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Canada is planning to increase the maximum that can be borrowed on a high ratio mortgage.


High ratio mortgages are those where the buyer puts down less than 20% on the purchase price.


If the proposed changes go through, this will increase by 25% from $1 million to $1.25 million.


While this may sound beneficial to the average home buyer, particularly in the Greater Victoria area where home prices over $1 million dollars are more common than not, for buyers to take advantage of this increase they would need a household income of at least $155,000 per year and a minimum down payment of $250,000.


Furthermore, when the government is offering up to 25% more funds, the seller is now obligated to extract these additional funds. The increased credit gets capitalized into the home price and, in turn, pushes prices even higher.


A large portion of home buyers are first-time home buyers and this will affect them negatively as it pushes the cost of affordable housing up. 


Housing affordability is already out of reach for many homebuyers, particularly first-time buyers, in Canada and this increased borrowing may not work in our favour. 


You can learn more about this proposed increase at: https://betterdwelling.com/canada-plans-to-foster-its-real-estate-bubble-by-raising-the-maximum-mortgage-size/?utm_source=Better+Dwelling+Website+Signup&utm_campaign=f1bc874b58-fras_jan_112018-3094981_COPY_01&utm_medium=email&utm_term=0_bde8feedee-f1bc874b58-309114821



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This is the final part of our series covering the last 5 municipalities, including the Capital City.

Esquimalt

Esquimalt, home to Canada’s naval presence on the West Coast, is within walking distance to the City of Victoria and is centrally located in the Greater Victoria area. 


Visit local restaurants and cafés, peruse art galleries and unique shops, and sip from breweries that all call this fantastic municipality home.


Stunning seafronts, incomparable parks, urban-design waterways, and down-to-earth friendly residents welcome you to Esquimalt - rich in history but contemporary in outlook. 

Victoria - The Capital City

Victoria, the Capital City of British Columbia, is home to a dynamic, thriving economy and vibrant arts and culture scene, with an unparalleled natural environment enjoyed by residents and visitors.


Victoria has a wealth of natural and man-made riches, including stunning heritage architecture, ocean views, and mountain vistas. It is this rare juxtaposition of heritage charm, scenic backdrop, and modern city-scape that makes Victoria one of the most uniquely special places in Canada. Millions visit our city every year and enjoy the natural beauty, temperate climate, and heritage charm Victoria offers its citizens every day.


Home to the historic Fairmont Empress Hotel, The Legislative Building, Craigdarroch Castle, Beacon Hill Park, and countless attractions, this city has everything you could want, and much, much more. 

Oak Bay

Oak Bay is a picturesque suburban community located on the southern tip of Vancouver Island, bordering the City of Victoria.


Affluent Oak Bay is popular for its tree-lined namesake avenue, filled with smart boutiques and art galleries, fancy delis, and lively cafes. Casual spots for serving brunch and fish & chips, along with upscale wine bars and friendly neighbourhood pubs.


Home to the Oak Bay Marina, you’ll find excellent sights, eats, and even opportunities to feed the local seals here.

Oak Bay is also home to the Uplands golf course, the Oak Bay Beach Hotel, and the ritzy uplands neighbourhood where you’ll spot everything from century-old character homes to modern mansions. 

Sooke

Sooke is located on the southern tip of Vancouver Island, just 38 kilometres from Victoria.


The Town’s motto of “Where the Rainforest Meets the Sea” speaks to the environmental riches of the area. Here you will find stunning west coast sights through the various local, regional, and provincial parks


The area is famous for its access to the amazing west coast of Canada including countless beaches, the West Coast Trail, Juan De Fuca Marine Trail, Botanical Beach, Avatar Grove, and countless attractions that only this area can offer. 

Metchosin

Metchosin is a rural community of wide-open spaces, pastoral countryside, and bountiful farmlands.


In this area, you will see cultivated acreages, small forests, rocky headlands, small farms, and secluded seaside homes. The area is home to numerous parks, trails, beaches, and a wildlife sanctuary.


Driving through Metchosin you’ll find countless street-side farm stands selling fruit and vegetables that were cultivated right here.


The municipality of Metchosin has imposed a minimum one and two-acre lot size bylaw to preserve the area’s rural lifestyle. If you’re looking for a slower pace of life surrounded by nature, this is definitely the area for you! 


We hope this series has helped you to understand the Greater Victoria area and will help you in selecting a neighbourhood for your next home. 




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In this 3 part blog and email series, we’re learning about the 13 municipalities in the Greater Victoria area and their best attributes.


Be sure to scroll down to read the first part which focuses on North Saanich, Sidney, Central Saanich, and Juan De Fuca, and stay tuned for part 3 which will review the remaining municipalities. 

Highlands

The stunningly beautiful rural residential area of the Highlands sits just northwest of Victoria.


More than 1/3 of the Highlands is protected as municipal, regional, and provincial parkland, ensuring its residents are surrounded by nature.


Highlanders take great pride in the stewardship of their environment by ensuring that new developments include conservation covenants limiting human encroachment and protecting their land. 


This area is great for hiking, biking, bird watching, and countless outdoor activities. 

View Royal

A gateway between Victoria’s urban core and the growing West Shore municipalities, View Royal is a vibrant community that still offers a small-town feel.


The Town of View Royal is home to 71 parks, over 27km of trails, and regional lakes such as McKenzie, Pike, Prior, and the locally famous Thetis Lake.


View Royal is home to numerous annual festivals and is a larger supporter of performing arts, general arts, and visual arts throughout the Capital Regional District. 

Saanich

Saanich blends both the rural and urban on southern Vancouver Island with countless entrepreneurs, artists, community-builders, farmers, and families.


More than 114,000 people live in Saanich, making it the largest population on the island.


This area is home to over 170 parks with over 100km of trails, 37 beach accesses, 62 sports fields, and 56 playgrounds. This area has everything a family could ever want and much more.


Additionally, Saanich offers all the amenities a community needs, schools for students of all ages, including universities, and numerous shopping centres. 

Langford

Langford is the fastest growing community in British Columbia, attracting new residents from all over Greater Victoria, the Lower Mainland, and Alberta due to new housing developments, a strong real estate market and affordability, a desirable temperate climate with warm, dry summers and mild, wet winters, ample amenities as the commercial centre of West Shore, and year-long recreational activities.


The area offers year-round events, such as parades, a seasonal farmer's market, the Summer Festival, and Luxton Fair. Rugby Canada’s headquarters are located in Langford and they also offer a new $30 million YMCA/YWCA Aquatic Centre.


The area is perfect for those looking to keep active, live near amenities, parks, schools, lakes, trails, and stay just a few minutes drive from the Capital City. 

Colwood

Set amongst some of the most beautiful parks and trails on Southern Vancouver Island, this area prides itself by claiming the statement “There’s no better to place to live, work and play, than Colwood.”


With significant growth and change through this area, it’s home to new waterfront communities such as Royal Bay and Royal Beach where new homes, schools, shopping, dining, and businesses are currently being built on nearly 500 acres of land set along the ocean.


The community has a strong vision that will ensure it maintains its natural, historical, family-friendly feel as it enjoys the benefits that growth will bring.


With this unique combination of community, nature, and growth, home buyers and businesses are taking a fresh look at Colwood.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.