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Questions by potential first-time home buyers


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#81 MarkoJ

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Posted 10 January 2017 - 04:37 PM

Marko,

 

My wife and I are planning to buy in a couple of years. I was wondering how much is the average strata fee say for a new townhome in Langford. I noticed you are selling a townhome complex on Strandlund. So for instance how much of a strata fee would be for this?

 

https://www.realtor....Columbia-V9B3G2

 

Aaron

 

Hi Aaron,

 

Anywhere from $160 to $300 per month.  A lot of new townhome complexes are going to individual water meters so there are quite a few now under $200 per month.  That one I have listed is $193 per month.

 

In my opinion extremely important to avoid townhomes attached to a condo corporation as fees on those townhomes can be huge.


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#82 johnk

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Posted 10 January 2017 - 04:44 PM

"In my opinion extremely important to avoid townhomes attached to a condo corporation as fees on those townhomes can be huge."

Marko, my daughter has been looking at THs, including Strandlund. I've told her the mortgage payment is just one outgoing among others, including taxes, utilities and strata.
Could you elaborate a little on your quote above?
Are THs typically attached to a condo corp? Is "bare
land strata" a different structure?
Thanks.

#83 MarkoJ

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Posted 10 January 2017 - 05:30 PM

"In my opinion extremely important to avoid townhomes attached to a condo corporation as fees on those townhomes can be huge."

Marko, my daughter has been looking at THs, including Strandlund. I've told her the mortgage payment is just one outgoing among others, including taxes, utilities and strata.
Could you elaborate a little on your quote above?
Are THs typically attached to a condo corp? Is "bare
land strata" a different structure?
Thanks.

 

What I mean is you want to buy a townhome that is for example a 20-townhome complex.  You don't want to buy into a townhome where there are 10 townhomes attached to a 40-condo unit building.  Reason behind this is strata fees are issued based on a square foot basis and if you are attached to a condo building as a townhome you are paying for the elevators, generators, parkade entrance (you may not even be using as the townhome), etc.  

 

A 20-townhome complex not attached to a condo would not have elevators and all the expensive mechanical system to worry about. 


Hope that makes sense?


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#84 LJ

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Posted 10 January 2017 - 07:54 PM

UrbanRail, on 10 Jan 2017 - 12:17 PM, said:

Its an election bribe. If the Liberals were that keen on helping the average home buyer, they would have done this years ago. Also I have heard that a first time home buyer would have two mortgages to pay off, the loan and the actual house payment.

There are no payments or interest on the loan for five years.


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#85 lanforod

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Posted 10 January 2017 - 07:58 PM

 

What I mean is you want to buy a townhome that is for example a 20-townhome complex.  You don't want to buy into a townhome where there are 10 townhomes attached to a 40-condo unit building.  Reason behind this is strata fees are issued based on a square foot basis and if you are attached to a condo building as a townhome you are paying for the elevators, generators, parkade entrance (you may not even be using as the townhome), etc.  

 

 

A 20-townhome complex not attached to a condo would not have elevators and all the expensive mechanical system to worry about. 

 


Hope that makes sense?

 

 

On the other hand, buying a condo in such a development generally means your fees are lower than they could be :). Heatherdale complex in Saanich in Royal Oak is a good example of this.



#86 UrbanRail

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Posted 13 January 2017 - 11:00 PM

Hi Aaron,

 

Anywhere from $160 to $300 per month.  A lot of new townhome complexes are going to individual water meters so there are quite a few now under $200 per month.  That one I have listed is $193 per month.

 

In my opinion extremely important to avoid townhomes attached to a condo corporation as fees on those townhomes can be huge.

Thanks Marko,

 

Yeah we want to void the hassle of condos stratas. I was also wondering if you happen to know if duplexes have stratas?

 

It would seem that there are a lot more townhomes on the market in Victoria than say houses and duplexes. Plus in terms of price, more within reach of first time home buyers.

 

cheers



#87 MarkoJ

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Posted 14 January 2017 - 06:26 PM

Thanks Marko,

 

Yeah we want to void the hassle of condos stratas. I was also wondering if you happen to know if duplexes have stratas?

 

It would seem that there are a lot more townhomes on the market in Victoria than say houses and duplexes. Plus in terms of price, more within reach of first time home buyers.

 

cheers

 

Duplexes are strata; however, for the most part do not comply to the strata property act.  Here is a great write up by a local realtor -> http://whatthesooke....-they-so-great/

 

Personally, I am a huge fan of duplexes.


Edited by MarkoJ, 14 January 2017 - 06:26 PM.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#88 Victoria Watcher

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Posted 30 November 2020 - 07:45 PM

Tweaks to the First-Time Home Buyer Incentive

 

The federal government is making changes to the First-Time Home Buyer Incentive for prospective homeowners in some of Canada’s priciest real estate markets. The changes will allow eligible buyers in Victoria, Vancouver and Toronto to purchase a home worth up to 4.5 times their household income, up from the current cap of four times annual income. It also raises the maximum household income threshold to $150,000 from $120,000, a move the feds say will make first-time buyers in those cities eligible to buy a home for as much as $722,000 from the current $505,000.

 

https://www.bnnbloom...ement-1.1529734


Edited by Victoria Watcher, 30 November 2020 - 07:45 PM.


#89 MarkoJ

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Posted 30 November 2020 - 07:58 PM

 

Tweaks to the First-Time Home Buyer Incentive

 

The federal government is making changes to the First-Time Home Buyer Incentive for prospective homeowners in some of Canada’s priciest real estate markets. The changes will allow eligible buyers in Victoria, Vancouver and Toronto to purchase a home worth up to 4.5 times their household income, up from the current cap of four times annual income. It also raises the maximum household income threshold to $150,000 from $120,000, a move the feds say will make first-time buyers in those cities eligible to buy a home for as much as $722,000 from the current $505,000.

 

https://www.bnnbloom...ement-1.1529734

 

 

Don't think I've come across anyone in Victoria using this program....


Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#90 Mike K.

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Posted 30 November 2020 - 08:03 PM

Are those numbers correct?

 

The previous maximum purchase price was $600,000, no? The program maxed out at $120k annual income, with 4x annual income permitted as the mortgaged value, with upwards of 19.99% as a downpayment (you must have CMHC insurance with this program) with 10% of that 19.99% provided by the feds. That worked out to $600,000 as a maximum purchase price (19.99% of $600k is $120k, leaving $480k mortgage) provided you earned $120k.

 

Now with $150k, and 4.5x as the maximum mortgaged amount, purchasers can carry a $675k mortgage, which means they can buy a home valued at $845k.


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#91 lanforod

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Posted 30 November 2020 - 08:11 PM

Don't think I've come across anyone in Victoria using this program....

I've not heard of any either. The older home buyers plan where you could pull from RRSPs I have, but not this mortgage thing.



#92 Mike K.

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Posted 30 November 2020 - 08:46 PM

Perhaps that's because of the limitations of the program, i.e. a maximum purchase price of $600k provided you're earning $120k. And if you're earning $120k there's a good chance you can qualify for a purchase in excess of $600k, so the government program is useless to you.

 

But with $845k and $150k max now we're talkin'.


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#93 MarkoJ

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Posted 01 December 2020 - 07:54 AM

When mortgage rates are as low as 1.49% not sure this tweak will increase uptake in this program no one was using before.

Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2021 | Fair Realty

www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!

 

 


#94 Mike K.

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Posted 01 December 2020 - 08:45 AM

That low!? Wow. I’m at 3.79%.

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#95 lanforod

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Posted 01 December 2020 - 09:17 AM

that low perhaps if you ignore terms and conditions that do matter...


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#96 Matt R.

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Posted 01 December 2020 - 11:08 PM

That low!? Wow. I’m at 3.79%.


Uh, what?

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#97 Victoria Watcher

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Posted 02 December 2020 - 01:26 AM

if you are not at 2.8% or lower you might be doing something wrong.
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#98 Mike K.

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Posted 02 December 2020 - 08:18 AM

How do you figure? I locked into a five-year at a time when banks were averaging 3.25-4.0% on five-year terms. There was even a point in late 2017 where rates pushed above 4%.


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#99 lanforod

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Posted 02 December 2020 - 08:19 AM

Mind you, if you locked in with a major broker, you should probably do some legwork to see if its worthwhile to break and switch. If you can drop your interest 1% or more over a new 5 year term you'll probably save way more than the cost to break the term.


Edited by lanforod, 02 December 2020 - 08:20 AM.


#100 Victoria Watcher

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Posted 02 December 2020 - 08:22 AM

How do you figure? I locked into a five-year at a time when banks were averaging 3.25-4.0% on five-year terms. There was even a point in late 2017 where rates pushed above 4%.


^ exactly. see what it will cost you to unlock now and relock lower.

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