More inventory means greater opportunity in Victoria real estate market & Happy International Woman’s Day!

More inventory means greater opportunity in Victoria real estate market March 1, 2024  A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 per cent more than the 460 properties sold in February 2023 and a 37.8 per cent increase from January 2024. Sales of condominiums were down 5.6 per cent from February 2023 with 152 units sold. Sales of single family homes increased 1.8 per cent from February 2023 with 224 sold."We saw glimmers of a start to the spring market over the course of February," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "In addition to the increase in sales, more than five hundred new listings came to market when compared to last year's inventory numbers. This much needed inventory gives buyers more selection and more time to make their purchasing decisions. We've also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much more predictable."There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2024, an increase of 10.5 per cent compared to the previous month of January and a 30.7 per cent increase from the 1,809 active listings for sale at the end of February 2023."We noted an increase in townhome sales this past month," adds Chair Lidstone. "Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area. Hopefully the fifty per cent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it's a great time to connect with your REALTOR® to make a plan."The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January's value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000.About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,648 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.View our press release and summary here.View our complete statistical package here. CURRENT INTEREST RATES IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS Victoria Times Colonist - Discount-price condos were to be sold only to first-time buyers; 13 sued for buying when they didn't qualify Victoria Times Colonist - Eric Akis: No need for meat in barley soup Victoria Times Colonist - Island acts vie for $1M on new season of Canada's Got Talent Vancouver-area sales and listings on the rise: real estate board (CBC News) Victoria Times Colonist - CRD takes steps to purchase Brentwood Bay strip mall for affordable housing Victoria Times Colonist - Greater Victoria real estate sales, inventory up in 'glimmers' of spring market Victoria Times Colonist - Langford property-tax hike rises to 15.6%, with amenity funds no longer offsetting increases The Bank of Canada has left its benchmark rate unchanged at 5.00%. Read the full bank statement here B.C., Ontario mortgage-holders increasingly missed payments in Q4, Equifax says (Canadian Mortgage Trends) Canada Mortgage and Housing Corporation's First-Time Home Buyer Incentive program ending March 21 (Simcoe) Rate cuts are on the way, but not this week, economists say (Canadian Mortgage Trends) Mortgage renewal in 2024? Experts weigh in on how to get the best rate (Yahoo Finance Canada) How natural hazard and its catastrophic loss impact housing affordability, supply and demand (real Estate Magazine) Canadian real estate market sees doubling of home prices over past decade (Real Estate Magazine) First-time homebuyer incentive program ending, CMHC says (Global News) Home sales up in major metro areas as buyers bet on rate cuts later this year (Canadian Mortgage Trends)       Diana Winger Personal Real Estate Corporation eXp Realty | CNE, SRS, SRES, ABRMortgage Agent Level 1 Valko Financial LTD #13047Dominion Lending Centres HomeVictoria.com | Housesforsale369.com WingerRealEstate.com | SearchBestMortgages.com(250) 588-8839  (226) 705-3369ON YOUR TEAM!

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Market Continues Recovering. Off Market Homes. First Time Buyer Income Tax Credit. Canadian Home Prices Expected to Rise until 2025

Canadian Housing Market Continues to Show Signs of Recovery   As homes selling in expensive markets outpace homes selling in more affordable markets, the national average price will appear to rise, which can skew how the data is interpreted. Watch as Shaun Cathcart, Senior Economist at the Canadian Real Estate Association (CREA), breaks it all down in the video below.     CURRENT INTEREST RATES You may be eligible for the New to Canada program that can assist with the purchase of a home with just 5% down on homes under $500,000. IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES   CMHC Predicts House Prices to Increase by as Much as 89% by 2030 Across Canada   Will Ontario’s spring real estate market be hot or cold? Here are signs to watch for (Global News) Ontario embraces new client verification measures to combat fraud, enhance security in real estate (Real Estate Magazine) Multiple offers mounting for houses under $1 million in Toronto: real estate agents (CP24) ‘Attainable housing’ will be cheaper than ‘regular priced homes’: Ford (Global News) Globe and Mail – It looks like renters are ditching Ontario The Record – Waterloo used to be a housing champion. Can the city emerge from its slump? Cost of living increases 17 per cent in Ottawa, home prices up 53 per cent: report (CTV News) Toronto home prices up 42 per cent over last five years, cost of living up 17 per cent: report (CP24) Are You Considering Weather When Buying a Home? What Does a Sellers’ Market Mean for Buyers Canadian Housing Market Continues Recovering; Home Sales on the Rise Most Canadian mortgage owners concerned about payments, survey finds (BNN Bloomberg) High living costs 'jeopardizing' financial security of renters, mortgage owners: survey (BNN Bloomberg) Millions of Canadians fear delayed retirement, Co-operators poll reveals (Wealth Professional) We could reach 2% inflation by this summer: National Bank (Canadian Mortgage Trends) Mortgage rejections in flood zones (CTV News) Real Estate Magazine – Property tax hikes spark outcry across Canada: Are homeowners being bled dry? Real Estate Magazine – GER: Collaborative solutions for Canada’s housing crisis: Why non-profits are essential Bloomberg – Canadians eager for homeownership, but down payments present another hurdle: report Financial Post – What $1 million will buy you in Canada's housing market Financial Post – Canadians jump into variable mortgages, bet on 'short-term pain for long-term gain' Storeys – Will Canada really need 5.8M new homes by 2030? Storeys – Quality of life worse for renters over homeowners, data suggests Bank of Canada to cut interest rates in half by end of next year: Desjardins (Yahoo! Finance) Identity and mortgage fraud on the rise (CTV News) How barriers to homeownership are impacting young Canadians’ future plans (Global news) National Bank sees delinquencies for its insured variable-rate mortgages rise to pre-pandemic levels (Canadian Mortgage Trends) Financial Post - MCLISTER: Are you ready to start climbing the property ladder? This checklist will help you find out If the 2000s have taught us anything, it’s that buying and holding a quality primary residence is a cheat code for tax-free equity gains.  Looking back at every 12-month span since 1980, home prices have risen an average of 5.78 per cent. That means, if you’re adequately qualified and financially fit, getting on the property ladder earlier in life can put you on the fast track to a secure retirement. Real advice with Rita: Chattel, financing alternative homes, and home inspections 5 key differences between building a home in the country and the city Top tile trends of 2024 Real Estate Magazine – Canadian homeowners face declining property values: Point2 study reveals significant losses Reuters – Canada's extension of ban on foreign real estate buyers labelled political, not practical Financial Post – A deeper dive into the CRA's rules around using a tax-free FHSA to buy a home Financial Post – Sidelined homebuyers just waiting for the Bank of Canada to cut rates Canadian Mortgage Professional – Canadian home prices expected to rise until 2025   Diana Winger, REALTOR® CNE, SRS, SRES, ABR Mortgage Agent, Level 1 Valko Financial LTD #13047 eXp Realty | Dominion Lending Centres |  226-705-3369 | 250-588-8839 ON YOUR TEAM! WingerRealEstate.com Housesforsale365.com   |   SearchBestMortgages.com

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BC announces home-flipping tax, plus aid for first-time buyers, property transfer tax changes and refunds. Market Continues Recovering. New Ferries & More.

Canadian Housing Market Continues to Show Signs of Recovery   As homes selling in expensive markets outpace homes selling in more affordable markets, the national average price will appear to rise, which can skew how the data is interpreted. Watch as Shaun Cathcart, Senior Economist at the Canadian Real Estate Association (CREA), breaks it all down in the video below.     CURRENT INTEREST RATES IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS The latest in mortgage news: BC government unveils details of its proposed home-flipping tax   Property Transfer Tax Exemptions    Strata Tip of the Week - Does the strata have to provide general meeting notice packages?   B.C. offers homeowners up to $40K to build secondary suites. Here's what you need to know   Are you a First Time Home Buyer who Purchased in the Past 18 Months? Property Transfer Tax Refunds May Be Available To You   First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES   CMHC Predicts House Prices to Increase by as Much as 89% by 2030 Across Canada   What is the Secondary Suite Incentive Program? Are You Considering Weather When Buying a Home? What Does a Sellers’ Market Mean for Buyers Canadian Housing Market Continues Recovering; Home Sales on the Rise Most Canadian mortgage owners concerned about payments, survey finds (BNN Bloomberg) High living costs 'jeopardizing' financial security of renters, mortgage owners: survey (BNN Bloomberg) Millions of Canadians fear delayed retirement, Co-operators poll reveals (Wealth Professional) We could reach 2% inflation by this summer: National Bank (Canadian Mortgage Trends) Mortgage rejections in flood zones (CTV News) Real Estate Magazine – Property tax hikes spark outcry across Canada: Are homeowners being bled dry? Real Estate Magazine – GER: Collaborative solutions for Canada’s housing crisis: Why non-profits are essential Bloomberg – Canadians eager for homeownership, but down payments present another hurdle: report Financial Post – What $1 million will buy you in Canada's housing market Financial Post – Canadians jump into variable mortgages, bet on 'short-term pain for long-term gain' Storeys – Will Canada really need 5.8M new homes by 2030? Storeys – Quality of life worse for renters over homeowners, data suggests Bank of Canada to cut interest rates in half by end of next year: Desjardins (Yahoo! Finance) Identity and mortgage fraud on the rise (CTV News) How barriers to homeownership are impacting young Canadians’ future plans (Global news) National Bank sees delinquencies for its insured variable-rate mortgages rise to pre-pandemic levels (Canadian Mortgage Trends) Financial Post - MCLISTER: Are you ready to start climbing the property ladder? This checklist will help you find out If the 2000s have taught us anything, it’s that buying and holding a quality primary residence is a cheat code for tax-free equity gains.  Looking back at every 12-month span since 1980, home prices have risen an average of 5.78 per cent. That means, if you’re adequately qualified and financially fit, getting on the property ladder earlier in life can put you on the fast track to a secure retirement. Real advice with Rita: Chattel, financing alternative homes, and home inspections 5 key differences between building a home in the country and the city Top tile trends of 2024 Real Estate Magazine – Canadian homeowners face declining property values: Point2 study reveals significant losses Reuters – Canada's extension of ban on foreign real estate buyers labelled political, not practical Financial Post – A deeper dive into the CRA's rules around using a tax-free FHSA to buy a home Financial Post – Sidelined homebuyers just waiting for the Bank of Canada to cut rates Canadian Mortgage Professional – Canadian home prices expected to rise until 2025 Canadian Mortgage Professional – BC announces home-flipping tax, plus aid for first-time buyers The latest in mortgage news: BC government unveils details of its proposed home-flipping tax (Canadian Mortgage Trends) Victoria Times Colonist - Plan for six-lot subdivision along Lochside Trail gets green light Victoria Times Colonist - Developer can’t add two storeys to Esquimalt condo already being built Victoria Times Colonist - Saanich revised OCP opens door to 18-storey residential towers on McKenzie Victoria Times Colonist - Tiny Town container-housing village set to reopen at Royal Athletic Park parking lot B.C. homeowners who sell within two years to face flipping tax (Times Colonist) Victoria Times Colonist - New rental highrise on View Street would be higher than View Towers B.C. premier admits home-flipping tax is no silver bullet (CBC News) Real estate association economist doubts B.C.’s flipping tax is worth the trouble (Canadian Mortgage Trends) Victoria Times Colonist - New B.C. Ferries vessels, expected in 2029, to carry 2,100, run on greener tech B.C. home sales rise in January, nearly 30% above last year: BCREA (Real Estate Magazine)   VICTORIA & VANCOUVER ISLAND HOME SEARCH   Diana Winger Personal Real Estate Corporation eXp Realty | CNE, SRS, SRES, ABRMortgage Agent Level 1 Valko Financial LTD #13047Dominion Lending Centres HomeVictoria.com | Housesforsale369.com WingerRealEstate.com | SearchBestMortgages.com(250) 588-8839  (226) 705-3369ON YOUR TEAM!   Share Tweet Forward

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