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Navigating the Complexities of Buying and Selling Tenanted Properties

Buying or selling a tenanted property can be a rewarding investment opportunity, but it comes with its own set of challenges and considerations. Whether you're a seasoned investor or a first-time buyer, understanding the nuances of dealing with tenanted properties is crucial. Here are some important things to know:

Understanding Tenancy Agreements

When purchasing a tenanted property, it's essential to review the existing tenancy agreements. These agreements outline the rights and responsibilities of both the landlord and the tenant. As a buyer, you will inherit these agreements, so it's important to understand the terms, including rent amounts, lease duration, and any special conditions.

Legal Considerations for Ending a Tenancy

One common misconception is that a fixed-term lease automatically ends on the specified date. However, even if a lease is set to end on a certain date, the termination of tenancy must still comply with legal requirements. In many regions, a tenancy can only be ended for specific legal reasons, such as the landlord needing the property for personal use or significant renovations. It's crucial to familiarize yourself with these legal reasons to ensure compliance.

The Free Month Rent Rule

Another important aspect to consider is the "free month rent" rule. This rule often applies when a tenancy is ended for reasons such as the landlord moving into the property or selling it to someone who will use it as their primary residence. Even if the lease was initially set up to accommodate the tenant's preferences, this rule still applies, ensuring tenants are treated fairly and given adequate notice.

Due Diligence for Buyers

For buyers, conducting thorough due diligence is essential. This includes reviewing the property's rental history, understanding the local rental market, and assessing the condition of the property. Additionally, consider the tenant's payment history and any ongoing maintenance issues that may need addressing.

Preparing for the Sale

If you're selling a tenanted property, preparing the property for sale while respecting the tenant's rights is crucial. This may involve coordinating showings with the tenant's schedule and ensuring the property is presented in its best light. A well-maintained property with a reliable tenant can be an attractive investment for potential buyers.

Conclusion

Buying or selling a tenanted property requires careful consideration and adherence to legal requirements. By understanding tenancy agreements, legal reasons for ending a tenancy, and gathering historical information, you can navigate this process smoothly. Whether you're buying or selling, being informed and prepared will help you make the most of your investment.

With my experience as a landlady since 2008, consistently renting multiple properties through both short and long-term tenancies, I understand the intricacies of managing tenanted properties. If you're considering buying or selling a tenanted property and need expert guidance, reach out today. Let's work together to make your real estate journey a success!

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Discover Exciting Events in the Cowichan Valley This December!

As the holiday season approaches, the Cowichan Valley is bustling with events for everyone to enjoy. Whether you're looking for family-friendly activities or adult-only gatherings, there's something for everyone. Here's a roundup of some exciting events happening this December:

  1. Tourism Cowichan Events: Dive into a variety of events happening across the Cowichan Valley. From festive markets to community gatherings, there's plenty to explore. Check out the full list of events here.

  2. Harbour Living Cowichan Family Events: Perfect for families, this page highlights events that cater to kids and parents alike. Discover fun activities and outings here.

  3. Cowichan Valley Events on Facebook: Join this vibrant community group to stay updated on local events. It's a great way to connect with locals and find out about spontaneous happenings. Join the group here.

  4. Merridale's Santa Experience: Experience the magic of the season with Merridale's Santa Experience. This event promises joy and wonder for both children and adults. Find more details here.

  5. Lake Cowichan Gazette Festive Events: Celebrate the season with parades, markets, and more. The Lake Cowichan Gazette has a comprehensive list of festive events to enjoy. Explore the options here.

  6. AllEvents in Duncan, BC: From concerts to family activities, Duncan offers a wide range of events this December. Check out what's happening here.

Make the most of this festive season by exploring these wonderful events in the Cowichan Valley. Whether you're a local or just visiting, there's plenty to see and do. Happy holidays!

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The November 2024 real estate market in the Cowichan Valley has experienced an unexpected surge, reminiscent of the "COVID market" era, where sales have outpaced new listings for the first time. This trend, highlighted by data from the Vancouver Island Re

Key Factors Behind the November Surge

  1. Economic Recovery and Interest Rates: The steady recovery of the Canadian economy, coupled with more stable interest rates, has encouraged buyers to enter the market. This has been a driving force behind the increased demand, as reported by the Canadian Real Estate Association (CREA).

  2. Supply and Demand Imbalance: The number of active listings has not kept pace with the surge in buyer demand, creating a competitive environment. In the Cowichan Valley, single-family detached homes saw 60 units sold against 51 new listings, resulting in a sell/list ratio of 117.65%.

  3. Seasonal Trends and Buyer Behaviour: Unlike typical seasonal slowdowns, November saw continued buyer activity. Reports from the Fraser Valley Real Estate Board indicate that sales in November were notably higher than the previous year, showcasing sustained interest.

  4. Real Estate as a Safe Investment: Real estate continues to be viewed as a stable investment amidst economic uncertainties. This perception has attracted both domestic and international buyers, further fuelling demand.

Detailed Market Analysis

  • Single Family Detached Homes: The Cowichan Valley saw a 42.86% increase in sales compared to last year, with a total of $44,591,478 in sales dollars. Despite a decrease in average sell price per unit by 5.75%, the demand remains strong.

  • Condo Apartments: Although there was a decrease in sales, the average sell price per unit increased by 6.98%, indicating a shift in buyer preferences towards higher-value properties.

  • Row/Townhouses: This segment experienced a remarkable increase in sales, with a 333.33% rise compared to last year, highlighting a growing interest in this property type.

  • Land: While sales decreased, the average sell price per unit increased by 8.14%, suggesting that buyers are willing to invest more in land despite fewer transactions.

Implications for Buyers and Sellers

  • For Buyers: The current market is back to being competitive on certain properties, with potential for bidding wars and early signs of rising prices on highly desirable “cream-puff” or “latent value embedded” properties. Buyers need to be prepared with financing and quick decision-making to secure these gems. However, there are still excellent opportunities to be found, as many buyers are scoring great deals on homes that have been sitting on the market, often purchasing below the asking price. This creates a unique window for savvy buyers to find value while the market remains in transition.

  • For Sellers: November presented an advantageous time to list properties, as the high demand and limited supply led to favourable selling conditions, often resulting in sales at or above asking prices. 

Looking Forward

While the November surge is promising, market experts caution about potential volatility in the coming months. Changes in interest rates, economic policies, and global economic conditions could influence future market trends.

In conclusion, the November 2024 real estate market in the Cowichan Valley has defied typical seasonal trends, driven by economic recovery, interest rates, and changing buyer behaviours. This presents unique opportunities and challenges for both buyers and sellers.

Keep Up On It and Connect!

To stay ahead of the curve, I invite you to subscribe to our updates for the latest stats reports and hyper-local information tailored to the Cowichan Valley. Whether you're buying, selling, or simply interested in the market, staying informed is key. Simply reach out directly today to receive personalized insights and ensure you're always in the know about the latest market trends.

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New property listed in Du East Duncan, Duncan

I have listed a new property at 209 2555 Dingwall St in Duncan. See details here

This private, ground-level entry condo, on the serene side of the building, offers privacy and tranquility at a great price. Recently renovated with modern updates and premium finishes, this top-floor gem impresses throughout. Must be seen to be fully appreciated! The sleek kitchen features Corian waterfall countertops, slow-close cabinetry, and a contemporary design. The spa-like bathroom boasts elegant tile work, while vinyl plank flooring ties the space together. Custom bedroom closets with wood interiors and heavy sliding doors are both functional and rare. High-quality doors and a premium European washer/dryer elevate the home. Free extra parking included. Unrestricted rentals. With updated windows, electrical enhancements, and an open floor plan, this home is perfect for entertaining or relaxing. Close to schools, shopping, and downtown amenities, this condo offers a peaceful retreat in a prime location at an unbeatable value.

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I have sold a property at 2391 First Ave in Duncan

I have sold a property at 2391 First Ave in Duncan on Nov 28, 2024. See details here

Nestled in the heart of Cowichan Station among a vibrant family friendly community near the end of a quiet no through road awaits this charming well looked after property boasting two separate livings spaces, each with its own wood stove and separate entry, amazing well established biodynamic organic food gardens, an orchard, a lovely yard, a greenhouse, storage, plenty of parking, covered workspaces and so much more! The home is lovely and inviting with wonderful features including a covered balcony and patio, hardwood floors, a metal roof, hot water on demand, gas for cooking, a classy clawfoot tub, beautiful live edge countertops as well skylights providing great natural light. Rural living at it's finest on this lovely property within short walking distance to great schools, the HUB community centre, the river, lovely forested trails; as well quick and easy access to Duncan, the highway, Great Greens Farm Market, parklands, beaches, shopping and only a 45 minute drive to Victoria!

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I have sold a property at 990 Loralee Rd in Cobble Hill

I have sold a property at 990 Loralee Rd in Cobble Hill on Nov 25, 2024. See details here

Nestled in the heart of Cobble Hill’s sought-after neighborhood, this sun-drenched .67-acre property offers flat, usable land perfect for gardening, recreation, and RV or boat parking, complete with a convenient sani dump. The spacious 5-bedroom, 3-bathroom home boasts 2,153 sq.ft. of comfortable living space, featuring a carport, versatile workshop area, and an 80’ clothesline. Zoned for a variety of uses, this property offers the potential for a detached or attached suite, bed and breakfast accommodation, farm gate sales, home-based business, limited agriculture, and unlicensed daycare or group daycare (buyer to verify). The fully fenced backyard provides privacy and security, making it an ideal space for family gatherings or a space for the pets to roam. Enjoy the charm of Cobble Hill’s local wineries, parks, and trails, with easy access to commuting routes. A rare opportunity to own a flexible piece of country living with modern conveniences in a very quiet neighbourhood!

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I have sold a property at Parcel A Lot 11 Thain Rd in Cobble Hill

I have sold a property at Parcel A Lot 11 Thain Rd in Cobble Hill on Nov 5, 2024. See details here

**Appraised Sept. 13th for 620k** MASSIVE PRICE DROP-PRICED TO SELL FAST! Perfect Location Near Highway and Town - 1645 Thain Rd Build your home in a prime location. 3.47-acre property offers two private building sites with no building scheme restrictions, zoning allows for a 2nd dwelling. Walk the scenic train tracks into Cobble Hill for a coffee, meal, or to hike Cobble Hill Mnt. Explore nearby rivers, trails, and seaside towns. Features: Rural setting, new hydro pole, deep well with a new pump house, bonus bunkie, perc tested for top build site. Established walnut trees, yellow plum trees, and grapevines from its historic use as a horse and walnut tree farm. Surrounded by excellent schools, including Ecolé Cobble Hill, Evergreen Independent, Waldorf, Bench, Bonner, and Frances Kelsey.

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I have sold a property at 1351 Cherry Point Rd in Cowichan Bay

I have sold a property at 1351 Cherry Point Rd in Cowichan Bay on Nov 4, 2024. See details here

-R2000 Built - Efficiency First in this beautiful Cowichan Bay home! In highly sought-after Cherry Point, this custom-built residence features R2000 insulation for superior energy efficiency. Quick access to the hwy for easy commutes. The home offers ground-level living with 2 bedrooms on the main & 2 up, along with bthrms on each level. If you love outdoor living, the beautifully landscaped, fruit filled, near quarter-acre lot is perfect. Open-concept design includes rear patio access. Near a reputable elem. school, Cherry Point Beach, add'l. beach access, park within walking distance; this home is perfectly positioned for convenience and leisure. Recent improvements: 10-yr old roof, gutters & exterior paint updated this spring, level RV parking, deck wiring for a hot tub, 100-amp sub-panel off 200-amp main, wired shed, lifetime Milgard windows throughout, HRV system for efficient heat distribution, and easy integration of a heat pump through existing ducting. 45 mins-Vic.

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I have sold a property at 3095 7th Ave in Port Alberni

I have sold a property at 3095 7th Ave in Port Alberni on Jul 17, 2024. See details here

Introducing a gorgeous 4bedroom 3bath character home nestled on a corner lot, boasting breathtaking water views. Step into a world of elegance and charm as hardwood floors guide you through the spacious interior. This picturesque home features an inviting in-law suite, perfect for guests, and has meticulously maintained gardens with serviced cottage and a delightful deck. Cozy up by the fireplace on chilly evenings or revel in the warmth of sunlit rooms adorned with glass-leaded interior French doors. The oak kitchen exudes timeless appeal and functionality. With 4 bedrooms and 3 baths, including a main floor primary bedroom and convenient laundry facilities, this home effortlessly blends modern comfort with classic charm. Entertain or unwind on the large deck, thoughtfully wired for a hot tub, offering an oasis for relaxation and enjoyment. You don’t want to miss out on this rare opportunity!

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I have sold a property at 24 1500 Anchor Rd in Crofton

I have sold a property at 24 1500 Anchor Rd in Crofton on Oct 18, 2024. See details here

Nestled in the serene and picturesque community of Crofton, this wonderfully cared for 3-bed, 2-bath on large lot offers a tranquil retreat on Vancouver Island's eastern coast. Located in a quiet bare land strata, the property is embraced by beautiful Osborne Bay, part of Stuart Channel, known for boating, sailing, fishing, kayaking, canoeing, wildlife viewing, and diving. 10min walk to shops, school/bus, beaches, parks, and Salt Spring ferry, 12min drive to Duncan. Fully fenced backyard is a gardener’s paradise, boasting an array of fruit trees and berry bushes: apple, peach, blueberry, raspberry, plum, tayberry, cherry, and even asparagus. Features: spacious double detached garage, heat pump with AC, nine-year-old roof, 2 sheds, and new water line plumbing throughout. Live a simple and breezy lifestyle! This home offers the perfect blend of peaceful coastal living with modern amenities and convenience. Don’t miss the chance to make this delightful property your own oasis.

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New property listed in Du Chemainus, Duncan

I have listed a new property at 2711 Mt. Sicker Rd in Chemainus. See details here

Exceptional Opportunity to acquire a historic farmers market (Russell Farm Market and Garden Centre) in the heart of the Cowichan Valley. With easy access and unencumbered visual exposure to the Trans Canada Highway this property provides a buyer with a great potential to continue the existing use and expand the present operations. The market building, green house and other out buildings are supported by adjoining acreage that can be cultivated to support the market. The property is presently undergoing a lot line adjustment that will see this property reduced in size to approximately 6.7 acres from the present 15.64 acres (all offers must be subject to the approval and completion of the proposed lot line adjustment). The offering is for the land and buildings only, equipment and stock can be purchased from the Seller for additional consideration. All sizes are approximate and should be confirmed by Buyer - Please do not approach staff or owner.

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Open House. Open House on Saturday, October 19, 2024 10:00AM - 12:00PM

Please visit our Open House at 1190 Stuart Pl in Ladysmith. See details here

Open House on Saturday, October 19, 2024 10:00AM - 12:00PM

Welcome home to the vibrant community of Ladysmith! Beautifully updated 3bd, 2bath 1/2 duplex boasts modern comforts, you’ll find every detail has been carefully considered with the transformation. Step inside to discover the extensive updates that reflect the quality & care invested in this home. The property is future-proofed with plenty of room on the exterior electrical panel, allowing for easy additions of a heat pump, a hot tub, or even a car charger. The latest updates in 2024 include, 200 amp electrical panel, new driveway, fully fenced yard, triple-pane windows, & gutters & downspouts equipped with leaf guards. You'll also appreciate the new hot water tank, appliances, blown-in attic insulation, and enhanced attic venting. The interior shines with new flooring, fresh paint, and fully renovated bathrooms and kitchen! This property is more than just a house—it’s a place to call home, nestled in a welcoming and loving community where you will truly belong.

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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.