65% Sold
Starting at
$
324,000

The Condos at Triple Crown


Welcome to Triple Crown – an urban, West Coast contemporary community only moments from nature.  We are in an ideal location near the heart of vibrant Langford with every amenity in easy reach, yet you can quickly leave the bustle of city life to go hiking, biking, golfing, or swimming in natural beauty of the West Coast’s forests and lakes. We're currently offering beautiful new condominiums featuring high quality fit and finishes.  They are perfect for professionals, young families, and retirees alike. Contact us to find out how easily you can own a prebuilt condominium you are going to love. We are almost sold out, so don’t wait!

Contact UsView Plans


  • Starting at
    $324,000
Starting at
$324,000

The Plans

Click on a Floor to view available units and prices


Printable
Site Map PDF
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$419,900
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$405,900
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$405,900
$405,900
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8000+ Sq. Ft.

of commercial space

well positioned for local business

to grow and prosper in the west shore community

www.triple-crown.ca or call 250.474.4800
Commercial

The Features

Everything you want, and more.


Feature List

  • VRF Heating and Cooling
  • Gas hot water on demand
  • Premium six piece appliance package including stainless kitchen appliances (gas stove) full size washer and dryer
  • Elegant style, quality cabinetry with soft close drawers and doors
  • Full depth quartz stone countertops throughout
  • Tile backsplashes
  • Under mount sinks, stylish porcelain thrones
  • High quality Euro Laminate flooring in the living areas
  • Fashionable Tile flooring in bathrooms
  • posh carpet in bedrooms
  • Underground secure parking (majority of units with two parking spots)
  • Underground secure storage locker
  • Underground secure bike parking
  • Overall energy efficient, environmentally friendly, cost effective
  • Walking distance to all amenities

Appliance Package

The Community

Westshore Lifestyle.


The Team

Your Triple Crown Professionals



Todd Mahovlich

Justine Connor

Born and raised on Vancouver Island, Todd’s business experience, training and life skills acquired over twenty years as a golf professional was foundational for his success as a realtor who provides exceptional customer service with an easy going, professional demeanor.

Justine grew up in Metchosin and Westshore is her home. She is an outdoor enthusiast with a love for hiking and riding horses. Her previous experience as a travel agent combined with a decade in real estate make her an authority on beautiful location and west coast lifestyle. Justine’s clients become friends and lifelong references.

They are a team that lives and breathes the west coast lifestyle. They know the community and the businesses that support it.

Whether you’re interested in a west coast contemporary lifestyle just moments from every amenity, or in setting up your business within a central, active community, contact Todd and Justine for details about Triple Crown.

DISCLOSURE STATEMENT First Amendment to Disclosure Statement Second Amendment to Disclosure Statement

The Builder

Draycor Construction Ltd.


Customer Testimonials

Triple Crown Home Buyers


Triple Crown Townhouses

More than a home - It’s a community


Our townhouses were built by Draycor Construction Ltd., designed by Wil Peereboom of Victoria Design Group and interior designers Tracey Lamoureux and Carly Petillion of Creative Spaciz. We pulled out all the stops with our two and three level contemporary West Coast townhouses. We employed quality construction, an excellent use of space and a higher level of finishes than you will find in an average townhouse.

Along with top quality, we wanted an affordable lifestyle for our customers, so we partnered with Fortis BC and we installed natural gas heating, hot water, and appliances – a superior environmental choice at a lower operating cost for consumers.

Our customers appreciated our efforts. Once our townhouses came to market, all thirty were snapped up in under four months’ time.

Watch our next phase of development. We’re committed to building a winning community!

Triple Crown Blog

How Quiet is my Condo?


“What about the noise?”

We hear this question time and again. It’s one of the larger concerns our customers have when they are considering a condo purchase.

“I like the idea of the condo lifestyle,” a customer told us. “I’m just not excited about hearing my noisy neighbours on all sides. I like a quiet space.”

We get it. And we feel the same way.

“Did you know there have been recent changes to the National Building Code (NBC) to reduce noise transmission” we asked?

In 2015, the NBC, which is Canada's building code that sets technical provisions for the construction of buildings, was updated to change how builders and architects design for acoustics to ensure you have quieter neighbours.

What is required and how they measure it needs a little explaining.

The measure of how much material can reduce noise transmission is called the Sound Transmission Class (STC). The higher the STC number, the less sound transmitted. The NBC now requires an STC rating of 50. For our technically inclined readers, this number is calculated by taking the Transmission Loss (TL) values at 16 standard frequencies over the range of 125 Hz to 4000 Hz and plotting the results on a graph. The TL is simply the difference between decibels in the area from which noise originates and another area the sound travels to. For example, let’s say your neighbours are having a party and they are creating a 90dB tone. That’s quite loud – about as loud as a large truck driving by. When we measure for the same tone on your side, we find it has been reduced to 40 dB – the sound level of a quiet home. That is a 50 dB Transmission Loss. 50 dB less sound energy made it through the wall to the other side for the single tone we measured.

But high STC ratings alone do not always guarantee a quiet condo. That's because sound does not only travel through the air from one room to another. It also travels through the walls, floor and ceiling. This is called “flanking” noise and it isn’t considered in the STC. Fortunately, the NBC required a new rating called Apparent Sound Transmission Class (ASTC) – a much more realistic measure of the actual sound level transmitted between units because it includes noise transmitted through wall, ceiling and floor junctions. In addition to an STC rating of 50, adjacent units in a building must be separated by a wall, floor or ceiling partition with an ASTC rating of at least 47.

We don’t promise your condo will be as quiet as a vault. That’s unrealistic. An especially loud neighbor or an open patio door will still transmit some sound, but isn’t it nice to know you won’t be forced to live through the everyday activities of daily living next door?

Our Triple Crown builders are committed to making sure you can live in relative peace and quiet. It’s one more way we’re helping to ensure you have an amenable relationship with your neighbours!

 

Should a Condo Be Your First Home Purchase?


The rising price of single detached housing in Greater Victoria means many families and investors are considering the purchase of a condominium – perhaps for the first time in their lives.
And while most of our clients are embracing the idea, some feel a condominium is their “second best” choice after a detached home with a driveway, garage and back yard.

We get it. It’s no fun to be faced with home prices that are outpacing your ability to save a down payment or service the mortgage. It’s hard to give up the white picket fence and big garden. However, we’d like to point out some benefits to owning a condo you might not be aware of, and help you jump into the real estate market.

Price
In Greater Victoria, condominiums are simply more affordable than owning a detached home. You’ll likely find your mortgage plus condo fees are equivalent to how much you pay for rent. If you end up paying more, be assured it’s less than what you’re going to be paying for a detached home mortgage plus maintenance fees. In a condo, those fees are budgeted for and included in your monthly amount. In a detached home, they are often not accounted for until the roof or the deck needs to be replaced.

Location
It’s hard to beat living on the edge of a bustling city with easy access to work, dining, activities, public transportation and other amenities. Langford is full of hard working professionals and young families.

Security
Condos are simply more secure than a detached home. Every building has a secure front door and a built in “neighbourhood watch” with residents keeping an eye on who is entering the building. Having neighbours close at hand if there is ever an emergency isn’t a bad thing.

Maintenance
Freedom from maintenance is one of the biggest attractions to condo ownership. After all, aren’t there better things to do than mow your lawn or repair outside structures? Your monthly condo fees take care of it.

Customize
Tired of waiting for your landlord to get things done? Now you can stop asking permission to paint your walls and renovate as you choose. Not that there’s going to be much to renovate in your brand new, beautiful condo.

With everything going for condo ownership, some people are still hesitant. Two of their biggest concerns are noisy neighbours and a lack of parking.

Noisy neighbours
Did you know Canada's National Building Code (NBC) was updated in 2015 to change how builders and architects design for acoustics to ensure you have quieter neighbours? That means new condos must use building materials that do a better job at dampening the noise coming through the walls, floors and ceilings. Less noise = happier neighbours!

Lack of parking
Our remaining suites all have two parking spots. Can’t do better than that.

Still prefer a detached home?
If owning a detached dwelling is still your ultimate goal, a condo purchase is a good interim step. It’s better to start putting your hard-earned money towards paying down your own mortgage and building up your own equity rather than your landlord’s. The alternative is to keep trying to save enough down as you chase the market.

Fair warning, though. Once you’ve been living the condo lifestyle for a while, you might find it difficult to give up! The Dalai Lama once said, “not getting what you want is sometimes a wonderful stroke of luck.”

*There are a few two-bedroom, two-bathroom condos left. Give us a call to discuss how to purchase one.

 

Why Investing in a Pre-Sale Condominium is a Good Idea



We are seeing three categories of people purchasing our condominiums right now: young professionals looking for less expensive entrance into the competitive housing market; retirees downsizing from a big family home; and investors who want to buy a unit and rent it out to make a profit over time.

Quite a few real estate investors make a purchase at Triple Crown. That’s because real estate investors are catching on to the advantages of condo pre-sales, especially as the price of single detached dwellings skyrocket and become less financially tenable.

More Time to Save the Down Payment

The advantage of buying a pre-sales or pre-construction condo as a real estate investment is the flexible financial arrangement. If this is your first-time real estate investment, it’s difficult to come up with the required 20 per cent down payment. As of February 2018, the Victoria Real Estate Board (VREB) lists the benchmark price for condominiums in the Greater Victoria area as $463,100. The down payment for a condo at this price is $92,620. Keep in mind, if you plan to live in your condo, the down payment is much less, but don’t make the mistake of buying a condo under the pretense of living there when you intend to rent it out. It’s best to live in the property at least a year before you consider renting it, and it’s a good idea to contact your lender and let them know that the property is no longer your primary residence.

At Triple Crown, we require only $20,000 down with the remainder due after the building is complete and you take possession. That gives you much more time to save the necessary 20 per cent down and arrange to be a landlord.

You Win with Equity Gains

The equity you could gain with a pre-constructions condominium is terrific. The sale price is based on the price of condos at the time you make your initial payment and will not change through the construction process. Once the building is complete and you're ready to move in, you immediately benefit from any growth in equity during that time. For instance, everyone who bought one of our pre-construction condos last year did very well. This month, VREB reports a 20.3 per cent increase from last February to the end of February 2018! While there is no guarantee prices will continue to rise, it quite likely will, albeit at a slower pace. We’re still experiencing long-term low inventory, which means more price pressure and competition on homes of every type.

What does the vacancy rate mean for a landlord?

You will have little problems renting your unit. Last year, Canada Mortgage and Housing Corporation (CMHC) pegged the capital city's overall vacancy rate 0.7 per cent and West Shore’s vacancy rate was 1.3 per cent.

Since occupancy rate plus vacancy rate equals 100 per cent, that means there is a 98.7 per cent occupancy. Put another way, if you owned 10 condos, you would typically calculate your potential months of rental income by multiplying by the number of rental months in a year, that being 120 months. A 1.3 vacancy rate means nine of your 10 units will be fully rented, and the tenth will be rented for 10.5 months. Put another way, your condo will be rented almost all the time.

How Much Rent Can I Ask For?

In 2017, rents rose considerably throughout the Capital Regional District. In Langford right now, the average rent for a two-bedroom condo is $1,500 for an older one, and up to $2,100 for a new one with only one bathroom according to KijijiListings. Let's do some math: If you purchase one of our two-bedroom, two-bathroom condos for $405.900 as an investment property, after you put 20 per cent down, you would need a mortgage for $324,720. With a 3-year fixed rate mortgage at 3.62 per cent, your weekly mortgage amount is $377.42. That's $1635.49 per month. The condo fees on this unit will be $294 a month resulting in a total commitment of $1929.49.

We have no doubt you will be able to rent these condos at a premium. These are excellent places to live and your renter will be delighted by the opportunity to do so. The units all have quality fit and finish, six-piece appliance packages, stainless kitchen appliances (gas stove), full size in-suite washer and dryer, and 2 underground parking spots. The building also allows pets, which increases your potential number of renters. On top of that, the building is in an excellent location close to amenities in one of British Columbia’s fastest growing urban centers. Add that all up and it means you should easily break even when you take possession and rent your unit out.

How about maintenance? 

These are brand new units and should require little in the way of repairs for some time. Even so, it’s a good idea to put some money aside each month for contingencies. If you save $150 a month, that will quickly build up a healthy contingency with the added bonus that if you don't have to tap into it for the next ten years, you will save $18,000 plus interest.


There are a lot of excellent reasons to buy a pre-built condominium for real estate investment, and a Triple Crown condominium would make an excellent addition to your real estate investment portfolio. 

Give us a call at 250-474-4800 if you want to explore this idea and take action.

(Disclaimer: We are not lawyers or financial planners and this article should not be considered as legal or financial advice. You should seek appropriate counsel for your own situation. Please note, this article is directed towards a Canadian audience. If you reside outside of Canada and you are considering the purchase of a condo, we encourage you to thoroughly research recent and upcoming tax changes in British Columbia).

 

Examining the BC NDP Budget Impacts on the Housing Market


The NDP budget includes a 30-point housing plan that is designed to stabilize the housing market. This plan outlines a new speculation tax on people who own empty homes but pay no income taxes in B.C., expands the current transfer tax and foreign buyers' tax, and cuts a loan program for first-time buyers.

Finance Minister Carole James said she hopes this and other changes will cool real estate costs, but would not predict how much, or what will happen if they take a bigger bite out of housing values than intended. "We are treading on new ground," she says.

Speculation Tax

Part of the plan includes a new levy, or "speculation tax," which will be applied to more than 15,000 residential properties in Metro Vancouver, the Fraser Valley, the regions of Victoria and Nanaimo on Vancouver Island, and Kelowna. The tax rate, charged on a property's assessed value, will be 0.5 per cent in 2018, and then 2 per cent in the following years. This means if an overseas owner who is not a Canadian citizen owns a $1,000,000 home in Victoria, they will pay $5,000 this year, then $20,000 in following years. "This will penalize people parking their capital in our housing market simply to speculate, driving up prices and removing rental stock," Ms. James said.

There are some unintended consequences of this tax. Albertans who own vacation properties in BC are feeling the sting and they are not happy about it. The proposed tax has already been dubbed a “punishment tax” on chat sites frequented by Albertans with vacation homes in B.C. Many feel it is discriminatory and suspect the motivation behind it is the ongoing oil pipeline fight between the two provinces. Under the plan, a $500,000 condo in Kelowna owned by an Albertan could face an additional $10,000 tax bill annually.

In a recent interview with MacLean’s Ms. James said, “It doesn’t matter if you’re from Toronto, Montreal, Calgary or overseas, the speculator tax will impact those who choose to speculate or take housing stock off the market.”

Out of province homeowners with vacant properties in BC will not know until the fall legislation whether the provincial tax will apply to their properties, and if so, whether they will qualify for any exemption that will provide an income tax rebate the next year.

Property Transfer Tax

The Property Transfer Tax has been increased for residential properties on the portion of the Fair Market Value exceeding $3,000,000. The Property Transfer Tax rate is now on per cent on the first $200,000, two per cent on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, three per cent on the portion of the fair market value greater than $2,000,000, and finally, five per cent on the portion of the fair market value greater than $3,000,000.

Additional Property Transfer Tax (Foreign Buyer Tax)

The current tax on the purchase of a home by a foreign buyer rose to 20 per cent and was expanded to communities outside Metro Vancouver, including the Fraser Valley, Nanaimo, the Central Okanagan and the Capital Regional District. "We think that foreign buyers should contribute more for the high quality of life they enjoy in our province," said Ms. James.

Grandfathering provisions will exempt transactions from the Additional Property Transfer Tax in the above areas if registration occurs before or on May 18, 2018 and the property transfer is subject to a written agreement dated on or before February 20, 2018 (a definition of written agreement has not been provided).

First Time Home Buyers Program

The NDP axed the former BC Liberal government's program that provided interest-free loans to first-time homebuyers. The program offered a second mortgage to qualified buyers and did not require any interest payments or payments on the principal for the first five years. While helpful, many critics felt this program encouraged first-time home buyers to take on too much debt.

Conclusion

The NDP budget represents a strong shift toward wealth redistribution. The additional tax revenue they raise will be approximately $2-billion towards their efforts to tackle B.C.'s affordability issues.


 

Builders are Flat-Out Busy!

According to a report released by Canada Mortgage and Housing Corporation (CMHC) on February 8th, the number of January starts – 100 units – is down from 175 starts last January.

CMHC Stats

However, 2017 was a near-record year with close to 4000 units started. That’s nearly double what the Capital Regional District normally sees – on average 2000 – 2200. Builders in the Greater Victoria region started 2,966 multi-family units and 896 single-family homes last year for a total of 3862 new homes. This number beats every other year except 1976 when the region saw 4439 starts.

 

Lack of Inventory in Greater Victoria Continues to Drive Prices

Real estate prices have risen a good deal in the last year, driven by the lack of inventory which was at a record low in January.

There was a total of 1,491 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2018, 1.6 percent fewer than the 1,516 active listings for sale at the end of January 2017.

The lack of inventory in our market is maintaining pressure on pricing, especially as high demand continues in many areas of Victoria.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2018 was $831,900, a 9.3 percent increase from January 2017.


HPI benchmark value for a condominium in the Victoria area in January 2018 was $450,600, a 20.1 percent increase from January 2017. 

Read the full report on the Victoria Real Estate Board website.

 

Pricing Trends of Condominiums in Langford and Greater Victoria

Like all real estate sales in 2017, condominiums saw brisk sales! There was a total of 2,773 sold in Greater Victoria through the year, 370 of those being in Langford. At Triple Crown, we sold 34 of the 46 condominiums we have available, which means we contributed just over nine percent to that figure.

The average price of condominiums rose significantly through 2017, as did all other types of housing. We're happy to say our prices have remained the same, so we didn't contribute to the average rise in price. The Multiple Listing Service® Home Price Index benchmark value for condominiums was $449,460 in the Victoria downtown core, an increase over last year of 16.3 percent.


An interesting trend to note over the past 50 years of real estate prices in Greater Victoria is that prices tend to be flat for an average of eight to 13 years, then shoot up rapidly in a short time. In Langford, prices have more than doubled since 2005 but remained relatively flat from 2008 to 2016.
What’s been driving the prices up over the last two years? One major factor: Supply and demand. Inventory has been very low. This past December saw some of the lowest inventory since the Victoria Real Estate Board started tracking stats for the area in 1996.

Fortunately, inventory is increasing, but likely not enough to satisfy the demand to live here. A number of new builds are starting up in 2018 for Langford, which is welcome news. More builds here will serve to bring more attention to our excellent city of Langford.
Up to now, Triple Crown has been one of the few, and people will find out soon enough that we have very competitive pricing and we stand alone with our high-quality fit-and-finish and higher-end appliances.

What kind of trends can we look forward to in 2018? No one can ever say for certain, but we’ll quote Victoria Real Estate Board President Ara Balabanian.

"Moving forward, we expect to see more inventory come into the market, which will continue to move us toward a more balanced state," says Balabanian. "We also expect housing prices to remain stable, without the increases we tracked in 2016, and anticipate steady slow growth.”

We’ve sold over 75 percent of our top-quality, west-coast contemporary condominiums. If you’re reading this and you’re interested in buying one, please don’t wait. You only need a $20,000 deposit plus some paperwork to be assured you’ll own one of Triple Crown’s condominiums. Sign up for our newsletter, send an email, or give us a call.

 

November Saw Greatest Number of Sales Since 1996


November saw the greatest number of home sales in Victoria BC since 1996!

Is this a start of a new trend? Not according to Victoria Real Estate Board President Ara Balabanian. “The fact that we've had an unusual month does not necessarily mean that this is the start of a new trend. It is, however, a good example of how outside forces can impact a housing market."

Balabanian suggests buyers have accelerated their purchase timelines in order to avoid the upcoming stress test on uninsured buyers coming into effect on January 1st. The new stress test will now include those with a down payment of 20 percent or more. The test will require purchasers to prove they can make meet their commitment if interest rates rise above the five-year benchmark rate published by the Bank of Canada or 2 percent higher than their contracted mortgage rate, whichever is higher.

"Judging by the sales we saw in November and what I have heard from our REALTOR® members, some buyers have indeed accelerated their purchasing plans to avoid the stress test,” says Balabanian. “This may change the numbers we see in the early months of 2018, as some buyers who had planned to buy next year have bought a bit earlier."

There were 1,764 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2017, a decrease of 7.4 percent compared to the month of October and 2.8 percent fewer than the 1,815 active listings for sale at the end of November 2016.


The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in November is now $824,600, which is slightly higher than October's value of $821,900. It is 10.2 percent higher than November last year when it was at $748,500. 

 

Tips for First Time Home Buyers

Much like owning your first car, buying your first home brings you a whole lot of freedom, but it can also bring you a whole lot of emotional stress.

Many first-time home buyers quickly tire of the home buying grind and they end up settling too quickly before they find out what is possible. It gets really difficult to be patient when the search stretches into weeks or even months – especially after your bank or mortgage broker has given you the green light – but patience and diligence will reward you in the end.

If you see what you like right away, don’t immediately succumb to that “it’s meant to be” feeling. Even in current market conditions of high demand and low inventory, it’s almost always better to take your time for a thorough look rather than make an impulsive purchase only to find your property’s downsides later on. Finding a place to live isn’t hard; finding a home requires patience, diligence, research, and, yes, a bit of frustration along the way.

Financial Readiness:

Run a personal credit check. You can request a free report by mail from Equifax Canada and TransUnion – the two consumer credit reporting agencies. Details on how to go about it HERE. https://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca02197.html

Be sure you really know your budget, what you have for your down payment and where it’s coming from. Rising real estate prices are making it difficult to scrape together a down payment.

Canada Home Buyer’s Plan:

Did you know Canada’s Home Buyer’s Plan allows a first-time purchaser a one-time chance to withdraw up to $25,000 from their RRSPs? If you are a couple, that gives you access to $50,000 with the condition that you repay it within 15 years’ time.

Make your registered retirement savings plan contribution more than 90 days before the withdrawal, or it may affect your down payment. Make sure you also fill out for T1036, Home Buyers Plan Request to withdraw from your RRSP account.

Repayments are due in the second year following the year you made the withdrawal. If you make a withdrawal this year, your first payment of generally one-fifteenth of the loan will be due in 2019 and then every year following until it has been repaid. If you don’t make a repayment in any given year, that amount is deemed income and you pay additional taxes.

An interesting fact that many homebuyers may not realize is if it has been more than four years since you or your spouse sold your first house, you can still qualify as a first-time home buyer, and capitalize on all the benefits.

Mortgage Insurance:

You can pay as little as 5 percent down if you pay for mortgage insurance through CMHC, however, that will add another 4 percent to your mortgage if your down payment is under 10 percent or 3.1 percent if your down payment is between 10 and 15 percent.

If you want to avoid CMHC mortgage insurance altogether, you will need 20 percent down. If you buy a Triple Crown condominium at the current starting price of $324,000, a 20 percent down payment would be $64,800 (minus the $10,000 purchase option you would already have paid which gets converted into part of your down payment).

More information HERE. https://www.cmhc-schl.gc.ca/en/co/moloin/moloin_002.cfm

G.S.T. New Housing Rebate

The full rebate is available for new homes priced up to $350,000, then on a sliding scale until the rebate diminishes to zero at $450,000. Assuming the purchase price of you new home is $350,000 (excluding G.S.T.) The gross G.S.T. would be 5 percent of $350,000, which is $17,500. The G.S.T. New Housing Rebate is 36% of $17,500, which is $6,300. Thus, the applicable G.S.T. is $17,500 less $6,300, which equals $11,200.

More information HERE. http://www.thetownhouseguy.ca/confused-about-how-gst-works-on-your-real-estate-purchase


If you’re buying property at Triple Crown, you’ll be talking with Justine Connor or myself. We’ll be happy to serve as your guide to purchasing your first home.

 

Markets Stable in Victoria BC

“The fact that we’ve seen such a controlled levelling off in the market directly following a year which felt so uncontrollable in terms of demand and pressure on prices illustrates the depth and stability of the Victoria market,” says Victoria Real Estate Board President Ara Balabanian.

“An unstable market may have experienced a heavy correction or shift, whereas in our
market sales are moderating at a reasonable rate.”

The Multiple Listing Service® Home Price Index benchmark value for a condominium in the Victoria Core in October 2017 was $449,176. The benchmark value for the same condominium in October 2016 was $394,571

 

 

First Time Home Buyers Resource Page



If you are a first-time home buyer, there are many extremely beneficial options and programs for you to consider, especially if you are buying a brand-new home. All the details and program names can be a bit overwhelming to keep straight, so we’ve encapsulated all your options into one place on this page to help you assess and implement what you need to know. Bookmark this page in your browser for easy reference.

First Time Home Buyers’ Program

The British Columbia Provincial Government imposes a property transfer tax, which must be paid before any home can be legally transferred to a new owner. As a first-time home buyer, you qualify for a full transfer tax refund if your home is in BC, you intend to use it as your principal residence, and your home’s fair-market-value is$500,000 or less.

These conditions are easily met with a condominium. Based on the selling price of $384,900 for one of our 2-bedroom, 2-bathroom 976 sq. foot units, those who are not first-time home buyers will be charged at a rate of: 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and. 3% on the portion of the fair market value greater than $2,000,000. 

That equals $5,698 - a good amount you get to keep in your jeans!

There are lots more qualifications to check and make sure you meet to qualify, but you’ll find it all on the BC Government’s website.

Home Partnership Program

The B.C. government's Home Partnership program opened this year, which provides loans of up to $37,500 to help first-time homebuyers fund their down payment in the province's pricey housing market.

This is a second, 25-year term mortgage provided by the government with an upside of no interest or payments for five years. Studies show most first-time home buyers sell within seven years, at which time this mortgage would be paid off.

Be aware you will have to start paying in five years’ time no matter what your financial situation looks like, and there is no guarantee the market will rise between now and then.

There is a list of eligibility requirements. In a nutshell, you need to be a Canadian citizen or permanent resident for five years, live in British Columbia, have a household income under $150,000 per year, be pre-approved for a high-ratio mortgage, be buying a home for less than $750,000 and intend it as your principal residence for five years.

You receive a rebate on GST

While all new homes are subject to GST, if you intend to live in your condominium as your primary residence then you are most likely eligible for a rebate of 36% of the 5% GST. The full G.S.T. New Housing Rebate is available for new homes priced up to $350,000. There is no G.S.T. New Housing Rebate on homes valued at over $450,000.00 so the full 5% will be paid.

Assume the purchase price of a new home is $324,900 excluding G.S.T. The gross G.S.T. is $16,245 (5% of $324,900).  The G.S.T. New Housing Rebate is 36% of $16,245 (5% GST), which is $5,848.20. Thus, the applicable G.S.T. is $16,245 (5%) less $5,848.20 (36% of 5% on $324,900), which equals $10,396.80. (GST payable after rebates)

For homes valued between $350,000.00 and $450,000.00, the rebate is gradually reduced and is calculated by using the following formula: $6,300 x [$450,000 – the purchase price] / $100,000

Based on the selling price of $384,900 for one of our 2-bedroom, 2-bathroom 976 sq. food condominium, you will save over $4,101.30 in GST. (Note: You pay the GST at time of sale, then receive your rebate later).

You’ll find more information on the Canadian government website.

RBC's Long-Term Closing for Prebuilt Homes

When you want to buy a prebuilt condominium with a completion date of a year or more, one of the greatest concerns we hear from our clients it, “How do I make sure I’m approved at closing and how can I get the financing?”

That’s a good question because most lenders will only hold an approval for 120 days, but we discovered RBC’s excellent product and we often suggest our clients speak with a mortgage specialist at RBC which specializes in long-term closing. 

Most lenders will pull your credit report at the end to make sure nothing’s changed. Or they will send out an appraiser just before you close, then base the price on the lower of either the contract or the appraisal. You would be expected to come up with that difference or lose your funding if the market value falls in the interim (unlikely as that is in Victoria).

RBC doesn’t do that. “We’ll hold a fixed rate for up to two years,” says Jennifer Byatt. “We take your application now and the market value right now. We send an appraiser out to make sure the value and current sales are there, and we take that number for our market value. At the time of closing, if anything has changed, it doesn’t matter because we have given a firm approval and we don’t look back.”

If you get sick or lose your job in the interim, even if you’ve bought two more places, it doesn’t matter at all because it’s based on where you are today. 

When your home is complete and it’s time to close, they just push a button and fund. It will give you real peace-of-mind to know your financing is in place means you can live your life without worrying about the repercussions. 

OSFI’s New Changes and How They Impact You

Qualifying for a mortgage means you must pass a “stress test”. That means you must prove you can afford payments based on the Bank of Canada’s five-year benchmark rate, which is currently at 4.99 percent, or your contract mortgage rate plus two percentage points, whichever is greater.

Last year, the stress test applied only to mortgages of less than 20 percent down, but as of January 1st, 2018, you need to qualify based on the ability to make a much higher monthly payment for all mortgages, no matter the down payment. This means you may not be able to purchase as large a home, but isn’t necessarily a bad thing. It never was prudent to borrow to the maximum of your financial ability.

Get a Triple-Win when you buy one of our condominiums

If you’re an average-income family or first-time home buyer in Victoria, a condominium is a viable option we encourage you to look at closely. You can get a lot of home in a condominium at a great price as compared to detached dwellings, you’ll have far less work to maintenance your home, and our location is terrific!

We have access to strategies to help you save money, and Triple Crown has an excellent selection of beautiful, modern pre-built condominiums in Langford close to every amenity and recreational pursuit a family could want.


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Please feel free to contact us any time. We are here to provide any information you may require or answer any questions you may have. We look forward to hearing from you!

Email your requests or questions to info@triple-crown.ca




Call Todd Mahovlich

& Justine Connor