Income needed to buy a home falls nationwide in January. Great News on the Inflation Front. Interest Rates Got You Down?

CURRENT INTEREST RATES Double Chocolate Peanut Butter Pie! IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS Financial Post - Housing minister says interest rate cuts will spur building boom Canada’s housing minister says he believes lower interest rates will encourage builders to ramp up their activity, alleviating the country’s crunched supply of homes. CBC News - January home sales jump 22 per cent from last year's weak start January home sales jumped 22 per cent compared with a year ago, the largest year-over-year increase since May 2021, according to The Canadian Real Estate Association. The association says the increase reflected weakness last year, which saw the worst start to almost any year in the past two decades. Global News – Canada’s housing market is ‘starting to turn a corner.’ Are prices rising? Financial Post – Condo market faces 'significant slowdown' Globe and Mail – Forget downsizing: Canadian seniors staying in large houses well into their 80s, due in part to lack of options Globe and Mail – What does restoring affordable home ownership actually mean? One economist crunches the numbers Globe and Mail – January home sales in Canada rise as markets tighten but prices still softening: CREA CBC News - Home builders group calls for action on mortgage rules, labour shortage Canada is on the right track but won't reach its target of building 5.8 million new homes in the coming decade unless it loosens mortgage rules, addresses the labour shortage and helps to boost production of factory-built homes, says the Canadian Home Builders' Association (CHBA). Bank of Canada says housing affordability is about boosting supply, not lowering interest rates (CBC News) Housing affordability won’t return to pre-pandemic levels in the next two years: Desjardins (Yahoo! Finance) Real estate commission lawsuit expands across Canada (BNN Bloomberg) What to know if you're considering buying a house with friends (CTV News) High cost of living forces majority of Ontarians to put necessities before retirement savings (Toronto Star) Canada’s largest cities saw home sales surge in January (Canadian Mortgage Trends) Too soon to say when interest rates can come down: Bank of Canada (Canadian Mortgage Trends) Is it cheaper to rent or buy a house with a monthly mortgage in Canada? Prices analyzed in 26 markets (CTV News) Canada’s rental market faces historic challenges of record-low vacancy rates and soaring prices: CMHC (Real Estate Magazine) What history can tell us about soft landings and the pace of rate cuts that usually follow (Canadian Mortgage Trends) Canadians eager for homeownership, but down payments present another hurdle: report (BNN Bloomberg) How we measure housing costs helps explain inflation's stubbornness (Yahoo! Finance) Canada real estate: Income needed to buy a home falls nationwide in January (Yahoo! Finance) Economists say mortgage costs keep inflation high. So why is the Bank of Canada not cutting interest rates? (Toronto Star) What kind of home will $1 million buy in Toronto? More than you’ll get in Vancouver, new report finds (Toronto Star) Unexpected inflation drop won’t hasten Bank of Canada’s rate cut plans, economists say (Canadian Mortgage Trends) What the latest inflation data suggests about Canada's housing market (CTV News) Renting? You probably report lower quality of life than homeowners (CBC News) Great News On The Inflation Front Cause Big Bond Rally @DLCCanadaInc Chief Economist @DrSherryCooper  Vancouver and Toronto renters lament quality of life more than homeowners: StatCan (Canadian Mortgage Trends) CMHC reports annual pace of housing starts in January down 10% from December (Canadian Mortgage Trends) Rent-to-own, tax cuts take centre stage in BC United housing plan (Global News) Canada’s housing rebound continued in January. What should buyers expect this spring? (Canadian Mortgage Trends) Canada’s average rent price hit a new record of nearly $2,200 in January (Canadian Mortgage Trends) Can first-time buyers save Canada’s real estate market? (Real Estate Magazine) Latest in mortgage news: 50% of Canadians say high interest rates are negatively impacting their love life (Canadian Mortgage Trends) National Post – Federal government extends foreign buyer ban on Canadian homes to 2027 CBC News – Government extends ban on foreign buying of Canadian housing CBC News – Bank of Canada says housing affordability is about boosting supply, not lowering interest rates Financial Post – Canada is underestimating the number of new homes needed — by a lot, says CIBC Financial Post – Buyer's remorse? Homeowners in these cities are counting their losses Some B.C. homeowners faced big losses in 2023: report (City News) Victoria Times Colonist - All oil and natural gas permits in B.C. waters relinquished, energy minister says Trudeau announces $2B to support B.C. housing projects (CBC News) Liberals to give low-cost loans for new B.C. rental housing program (Global News) B.C. United's housing plan includes rent-to-own initiative (CBC News) Victoria Times Colonist - Affordable rental townhouse project near UVic draws unanimous support Victoria Times Colonist - Capital Regional District plan to borrow up to $85M for housing approved BC Real Estate Association numbers point to market 'uptrend' at beginning of 2024 (CTV News) B.C.’s new $2.9B middle-income housing program to build 4,000 new homes (City News) Victoria Times Colonist - B.C. eyes community, non-profit, underused lands to build affordable rental units   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.ca | SearchBestMortgages.com(250) 588-8839  (226) 705-3369ON YOUR TEAM!   Share Tweet Forward

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A Balanced Market Means Opportunity for Buyers and Sellers in Victoria. Two Year Extension on Foreign Buyer Ban. 85 Offers On One Home… AGAIN !? Interest Rate Decrease & More.

A balanced market means opportunity for buyers and sellers in Victoria A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 per cent more than the 278 properties sold in January 2023 and a 3.6 per cent increase from December 2023. Sales of condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single family homes increased 35 per cent from January 2023 with 162 sold. “Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.” There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 per cent compared to the previous month of December and a 23.1 per cent increase from the 1,739 active listings for sale at the end of January 2023. “I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.” The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 per cent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 per cent to $559,000, down from the December value of $562,000. Review the January 2024 statistics package here.  CURRENT INTEREST RATES   IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS On Sunday, February 4, 2024, Finance Minister and Deputy Prime Minister Chryistia Freeland announced a two-year extension of the ban preventing foreign buyers from acquiring Canadian real estate. As the current ban was set to expire on January 1, 2025, it will now be extended until January 1, 2027. The measure prohibits non-citizens, non-permanent residents and foreign-controlled corporations from buying Canadian real estate as an investment. The government's rationale is that it is a tool to limit speculation, ensure preferential treatment for Canadian buyers and, ultimately, a way to lower prices by reducing demand. Mortgage Professionals of Canada (MPC) has argued that such measure is not a solution to the current housing crisis. Despite the fact that the ban has not eased housing prices over the past year, the Minister decided to extend the measure for political reasons. In addition to our ongoing federal advocacy, our policy recommendations on this issue continue to emphasize the supply side. We are looking to the federal and provincial governments to encourage the construction of more units, access to better credit for Canadians, and simplification of the home buying process. We continue to champion the dream of home ownership for all Canadians.  While the announcement is disappointing, MPC will continue to advocate for a freer housing market, fewer restrictions on transactions, and policies that truly improve access to homeownership. The complete version of the announcement can be found here: https://www.canada.ca/en/department-finance/news/2024/02/government-announces-two-year-extension-to-ban-on-foreign-ownership-of-canadian-housing.html CP24 - Mississauga house sells for just under $1M after 85 offers Federal government extends foreign buyer ban until 2027 (Canadian Mortgage Trends) Fixed mortgage rates in Canada resume decline amid economic volatility (Canadian Mortgage Trends) CBC News - Ottawa says it will have news soon on the future of the Greener Homes grant Bloomberg – Homebuyers in Canada are so frenzied that they won’t wait for rates to go down Financial Post – Housing prices rose the most in these 5 spots in Canada in 2023 Toronto Star – Buyers at the gate: House prices are expected to rise this year. Will buyers flood in when the rate cuts come? Storeys – ‘Buyers aren’t rushing’: Luxury home sales slip in Toronto, Montreal, surge in Vancouver, Calgary Canadian Mortgage Professional – How concerned is the Bank of Canada about the mortgage market? Mortgage rates drop for the second time in 2024 (Yahoo!Finance) Is it time to refinance your mortgage? 5 ways to prepare. (Yahoo!Finance) Canada is building a lot of housing. It’s still not enough (The Globe and Mail) Market participants still expect the first Bank of Canada rate cut in April (Canadian Market Trends) Rent prices rose in 2023 as Canada saw lowest vacancy rate since 1988: CMHC (Canadian Mortgage Trends) Borrowed money led to a boom in pre-construction sales. It could become a problem (CTV News) Canadian home builders call for policy reforms amid rising interest rates and construction costs: CHBA (Real Estate Magazine) Financial freedom for Canadians 55+: HomeEquity Bank boosts CHIP Reverse Mortgage support for the broker channel (Canadian Mortgage Trends) Property taxes in major Canadian markets: Changes over the past decade and where they’re at now (Real Estate Magazine) Canada to offer universities, colleges low-cost loans to build new student housing (CTV News) Mike ’Holmes Approved Homes’ demolished due to alleged defects (RCI Canadian News) The Housing and Mortgage Market Review: January 2024 Victoria Times Colonist - Parking on stretch of Shelbourne could be sacrificed for bike lanes Victoria Times Colonist - Do you need to remove your underground oil tank? It depends on where you live - “The District of Saanich is the only municipality in the region that requires inactive underground tanks — or those that have been out of service for more than two years — to be removed.” Victoria Times Colonist - Saanich buys Lochside Drive property for parks department Victoria Times Colonist - Son searches for underground oil tanks in trenches his father once dug Victoria Times Colonist - Work at Roundhouse project could start this year and include more rental buildings 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.ca | SearchBestMortgages.com(250) 588-8839  (226) 705-3369ON YOUR TEAM!   Share Tweet Forward

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If You are a Renter, Your Inflation Rate is Double. New to Canada? We have Mortgage Programs for That! Bank Rate on Hold.

CURRENT INTEREST RATES Strata Tip of the Week - When Bylaw Packages get Confusing 1. Understanding Strata Bylaws Strata bylaws are regulations that help govern the management, maintenance, and use of shared property and facilities in a strata development. They help maintain harmony and safeguard property values. 2. The Challenge with Some Bylaw Packages Unfortunately, some strata corporations have bylaw packages that are hard to understand. This complexity can be confusing for everyone, from current residents to potential buyers and Realtors. A frequent challenge lies in identifying the most recent and applicable bylaws, and understanding their implications. 3.  Common Issues with Bylaw Packages For example, we often receive bylaw packages that, in addition to the main set of bylaws, include amendments, upon amendments, upon amendments, upon… you guessed it… amendments. This layering of amendments makes it challenging to identify the latest, enforceable bylaws. To fully understand the current bylaws, one needs to: • First obtain the original bylaws and all subsequent amendments, and • Read through the original bylaws and all amendments chronologically, as filed with the Land Title and Survey Authority (LTSA). 4. If Unsure, Recommend Legal Advice If you receive a bylaw package with multiple amendments, advising buyers to seek legal advice may be wise. This can help ensure the bylaws are thoroughly reviewed and understood, and it can help identify bylaws which may conflict with the buyers’ needs or lifestyle preferences. 5. Why Bylaw Packages Become Overcomplicated The root of this problem is often poor advice during the amendment and filing process. Ideally, stratas should follow these steps when amending their bylaws: • Seek Legal Advice: Get professional guidance to ensure proposed changes are legally enforceable and implement current-day best practices. • Hold a General Meeting: To gain approval for the new bylaws and/or bylaw amendments. • Include a Repeal Resolution: This should nullify all previous bylaws, allowing for a new, consolidated package to be filed. • File the New Bylaw Package: With the LTSA. Only once filed, do a strata’s bylaws become enforceable. 6. Advantages of a Streamlined Approach By adhering to this process, strata corporations can maintain a bylaw package that includes only the current, enforceable bylaws. This approach greatly simplifies the review process for everyone involved, ensuring the strata’s bylaws are easy to understand and follow. If you have questions 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. Condo Clear Services Inc. IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS   Just immigrated to Canada? Welcome! 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. Contact me to get more details and determine if you qualify! CBC News - Interest rate cuts are coming, but the Bank of Canada won't say when Dr. Sherry Cooper - Bank of Canada Holds Rates Steady and Forecasts a Soft Landing Financial Post - Immigration part of solution to Canada's housing crisis, minister says REM - 2024 homeownership surge with nearly one in five Canadians eager to buy, especially younger groups: Wahi REALTORS® answer your ‘what-ifs’ about buying and selling 5 things to do before applying for a mortgage Real Estate Magazine – Urban exodus reversal: Homeowners grapple with reality as challenges and commutes overshadow rural charms Financial Post – Home sales jump in December, while prices eke out gain for year Financial Post – Canadians are getting sick of waiting for the housing market to improve Financial Post – Canada caught in population trap for first time in modern history, economists warn National Post – No sign interest in heat pumps grew following Liberal move to beef up federal grants National Post – Canada to weigh caps on foreign students amid housing crunch Globe and Mail – Non-prime lenders warn thousands of borrowers they could be cut off because of new maximum interest rates Toronto Star – Canada's 'coiled up' housing market to see rebound year, with price gains into 2025, CREA predicts Toronto Star – Does it make sense to port your mortgage to the new house you just bought? Toronto Star – Some bankruptcy trustees say they're getting more calls from preconstruction homebuyers — a trend likely to continue Storeys – It’s happening again: Promise of rate relief to spark spring housing market Storeys – Canadian house prices cap off 2023 on a ‘downward trend’ Are fixed rates about to rise following the latest jump in bond yields? Some experts say yes (Canadian Mortgage Trends) Mortgage 'payment shock' is why Canada's economy has fallen behind, says RBC's McKay (Yahoo! Finance) Real estate market predictions for 2024 (Global News) New app matches students who need housing with seniors who have room to spare (CBC News) Canadian real estate investors confident in the market, seeking passive options (Wealth Professional) CBC News – Linking immigration to the housing shortage may be missing the problem, experts say Financial Post – Housing market has turned a corner, Royal LePage says Globe and Mail – Leasehold real estate can provide the home you could never afford, but with big caveats Storeys – New home prices see annual drop after year of rising rates, declining demand Canadian Mortgage Professional – How are experts reacting to the Bank of Canada's latest decision? Canadian Mortgage Professional – What the Bank of Canada's January decision means for mortgage holders CBC B.C. – How technology is helping municipalities crack down on illegal short-term rentals Under-35 households lead the way in reducing mortgage debt, StatCan reports (Canadian Mortgage Trends) Thinking of buying your first home in 2024? Stop trying to time mortgage rates (The Globe and Mail) If you’re a renter, your inflation rate is double (The Globe and Mail) Zoocasa -  Are you waiting for the rates to go down? Or should you buy now? Zoocasa -  Wallet-friendly upgrade ideas for under $1000 Survey shows 87% of Canadians choose real estate investing over stocks for extra income in 2024 (Real Estate Magazine) Globe and Mail – GOLD: Finding affordable housing in B.C. will remain an uphill battle Victoria Times Colonist - Victoria buys two lots on Blanshard Street to create new downtown park Victoria Times Colonist - Victoria to look at creating more car-free zones and plazas Victoria Times Colonist - Red Fish Blue Fish gets approval to expand at Broughton Pier18 New Townhomes in the Gonzales Neighbourhood of Victoria - Wisteria Row Victoria Times Colonist - Subsidized housing units sit empty for months in wait for reno cash Victoria Times Colonist – Cowichan-area homeowners must fill out vacancy tax forms this year Victoria Times Colonist – Saanich launches online engagement tools, including one for budget CBC B.C. – Lack of planners a concern as B.C. municipalities try to meet housing targets B.C. real estate market to rebound in 2024, BCREA forecasts (City News) Victoria Times Colonist – Victoria council gives green light to Roundhouse project Victoria Times Colonist – Victoria's newest rental apartment homes capture true neighbourhood spirit Victoria Times Colonist – Colwood council explores opening non-profit medical clinic with partners Victoria Times Colonist – Victoria basks in the national spotlight on Hockey Day in Canada   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.ca | SearchBestMortgages.com(250) 588-8839  (226) 705-3369ON YOUR TEAM!   Share Tweet Forward

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