Supply Still Key to Victoria's Housing Market | Transfer Tax Changes | 30 year Amortizations | Whistler Lift Pass Sale Only Until April 14

View this in your browser A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than the 590 properties sold in March 2023 but a 25.1 per cent increase from February 2024. Sales of condominiums were down 10.2 per cent from March 2023 with 177 units sold. Sales of single family homes increased 1.8 per cent from March 2023 with 286 sold. “We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.” There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023. “The increases in inventory we’ve seen in recent months really help to improve the health of our market,” adds Chair Lidstone. “We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home. As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points. If you’re considering a move over the course of the spring market, connect with your favourite local Realtor for to-the-minute insight into our market to create your strategy.” The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000. Review the March 2023 statistics package here 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! Tracy Valko Starting 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.  Watch video here: https://www.instagram.com/p/C5ovmnZg1PM/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) B.C. government targets ‘profiteers’ with legislation to bring in 20% flipping tax (Canadian Mortgage Trends) Times Colonist - Vic High's reopening welcomed by students, neighbouring businesses Times Colonist - Esquimalt agrees to 26-storey tower, tallest building in municipality Times Colonist - Transit-oriented development with 'hundreds' of new homes planned for Uptown area Times Colonist -Two-block development on Victoria waterfront could be new home for Art Gallery Times Colonist - More options for home buyers, but real estate sales have yet to pick up Times Colonist - Two Victoria firms nail down construction awardsFinancial Post – Canada to allow 30-year mortgages for first-time homebuyersFinancial Post – RBC urges Canada to prioritize construction skills in immigrants to tackle housing crisisGlobe and Mail – Canada’s housing crisis poised to worsen without major reforms, RBC report saysGlobe and Mail – First-time homebuyers can get 30-year mortgages to buy newly built houses under rule changeToronto Star – Entry to housing market feels out of reach for 76% of non-owners: CIBC pollWhy Multiple Listing Service Canada is a game-changer for agents and brokersStoreys – No regrets: Vast majority of Canadian homeowners don’t have buyers’ remorseVancouver Island Building Permit Trends   Check out this video I took last week from 7th heaven on Blackhomb NOW SELLING! From $899K + GST  Fitness Progress Video 2024   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!   Share Tweet Forward

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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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