65% Sold
Starting at
$
324,000

The Condos at Triple Crown


Thank you for visiting Triple Crown – a contemporary West Coast community only moments from nature. Our development is in an ideal location near the heart of vibrant Langford with every amenity in easy reach, yet it allows you to 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 now sold out of our 46 beautiful new condominiums in Residence 1. If you missed the opportunity or you were interested in knowing more about the next development for our Triple Crown community, stay tuned for more information on the next phase of condos by signing up to receive our newsletter “THE WINNER’S CIRCLE”. We’ll be in touch soon!

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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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

Family Life in a Langford Condo



As affordability and availability of single family homes have risen through the last few years, attitudes toward family spaces are shifting. Condo living can be just as fulfilling for the progressive-thinking family as for anyone. 

Here are some considerations for families:
Space. Obviously the biggest challenge families have is rambunctious tots who move a lot, and all the accoutrements that go along with them — craft supplies, bedding, study spaces, books, and toys, toys, and more toys. There are numerous space-saving storage ideas out there which make modern life in smaller spaces possible and even enjoyable. If you are feeling particularly challenged, why not hire a clutter or storage consultant to help you maximize the space? It’s a small investment for a potentially huge gain.

Proximity to other families. It’s always nice when children are able to walk to a friend’s house, or have their friends over. You just can’t beat a trip down the hall or across the parking area. That’s not only convenient for the kids — parents of younger children are able to help each other out easily within a condo setting as well. 

Moreover, without all that land to take care of, and outdoor maintenance all cared for, condo living offers families the gift of time. Smaller spaces make for less to clean!

At Triple Crown, families are just steps away from the abundance of Florence Lake, with fishing, swimming, nature trails, and cycling paths all around. Langford is practically the epicenter of family activities for the Capital Region. In Langford you’ll find numerous parks, two public libraries, PlayZone, Tumblebums Play Centre, and City Centre Park with a bowling alley, ice rinks, sports fields, and lots of other amenities. On rainy days West Shore Mall also has an indoor play area for little ones. 

With convenient access to the highway, our location means all the services your family needs, in the whole region, are also just moments away.

Why not consider the advantages of life in a Langford condo?

 

Start with a Condominium


Over the last few years, rising housing prices have outpaced the ability of many first-time buyers to save a sufficient down payment to service a mortgage for a single-detached house.

If you are getting tired of paying rent and you would like to own some real estate, there is an alternative. Purchase a condominium as your first home.

Doing so doesn’t mean you have to give up your dream for a white picket fence and big garden. It simply means you shift your current expectations to get into the real estate market and put your monthly payments towards building your own family’s equity instead of a landlord’s equity.
While considering your decision, may we point out a few benefits to condo ownership you might not have considered?

The Primary Consideration - Price
In Greater Victoria, condominiums are 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.

Locations Are Usually Better
It’s hard to beat living within or on the edge of a bustling city with easy access to work, dining, activities, public transportation and other amenities. Our own location in Langford is ideal because it is close to big box stores and outdoor amenities.

Better Security
Condos are more secure than a detached home. Every building has a front entrance 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.

Simpler 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.

What About 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!

Still prefer a detached home?
If owning a detached dwelling is still your ultimate goal, a condo purchase can be a good interim step. 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!

Let us know if you’re interested in looking at a condominium at Triple Crown Communities. Residence 1 is now sold, but details about Residence 2 will are coming soon. Sign up for our newsletter The Winner’sCircle” to ensure you’re one of the first informed.

 

How Victoria’s Real Estate Market is Shaping Up This Summer


The changes in mortgage qualification rules have reduced buyer’s purchasing power and the proof is in the numbers. Event though there are 20 per cent more active listings than this time last year, there are 25 per cent fewer homes sold compared to June last year. We also have a lot more competition for any homes listed at a lower price ranges and for condominiums because there are a third less homes listed under $750,000 this year over last due to rising real estate prices, and there has not been enough condominiums to meet demand.

On the higher end of the market, there are at least 50 per cent more $1.5 million plus houses listed. The new and potential taxes from the provincial government are putting pressure on some high value home owners to sell. The provincial taxes include the Foreign Buyer Property Transfer Tax, the increased School Tax and the potential Speculation Tax.

The VREB (Victoria Real Estate Board) President Kyle Kerr summed up the current market well. "You may find more flexibility if you are shopping for a multi-million-dollar estate in certain areas,” he said. However, “you may be in for a competition if you're shopping for a lower priced home or condominium.”

The MLS® (Multiple Listing Service®) HPI (Home Price Index) benchmark value for all types of condominiums (one, two or three bedroom) in Westshore increased by 20.90 per cent over last year from $327,200 to $395.700. It’s interesting to compare this to the MLS® HPI benchmark value for a condominium in the Victoria Core area which increased by 15.7 per cent over last year from $426,900 to $493,900. Comparative prices from last year to this are going up faster in the Westshore area as families and professionals shift their attention away from the less affordable Victoria core and towards vibrant communities like Langford.

Let us know if you’re interested in looking at a condominium at Triple Crown Communities. Residence 1 is now sold, but details about Residence 2 will are coming soon. Sign up for our newsletter The Winner’s Circle  to ensure you’re one of the first informed.

 

Residence 1 Now Sold Out!



Thank You to everyone who has invested in the Triple Crown Community and purchased a condominium. All 46 units in Residence 1 are now sold.

Those of you who were not ready to buy, or who are waiting for the next phase of condominiums, stay tuned. We will be announcing details soon.

Now that you’ve put a deposit down for your new condominium, make sure you make yourself aware of some expenses you will need to set aside some money to pay before the day that you close if you’re living in or renting your unit.

Closing costs

GST is included with the rebate going to the seller. If the buyer is not living in the unit and not eligible for the rebate they must pay the rebate portion on top of the Selling price. Property Transfer Tax (PTT) is similar in that it is included if you are living in the unit. Those not living in the unit they must pay the PTT on top of the Selling price net of the GST.

You will need insurance for the unit whether living in it or renting it out.

Utility Hook ups. When you purchase a new home, the utilities must be connected for the first time. These include Terassen for gas, BC hydro, and Shaw or Telus for cable and internet.

Legal Fees to your lawyer. Depending on your lawyer, fees for legal costs such as conveyancing can generally run $1000 to $1250. Ask Todd or Justine for referrals if you need one.

Welcome to Your New Community

If you are not already familiar with Langford, you will soon find yourself amidst a vibrant, family friendly community - the fastest growing municipality in the Capital Regional District. As the city has evolved, it has incorporated the natural beauty of the environment, encouraged outdoor recreation, promoted residential development and welcomed business and retail organizations. 

It’s all part of why the Triple Crown Community is a winning community!

Local Amenities:
·         Bear Mountain
·         All Fun Recreation Park
·         Cineplex Odeon Westshore
·         Highland Pacific Golf
·         Langford Lanes Bowling
·         Juan de Fuca Recreation
·         Olympic View
·         Q Arena
·         Royal Colwood Golf
·         Royal Roads University
·         Westhills Arena
·         Western Speedway
·         YMCA

Natural Spaces:
·         Florence Lake
·         Glen Lake
·         Langford Lake
·         Goldstream Provincial Park
·         Mill Hill
·         Mount Wells
·         Thetis Lake Regional Parks
·         Strachan Trail
·         Galloping Goose Trail

Big Box Stores:
·         The Brick
·         Best Buy
·         Capital Iron
·         Costco
·         Market on Millstream
·         Home Depot
·         Home Sense
·         Golf Town
·         Superstore
·         Save On Foods
·         Walmart

It’s a lot to look forward to. Enjoy all the benefits our community has to offer, and we’ll be in touch again soon.

 

Victoria & Langford Real Estate Market Review of April


"Last year, the months of May and June were the busiest," said Victoria Real Estate Board President Kyle Kerr. "So, we may see this pattern again but on a slightly smaller scale than last year, since our sales for the year thus far are down about 18 per cent when compared to 2017."

A total of 2,002 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2018. A total of 774 properties sold in the Victoria Real Estate Board region through April which is a 12.5 per cent increase from the month previous.

There isn't a lot of homes on the market to meet demand, and good homes in desirable locations still see multiple bids. There is a strong pressure on lower-priced properties. The reduced buying power of consumers due to the new mortgage rules is creating more competition for lower-priced properties. That's what is pushing prices up.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in April 2018 was $866,700, an increase of 8.3 per cent increase over last April at $800,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April was $495,100, an increase of 18.4 per cent over last April at $418,200.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in Langford in April 2018 was the $627,900. The MLS® HPI benchmark value for a condominium in Langford in April was $385,400.

 

BC Government Legislating Measures Designed to Control Home Prices and Increase Rental Vacancy


Recent legislation introduced by the BC Government will require builders to collect and report their buyer's information on the purchase and sale of condos before they are built. The NDP are putting this practice into place because they are concerned speculators are making purchases, riding out the equity increases while the property is being built, then selling them at a profit without ever living in them or reporting any of the capital gains. 


“This is a key step to stopping people from using presale condos as a quick, lucrative investment,'' says Carol James. ``It's also to stop them from driving prices up for British Columbians trying to get into the housing market.''

This legislation would force the reporting of the condo flips and allow the government to collect the tax.

Whether or not one agrees with their legislation, if you read between the lines, the government is taking action because it recognizes the value in pre-sale condos as a way to build some equity during the construction phase. That’s certainly great news for our buyers who want to buy a new home or invest in a condo as a rental property.

The NDP also introduced amending legislation to give municipal governments stronger zoning tools to protect and improve the supply of rental properties. It will allow them to ensure existing rental properties cannot be redeveloped for other uses. Undeveloped land zoned for rental will be used for rental homes.

Other steps the provincial government recently took include the introduction of a speculation tax on vacant homes to encourage rentals, increased foreign buyers tax on property sales and the creation of a housing hub program to link non-profit and faith groups with property to developers to build affordable housing.

 

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.


 

 

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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Contact Us


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