buying in victoria: Real Estate Thought of the Day - 01/02/12 11:02 PM
The assessed value of a property has little to do with its actual market value.  Even though assessed value references market value, it is a number generated for property tax purposes only. Market value is what a buyer should be concerned with, so ignore all those "priced below assessed value" red herrings and get a handle on real market values.
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buying in victoria: Assessed values are a flawed metric - 12/06/10 10:05 PM
Everyone would like a shortcut to determining market value in our marketplace.  Out of fashion for the past several years, assessed values are once again being used as a metric to determine market value by many members of the public.  I'm constantly being asked for the assessed value of a property.  People want to know what the average percentage over or below assessed value represents market value.  I am asked why properties are priced over assessed value, don't sellers know its a very competitive market.  And so on.
Stop it.  Think about it.  Assessed values are generated by BC assessments.  The … (3 comments)

buying in victoria: Two common buyer myths - 11/09/10 10:19 PM
Over the years I've come across the same misconceptions, errors and myths concerning the various players in the real estate market.
For buyers these are the two most common myths that I've encountered
1.  Dealing direct with the listing agent will get me the best deal.
Well it gets someone the best deal, but it sure ain't you!  I'll leave it up to you to guess who this is best for.  The fact is the listing agent is contractually obligated to get the most money in the shortest amount of time for the SELLER.  You should be able to figure out the … (1 comments)

buying in victoria: Interesting Victoria Market Update - 11/02/10 12:49 PM
With much fanfarethe lead business story last night and on the front page of the business section today was how the Victoria real estate market is in the deep freeze.  Watching the news piece and reading the story, I might be forgiven for thinking that nothing but bad things are going on in our real estate market.  Precipitous percentage drops in sales over last year, disastrously high inventory levels compared to last year, prices only going up slightly.Wait a minute, what?  Prices going up?  But the news leaves me with the impression that you can't give your house away?  Hmmm.  Perhaps … (5 comments)

buying in victoria: Victoria Market Notes - 10/28/10 11:56 PM
I've been looking at two types of properties over the last couple of weeks.  One is the single family home with a suite or suite potential $525,000 and under, in the core areas. The other is 2 bedroom 2 bathroom condos downtown under $400,000.   I think these are pretty active categories so I thought I'd share my impressions.In the single family home category I am finding some value, but not overwhelmingly so.  At the same time I am seeing prices give a little, particularly in the less desirable areas, or those on or near busy roads.  There is some opportunity … (2 comments)

buying in victoria: Let Victoria sellers choose to market "Green" or not! - 10/23/10 09:56 PM
Went to the Victoria Fall Home Expo today.  The event seemed well attended though it didn't feel crowded.  While there were a lot of typical exhibitors there I noticed a couple of things.  First, there weren't any real estate companies there.  There was one builder, G.E. Miller, who does excellent work, and one FSBO company that shall remain nameless.  But that was it.  It could be a sign of the times or it could be that these events are simply not fruitful for real estate agents.  I don't know, I've never done one myself, if anyone reading this has any input … (4 comments)

buying in victoria: Victoria Fall Home Expo this Weekend - 10/21/10 10:14 PM
The 2010 Victoria Fall Home Expo will be running tomorrow through Sunday at Pearkes community centre.  It promises to be full of interesting exhibitors and information booths for renovation, decor and more.  This is the 21st year of the Victoria Fall Home Expo and  the organizers are expecting upwards of 10,000 people through their doors.

I find these events pretty interesting as often you get to have a look at emerging trends and products up close and personal with folks who actually know something about them.  If you have ever been looking for information on a product at a Home … (0 comments)

buying in victoria: Fractionals Smactionals - It's Timeshare. - 09/28/10 02:07 AM
Should I be looking at fractional ownership?  Well I'm glad you asked as I would argue that I know more about this topic than your average bear.  There are several fractional ownership developments in Victoria.  The answer, of course, is - It Depends.  Another clear answer from yours truly!Depends on what?  (Insert adult incontinence joke here).  It depends on why you're asking.  Let's be clear.  Fractional ownership is timeshare.  Plain and simple.  Fractional ownership just sounds better.  In the past decade quarter shares have become particularly popular, as have 10th, 12ths, halfs and so on.  Guys selling these developments fall over … (6 comments)

buying in victoria: Do it Right Or Don't Bother! - 09/27/10 12:57 AM
I was out with a client today looking at properties in Victoria.  One in particular had obviously been tarted up for sale.  There was new paint, new flooring throughout, new tile surround in the main bath and a few other things.  Looked good for about a minute.Folks, if you're going to get your property ready for sale and you're going to go to the trouble of doing renos to get it ready, don't do it badly.  You might fool a person or two but it ain't gonna get past my eye.  For example, if you're going to do flooring throughout, think about … (7 comments)

buying in victoria: Shameless Self Promotion - 09/25/10 11:34 PM
If you're looking for a buyer's agent in Victoria, hire me!  I know, blogging is supposed to be promotion in disguise.  But today I thought I might bring it up in case anyone is wondering why they might want to hire me as their agent.Some reasons might include the multi year MLS awards I've won, or that I'm an ABR®, (Accredited Buyers Representative - rare around these parts), or that I carry a Broker's level license - not just a salesperson's license.  Other reasons might be that I look at property constantly - with and without clients.  I know my marketplace, … (1 comments)

buying in victoria: Self Managed Stratas? - 09/25/10 01:49 AM

If you're looking at condo properties in Victoria, you're going to come across both self managed and professionally managed strata corporations.  As a buyer's agent I am asked if there is any difference between the two, or why a strata would choose to be self managed instead of hiring a property manager?

Here's a list of reasons to hire a property manager, this list is not meant to be exhaustive, but rather representative.

1.  Licensed and regulated, held to a specific standard of conduct and accountable to various organizations.
2.  Must have records concerning the strata corporation kept … (5 comments)

buying in victoria: I'm an ABR®! - 09/22/10 11:18 PM
Dear Member:Congratulations! We are happy to inform you that the Real Estate Buyers Agent Council (REBAC) has conferred the Accredited Buyer's Representative (ABR®) designation to you.  Effective immediately , you may promote yourself as an ABR® designee in all your marketing materials.Yay for me!  To be honest I was getting a little acronym envy from hanging around activerain for the last little while.  I already have point envy and there's not much I can do about that.  But seriously, some of the folks around here have an entire alphabet following their name around.  So I thought this might be a nice … (5 comments)

buying in victoria: Court Ordered Sale Process in Victoria, BC - 09/22/10 01:05 AM
Court ordered sales are often a misunderstood topic for home buyers in BC.  Watch enough late night TV and you get the idea that there's money in foreclosures, where you can get a million dollar home for just pennies on the dollar!  Everyone wants a deal.  There's nothing wrong with that, but if you don't understand the process you can be tied up for weeks while the deal that makes the most sense for you walks by.Here's how the process works.  You find a property you want to buy, you make an offer.  The offer is accompanied by a schedule "A" … (3 comments)

buying in victoria: Real Estate and Geocaching - 09/21/10 01:54 AM
In the past month or so my kids and I have been getting into geocaching here in Victoria. Geocaching is basically a hide and seek treasure hunt using gps devices.  The basic idea is to seek out the caches outdoors and to share your experiences online.  Geocaching.com is essentially the headquarters for this activity and provides a ton of information and a database of geocaches worldwide.  Currently they have almost 1.2 million recorded caches around the world.  We started by going to the geocaching.com site and looking for caches near our home.  There are 21 within a mile of my house! … (6 comments)

buying in victoria: The Victoria TC Doesn't Deserve Your Business! - 09/20/10 02:18 AM
The Victoria Times Colonist does not deserve my business.  Or yours.  I've thought about this for a while.  I am a subscriber and get the paper delivered to my house every day.  Every day except Mondays of course as they don't publish a paper on Monday.  But that's a different issue I have for a different time.  I don't think much of the paper.  It is astonishingly thin most days and carries not nearly enough local content. The op ed is not bad, and the letters published are a good read, though I think more space should be devoted to them. … (1 comments)

buying in victoria: How long is a piece of string? - 09/19/10 12:30 AM
When is it a good time to buy?  Is now a good time to buy?  Should I wait and buy later?  The answer to these questions, to me anyways, are the same as the answer to the question "How long is a piece of string?".It depends, obviously.  Why are you buying?  What are you buying with?  Are you selling to buy?  What are you hoping to accomplish?  What is your time horizon?  What are your goals?  And on and on and on.  My very basic point here is that if your Realtor doesn't have more questions for you than you do … (1 comments)

buying in victoria: Tenants tips - 09/15/10 12:00 AM
You just found out that the owner of the home that you're renting has decided to put it on the market.  You're going to have to deal with the real estate agent listing the home, showings, inspections and so on.  Hopefully the real estate agent has gotten in touch with you to set up a meeting before the listing begins.  If they haven't and a sign just showed up on the lawn or you found out from your friends then things are not off to a good start.  Here's a list of tips for tenants that should make the process smoother … (2 comments)

buying in victoria: Rent Control Update - 09/08/10 11:56 PM
The rent control powers in BC last week announced the allowable rental increase for the 2011 rental year:
Allowable Rent Increases for 2011 August 30, 2010
Conventional Residential Tenancies: 
For a conventional residential tenancy rent increase that takes effect in 2011, the allowable increase is 2.3 per cent.  The annual allowable rent increase for conventional residential tenancies is determined by the formula in the Residential Tenancy Regulation. This is down from last years 3.2% allowable increase.  Some of points to consider:  1.  There has been no dedicated multi-family rental stock built in our market, and in fact most of the province, … (2 comments)

buying in victoria: Happy Long Weekend - 09/05/10 11:56 PM
Happy Labour day weekend everyone.  I hope the long weekend is being good to you and I am also hoping that the weather holds out for a couple of more days.  It looked  a little stormy today but the clouds held back and the sun ended up winning the afternoon.

We had a great time at the Saanich fair today.  The kids got to go on some rides and play some games.  A large stuffed frog and a small stuffed penguin were added to the population of "friends" my kids have.  Mini donuts were consumed.  It looks like there are … (3 comments)

buying in victoria: Good Strata? Bad Strata? - 09/04/10 11:37 PM
It's the question I get most often when showing condos to buyers, other than "why are they selling?" of course, namely: "Is this a good strata?"
Well what is a good strata?  In my book, first and foremost, a good strata is one that has been diligent in the maintenance of the building and common property.  I've been in 25 year old buildings that look and feel new, and I've been in 15 year old buildings that look and feel as though they're 30 years old.  A well maintained building will keep its value, be cheaper to operate and will appeal … (3 comments)

 
David Langlois (One Percent Realty Vancouver Island)

David Langlois

Victoria, BC

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One Percent Realty Vancouver Island

Address: 202-505 Hamilton Street, Victoria, BC, V8X3L6

Mobile: (250) 858-5575

Office: (250) 858-5575

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