New Rules for Short-Term Rentals in BC | Housing Snapshot | Stats | Applications open for Secondary Suite Funding

View this email in your browser Spring property market brings positives for buyers and sellers in VictoriaMay 1, 2024  A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 per cent more than the 637 properties sold in April 2023 and a 15.3 per cent increase from March 2024. Sales of condominiums were up 1.5 per cent from April 2023 with 208 units sold. Sales of single family homes increased 3.7 per cent from April 2023 with 337 sold."The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "These factors, combined with growth in the available inventory, has created a welcoming and more balanced market for buyers and sellers."There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 per cent compared to the previous month of March and a 47.7 per cent increase from the 2,043 active listings for sale at the end of April 2023."When we look back to previous spring markets, we will recall challenging conditions that are not present in the market this year," adds Chair Lidstone. "Last year, interest rates were continuing upwards, which created unpredictability for buyers. The spring of 2022 saw record lows of inventory, which created a pressurized environment for buyers and sellers. The spring of 2021 was also marked with low inventory and impacted by the effects of the pandemic. This year, we have a much healthier supply of inventory with numbers we have not seen since the summer of 2019. Combined with more stable pricing, this market is much easier to navigate for both buyers and sellers. People who are listing their homes can have confidence that they will be able to find a new home, and sellers benefit from the stability of pricing and interest rates. If you are considering making a move, now is the ideal time to connect with your favourite local REALTOR® to create your plan."The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 per cent to $1,284,600, up from March's value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 per cent to $567,800, up from the March value of $567,300.View our press release and summary here.View our complete statistical package here. Victoria Times Colonist – Short-term rentals rules in effect; fines to be levied against non-compliant hosts Victoria Times Colonist – Applications open for $40M loan program for secondary suites Victoria Times Colonist – 1,000 homes for Langford's Westhills — and counting Victoria Times Colonist - Capital Iron ready to open doors again as a home store Victoria Times Colonist - House Beautiful: A lifelong love affair with stones Open a Door Charity Art Auction 2024 By: Habitat for Humanity Victoria Victoria Times Colonist - Voice your opinions on the future of Greater Victoria in this annual survey Victoria Times Colonist – Applications open for $40M loan program for secondary suites Victoria Times Colonist – B.C. immigrant parents lead in co-purchasing homes for adult children, statistics show Victoria Times Colonist – Saanich not on pace to meet housing targets but improvements made, mayor says Victoria Times Colonist – Eby and Greater Victoria Chamber talk housing, amid rising development costs CBC B.C. – B.C. is changing its short-term rental rules. Some owners think that's a mistake Greater Vancouver home sales rise as inventory reaches levels not seen since pandemic (Canadian Mortgage Trends) B.C. homeowners incentivized to add rental units (CTV News) Victoria Times Colonist – North Saanich opts to close Wain Park pickleball courts, citing noise Victoria Times Colonist – Saanich pushes for free transit for those 18 and younger Vancouver Island residents question new supportive housing location (Global News) Victoria Times Colonist – Cost doubles for B.C. to host 2026 World Cup games B.C. secures 8 new middle-income housing sites for BC Builds program (Global News) Victoria Times Colonist – Southern resident killer whales face extinction in 75-100 years, study predicts Victoria Times Colonist – Oak Bay unlikely to meet provincial housing target, says report Victoria Times Colonist – Victoria council sends rental project back to negotiating table B.C. real estate sales to heat up by end of 2024: BCREA (City News) Victoria Times Colonist – One year later, no answers on evacuated Langford high-rise Victoria Times Colonist – Eight more Island communities to get provincial housing targets CREA - Housing Market Snapshot for March 2024 CREA - VIDEO: Housing Market Report CREA - Hints of Active Spring Market in March Housing Data Bank of Canada’s Key Interest Rate Stuck at 5%: Five Ways Your REALTOR® Is There to Help Canada’s latest GDP figures may prompt Bank of Canada summer rate cut: Economists (Canadian Mortgage Trends) CREA - Real advice with Rita: Moving interprovincially, title insurance, bathroom reno decisions  CREA - Sustainable home solutions to help you live greener Better Dwelling – Canadian housing agency bizarrely forecasts record home prices and weak economy Financial Post – Canadians putting off plans to buy a home until the Bank of Canada cuts rates Globe and Mail – Majority of aspiring Canadian homeowners awaiting rate cuts before buying, survey shows Globe and Mail – New real estate platform offers an alternative to blind bidding Toronto Star – Bank of mom and dad? New data shows one in six Canadian homeowners born in the '90s co-owns their home with their parents Canadian Mortgage Professional – Home values soared past surging mortgage costs Vancouver Sun – One in five B.C. homeowners born in 1990s co-own with their parents, says report Majority of aspiring homeowners awaiting rate cuts before buying: BMO survey (Canadian Mortgage Trends) Why Canadian mortgage rates may be stealthily heading higher (Financial Post) Real estate terminology for first-time homebuyers Sustainable home solutions to help you live greener Canadians turn to friends and siblings for home buying (Wealth Professional) Latest in Mortgage News: Financial experts see less risk of an imminent recession (Canadian Mortgage Trends) BoC Governing Council divided over timing of rate cuts, but agree they will be gradual (Canadian Mortgage Trends)  For 76% of Canadians who don’t own property, homeownership feels out of reach: CIBC (Real Estate Magazine) More than half of Canadians say 2nd job needed to buy a home: RBC survey (Global News) Three-quarters of recent Canadian homebuyers don’t regret their decision, despite affordability issues (Real Estate Magazine) Canadian Mortgage Changes Blur The Line Between Normal & Crisis: CMHC (Better Dwelling) Equifax Canada testing use of rental payment data for credit scores (Money Sense) Real Estate experts say housing market “very affordable,” but not everyone’s convinced (CKPG Today) Real estate prices rebounded slightly in March (Bay Today)     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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Relief for First Time Home Buyers | Check out the Brantford Fun Guide | Brantford Housing Statistics | 30 year Amortizations

View this in your browser   The Government of Ontario announced the Cutting Red Tape to Build More Homes Act, the Province’s sixth piece of housing legislation since 2018.OREA is pleased to see progress on several important solutions from our recent housing supply report and our advocacy on modular construction, aimed at streamlining approvals and getting more homes built. While we commend the actions put forward in this legislation, we hope to see the Province go further to accomplish the goal of building 1.5 million new homes by 2031.Read the full statement here. Ford government unveils sweeping new changes to housing rules (Global News) London Free Press – How's this for a move-in bonus? Buy a house, get a Tesla Hamilton real estate market shows signs of balance for first time in a decade (Hamilton Spectator) Here is where you can buy a home for under $500K in Ontario (insuaga) Brantford Expositor - Brant County landowners could face drainage bill of up to $50,000 Brantford Expositor - New safety measures to be added at Wilkes Dam Brantford Expositor - Residents pan apartment building proposal in BrantfordTracy ValkoStarting August 1st, first-time homebuyers purchasing newly built homes will be eligible for 30-year amortization periods on insured mortgages. This extended period provides greater flexibility in managing mortgage payments, easing the financial burden for those embarking on their homeownership journey. This rule change will also provide eligible homebuyers with an additional 5% in purchasing power. For instance, on a $750,000 home purchase, the minimum household income requirement decreases from $179,062 to $169,689. Beyond the updates on purchasing new builds, the federal government has also addressed various aspects of housing affordability. 📈 Increase in RRSP withdrawal limit for first-time homebuyers from $35,000 to $60,000, starting April 16. 💼 Budget focusing on housing measures to be unveiled on April 16. ⏰ Repayment period for RRSP withdrawals extended to five years from two, for withdrawals between January 1, 2022, and December 31, 2025. 💰 Over 750,000 First Home Savings Accounts opened since last year, offering a tax-free savings option for home down payments up to $40,000. BREAKING NEWS - The Bank of Canada has left its benchmark rate unchanged at 5.00%  As expected, the Bank of Canada has left its overnight target rate unchanged at 5.00% today. In its statement, the Bank said, “While inflation is still too high and risks remain, CPI and core inflation have eased further in recent months. The Council will be looking for evidence that this downward momentum is sustained.” In its latest forecast, the Bank said it expects headline inflation to remain near 3% for the first half of this year before moving below 2.50% in the second half and reaching the 2% inflation target in 2025. This is the Bank’s sixth consecutive rate hold, though expectations are that rate cuts will be forthcoming by the middle or second half of the year. The next rate announcement is scheduled for June 5th, 2024.    Read Bank's Full Statement Here READ THE MONETARY POLICY REPORT The federal government announced it will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes! CBC News - Freeland announces housing affordability measures for first-time buyers, current owners Strong U.S. inflation could delay rate cuts on both sides of the border (Canadian Mortgage Trends) What's the most expensive home you could afford? (CBC News) Overbidding wave sweeps the GTA’s housing market in March (Real Estate Magazine) Mortgage Minute: Your questions answered (CTV News) Canadian Mortgages Just Had One of The Slowest Quarters Ever (Better Dwelling) A ‘weird’ March shows real estate market still off balance (The Globe and Mail) What to expect from the spring housing market (CTV News) Spring housing market surge unlikely as affordability, cost of living weigh on buyers (Canadian Mortgage Trends) Canada’s unemployment rate surges in wake of strong population growth (Canadian Mortgage Trends) 'Extremely stressful for Canadians’: Housing affordability unlikely to improve anytime soon, RBC says (Toronto Star) Financial Post – Home prices set to hit record in 2026 amid unrelenting demand: CMHC Financial Post – Surge in luxury home sales signals stronger spring market, Re/Max says Globe and Mail – Home prices could reach peak levels by next year, set new highs in 2026, CMHC report shows Canadian Mortgage Professional – Homebuyers ready to return – report Population surge and the impact on housing (Global News) Bloomberg - Canada to Cut Temporary Residents by 20% Over Three Years Canada likely to avoid recession, begin recovering in second half of 2024 (City News) Canada’s luxury property market going strong as buyers benefit from lower prices (Real Estate Magazine) Near-term inflation expectations remain high, BoC surveys show (Canadian Mortgage Trends) Financial Post – Canada to allow 30-year mortgages for first-time homebuyers Financial Post – RBC urges Canada to prioritize construction skills in immigrants to tackle housing crisis Globe and Mail – First-time homebuyers can get 30-year mortgages to buy newly built houses under rule change Globe and Mail – Canada’s housing crisis poised to worsen without major reforms, RBC report says Toronto Star – Entry to housing market feels out of reach for 76% of non-owners: CIBC poll Storeys – No regrets: Vast majority of Canadian homeowners don’t have buyers’ remorse Canadian Mortgage Professional – Why Multiple Listing Service Canada is a game-changer for agents and brokers Check out this view from 7th Heaven on Blackhomb Mountain Fitness Progress Video    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  |  SearchBestMortgages.com  

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My thoughts on the BREAKING NEWS: National Association of REALTORS® Reaches Agreement & Brantford Statistics in this weeks blog....

My thoughts... Consumers have a choice currently, whether to work with an agent or not, and ultimately even negotiate the fee for service.  In our current system consumers are free to choose who they hire or if they hire anyone. They can choose to have representation, no representation or limited multiple representation (not allowed in BC.) In addition, Realtors can choose what fee they will charge to provide representation.  It was once believed that allowing the seller to compensate an independent buyer agent to represent the buyers interest was a step in the right direction for true buyer agency.  Previous to this, it had been that the agent of the seller was also, indirectly the agent of buyer.  In what has been proposed in the settlement, we will be taking another step forward by no longer allowing a seller to compensate the buyer agent. Only a buyer can compensate their own agent, however, the seller CAN pay other closing costs via MLS co-operation offerings and this impacts the overall cost of purchase. Changing how representation services are paid for will impact the structure of purchase. I suspect mortgages may end up being adapted to allow buyers to afford representation or mortgage amounts being offset by seller offerings of other closing costs.  Buyers who want representation, and Lenders who prefer they have representation will also want to protect themselves from self-represented purchases.  The collective value of the MLS system and co-operation of Realtors offers value in its ability to match up home buyers and sellers and co-ordinate all what goes into such a transition.  Buying and selling a home can be a huge undertaking and a lot of moving parts to make it happen. If people could figure out how to do this on their own, they would have.  Technology create efficiencies that improve the home buying and selling experience, and utilizing all tools and resources in making expensive decisions is likely still going to be happening regardless of who pays for what. Arguably the buyers are paying for it indirectly in our current structure by the fact that it impacts overall purchase / sale price decisions. In addition, I feel it is important to note, the real estate profession is a difficult one to enter and sustain and only a small percentage of real estate professionals make it past 5 years in the industry. If it was easy, the success rate would be high, not low.   Changing the structure of the paperwork and improving transparency is good for everyone, in my opinion. The consumers will still need to make the same choices ultimately. At the end of the day people will still hire professional negotiators to represent their interests, they will still negotiate the fee and pay for that representation. The market forces determine what the market will bear for that service, as it does even now.  We have ample competition offering various options to consumers. Will be interesting to see this all play out both in USA and in Can…. break out the popcorn! 🤓🍿 Read the press release by accessing the link from the blog post CURRENT INTEREST RATES First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES Tips to Improve Your Credit Score 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 CBC News - Ontario minister says help is on the way for homeowners stuck with 'fraudulent' liens Toronto Star - Number of households missing mortgage payments soars alongside consumer, business insolvencies Toronto Star - 'We were sold a big lie': Hamilton tells Ancaster resort residents their tiny homes are illegal London Free Press - London begins first new public housing project in 50-plus years CBC Kitchener-Waterloo - Region of Waterloo one step closer to tackling affordable housing crisis Cambridge receives $13M in federal funding for housing (CTV News) Real Estate Magazine – Decline in affordable homes: MPAC data highlights shift in Ontario's property landscape CBC Toronto – How one Ontario city is using modular cabins to help with 'unprecedented' homelessness crisis Hamilton Spectator – Brant Land Trust acquires two unique properties in Brantford and Brant County The Record – 'It's like a tsunami of bad events that are happening to people,' lawyer says of housing crisis London Free Press – 1,000-plus new London apartments nearly ready, but it's not enough: Builders London Free Press – 20 empty acres. A 142-unit townhouse proposal. Lots of unhappy neighbours Brantford Expositor - Brant realtors see early start to spring market  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)   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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