A couple of years or so ago, mortgage professionals B次元官网网址� and potential homebuyers B次元官网网址� were under the impression that interest rates couldnB次元官网网址檛 possibly go any lower.

Fast forward to the present, with rates having come down further, and theyB次元官网网址檙e still saying that, says Slegg Mortgage/Dominion Lending Centres broker Janette Roch.

B次元官网网址淭wo years ago it was a point higher and people were still buying,B次元官网网址� she says.

B次元官网网址淎t the end of the day, we all want to pay the least amount of interest, but we all rushed to the banks when it was 2.99 per cent.B次元官网网址�

The continued attractive rates, combined with affordable prices on the West Shore, are helping many new buyers get into the housing market, Roch says. She adds that another group of potential buyers are looking in this direction.

B次元官网网址淚B次元官网网址檓 seeing a lot of investors looking to the West Shore for a secondary property or a rental property,B次元官网网址� she says. B次元官网网址淎gain, because of affordability and the closeness to Victoria, I think thereB次元官网网址檚 a real desire for those investors to look at these properties.B次元官网网址�

While there are a number of bargain-priced condominiums on the market in this area these days (as reported in last weekB次元官网网址檚 Homefinder), the numbers are dwindling, Roch says, meaning those properties could well jump up in price before long, given the principles of supply and demand.

A good price and a great interest rate B次元官网网址� for those people who need to finance B次元官网网址� are a combination of factors that always tend to attract investors.

While the tightening up of Canada Mortgage and Housing Corporation rules on long-term amortization and down payments put a crimp into things for first-time buyers for a while, Roch says, clients she works with are increasingly looking for homes with suites on the West Shore, as a way to create a revenue flow.

For some buyers, however, even the relative affordability out here is still too dear when it comes to establishing payments they can manage. ThatB次元官网网址檚 why there are still people buying in Mill Bay and Duncan, she says.

B次元官网网址淭heyB次元官网网址檙e willing to do the commute; more and more people are willing to do that (to get into the market),B次元官网网址� Roch says. B次元官网网址淵ou may only have five per cent down now, but that will turn into some great equity in the future. ItB次元官网网址檚 just a starting point.B次元官网网址�

As people gain equity and can afford more, or a more convenient location, many move further south, she says.

At the risk of sounding like sheB次元官网网址檚 making a B次元官网网址渟ales pitch,B次元官网网址� Roch says people looking at their first home ownership situation may be surprised at what they can actually afford, if not now then in a relatively short period of time.

B次元官网网址淭hereB次元官网网址檚 so many first-time home buyers out there who donB次元官网网址檛 realize their (ability to buy). We can put them on the path and get them to where they need to be in a few months.B次元官网网址�

For those first-time buyers who need financing B次元官网网址� which is most B次元官网网址� the conversations she has with potential clients are about more than just rates and payments. The goal is to educate people about how the various factors come together.

B次元官网网址淚tB次元官网网址檚 a whole package when they come to us B次元官网网址� we can give options. ItB次元官网网址檚 not just about getting pre-approved for the best rate, itB次元官网网址檚 about getting pre-approved for the best situation that meets your needs,B次元官网网址� she says.

editor@goldstreamgazette.com

Q: WHOB次元官网网址橲 BUYING HOMES IN CANADA THESE DAYS?

A report commissioned for the Canadian Association of Accredited Mortgage Professionals, A Profile of Home Buyers in Canada, was released this past June.

It stated that of the roughly 620,000 households purchasing a residential property in an average year, approximately 45 per cent are first-time buyers. And most of those buyers are between age 25 and 34.

The next largest group, at about 33 per cent, is made up of buyers purchasing their third home or more B次元官网网址� not surprisingly concentrated in the 45 to 64 age range B次元官网网址� while roughly 20 per cent of households were buying for a second time.

The report said single detached homes accounted for the largest share of the purchased, about 57 per cent. Semi-detached homes (we call them duplexes) and row homes (townhomes in B.C.) combined for about 19 per cent, the same amount as condominiums.

While incomes ranged widely among home buyers, itB次元官网网址檚 interesting to note that those earning $40,000 or less accounted for about six per cent of the sales.

ItB次元官网网址檚 a sign that people considered to be in the lower range of the middle class income brackets can still afford to buy.

GREATER VICTORIA MARKET UPDATE 禄 MONTH TO DATE,  JULY 27/15   COURTESY VICTORIA REAL ESTATE BOARD

禄 639 / 681 -- NET UNCONDITIONAL SALES / TOTAL, JULY 2014

禄 1,022 / 1,195 -- NEW LISTINGS / TOTAL, JULY 2014

禄 3,959 / 4,570 -- ACTIVE RESIDENTIAL LISTINGS / TOTAL, JULY 2014