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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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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Are you a First Time Home Buyer who Purchased in the Past 18 Months? Property Transfer Tax Refunds May Be Available To You

On February 22, 2024, Finance Minister Katrine Conroy introduced the provincial government’s Budget 2024. The budget unveiled several new housing related measures, including the BC Home Flipping Tax and various property transfer tax exemptions.   Read all about the proposed changes on BCREA page here: https://www.bcrea.bc.ca/advocacy/flipping-tax-announced-by-bc-government/   If you are a first time home buyer who bought a property in the past 18 months, you may want to watch the video Dylan Taylor posted to his social media, links below explaining that you may qualify for a refund.   Instagram: https://www.instagram.com/p/C377nTqRKQM/   Tik Tok: https://www.tiktok.com/@yyjlawyer/video/7341048146132307205?_r=1&_t=8kJnklJ9mkQ   Real Estate Lawyer Dylan Taylor  https://tayloredlegalservices.ca/          

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