Leasehold vs Freehold 

Leasehold Ownership 

While there are a variety of housing ownership interests, the most common include the following: 

Freehold – A freehold interest (also known as a fee simple) is the more precise term for what we ordinarily refer to as “ownership” of a home. The owner of the freehold interest has full use and control of the land and the buildings on it, subject to any rights of the Crown, local land-use bylaws, and any other restrictions in place at the time of purchase. 

Strata Title – The strata title form of ownership is designed to provide exclusive use and ownership of a specific housing unit (the strata lot) which is contained in a larger property (the strata project), plus shared use and ownership of the common areas such as halls, grounds, garages, elevators, etc. This type of ownership is used for duplexes, apartment blocks, townhouse complexes, warehouses, and many other types of buildings. In addition, some single family home developments may be part of a bare-land strata development. Because ownership of the common space is shared, the owners also share financial responsibility for its maintenance. 

Leasehold – In some cases, you might purchase the right to use a residential property for a long, but limited, period of time. The owner of this right of use has a type of ownership called a leasehold interest. This type of ownership for apartments where the owner of the freehold interest of an entire apartment block sells leasehold interests in individual apartment units to other “owners.” Leasehold interests are frequently set for periods of 99 years, but regardless of the length of the original term, you will only be able to purchase the remaining portion. Of course, the shorter the remaining portion, the less you, or the person who eventually purchases from you, will be willing to pay for the leasehold interest. 

Cooperative – In the cooperative form of ownership, each owner owns shares in a company or cooperative association which, in turn, owns a property containing a number of housing units / apartment units. Each shareholder is assigned one particular unit / lot in which to reside. Co-op are operated and maintained similar to the Strata title arrangement. 

Send me a text to 250-514-1663 or email me at kim@kimmclachlan.ca.

First impression of this image is most important, no negatives are perceived in this image.  It is inviting. 

We have all heard the chants and read the bullet points of what to do to prepare your home for market.

The glossy sites, the brochures in aid to guide you to do the obvious.

There is only one thing to keep in your mind when you are wanting to go to market and this is the only bullet  point in this blog post.  Simple, easy peasy

• Don't give the buyer an excuse to offer a lower price for your property

I have viewed far to many homes losing count that actually, that have decided to "test the market".  I say "test the market" because, they really are not serious about selling their property.  

If you want to sell your home, give proof to the buyer that you are serious.  Yes, do what all the others are saying, to obviously declutter, etc etc etc (quote from The King and I movie) redundant grammar, but, you get it.

That is fine as one must do the obvious, but, what many miss is that, take down your memories, fill the holes and paint. If your carpet is old, well, just rip it out in preparation for the new buyers ideas. Paint a whimsical message on the plywood saying, "waiting for your ideas." for instance.  Shock the buyer to laughter in agreement. 

Make your property look as if you are prepared to move tomorrow. The prepping is complete and just waiting for their ideas. Stressing an urgancy for them to move in. Show them that you mean business.

Finally, I am keeping this simple, the KISS method, (keep it simple stupid), if a buyer comes in with a lower offer, please ask them this question,

" Can you please provide me the paper work in support of your offer"?  

This also applies to a seller when they are wanting to list their home for a certain price. 

Put the ball briefly into their court. I say briefly,  because you really never want to lose the ball, but, give them a suggestion to give thought as to where they did come up with their number.  

Again, don't give the buyer an excuse in stating the deficiecies of the property.  We all can see them ahead of the listing time, so, correct them.  Give no ammunition to the buyer to hurl at you, validation for their rational to lower your price for them. 

I have seen far to much of this.  Shame on the Realtor who did this disservice to their seller.  

We want to see this inviting image.  Trust me, it will save you thousands of dollars. 

I will stage your home, I will crack the whip with you and your children.  I am not here to be your new best friend.  I am here to make sure you receive the best return on your, perhaps one of the largest financial investments you will ever make in your life. 

I will not allow you go to market until I have decided that you are ready.

Not for the faint of heart I am. 

My job is to get my job done for you. 

Call me for a confidential, no nonsense meeting on what your needs and wants are in Real Estate. 

Oh and I do not spend my money on BS fridge magnets, calendars or pens.  I put my money in marketing your home and  flip coin, representing my buyers by sleuthing and digging up dirt. There is always something to find.

I am a double threat in that I am also a property manager, knowing the full gambit of rental contracts, rights of the tenant and landlord. 

There has been big talk around Greater Victoria, Vancouver Islands jump in assessed property values this year. This is a result of the strength of our market through the middle of last year, according to BC assessment.

Today’s generation has a different buying perspective. Millennials have adapted to better adjust to the trends of the market. According to Forbes magazine, “Millenials are more likely to stretch their dollars to get into a home compared to other generations” (Paris, 2018). Not only this but, needs have shifted and preferences have been refined over the years to better reflect today’s rise in the housing market.

Elizabeth Weintraub from the balance discusses some of the “Hot Trends and Popular Styles for Millennial Home Buyers”. The three hottest trends in home design for Millenials today are noted as Pre-WWII, Mid-Century Homes, and Mediterranean. Weintraub provides an excellent summary of some of the current demands, in addition to trending designs. Heritage homes are classic and beautiful, they carry so much elegance, however, there should be some skepticism when viewing homes with these designs due to the potential of asbestos in pre-1990 builds.

Looking for more information on homes in Victoria? Contact us here.

Price Pressure Continues on Lower-Priced Housing in the Capital Regional District

June 1, 2018  A total of 755 properties sold in the Victoria Real Estate Board region this May, 25 per cent fewer than the 1,006   properties sold in May of last year, and a 2.5 per cent decrease from April 2018. The sales of condominiums were down 17.4 per cent from last year in May with 237 units sold. Sales of single family homes were down 23 per cent from 2017 with 406 sold this May.

"It's no surprise that our current market is very different than it was last year," says Victoria Real Estate Board President Kyle Kerr. "Due to recent changes in mortgage qualification rules, many buyers' purchasing power has been reduced. Unfortunately, in our area we have one third fewer single family homes for sale under $750,000 when compared to last year, so we're seeing pressure from increased competition on a smaller number of homes, which is really pushing the under million dollar market. We have a much larger inventory of higher value homes this year. For listings priced at $1.5 million and above, the number of active listings is almost 50% higher than last year at this time.  Arguably, many of these properties may be listed due to new and incoming taxes from the provincial government. The Foreign Buyer Property Transfer Tax, the Speculation Tax, and the increased School Tax are putting pressure on those high value home owners. Unfortunately, these taxes are not resulting in what the government said it intends - to increase the availability of affordable housing."

There were a total of 2,394 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2018, an increase of 19.6 per cent compared to the month of April and 26.3 per cent more than the 1,896 active listings for sale at the end of May 2017.

"We're in an interesting time here - we are seeing different levels of price pressure and price relief in micro-climates of our area," adds President Kerr. "You may find more flexibility if you are shopping for a multi-million dollar estate in certain areas. You may be in for a competition if you're shopping for a lower priced home or condominium. If you're thinking of buying or selling, it's a good idea to meet with a local REALTOR® to understand how the current environment will affect you."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2017 was $820,800, while the benchmark value for the same home in May 2018 increased by 7 per cent to $878,100, higher than April's value of $866,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2017 was $426,900, while the benchmark value for the same condominium in May 2018 increased by 15.7 per cent to $493,900, slightly lower than April's value of $495,100.

About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,362 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

Contact Kim & Vicky today for a fresh Home Evaluation! (250) 514-1663 

In today's fast paced Real Estate market, it is not uncommon to search for weeks or even months to find the home of your dreams.

You feel like you are never going to find the perfect one and are overcome with defeat. Perhaps even accepting the fate of yourself and the cats in the one bedroom apartment forever. Cue, Bridget Jones and poor eating choices. 

Swiping through listings, your first goal is to find a match and make a date to meet in person. Please, please let them look like they do in the profile photo!

And then...when you do find the right one...it's time to ask good questions, identify flaws, and make sure that this will work for you in the long run.

As a seasoned bachelorette, I am not fooled by that initial chemical romance. In the dating and home searching world, I know all too well that nothing is forever until both parties have signed all necessary paperwork and I know basically everything about my new digs.

As our clients, we play a huge emotional role in your life, on this 'Real Estate Rollercoaster' 

We see it often. You fall in love with a home, make an offer, and are quickly beat out by another offer. Rejection is rampid in this industry, as it is in dating. 

Chin up! This is all a part of the process, and Kim and Vicky are here to support you, and kepp your motivation up!

A good Realtor® can see past the 'socks and sandals' and suggest ways to help your new project be a little more fashionable. On the other end of the spectrum, a leak in a home is akin to your date having a drinking problem....repairs are needed on a more serious scale and need to be addressed immediately. My work partner, Kim has a bloodhound nose for defects in a home AND defects in dates. I can trust her, and I know that you can too. 

This process is ALL about relationships, and Kim and Vicky are here to support you! 

And, alas...this is why we think that finding your dream home.... is like finding your soulmate. Enjoy! 

• You have to go on several dates before you find something you like
• First impressions are key and leave a lasting impression. A poorly maintained home is akin to wearing socks and sandals on the first date.
• Searching the MLS is like ‘Tinder’ for Real Estate. Endless swiping through listings until you find a potential match
• Any offensive odour will have you running for the hills
• Age IS important. But a well maintained 1960's home with good bones can still be a great investment!
• Constantly having to change your criteria as you go. Along the way you always find something that changes your expectations
• Honesty and disclosure are VITAL. Check out that Property disclosure! Hey...wouldn't it be great if your date came with a property disclosure? Think I'm on to something here...;) 
• You are inevitably searching for a long term relationship (House flippers / serial daters exempt)
• Appearances can be deceiving. That house may look nice on the outside, but a good Realtor® will discover hidden flaws or defects in a timely manner (The Real Estate version of a drinking problem)
•  Sometimes you get a bad bathroom pic. 
• Find out about those finances! It is NOT taboo to ask about money. 
• Homes with properly manicured gardens have a better chance of a second showing…(Yes...you read that right)
• Sometimes the photos online look NOTHING like the property
• You usually need 24 hours notice to view a property (Us gals need some time to prepare ourselves!)
• Your friends and family usually like to get involved in the process
• You’re going to have your heart broken several times before you find the right one
• Sometimes you find the right one. You make all the right moves and offers and it still doesn’t work out 
• Sometimes you just never get the answer as to why they didn’t pick you
• It’s not uncommon to be torn between two of them. Choose the one that makes you the happiest and you can picture spending your life with…
• When you do find the right one…at one point you need to start packing your boxes!

Whether you are searching for your true love, or your dream home....we are on your side! 

kim@kimandvicky.com

vicky@kimandvicky.com

www.kimandvicky.com

Direct: (250) 514-1663

Pager: (250) 384-8124

Fun and Interesting facts about Victoria, BC!

When most people think of Victoria, the key words that come to mind are: The Empress, and Butchart Gardens. There's a lot more to our beautiful city and we are a whole lot more than just Tea and Crumpets!

It’s extremely popular with tourists – probably because it’s such a pretty city with a lot to see and plenty going on. Restaurants are great and it’s close to a number of wineries too. It’s an outdoorsy place with loads of hiking and biking trails and in the summer the sea kayaking in the nearby Gulf Islands is superlative.

And for some background on Victoria – a city that’s been called –More British Than The British – here are some weird, fun, interesting and downright useful facts about the city.

• With a perfect growing climate, Victoria is known internationally as the City of Gardens.

• Friendly is an understatement: Victoria has been named both the Most Romantic City in Canada (five years running) and one of the top 15 Friendliest Cities in the World.

• Other accolades include Canada’s Best City to Live in for Women, and both the Seventh Best City in the World and Friendliest City in Canada (by international travel and tourism magazine, Condé Nast).

• Bright lights, beautiful city: As the provincial capital, the Parliament buildings have 3,560 lights and roughly 1,500 lampposts across the city hold hanging flower baskets every Summer.

• Victoria is one of the most bike-friendly cities in the country, with hundreds of kilometres of cycle paths, bike lanes and routes in the city, including the incomparable Galloping Goose Regional Trail.

• Time for tea? Half a million cups are served annually at the Fairmont Empress.

• Strong support for all things local: Vancouver Island has over 2,800 farms, with nearly 1,000 in the Greater Victoria Region and 700 in the Cowichan Valley.

• National Geographic recognizes Vancouver Island as one of the best cold-water diving destinations on earth and the renowned Jacques Cousteau Society rates the area second only to the Red Sea for diversity of marine life and water clarity.

• The Art Gallery of Greater Victoria has the most comprehensive collection of Asian art in Canada.

• Number of annual visitors to the internationally-renown Butchart Gardens, a National Historic Site of Canada? Over one million.

• The Royal BC Museum, founded in 1886, is one of the foremost cultural institutions in the world.

• Victoria has the second highest number of restaurants per capita in North America, second only to San Francisco.

• Victoria’s Chinatown is the second oldest in North America after San Francisco. You’ll find the narrowest alley in all of Canada here.

• Famous people from Victoria include singer Nelly Furtado, basketball star Steve Nash, musician David Foster, director Adam Egoyan, artists Nick Bantock and Jack Shadbolt,

• The highest temperature ever recorded in Victoria was 35.3 C on July 23, 2004. The coldest temperature on record was -15.6 C on December 29, 1968.

• Victoria is often criticized because it reportedly dumps 129 million liters of raw sewage into the Strait of Georgia every day. But according to Responsible Sewage Treatment Victoria , that number is far lower and as they say: The Victoria Core Area Sewage Is 99.93 Per Cent Water And Has Very Little Actual Solids. It Is Discharged From Two Deep Ocean Outfalls More Than A Kilometre From The Shore, After First Passing Through Six Millimetre Screens (Screening Since 1989). There Are No “Floaties.” You can get both sides of the story in this article – and it’s worth reading because this has been a hot issue in the city.

Looking for a home with a suite?

We have 3 "suite" options for you!

"In the Summertime"

Location: Sidney

Coming Soon!

It's a warm summers day and the children are splashing about in your 15 foot above ground swimming pool.

You're oldest has just opened the back garden gate onto Lochside Trail to take a scenic bike ride. 

It's time to pick fresh vegetables from your many raised garden beds for your garden party this evening. 

With 2 patios, and room for all of the children and their pets, your home is the place to be. 

Your upstairs home features:

• 2 large bedrooms
• 1 spacious bathroom with a jetted tub & skylight
• Open concept living and dining area with entry to your patio and backyard

"We are Family" 

Location: Fernwood

MLS# 389382

Full of colour and home to many of Victoria’s artists, Fernwood is well-loved by its residents.

Fernwood is a residential neighbourhood with Fernwood Square at the heart of its village centre. 

Your new community is home to seasonal markets, lively summer celebrations, unique shops and cozy eateries.

How wonderful to enjoy all of this, while being able to have your whole family under one roof. 

This 5 bedroom, 3 bathroom home features a unique UPSTAIRS suite. 

On the main level, you can enjoy a very spacious living room, and easily accesible 2 bedrooms and one batrhroom. The main level space is ideal for those with any mobility challenges. 

A spacious, sunny kitchen offers an eating area, with dining area room for the most stately dining table. 

Enjoy your English garden accesible directly from the dining room. There's even a gas hook up for the BBQ enthusiast! Shared laundry is in between the suites. 

Suite benefits of "We are Family"

• 3 roomy bedrooms AND a spacious office area!
• 2 large bathrooms with plenty of counterspace
• Generous, open concept sunny living room, dinining and kitchen
• Newly painted
• Upstairs views over local Fernwood gardens

Call Today to inquire about "We are Family" (250) 514-1663

"You're my home"

Location: Mill Hill

Coming Soon!

Well I never had a place 
That I could call my very own 
But that's all right my love 
'Cause you're my home

Looking for tranquility? Everything about this Mill Hill home whispers "privacy". Nestled in the quiet neighbourhood of Mill Hill, you are only 20 minutes from downtown, but off the beaten path. 

The Upstairs living provides a sense of pure solitude.

What you see: Cathedral ceilings, open concept living and dining,roomy bedrooms, skylit bathroom and eating area, and the stunning gold hues of the arbutus tree in your serene back yard. 

What you hear: Birds, children playing...that's all. 

Your main level suite is ideal for a nanny or a mortgage helper.

Suite benefits of "We are Family" 

• 1 bedroom suite perfect for a nanny or single person
• Open concept living / dining and kitchen
• Seperate patio for the downstairs suite
• Access to shared laundry and storage / pantry

Outside Influences Impact Spring Real Estate Market in Victoria...

April 3, 2018  A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 per cent increase from the month previous. The sales of condominiums were down 28.2 per cent from last year in March with 211 units sold. Single family homes were 30.8 per cent down from the year previous, with 337 sold this March.

"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government's new mortgage qualification rules. Combine these factors with rising interest rates and you've got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty."

How to Sell Your Home in the Spring

Tips for Winning Over Spring-Time Home Buyers

Spring is the optimum time to sell a home. Regardless of whether it's a buyer's market or a seller's market, inventory almost always rises in the spring. Why? Because the largest number of buyers are actively searching for a new home during April, May, and June.

Tip: If your home has been languishing on the market since the holidays, take it off the market. Give it a chance to "cool down" for a few weeks before putting it back on the market. Nobody is going to look at your home in the spring if the DOM show it's been on the market for several months. Buyers gravitate toward fresh, new listings!

Here are 15 things you can do to improve the odds that your home will stand out among the sea of new listings flooding the spring-time real estate market:

Wash Windows Inside and Out/Polish All Mirrors​
Sparkle is free, and sparkle sells homes. A potential buyer may not realize why your home seems so inviting but will feel drawn to it if the windows are spotless and your mirrors reflect sunlight. Cleaning is the first step to preparing your home for sale.

Rake the Yard/Trim Back Bushes

Clean out dead leaves and debris in your lawn. Don't let overgrown vegetation block the windows or path to the entrance. Cutting bushes and tree limbs will let the sun inside and showcase the exterior of your home.

Mow Diagonally and Edge Lawn​ Along Driveway/Sidewalks

Artfully manicured lawns are edged and tell buyers you pay attention to small details. Diagonally mowed lawns make your yard appear larger.

Transplant Tulips and Daffodils or Buy Flowers in Containers
Yellow flowers stimulate buying urges.

Clean Drapes, Curtains & Blinds and Open Every Window

Send your window coverings to the dry cleaners or wash, dry and press.

Set out Fresh-Smelling Flowers Such as Just-Clipped Lilac Branches or Peonies

Why not flatter your neighbors and ask if you can borrow flowers from their yards? Natural scents are more appealing than artificial and trigger fewer allergies among those susceptible. Peony vases are designed to hold peonies upright, but wash the flowers first to avoid carrying ants inside. Clever home staging brings color and fragrance indoors.

Polish Floors to a High Gloss

Your hardwood floors should be refinished, if necessary. Make your ceramic and linoleum floors twinkle and shine. Bleach dull grout. Thoroughly clean all area rugs.

Utilize Towels, Throws, Pillows in Light Colors – Yellows, Pinks, Pale Blues, Lavenders​
Even if it means replacing items, towels, linens, throws and sofa pillows are inexpensive accents you can buy. In soft spring colors, they will light up a room. Layer towels on bathroom towel racks and place rolled wash cloths on the counters in a fashionable pyramid.

Offer an Outside Mat for Cleaning Shoes & Put Umbrella Stand at Entrance

No matter where you live, spring weather is often unpredictable.

Fill Sink With Ice to Chill Bottled Water for Guests
Put a couple dozen bottles of water in a sink of ice for buyers. You can also tape labels to the bottles, printed from your computer, with your phone number, a photograph and address of your home.

Set out Treats, Individually Wrapped in Cellophane & Tied With Ribbon

Touring homes makes buyers hungry. Give them a snack. It will give buyers an opportunity to linger in your kitchen and marvel at its elegant appointments, which might otherwise be overlooked.

Power wash

If you power wash the sidewalk and parts of the house, you can improve its curb appeal and excite a potential buyer. Think about it: when a person walks up to a house that was recently cleaned, they will be much more interested. This is an inexpensive way to improve your house, since you can rent a power washer for about $50.

When you are ready to consider selling...

call Kim & Vicky! (250) 514-1663

Content courtesy of https://www.thebalance.com/ and http://www.realestateinsidermag.com

Staging...and how Kim & Vicky take it seriously...

Introducing...our weapon to obtain TOP DOLLAR for your Listing, starts with Cynthia Delve, of Upstage Design.

Kim and Vicky do Real Estate and Marketing your listing well. 

Are you thinking of putting your home on the market in the near future? What do you need to do before that happens and what is the value in doing so? When will you be prepared to do so? Where do you begin? Why is important to have your home prepped and ready for market?

These are all noteworthy questions and all necessary to bring value to your property, so you can get top dollar and shorten time on the market.

1. Keeping in mind that you want the most money from your investment in the fastest time. It is so important to prepare your property, so it stands out and draws buyers. If you were selling your vehicle you would detail it, the same should be with your home.

2. Working with your Realtor and a home staging professional they will make recommendations to bring your property up to move in ready condition.

3. Addressing any issues with your property before it goes on the market gives you and your Realtor a strong negotiating position at the table, this way buyers can’t start lowering their offer. Statistics show that 63% of buyers will pay more for a property that is move in ready.

4. Working with your Realtor, stager and a team to help you do any necessary preparations a timeline can be drawn up.

5. Focus is really put on the living room, dining room, master bedroom and kitchen. Although having a stager showcase your entire home with your household items or a mixture of yours and theirs brings continuity and flow.

6. The knowledge and experience you receive from preparing your property for market can be transferred into the purchase of your new home. You will be more organized, making for a smoother move.

7. Your property will stand out from other listings in your area. Making Realtors happy to show your property.

8. Most buyers, about 93% start their search for a new home on the internet. Having great pictures is important in marketing your home. In today’s market there are many off shore buyers this step helps show value to anyone searching.

9. The goal is to prepare your property so that buyers can see themselves living there. If a space is too personal, too crowded and cluttered buyers have a hard time seeing themselves living in that space. Those first few seconds are so important, majority of buyers are forming their opinion of your house from that moment they walk in. Let’s work together to make it a positive and profitable one.