Today we did a little affordability exercise for Greater Victoria properties currently for sale. Unlike some reports in the media and some sources out in cyber land, there are many properties currently for sale that most would agree are very affordable.
This morning we did a simple Greater Victoria active listing search and found nearly 60 homes (all Condominiums) for sale under $ 200,000. This search was for all property types but did not include leasehold, coop, time share or partial ownership forms. We also did not look for other restrictions like age, pet or rental restrictions.
With asking prices ranging between $89,900 and $ 200,000 it would appear that there are some very viable home options for a variety of home buyers available to buy a comfortable home in Victoria BC with say 10% down (down payments between $ 9,000 and $ 20,000) at today's 5 year term discounted mortgage rates ( 3.79%) and 30 year amortization period monthly mortgage payments only would range between $ 375.61 and $ 834.68 (not including CMHC, annual property taxes or strata fees). Monthly payment range including CMHC, property tax and strata fees are likely to be between $ 678 and $ 1,288.
With common rents for comparable suites in and around Victoria running between $ 600 and $ 1,300 for basic accomodation, it is easy to see that for some time has arrived to seriously start looking at buying vs renting....
Media reports often generalize in their information as to what is really going on in the local market place and or specific property types. We are not suggesting that all is rosy in real estate, but we are convinced that for some the right time to consider their options is right now, we encourage you to find out how the current market conditions can benefit you in your plans.
If this information seems intriguing to you, and want to discuss your real estate options, or if you would like a list currently available properties in any area or any price range, please feel free to contact us at your convenience or use this property search link, and it would be our pleasure to arrange regular property updates for you (by email) of properties that fit your specific requirements.