Happy Easter. Canada Population Growth Rate Highest Since 1957! Update on Ontario Budget 2024 | Must See Documentaries | Weekly Real Estate News Update

View this email in your browser CURRENT INTEREST RATES First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES Tips to Improve Your Credit Score IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS Cottage real estate to gain ground in 2024 (Gananoque Reporter) Bidding wars are making a comeback in the GTA’S housing market (The Medium) Pre-construction condo buyers forced to off-load units for as much as $150,000 less than they paid (Toronto Star) Are Ontario’s 2024 budget housing policies enough to address the supply crisis? (Canadian Mortgage Trends) Remote work and how it’s shaping where people are now buying homes in Ontario (Global News) Expanded Ontario vacant home tax on the horizon as housing outlook improves slightly (Global News) Ontario housing starts expected to be lower this year, budget shows (CBC News) Ontario home construction levels up, but still far off pace for 1.5M target (Toronto Star) Brantford Expositor - Grand River Conservation Areas start taking camping reservations Brantford Expositor - City gets federal funding to support pedestrian and cycling network OSFI rejects Competition Bureau recommendation to drop mortgage stress test for lender switches (Canadian Mortgage Trends) Globe and Mail – Investors own 23.7 per cent of Ontario homes, report says Rick Kedzior OREA President: Earlier today, I was proud to represent OREA and join leaders from across Ontario at Queen's Park for the release of the 2024 Ontario Budget. This budget reaffirms the Provincial Government’s commitment to investing in building more homes, infrastructure, and transit across the province.OREA is pleased to see some progress towards several REALTOR®-led solutions from our recent Analysis of Ontario’s Efforts to Boost Housing Supply mentioned in the budget, including: • Improving flexibility on financing for municipal water infrastructure projects, building on last week’s $825M investment into the Housing-Enabling Water Systems Fund; • A new $99.1M investment into the Site Preparation Pilot Program, repurposing surplus government properties into attainable housing and social infrastructure; and, • A commitment to supporting modular construction as well as transit-oriented development and other key solutions to get more homes built faster. Today’s Ontario Budget is a step in the right direction. But in order to reach the goal of building 1.5 million new homes by 2031 and solving the affordability crisis, Ontario must continue to take bold action.Read the full statement here.Thank you, Update on Ontario Budget 2024   Today, Minister of Finance Peter Bethlenfalvy unveiled the 2024 Budget, projecting Ontario's economy to be challenged by ongoing high interest rates. The $214.5 billion budget forecasts a sluggish real GDP growth of 0.3 per cent for the year 2024.   The Budget focused on increasing investments in infrastructure, health care and affordability measures for Ontarians. The Ontario government is projecting a deficit of $9.8 billion in the coming fiscal year, almost double what was projected in its fall economic update. Some key housing highlights from the Budget include:   Addressing Housing Supply Crisis: The Ontario Provincial Government is introducing the Building Faster Fund, a substantial three-year, $1.2 billion initiative designed to incentivize municipalities that meet housing targets, thereby expediting housing construction. Investment in Housing Infrastructure: A significant investment of $1 billion in the Municipal Housing Infrastructure Program, specifically allocated to core infrastructure projects. A quadrupling of the Housing-Enabling Water Systems Fund to $825 million, supporting municipal water infrastructure projects crucial for new housing developments. Other Housing-related Initiatives: Extending the authority granted to impose municipal tax on vacant homes to all single- and upper-tier municipalities. Strengthening the Non-Resident Speculation Tax to discourage foreign investors from speculating in the housing market. Committing to invest an additional $152 million over three years in supportive housing initiatives, with a focus on aiding vulnerable individuals. Empowering municipalities to reduce property tax rates on new purpose-built rental housing to encourage the construction of more such units. It is crucial to emphasize that these measures are part of a comprehensive strategy aimed at accelerating the construction of homes, with the overarching goal of building 1.5 million new homes by 2031.   Despite these efforts, recent figures indicate that we are falling behind our targets. In 2023, there were 89,300 housing starts in Ontario. Projections for 2024 indicate 87,900 housing starts, with 92,000 in 2025 and 94,400 in 2026. The numbers fall well below the pace of at least 150,000 new housing starts per year necessary to achieve our province's long-term goals.   This is why we will continue to advocate for policies at both the federal and provincial level aimed at increasing supply, lowering costs, and ultimately helping more Ontarians achieve the dream of home ownership. Policies we believe would help in these efforts include: Addressing housing affordability through blanket missing-middle zoning policies and streamlining the development approval process. This includes allowances for laneway homes, extra suites, and multi-unit housing on single family lots. Allowing the Property Transfer Tax (PTT) to be paid in installments. By doing so, the government can promote homeownership and facilitate a smoother transition to homeownership for those who might otherwise have been discouraged by the upfront and immediate financial costs. Increasing the land transfer tax rebate for first-time home buyers from $4,000 to $8,000, indexed to inflation. Doubling the rebate would not only align with provincial priorities but also offer crucial financial relief to first time homebuyers. This approach supports the expansion of housing supply and helps first time buyers get into the housing market. Revising the provincial HST rebate to align with current home prices, linking thresholds to housing costs. This includes a federal match of the 75% provincial rebate and the elimination of any claw back, as proposed by the Housing Affordability Task Force. Building on MPC’s momentum of advocacy wins, we are pleased to share that the Prime Minister has launched the first of several forthcoming pre-budget announcements. Today’s announcement focused on the housing sector and included the following measures:   Launching a new $15 million Tenant Protection Fund. This would provide funding to legal aid and tenants’ rights advocacy organizations to better protect tenants against unfairly rising rent payments, renovictions, or bad landlords. Creating a new Canadian Renters’ Bill of Rights, developed and implemented in partnership with provinces and territories. This would require landlords to disclose a clear history of apartment pricing so renters can bargain fairly. We will also crack down on renovictions, create a nationwide standard lease agreement, and give renters more agency. Making sure renters get credit for on-time rent payments. Renters deserve credit for the money they put toward rent over the years, especially when it comes time to apply for a mortgage for their first home. We’re going to amend the Canadian Mortgage Charter and call on landlords, banks, credit bureaus, and fintech companies to make sure that rental history is taken into account in your credit score.   MPC is pleased to see that the federal government has heard our recommendations to facilitate access to home ownership. While more work remains to be done, these measures represent a significant step in the right direction, creating an easier pathway to homeownership particularly for Gen Z, Millennials, and new Canadians with little credit history.   We’re also pleased to see the Prime Minister and Deputy Prime Minister reiterate their commitment to cutting red tape and reforming zoning to help more homes get built faster, and we will be continuing to push for measures that increase and improve the affordability of the housing market for Canadians from coast to coast.   The full announcement can be found here.  This past weekend was especially special because I had a surprise opportunity to meet a mentor of mine named Nimai Delgado.  Getting to meet him, hear his story and get a photo with him really was a lot of fun for me and a memory I will cherish.  He is featured on a couple of NETFLIX documentaries that are definitely worth checking out, I have learned so much from him. You Are What You Eat: A Twin Experiment- 2024  The Game Changers   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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Happy Easter! Insurance Tips | Building Permit Trends | Must See Documentaries | Canada Population Growth Rate Highest Since 1957!

View this email in your browser CURRENT INTEREST RATES Strata Home Owner Resources Strata Tip | Earthquake Insurance and Calculating the Earthquake Deductible 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 Vancouver Island Building Permit TrendsMortgage renewals, insurances costs put the squeeze on B.C. homeowners (Business Intelligence) CREA - Everything you need to know to get your home ready to sell CBC News – Federal government promising a 'renters' bill of rights' in upcoming budget Financial Post – OSFI has a new mortgage test: What it means for banks and borrowers Financial Post – Home sellers forced to confront new market realities this spring Housing market will see 'staggered' return of buyers and inventory (Yahoo) Home sellers forced to confront new market realities this spring (Yahoo) Condos are supposed to be cheaper than houses, but soaring fees are narrowing the gap (Toronto Star) Canadian recreational home prices expected to climb 5% this year amid supply squeeze (Canadian Mortgage Trends) Canadian businesses say housing crisis is forcing them to boost pay: survey (Global News) Storeys – How house flipping activity has trended in Canadian cities over the past decade Storeys – Interest rate cuts likely ‘over the course of this year’: Bank of Canada Times Colonist - Statistics Canada says population growth rate in 2023 was highest since 1957 Housing starts stable in 2023, but demand still outpaces growing supply of apartments (Canadian Mortgage Trends)Building on MPC’s momentum of advocacy wins, we are pleased to share that the Prime Minister has launched the first of several forthcoming pre-budget announcements. Today’s announcement focused on the housing sector and included the following measures:   Launching a new $15 million Tenant Protection Fund. This would provide funding to legal aid and tenants’ rights advocacy organizations to better protect tenants against unfairly rising rent payments, renovictions, or bad landlords. Creating a new Canadian Renters’ Bill of Rights, developed and implemented in partnership with provinces and territories. This would require landlords to disclose a clear history of apartment pricing so renters can bargain fairly. We will also crack down on renovictions, create a nationwide standard lease agreement, and give renters more agency. Making sure renters get credit for on-time rent payments. Renters deserve credit for the money they put toward rent over the years, especially when it comes time to apply for a mortgage for their first home. We’re going to amend the Canadian Mortgage Charter and call on landlords, banks, credit bureaus, and fintech companies to make sure that rental history is taken into account in your credit score.   MPC is pleased to see that the federal government has heard our recommendations to facilitate access to home ownership. While more work remains to be done, these measures represent a significant step in the right direction, creating an easier pathway to homeownership particularly for Gen Z, Millennials, and new Canadians with little credit history.   We’re also pleased to see the Prime Minister and Deputy Prime Minister reiterate their commitment to cutting red tape and reforming zoning to help more homes get built faster, and we will be continuing to push for measures that increase and improve the affordability of the housing market for Canadians from coast to coast.   The full announcement can be found here.   This past weekend was especially special because I had a surprise opportunity to meet a mentor of mine named Nimai Delgado.  Getting to meet him, hear his story and get a photo with him really was a lot of fun for me and a memory I will cherish.  He is featured on a couple of NETFLIX documentaries that are definitely worth checking out, I have learned so much from him. You Are What You Eat: A Twin Experiment- 2024  The Game Changers   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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Pent Up Demand in the Housing Market | Jump in the Market Before Rates Go Down | Housing Starts Up | National Home Sales Up, Prices Flatten

View this email in your browser CURRENT INTEREST RATES First-Time Home Buyers’ Tax Credit (HBTC) - FEDERAL INCOME TAXES Tips to Improve Your Credit Score IN CASE YOU MISSED IT...MORE REAL ESTATE NEWS ‘Exceedingly rare’ shift in Canadian home prices before spring market hits - CREA “pent-up demand” Buying for the short-term: Tips on protecting your home’s value A real drip: Your guide to gutters and drainage systems CREA REM - The NAR settlement and its far-reaching implications: What does it mean for the Canadian industry? Real Estate Magazine – Unexpected resilience amid economic challenges showing up nationwide February housing starts increased 14% from January: Canada Mortgage and Housing Corp (Canadian Mortgage Trends) Homebuyers should jump into the market before interest rates go down, says expert (Yahoo! Finance) Global News – An Ontario city smashed its new housing targets by 250%. But are prices going down? Toronto Star – New listings up in February as five-month Canadian home price drop ends Ontario announces more than $1.8B in new funding to help municipalities build homes (CBC News) Brantford list of local farms - https://www.calameo.com/county-of-brant/read/000622964dcc326609d40 Ontario cottage regions where waterfront property prices spiked and declined (Cottage Life) Canada real estate: Cottage market expected to bounce back in 2024, says Royal LePage (Yahoo! Finance) Brantford Expositor - Residents oppose planned four-storey West Brant apartment building Brantford Expositor - Bulldogs owner says team will stay in Brantford if new sports centre is built Brantford Expositor - Brant realtors see early start to spring market It’s the best time of year to negotiate your mortgage rate. Here’s how (CBC News) A real drip: Your guide to gutters and drainage systems CREA Real Estate Magazine – Boosting home value with new energy-efficient windows and doors: Guide for 2024 CBC News – February home sales dipped 3.1% while prices stayed flat, CREA says CBC News – Landmark U.S. settlement could impact Canadian housing market Rates.ca – Mortgage temperature check: Canadians watching for a turning point in the housing market Hill Times – ISMAIL: Immigration and housing - navigating Canada’s complex crisis Financial Post – Homebuyers should jump into the market before interest rates go down, says expert Financial Post – Canadian renters are getting squeezed more than homeowners, putting the property ladder further out of reach Financial Post – HAIDER & MORANIS: The evidence leaves no doubt — rent controls hurt rental supply Financial Post – MCLISTER: Why obsessing about paying off your mortgage early costs you money Financial Post – VIDEO: Tips on buying and paying for your first home Globe and Mail – Why you can’t afford a home, in 10 charts Globe and Mail – Canadian home prices flat in February after falling for 5 months Globe and Mail – CARRICK: Home ownership is turning into a gated community that renters cannot join Storeys – First-time buyers are bringing on the bidding wars and closing in on $1M listings Canadian Mortgage Professional – BoC officials suggest rate cuts could come this year February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market (City News) Unravelling the intricacies of reverse mortgages in Canada (Toronto Star) As the spring home buying season begins, what’s the outlook for mortgage rates? (The Globe and Mail)  Bank of Canada’s Governing Council divided over timing of future rate cuts (Canadian Mortgage Trends) Enhancing housing affordability in Canada and the role productivity plays: CMHC (Real Estate Magazine) Canada real estate: Affordability falls as income needed to buy a home increases (Yahoo) Economists predict June rate cut as inflation continues to ease (Canadian Mortgage Trends) Canadian recreational property prices forecasted 5% higher in 2024: Royal LePage (Real Estate Magazine) Dr Sherry Cooper - Great News On The Canadian Inflation Front National home sales in February up nearly 20% compared with year ago (Canadian Mortgage Trends) February home sales dipped 3.1% while prices stayed flat, CREA says (CBC News) NAR President Kevin Sears shares an update on the association’s settlement agreement to resolve home seller litigation and highlights NAR’s ongoing work to advocate for members and consumers. Watch the video here: https://bit.ly/497tS3W.   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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