Avrillee Kenny

08/26/2024

I love Milner Gardens & Woodland. Grateful to have a beautiful and tranquil garden to visit right here in on Vancouver Island.

🌱 The Gardens are open Thursday-Sunday from 11:00am-4:30pm with viewing until 5:00pm.

🫖 The Camellia Tea Room is open Thursday-Sunday with seating from 12:00pm-2:45pm, no reservations required.

🚶‍♂️Guided walking tours will be offered every Thursday at 1:00pm starting at the Welcome Centre. FREE with your garden admission.

🛍️ Beautiful gifts and garden décor can be found in our Pool House Gift Shop.

🐾 Only certified service dogs are permitted on the grounds.

🦽 The Gardens and Camellia Tea Room are wheelchair, stroller and walker accessible.

💍 Wedding season has started. Please note this may cause certain areas of Milner House and the Grand Lawn to be restricted during your visit.

🎟️ $14/Adult, $8/Youth
Children, Milner Members and current VIU students are FREE.

Vancouver Island University

12/06/2023

In its recent decision, the Bank of Canada has opted to maintain the key policy rate at 5.0%. This move comes after assessing data as of October 2023, which indicates that the inflation rate stands at 3.1% and is expected to gradually move toward 2.5% by the third quarter of 2024.

Bank of Canada Governor Tiff Macklem expressed optimism, stating, “This monetary policy tightening is proving effective, and interest rates may now be sufficiently restrictive to guide us back to price stability.” He also noted that the economy is likely to remain somewhat subdued in the coming quarters as excess demand, which had been driving price increases, has now subsided.

According to the Canadian Real Estate Association (CREA) October 2023 resale real estate market report:

• National home sales are projected to rebound by 9%, reaching 490,257 units in 2024, as interest rates approach a downward trend and housing markets return to their long-term patterns.

• The National average home price is expected to see a modest 1.5% increase from 2023 to 2024.

Looking ahead in 9 to 12 months’ time:
The Bank of Canada would be poised to reduce the overnight interest rate to spur the general economy back to health and provided inflation has moved closer to its target range of 2% - likely to happen now in late 2024. This potential move could benefit over 50% of mortgages up for renewal in 2025 and 2026.

The impact on the real estate market would be substantial. Factors such as pent-up demand, lower interest rates improving affordability, increased immigration, and a housing shortage could drive significant changes.
Lower rates may spur activity, making it more affordable for buyers, especially with rising immigration, while supply remains tight. This dynamic could reshape the real estate landscape soon, presenting opportunities and challenges for buyers and sellers.

The next Bank of Canada announcement is January 24th, 2024.

10/21/2023

Beautiful condo in the heart of Parksville!

07/21/2023

Vancouver Island sure is beautiful!

06/07/2023

Another rate hike by the Bank of Canada as they are still trying to combat inflation. If you have questions on how this effects your mortgage please reach out.

The Bank of Canada increased the overnight rate today to 4.75% citing persistent inflation at 4.4%, a hot job market and stronger than expected economy.

By raising the overnight rate, the expected effect in the coming months is: “In our baseline forecast, the labour market will soften as the economy slows. Wage growth will ease. Businesses will revert to more normal price-setting behaviour. And near-term inflation expectations will come into line with the inflation target,” said Bank of Canada Governor Tiff Macklem recently.

With inflation at twice the Bank of Canada’s target rate of 2%, housing-market activity that has dramatically increased this spring fuelling an uptick in home prices and the economy showing no signs of softening could lead to even a further Bank of Canada increase this year. However, most Canadian economists believe the Bank of Canada will leave its key interest rate at 4.75% for the duration of 2023 even though the Bank of Canada left the door open to more tightening. The next official inflation announcement is scheduled for June 27, 2023.

Looking ahead:
The Bank of Canada would be poised to reduce overnight rates to spur the general economy back to health and provided inflation is close to its target range of 2% - likely in 2024. This will have a dramatic effect on real estate market activity due to pent up buyer demand, falling interest rates, massive immigration in Canada increasing demand for housing and a severe undersupply of housing stock.

The next Bank of Canada announcement is July 12th, 2023.

05/02/2023

The housing market has faced a lot of turmoil in the past year, yet nearly 80% of Canadians still see real estate as a good long-term investment. This number has not changed from previous surveys, which backs up Canada's outlook for strong housing demand.

(SOURCE: Mortgage Professionals Canada State of the Housing Market: 2022 Year-End Consumer Survey & Outlook)

04/10/2023

Happy Easter 🐣

04/02/2023

Fun obstacles course at Wildplay in Victoria