Blog by Brenda Russell

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OAK BAY REAL ESTATE

In Oak Bay for the month of February there were a total of 22 sales.  South Oak Bay has 20 current listings.  Since March 1st there are 6 pending sales and 4 sold homes for the month of March so far.  The Gonzales area of Oak Bay has 2 current listings and 2 pending sales for March.  North Oak Bay has 4 current listings and one sold home so far this month. The Estevan area has 9 active listings and 2 pending sales.  The Uplands area currently has 11 active listings, one pending sale and one sold listing during the month of March.  I am noticing the activity has really increased this month.  It is busy...

Also, there is new information about property tax exemptions.  'First time' purchasers are now fully exempt for values up to $375,000.  For properties between $375,000 and $400,000 partial exemption applies, and for properties over $400,000 there is no exemption.  You must finance at least 70% of the property value to qualify for the exemption, and there are some restrictions on the size of the lot and a minimum mortgage term of 1 year is required.