in consideration even when children aren’t a part of your family picture.

Every year schools are assessed based upon student performance, to see where they have done well and where they can improve. There are several indicators that are taken into consideration when arriving at these rankings. Key Academic Indicators and Foundation Skills Assessments do the bulk of determining. Different zones appeal to different buyers for different reasons, and it is important to know what your wants and needs are of a community as much as the structure of your future home.

In a recent study it was found that that 84% of purchasers want data on applicable school catchments during their housing search. A strong housing catchment can have impacts on the surrounding community in its area. It can offer access to things like community events, summer camps and adult activities, parks, entertainment and child care. Homes in better school zones can face a minimal increase in property taxes. Which some may see as a detractor. In most cases, higher resale value can make it extremely advantageous.

If the data on school catchments is important to you, the Fraser Institute releases new data each year. It is separated by Elementary school rankings and Secondary school rankings and offers valuable insight on schools in your preferred region. It can be a powerful tool in helping you find your dream home in your perfect community!

I am always here to help if you have any questions,
Sincerely,
Jeff Bishop.

BC Assessment values have been released for 2022. The value provided gives you an estimated figure of the dwelling and land value based upon the assessment performed in July of each year. Factors that are taken into consideration for values include: present use, location, original cost, replacement cost, revenue or rental value, selling price of land and improvements, as well as zoned land use. That value then determines which each homeowner owes in property tax.

Housing value is a complicated figure to arrive at. When preparing to list a property, seek the assistance of an experienced Real Estate Professional and have them conduct a Current Market Assessment (CMA) on your behalf. These reports are complimentary and give you an opportunity to understand the complete picture when arriving at a value for the Listing of your home. It also gives you an opportunity to get to know the REALTOR® before the property hits the market. As the market continues to shift it is crucial that you employ professionals that have seen the tides of change in the markets before and know how to maneuver through the variables that can arise during the process. The goal is always to create a favourable and informative client experience.

Questions? I am always here to help!
Jeff Bishop

My mantra has always been to “treat others like I would want to be treated” and I take great pride in helping my clients achieve their buying or selling goals. Recognizing the value or repeat business and client referrals, I work hard to provide you with a level of service that you would be proud to recommend to your friends and family. After all, referral of your friend and family is the greatest compliment that I can receive!

My average ranking on rankmyagent.com, a Website where the public and search for qualified Real Estate Agents in their community, is 4.95/5 and I am very honoured with this rating. So I encourage you to please go ahead and look up my reviews! I couldn’t be in this business without you and am sincerely grateful to my clients, friends, and family for their constant support. Thank you for choosing me to be your REALTOR®!

Two of the biggest stressors for DIYers are projects that cost too much or take too long. Unfortunately, there’s no sure way to guarantee that one or the other (or both) won’t happen. But there is a lot you can do to minimize the probability.

When budgeting, a big mistake DIYers make is not considering the little things. For example, you might budget for drywall panels but neglect to include the cost of nails, tape and plaster. It’s easy to overlook these small items thinking they won’t add up to much of an expense. But often they do. In fact, for many renovation projects, the little things account for up to 20% of the cost.

Another expense that is often overlooked is taxes. When you find a bathtub you like for $399, be sure to budget for what you’ll actually pay out-of-pocket. Also, don’t forget possible delivery expenses.

A budgeting tip many experts recommend is to price everything you need and then add 10%. That gives you a buffer.

Regarding scheduling, consider whether or not you’ve done this type of project before. If you’re laying hardwood floors for the first time, there’s a learning curve. You’ll likely take two or three times longer than you would if you were more experienced.

Even if you have experience with the type of project you’re undertaking, it’s human nature to underestimate how long it will take. So, if you feel confident you can install that sink in an hour, give yourself two.A lot of this, of course, is common sense. But if you take a common sense — rather than an optimistic — approach to budgeting and scheduling, you’ll stand a much better chance of your DIY project going smoothly. 

One Hour Ideas for Boosting Curb Appeal

You’ve heard of the term “curb appeal”. It refers to the initial impression buyers get when they first see your property from the street. If the impression is a good one, it sets the right tone for the rest of the home viewing.

 
How do you boost curb appeal?  Here are some proven ideas that you can get done in an hour or so:

·         Wash both the inside and outside of the front windows. You’ll be amazed at the difference that can make.

·         Sweep the walkway leading up to the front entrance. Add a new welcome mat. Also, wash down the front door.

·         If possible, remove cars from the driveway. Let buyers imagine their own cars parked there!

·         Mow the lawn. Lightly trim the hedges. Weed flower beds.

·         Remove anything from inside window sills that may look unsightly from the outside. Try putting a couple of flowering plants there instead.

·         Place any trash bins out-of-sight. For example, put them in the garage or neatly at the side of the house.

·         If the entrance door hardware is old and worn, change it. New hardware can make a bigger difference than you might think.

·         Make sure the outdoor lights are working, especially if you’re showing your home in the evening.

·         Add some flowering plants to flower beds, or buy a couple of portable potted plants and place them strategically.

·         Clean your mailbox. If it’s rusted, replace it.

·         If you have a power washer, give the walkway and driveway a quick blast. Just be sure it will be dry before the buyers arrive.

These one-hour improvements may seem minor, but anything that helps buyers form a more positive first impression of your home is worth the effort.

When you sell, you’ll probably want to get the best possible price for your property. Who wouldn’t? Unfortunately, there are many ways to inadvertently leave money on the table – sometimes thousands of dollars.

How do you avoid that possibility? Just remember the 4 Ps:

·         Prep. Do everything you can to prepare your home so that it looks great to buyers. Clean, declutter, fix, make improvements. Home staging can also help. In fact, effectively staged homes have been shown to sell for up to 5% more than comparable unstaged properties.

·         Price. Set the right asking price. That’s crucial. If it’s too low, you’ll attract only deal-hunters — and you might end up getting less than you should. If the asking price is too high, however, you’ll discourage those buyers who might otherwise be interested and willing to make a good offer. Be careful with pricing!

·         Promotion. There may be qualified buyers out there who would be eager to see your property. But, they need to find out about your listing and the great features of your home first! Reaching these buyers requires more than merely profiling the listing on the MLS. Homes that sell for top dollar often have strong marketing — directed to the right buyers.

·         Proposal. Once an offer comes in, there may be an opportunity to negotiate with the buyer to maximize the final price you get. This requires deep knowledge of the local market as well as street-smart negotiation skills. If done effectively, these negotiations can help put more money in your pocket.

These four Ps are easy to remember, but sometimes not so easy to implement! That’s why working with a great real estate agent is so important. Contact me to get the conversation started.