Welcome to Woodland Creek, recognized as one of Sooke's most livable neighborhoods! Built in 2017, this 3 bed, 3 bath plus den home offers over 1800 sq ft of living space...
Courtesy of Pemberton Holmes - Sooke
Nestled in the desirable Mill Springs subdivision, this impeccably maintained craftsman-style home effortlessly combines style & functionality. This family-friendly resid...
Courtesy of Engel & Volkers Vancouver Island
Welcome to 3211 Willshire Drive, a substantially renovated, beautiful home located in the thriving Western Communities. This property features a combined total of 6 bedro...
Courtesy of JKS Realty & Property Management
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Homes between $700,000 and $1,500,000 are the most popular property category in Victoria right now, mainly due to affordability factors. You can find houses in this price range on MLS® anywhere in Victoria right now, including in Oak Bay. Some lLuxury homes in this price range can still be found in Langford and Colwood. Government interference in the housing market, with it's undermining impact on affordability, via stress test rules, underwriting criteria and fiscal policies, as well as the environmental lunacy, and catering to NIMBY pathology by all levels of government will continue to plague the region.
Price range is an important financing consideration. Properties located in the Greater Victoria region, the CMHC's maximum purchase price or insurable amount was set at $1,000,000. This means that if the purchase price of a property in these areas exceeds $1,000,000, borrowers would be required to make a down payment of at least 20% in order to avoid mortgage loan insurance. Mortgage guidelines and regulations can change over time. Therefore, I recommend checking with the Canada Mortgage and Housing Corporation (CMHC) or consulting with a mortgage professional for the most up-to-date and accurate information on the CMHC price limits for high ratio financing.
There are several tax considerations to keep in mind. Here are some key factors to consider: Property Transfer Tax (PTT): The Property Transfer Tax is a tax imposed on most property transfers in British Columbia. The tax rate is based on a sliding scale and is calculated as a percentage of the property's fair market value. The tax rate is 1% on the first $200,000 of the property's value, 2% on the portion between $200,000 and $2 million, and 3% on the portion exceeding $2 million for residential properties. First-time homebuyers may be eligible for a partial or full exemption from the PTT. Goods and Services Tax (GST): The GST is a federal tax of 5% that applies to the purchase price of newly constructed or substantially renovated homes. However, there is a GST rebate available for homes priced below a certain threshold. If the purchase price is below the rebate threshold, you may be eligible for a partial rebate.
Property taxes are levied annually by local governments based on the assessed value of the property. The tax rates can vary depending on the municipality and are subject to annual changes. It's important to research the property tax rates in the specific area you're targeting and factor them into your budget.
Speculation and Vacancy Tax (SVT): The Speculation and Vacancy Tax is a provincial tax that applies to properties in certain areas of British Columbia. This tax is aimed at addressing housing affordability issues and discouraging property speculation. The tax rate varies depending on the property owner's residency and whether the property is vacant or used as a principal residence or rental property. It's essential to determine if the property you're considering is subject to the SVT. Foreign Buyer's Tax: British Columbia has implemented a tax on foreign buyers in certain areas, such as Metro Vancouver.
This tax is an additional property transfer tax of 20% on the purchase price for foreign nationals or foreign-controlled corporations. It's important to consider if this tax applies to you if you are a foreign buyer. These are some of the main tax considerations when targeting a price range for a home purchase in British Columbia. However, tax laws and regulations can change over time, so it's crucial to consult with a real estate professional or a tax advisor who can provide you with the most up-to-date and accurate information based on your specific circumstances.
We are still seeing quite a few bidding wars in this price range due to affordability factors, tax considerations, and high ratio financing concerns. The government needs to bring their taxation and financing policies in line with the dramatic changes to home price in the Greater Victoria region. Most homes and houses in the medium price ranges can be found in Saanich, Esquimalt, section of Victoria View Royal, and the Western Communities like Colwood, Langford, or Sooke.
Searching in the range of $1,000,000 to $2,000,000 is probably a more realistic price range for single family homes for Sale in Greater Victoria right now. The kind of single family home you can expect to buy in this price range in Greater Victoria buy can vary in terms of size, age, and condition, but will generally range in size from smaller, more compact houses in reasonable conditions to larger homes that will need a bit of work. The square footage of homes within your price range can typically range from around 1,500 square feet to over 3,000 square feet.
However, it's important to note that the size of the home can vary based on factors such as location, neighborhood, and specific property listings. The age of single-family homes in this price range in Greater Victoria can also vary significantly.