CREA Housing Stats | New Developments & Real Estate News

View this email in your browser NOW FOR SALE. - Welcome to Stylish Living on the Saanich Peninsula. Luxury 1 & 2 Bedroom Condominiums coming to Saanichton BC Globe and Mail – B.C.’s strict new short-term rental rules pit housing supply against homeowners struggling to pay mortgages Victoria Times Colonist – CONDO SMARTS: Council must pay back unused portion of levy Victoria Times Colonist – Saanich to ask province for exemption on secondary suites in rural areas CBC B.C. – More B.C. homes to be eligible for heat pump rebates next month Victoria Times Colonist – Saanich approves another townhouse project near Swan Lake Victoria brings land-use bylaw into alignment with new provincial law (Times Colonist) Victoria Times Colonist – Amid ongoing drought, Island prepares for another brutal fire season Victoria Times Colonist – Victoria council advances controversial project on Richardson Street Victoria Times Colonist – Langford passes 15.6% hike in property taxes amid protest Mixed-use developments diversify as demands increase (Times Colonist) Victoria Times Colonist – Saanich residents express worry about massive change amid debate over new Official Community Plan Regulations, ‘fragmented’ construction sector holding back housing starts: CMHC (Canadian Mortgage Trends) 2024 recession now expected to be “shallower and shorter,” says Oxford Economics (Canadian Mortgage Trends) Home building lags despite record number of construction workers, CMHC finds (Financial Post) New Insights into Canada's Housing Construction Potential (News Wire) Real estate prices stable in April (Bay Today) Housing market bounces back (CTV News) CREA update: Canadian housing market is back in balance Housing dilemma, should you rent or buy? Financial Post - Canada's housing market sees surge in listings, giving buyers' rare advantage Storeys – ‘Most balanced since before the pandemic’: Canadian home sales dip, inventory rises Rising interest rates and affordability concerns continue to impact Canadian homebuyers: CMHC (Real Estate Magazine)April asking rent prices up 9.3% across Canada; as Ontario sees only decline: report (Canadian Mortgage Trends) DR Sherry Cooper - April's Strong Job Gains Likely Postpone Rate Cuts Until July National Observer – Fear of sinking real estate values hinders flood mapping Globe and Mail – Property insurer Intact rolls out pilot project to fireproof homes when wildfires are near CMHC exceeds 2023 housing goals despite economic headwinds (Canadian Mortgage Trends)Bank of Canada says financial system is stable, but risks remain (CTV News)Big vision using tiny homes to address housing shortfall (CTV News) Renters so far more ‘vulnerable’ than homeowners amid higher interest rates. Why? (Global News) An overview of housing promises from all of the 2024 provincial budgets (Canadian Mortgage Trends)       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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Housing Snapshot | Statistics for April | Homes Sold and Selling Prices Up from Last Month

View this email in your browser Brantford Expositor - Despite concerns, Brantford council approves redevelopment of FreshCo Plaza Brantford Expositor - Brantford councillors mull $7-million decision Financial Post – Cottage prices expected to rise with owners in no rush to sell: ReMax Financial Post – Cottage market is seeing 'seven sellers for every three buyers', says Muskoka broker National Post – Increase in capital gains tax rate could spawn cottage sales boom Globe and Mail – CARRICK: How to calculate a capital gain on your cottage or investment property – and very likely save money on taxes Toronto Star – Time to sell your investment property? Claim your cottage as a principal residence? How to navigate the capital gains tax changes Toronto Star – Cottage ‘rebound year.’ Expert predicts prices to spike almost 7 per cent in 2024 Hamilton Spectator – ‘People everywhere are mad at them’: Forge & Foster’s tiny home troubles draw the ire of campground residents across Ontario CBC Toronto – What locals say Honda's historic $15B investment means for Alliston, Ont. Hamilton home prices may rise if mortgage rate drops: CMHC (Global News) Housing predictions for Kitchener-Cambridge-Waterloo: Report (City News) Greater Toronto Rental Vacancy Rate Soars 30% Higher, Prices Barely Move (Better Dwelling) Cottage prices nearly double in one region of Ontario in 2024 (Insauga) Toronto Mortgage Delinquency Rate Surges 71% Higher (Better Dwelling) 10 best-selling condo buildings in Mississauga, Halton and Toronto, Ontario (Insauga) 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, 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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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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