Vancouver Island Housing

Please read this page on Vancouver Island Housing in conjunction with our main Buying A Home In Canada

If you are looking to buy your own house there is plenty of choice on the Island with both pre owned homes and new builds.

Looking for a Relocation expert? Then you have found the right place. Sue and Frank Gerryts (photo to right) are licensed Realtors who specialise in offering the most complete relocation service for British Columbia. Whether you are moving within Canada or arriving from overseas they have the knowledge, expertise and local contacts to ease you into your new life in the Vancouver Island area. With a broad network of professional contacts they are able to assist anyone moving anywhere in the Province of British Columbia.

Here is the latest market information from the Vancouver Island Real Estate Board (VIREB):

The average sale price across the VIREB region for November 2006 was $293,048. This is a 9 per cent increase from the $266,954 posted at the end of November 2005, and a small decline from October 2006.

Unit sales volumes in November 2006 were down across the VIREB region by just over 5 per cent from November 2005.

VIREB President Darrell Paysen says it remains a more balanced and sustainable market.

"We're back to what we consider normal. We're continuing to see an upward trend in prices while unit volume is down," Paysen says. "There is less sense of urgency because of the greater available inventory of properties and we're now into the traditional slow down around the festive season."

Average sale prices across VIREB's six zones, from November 2005 to November 2006: Campbell River increased 15 per cent (to $273,898), the Comox Valley was up 11 per cent (at $282,344), Nanaimo is up 7 per cent (to $311,417), Parksville/Qualicum grew 3 per cent (to $323,975), Port Alberni increased 5 per cent (to $199,661) and Duncan's increased 16 per cent (to $321,847).

"The market has corrected and shifted away from a straight seller's market. What we're seeing now is opportunities for both sellers and buyers who are realistic in their expectations," Paysen explains.

Paysen says the outlook for the New Year is for more of the same.

"We're continuing to anticipate price increases in the 5 to 10 per cent per annum range, and a leveling off away from the record pace of the last few years," he says. "It will continue to be an active, sustainable market."

To contact Frank and Sue for more information, to register for their fantastic monthly newsletter or find out more detailed information from the experts just simply complete the contact form below.

We have formed a partnership with one of the foremost International Currency Transfer companies - HIFX. Our friends and family are currently using their world class service and have found out for themselves the enormous difference they provide over the Banks. If you would like to be contacted by one of HIFX's sales professionals to learn why they are world renowned currency specialists and how they offer no commission/no fee transfers with the best rates - please annotate the "HIFX email" check box accordingly. No contact will be made without this permission.

New Home Builders

There are a multitude of New Home Builders in the vancouver island housing market and it is definitely worth teaming up with one of the reputable firms. They may be slightly more expensive but will be worth it in the long run especially when it comes to warranty work and completing the project on time.

With a new build you should receive a minimum 1 year builders warranty (some now offer more). The builder should schedule a series of inspections throughout their warranty period to deal with any issues and should also respond to urgent problems (loss of heat in winter, dangerous faults etc.).

In most cases you will be able to use the builder's lawyer free of charge to close the transaction but in the event of legal issues they will represent the builder and you will have to find your own.

The mortgage provider will require a home inspection which is normally a paperwork exercise with a fee attached! New Build homes will attract GST of 6%, up to 3% can be rebated directly to you by the builder off the price - the amount depends upon the value of the property you are buying. This will then be confirmed by Canada Revenue about 6 months after the sale. It's a very long winded way of doing it, but basically there is a good chance you will not be charged GST at the full 6% on the sale! This should be confirmed in writing by either your realtor, the builder or your lawyer before you sign any contracts.

Depending upon the deal negotiated with the builder, be prepared for a lot of expense to landscape and fence the gardens, any basement development and all the "small" things add up like curtains and fittings.

One thing to be aware of are any "architectural changes" that have to be made the the house or lot once the plans are drafted. These can sometime add up to several thousand dollars and will be the buyers responsibility to cover. Make sure that any chance of these fees affecting you is explained in detail!!

Overall, it is nice to know that the warranty will cover everything while you concentrate on settling in to your new life! One thing you mustn't overlook is the insurance requirements - most mortgage providers insist on it for the building and it makes sense to cover your possessions too.

Pre Owned Homes

With the houses being wooden, some major maintenance could be required - most roofs last 10-15 years and pest infestation will have serious consequences for example. A solicitor is essential for your legal protection and to ensure a smooth possession.

Some extremely creative financing is available to enable those who won't qualify for the full mortgage amount to purchase their own property. Because of the unique opportunities for financing your own home in Canada it is imperative that you take expert advice to ensure that you know all of your options.

Some of the benefits of a pre-owned home are that it will normally be landscaped, could be developed in the basement and any teething problems should have been dealt with. There will be no GST applied to the house price which is quite a saving, though the price of the house will be adjusted for the landscaping etc. The most important benefit is that you may be able to take possession very promptly and could save you money on a rental property.

Renting

Please ensure you shop around and find a decent, well maintained property. It is very important for your safety that you ensure that the property is correctly maintained. There are plenty that aren't and could have potentially dangerous faults due to lack of maintenance, illegal development by an unqualified tradesman and non adherence to building regulations and safety standards.

Ensure you understand your Rights and Obligations before signing any rental agreement. Before you even consider renting , definitely download and read this great information package by the Tenants Rights Action Coalition - The Tenants Survival Guide Don't worry about the political sounding name, its a great site with ALL the information you need written very well. Oh yes, its free as well!

Good luck, hopefully you'll find the home of your dreams in the vancouver island housing market!