BREAKING NEWS: National Association of REALTORS® Reaches Agreement

BREAKING NEWS: National Association of REALTORS® Reaches Agreement Read the press release CURRENT INTEREST RATES Strata Home Owner Resources Strata Tip of the Week | The Impact of Strata Document Reviews First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES Tips to Improve Your Credit Score Finding the Perfect Mortgage Broker IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS CBC News Bank of Canada holds key interest rate at 5% again, saying it's still too soon for rate cuts The Bank of Canada has held its key interest rate at five per cent again, saying that it's still too soon to consider rate cuts while underlying inflation persists. Real Estate Magazine Canadian real estate market sees doubling of home prices over past decade Canada’s real estate market has seen much change over the last 10 years, thanks to interest rate changes, economic fluctuations, immigration increases, the impact of a global pandemic and more. Bank of Canada rate cut watchers starting to look past the summer (Financial Post) Variable or short-term fixed mortgage? Where experts see the ‘sweet spot’ (Global News) Value of Canadian farmland rises 11.5% in 2023: report (Canadian Mortgage Trends) Equitable Bank’s mortgage arrears rate triples amid surge in renewals (Canadian Mortgage Trends) Average asking rent prices reach $2,193 in February, up 10.5% from 2023 (Canadian Mortgage Trends) Rising water: Quebec lender ending new mortgages in flood zones 'just the beginning (CTV News) Demand is soaring for prefab homes. So why isn’t Canada seeing rapid growth? (Global News) BoC Interest rate decision could bring homebuyers back to the market (The Globe and Mail) Globe and Mail - Canada Infrastructure Bank, First Nations banks strike $100-million loan deal to build projects faster Globe and Mail - What does it look like to tackle homelessness? Lessons from a city that tried Financial Post - 'All but rules out a cut in April': What economists say about the Bank of Canada's hold Financial Post - Bank of Canada rate cut risks igniting housing market CBC News - Bank of Canada worries a rate cut now could overheat the spring housing market Real Estate Magazine - Home inspections focus on detecting major risks for your clients Real Estate Magazine - Hope for first-time homebuyers: Equal opportunity in select Canadian markets despite savings disparities Real Estate Magazine - Canadians pause homebuying plans amid rising borrowing costs: Royal LePage Real Estate Magazine - How natural hazard and its catastrophic loss impact housing affordability, supply and demand Real Estate Magazine - Budget-friendly home staging tips: Transform the space without breaking the bank First National saw revenue rise 29% in 2023 despite drop in residential mortgage volumes (Canadian Mortgage Trends) Increasing productivity to address Canada’s housing crisis: Where are the gains? (CMHC) Canada poised for a 'very hot' housing market this spring (The Intelligencer) January sees drop in income required to pass mortgage stress test (Calgary Herald) They’re back: The GTA is seeing bidding wars once again (Real Estate Magazine) Globe and Mail – Best ways to renovate your home with a $10,000 budget Toronto Star – Renters have harder time accumulating wealth than homeowners: RBC economist Toronto Star – HUDAK: How to build homes families can afford Canadian Mortgage Professional – How big an impact does housing affordability have on quality of life? Canada’s next wealth divide? It’s renters versus homeowners, RBC says (Global News) What to know about refinancing in today’s real estate market (Real Estate Magazine) Victoria Times Colonist - Province buys Harriet Road property for Uptown-Douglas transit exchange Victoria Times Colonist - Micro-unit rental building gets green light in Nanaimo Victoria Times Colonist - $162M highway project through Goldstream park faces objections from First Nations Victoria Times Colonist -  Fourteen more lawsuits filed against owners accused of abusing condo program Business in Vancouver - B.C. home insurance prices surge 7.63% in one year, says report Business in Vancouver - Executing B.C.'s new housing legislation 'very challenging' Victoria Times Colonist - Victoria will allow e-kick scooters in bike lanes, low-speed roads; ‘The reality is we’re already there’ Victoria Times Colonist - Saanich residents face 7.91 per cent tax hike for 2024 https://abstractdevelopments.com/developments/central-block/ Storeys – Does British Columbia really need a flipping tax? Storeys – Vancouver approves motion to explore building co-op housing on city-owned land B.C. housing market ‘relatively calm’ moving into spring (City News) Victoria Times Colonist - Work begins on $303.9 million Belleville Terminal redevelopment Victoria Times Colonist - B.C. couple sold their firm for millions, gave it to charity Victoria Times Colonist - Victoria council to mull asking for delay for new short-term rental rules   Buyer Information - Your Victoria Real Estate Agent - Buying a Home in Greater Victoria Looking for Donations • Metal roofing material • Pressure treated fence posts • Page wire fencing • Wood (plywood, 2x4s, 2x6s etc.) • Exterior paint   Diana Winger Personal Real Estate Corporation eXp Realty | CNE, SRS, SRES, ABRMortgage Agent Level 1 Valko Financial LTD #13047Dominion Lending Centres WingerRealEstate.com | SearchBestMortgages.com(250) 588-8839  (226) 705-3369ON YOUR TEAM!

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Strata Tip of the Week | The Impact of Strata Document Reviews

Does Condo Clear Dissuade Buyers? The Impact of Strata Document Reviews   One concern you might have, and a question we sometime get is: “Will having a strata document review done by Condo Clear just discourage my buyers from going ahead with the purchase?” As real estate professionals, we understand the complexity and significance of purchasing a property. Our primary objective at Condo Clear is to provide a thorough and balanced review of strata documents, highlighting both positive and potential negative aspects of the properties we evaluate.   1. How many people go through with the purchase?   With all this in mind, we still wanted to find out how many buyers go trough with the purchase. So, we decided to investigate. As of November 28, 2023, we started sending out a voluntary feedback survey to every buyer who’s had a strata document review completed by us. One of the questions we ask is: “Did you end up purchasing the unit in the strata corporation we reviewed?” Based on the responses we’ve received so far, the vast majority have said yes: 80.0% proceeded with the purchase 12.5% did not proceed with the purchase 7.5% answered “not yet”   2. We’re always available, at no extra cost!   To ensure buyers understand the information and contextualize our findings, we are not just available, but encourage buyers (and their Relators) to book a meeting with us, to discuss the review and ensure they gain a well-rounded perspective of the information presented. We are available by phone or email as many times as needed, at no additional charge! That’s it for this week. If you have any suggestions for other topics you’d like us to cover, please let us know at info@condoclear.ca. Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.

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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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