CMHC Predicts House Prices to Increase by as Much as 89% by 2030 Across Canada

CMHC Predicts House Prices to Increase by as Much as 89% by 2030 Across Canada  Estimating how much housing we’ll need by 2030 September 13, 2023 source: https://www.cmhc-schl.gc.ca/blog/2023/estimating-how-much-housing-we-need-by-2030   At-a-Glance We maintain our 2022 projection that Canada needs about 3.5 million additional housing units by 2030 to restore affordability. We expect housing demand to vary across the country due to evolving economic and demographic conditions. Most of Canada’s housing supply gaps are in Ontario and British Columbia. Quebec and Alberta are also projected to need more supply because of economic growth. A smaller overall housing stock in 2030 is projected from what we reported last year. The main reason for this decline is the current shortfall in housing construction. Read the full report here.    

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Buyer Information - Your Victoria Real Estate Agent - Buying a Home in Greater Victoria

Homebuyer Guide: From Dream to Keys in Hand Introduction Embarking on the journey to homeownership is an exciting and significant milestone in life. Whether you're a first-time buyer or seasoned homeowner, the process can seem daunting. Fear not! This comprehensive guide is designed to equip you with the knowledge and tools needed to navigate the homebuying journey with confidence and clarity. You can read our full Home Buyer Guide here. Step 1: Assessing Your Financial Readiness Before diving into the world of real estate listings, it's essential to assess your financial readiness. This step will guide you through creating a budget, saving for a down payment, and understanding your credit score's impact on mortgage eligibility.  If you would like to apply for a mortgage, you can contact me to get started. For a list of recommended Mortgage Agents you can visit this page. For tips on improving your credit score you can visit here. Step 2: Setting Your Homeownership Goals What does your dream home look like? In this step, we'll help you define your homeownership goals by considering factors such as location, property type, size, and amenities. You'll learn to distinguish between must-haves and nice-to-haves, setting realistic expectations for your home search. Step 3: Exploring the Market Armed with your budget and wishlist, it's time to explore the real estate market. From online listings to open houses, we'll discuss effective strategies for finding properties that meet your criteria and narrowing down your options.  You can search options with limited information here (but gives you a full set of active MLS listings) You can search more detailed information on MLS properties for sale in your area here. You can search new construction and pre-sale homes that may not yet be on MLS here. Find out how to use the MLS Matrix system & Your Relationship with a Real Estate Professional.  You can be set up on this priority system - if you have not already been set up please let me know and we can send you a link. Get to know the schools in the area, if that is important for you.  Visit this link for information. Here's how to view crime statistics/maps for the Victoria area. You can learn about the various neighbourhoods in the Greater Victoria area here. BC Secondary Suite Incentive Program Understanding Leasehold Interests New Rules for Short-Term Rentals Step 4: Making an Offer Found the perfect home? Now it's time to make an offer. This step will walk you through the negotiation process, understanding purchase agreements, and navigating potential contingencies to ensure a smooth transaction.  Here is a link to a video that will explain more about understanding the contract of purchase and sale. Step 5: Securing Financing Understanding mortgage options and securing financing is a crucial step in the homebuying process. We'll cover different types of mortgages, the pre-approval process, and tips for finding the right lender for your needs. Step 6: Home Inspections & Insurance Before closing the deal, it's essential to conduct home inspections and appraisals to ensure the property's condition and value. Learn what to expect during these processes and how to interpret the results.  You can find out more about home inspections here. You can find out more about insurance and inspections here. You will also want to have a real estate lawyer review Title for you before removing subject conditions to be sure nothing on Title will be of concern.  You can find more about choosing a real estate lawyer here. Strata Home Owner Resources Step 7: Understanding Purchase Taxes Understaning the taxes will be important as they can impact purchase cost and carrying costs.  In BC there is a Property Transfer Tax which you can find out more about here.    There is also a Vacancy Tax which you can find out more about here. Flipping Tax and Property Tax Exemptions you can find out more information here. Newly built home exemption GST/HST New Housing Rebate First Time Buyer Tax Incentive Step 8: Closing the Deal Congratulations, you've found your dream home! In this step, we'll guide you through the final steps of the homebuying process, including closing costs, signing paperwork, and receiving the keys to your new home. Conclusion With this guide as your companion, you're well-equipped to embark on your journey to homeownership with confidence. Remember, buying a home is a significant milestone, but it's also an exciting adventure filled with endless possibilities. Happy house hunting! About Real Estate and Mortgage Agent Diana Winger Read Testimonials about Diana Winger

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Victoria BC Pre-Construction and New Homes for Sale

In the ever-evolving world of real estate, the quest for the perfect home often leads potential buyers to explore innovative options. One such avenue gaining prominence is the realm of pre-construction and new homes for sale. These offerings provide a unique opportunity for homebuyers to shape their dream living spaces from the ground up. In this blog post, we will delve into the exciting world of pre-construction homes, exploring the advantages, considerations, and the journey of turning a blueprint into a personalized haven. Understanding Pre-Construction Homes: Pre-construction homes are properties that are available for purchase before they are built or completed. This approach allows buyers to secure a property at a pre-determined price, often benefiting from more favorable rates compared to purchasing a fully constructed home in a competitive market. By investing in a pre-construction property, buyers can also enjoy the advantage of customization, tailoring their homes to suit specific preferences and needs. The Benefits of Pre-Construction Homes: a. Financial Advantages: Pre-construction homes typically come with lower initial costs compared to existing properties in the market. This financial advantage is coupled with the potential for property appreciation, offering a lucrative investment opportunity. b. Customization Opportunities: One of the most exciting aspects of pre-construction homes is the ability to customize the living space. From choosing floor plans to selecting finishes, fixtures, and color schemes, buyers can actively participate in the creation of their dream home. c. Modern Design and Technology: Pre-construction homes often feature the latest in architectural design and technological advancements. This ensures that buyers not only invest in a property tailored to their tastes but also enjoy the benefits of contemporary living. Navigating the Process: a. Research and Due Diligence: Prospective buyers should conduct thorough research on reputable builders and developers. Examining their track record, completed projects, and customer reviews can provide valuable insights into the reliability and quality of their work. b. Understanding Contracts and Timelines: It's crucial for buyers to carefully review and understand the terms of the purchase agreement, payment schedule, and construction timeline. A clear understanding of these aspects helps manage expectations and avoid potential pitfalls. c. Working with a Real Estate Professional: Enlisting the services of a knowledgeable real estate agent specializing in pre-construction homes can streamline the process. These professionals can guide buyers through the intricacies of the transaction, ensuring a smooth experience. New Homes for Sale: Beyond Pre-Construction: In addition to pre-construction homes, buyers can also explore newly constructed homes for sale. These properties, though already built, offer the advantage of being brand new, often featuring modern amenities and energy-efficient technologies. Exploring the new homes market widens the array of options available to buyers seeking a turnkey solution without the wait associated with pre-construction. Investing in a pre-construction or new home for sale is a thrilling journey that combines the excitement of personalization with the promise of a fresh start. As the real estate landscape continues to evolve, these options empower buyers to not only find a house but to actively participate in the creation of a home that reflects their unique vision and lifestyle. Whether opting for the customization potential of pre-construction or the immediate gratification of a new home, the key lies in thorough research, careful consideration, and the guidance of experienced professionals. So, embark on your journey to homeownership with confidence, and let the blueprint of your dream home come to life. Pre-Sale, New Construction Townhome and Subdivision projects in Greater Victoria Pre-Sale, New Construction Condo projects in Greater Victoria Pre-Sale and All New Construction homes for sale in Greater Victoria BC Search MLS for New Homes for Sale in Victoria BC

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