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August 2024

Mold Management for Homes: Detection, Prevention & Remediation 

Posted on Aug 30, 2024 in Facts on Home Ownership




Mold is a common household problem that can pose significant health risks and cause structural damage if not properly managed. It thrives in damp, warm environments, making homes susceptible to its growth, particularly in areas with high humidity. Understanding how to prevent, detect, and clean up mold is crucial for maintaining a healthy living en...

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What to do with a Hidden Underground Oil Tank on Your Property

Posted on Aug 30, 2024 in Facts on Home Ownership




Old underground oil tanks are a hidden legacy beneath many homes in Victoria, BC. Installed decades ago as a primary method of heating homes, these tanks have since become a source of environmental concern and potential liability for homeowners. This essay explores the history of these tanks, the reasons for their use, the modern imperative to remo...

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The Dangers of Asbestos in Homes 

Posted on Aug 30, 2024 in Facts on Home Ownership




Asbestos was once a widely used building material, valued for its durability, heat resistance, and insulating properties. However, it is now recognized as a significant health hazard, linked to serious illnesses such as lung cancer, asbestosis, and mesothelioma. In Victoria, BC, many older homes may still contain asbestos in various forms, posing p...

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Understanding Latent Defects in a Home 

Posted on Aug 30, 2024 in Facts on Home Ownership




When buying or selling a home, it’s essential to understand the concept of latent defects. These are hidden flaws or issues within a property that are not immediately apparent and may not be discovered during a standard home inspection. In Victoria, BC, the responsibility to disclose latent defects is crucial, and failure to do so can lead to signi...

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What a Foreign Buyer Needs to Do Before Buying a Home in Victoria, BC

Posted on Aug 20, 2024 in Foreign Buyers




What are the Legal Requirements for Foreigners Purchasing a Home in Victoria?

One of the most important aspects for foreign buyers to understand is the legal framework governing property purchases in British Columbia.

  1. Citizenship and Residency Status:
    • Do You Need to Be a Canadian Citizen or Permanent Resident? No, you do not need to be a Canadian citi...

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The Canadian Real Estate - Glossary of Terms 

Posted on Aug 20, 2024 in Contracts in Real Estate





A
  • Absorption Rate: The rate at which homes in a particular area are sold over a specific period, often used to determine the pace of the market.
  • Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that changes periodically based on market conditions, also known as a variable-rate mortgage in Canada.
  • Amortization Period: The length of time...

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8 Best and Smart Negotiation Tips for Buyers 

Posted on Aug 20, 2024 in Buyers Info & Facts





Here are eight of the best and smartest negotiation tips for buyers to get a better deal when buying a home in Canada:

1. Get Pre-Approved for a Mortgage

  • Why it’s smart: Having a pre-approval shows sellers that you’re a serious buyer with the financial means to close the deal. This can give you leverage in negotiations, especially if the seller is mo...

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Renting vs. Buying a Home in Victoria, BC: Is It the Right Fit? 

Posted on Aug 20, 2024 in Renting/Renters




Victoria, BC, is renowned for its stunning natural beauty, mild climate, and vibrant cultural scene. As the capital city of British Columbia, it attracts a diverse population of professionals, retirees, and students. If you’re contemplating whether to rent or buy a home in Victoria, it’s essential to weigh the pros and cons of each option and consi...

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How to Build Your Own Home in Victoria

Posted on Aug 20, 2024 in Vacant Land




Building your own home is a dream for many, offering the opportunity to create a space perfectly suited to your needs and lifestyle. However, the process of building a home in Victoria, BC, requires careful planning, adherence to local bylaws and zoning regulations, and a clear understanding of the steps involved. This guide provides a step-by-step...

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The 8 Most Embarrassing Home Staging Mistakes That Affect a Home's Value 

Posted on Aug 20, 2024 in Staging Your Home





Staging a home is a crucial step in the selling process, and when done right, it can significantly boost a property’s appeal and value. However, even the most well-intentioned efforts can backfire if common mistakes are made. Here are eight of the most embarrassing home staging mistakes that can negatively impact a seller’s home value.

1. Over-Perso...

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Alphabetical Glossary of Zoning and Bylaw Terms 

Posted on Aug 20, 2024 in City Zoning & Bylaws





When dealing with zoning and bylaws in the context of building or developing property, it's essential to understand the terminology that municipalities use. Here's an alphabetical glossary of key terms commonly encountered in Canadian municipalities, including Victoria, BC.

A

  • Accessory Building: A secondary building on the same lot as the main struct...

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A Guide to Foreign Home Buying in British Columbia, Canada 

Posted on Aug 12, 2024 in Foreign Buyers





British Columbia has long been a desirable destination for homebuyers worldwide, thanks to its stunning landscapes, thriving cities, and high quality of life. However, if you’re a foreign buyer considering purchasing a property in BC, there are specific steps you must follow, including understanding the tax implications, legal requirements, and rec...

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Understanding Joint Tenancy vs. Tenants in Common on Land Titles in British Columbia

Posted on Aug 12, 2024 in Sellers Info & Facts




When purchasing property in British Columbia, one of the crucial decisions you'll need to make is how to hold the title. The two primary forms of ownership are joint tenancy and tenants in common. Each has significant legal implications, especially regarding ownership rights, responsibilities, and what happens in the event of a co-owner's death. He...

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Understanding the Home Ownership Structure 

Posted on Aug 12, 2024 in Sellers Info & Facts





When selling a home in British Columbia where two joint tenants in common have a third party with a percentage of interest on the title, several legal and financial considerations come into play. This situation involves both the complexities of joint tenancy and tenants in common, which can affect how the property is sold, how the proceeds are divi...

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Navigating the Sale of a Jointly Owned Home During a Seperation

Posted on Aug 11, 2024 in Sellers Info & Facts




Separation or divorce is a challenging and emotional process, and when the property is involved, it can become even more complex. In British Columbia, when a married couple decides to divorce and they jointly own a home, there are specific legal steps that need to be taken, especially when the sale of the home is necessary. This blog will guide you...

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