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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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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BREAKING NEWS: National Association of REALTORS® Reaches Agreement

BREAKING NEWS: National Association of REALTORS® Reaches Agreement Read the press release CURRENT INTEREST RATES Strata Home Owner Resources Strata Tip of the Week | The Impact of Strata Document Reviews 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 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) Victoria Times Colonist - Province buys Harriet Road property for Uptown-Douglas transit exchange Victoria Times Colonist - Micro-unit rental building gets green light in Nanaimo Victoria Times Colonist - $162M highway project through Goldstream park faces objections from First Nations Victoria Times Colonist -  Fourteen more lawsuits filed against owners accused of abusing condo program Business in Vancouver - B.C. home insurance prices surge 7.63% in one year, says report Business in Vancouver - Executing B.C.'s new housing legislation 'very challenging' Victoria Times Colonist - Victoria will allow e-kick scooters in bike lanes, low-speed roads; ‘The reality is we’re already there’ Victoria Times Colonist - Saanich residents face 7.91 per cent tax hike for 2024 https://abstractdevelopments.com/developments/central-block/ Storeys – Does British Columbia really need a flipping tax? Storeys – Vancouver approves motion to explore building co-op housing on city-owned land B.C. housing market ‘relatively calm’ moving into spring (City News) Victoria Times Colonist - Work begins on $303.9 million Belleville Terminal redevelopment Victoria Times Colonist - B.C. couple sold their firm for millions, gave it to charity Victoria Times Colonist - Victoria council to mull asking for delay for new short-term rental rules   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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