I've been keeping a keen eye on the entry level market on the island since we bought our home in May. I have to admit, I've been surprised to see how much it has changed even in the past few months.
There is very little on the market in the way of Single Family homes under $400k right now. There are a few options there, but not a whole lot to choose from. Currently the least expensive home on the market is priced at $329k - compared to the $269k in the running back in May. The market is continuing to rise, and the best advice I can give anyone hoping to purchase in the lower range is to get pre-approved right away, act quickly, and make sure you're working with a Realtor who can jump on good deals that pop up.
In other news - for those of you who didn't have the chance to attend the Islands Trust meeting on November 1st, I wanted to pass along that the most controversial proposals of the OCP review have now been taken off the table. The 20% down-zoning, expansion of Fulford Village, 30m waterfront setbacks and the 2000/3000sqft house size limits (and a few others) will no longer be considered. They are still considering changing the current 1/3 lot coverage building size, and I'll keep you updated on that as it progresses.
All the best - N
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