Helping Homeowners and Buyers Navigate New Federal Tax Changes, What Consumers Need to Know Video, Re-energize, Showcase and Leverage.

 

View this email in your browser 5 Ways to Re-Energize in Just 5 Minutes

December tends to be a busy month for most people. It’s all-too-easy to feel drained and even burned-out. Unfortunately, you may not have the luxury of time to relax with a good book or go to a yoga class. So, with that in mind, here are some proven ways to quickly unwind and boost your energy: Take a short walk. Scientists say your body will often de-stress significantly after just a 12-minute stroll. Drink a glass of water. Dehydration, which can come on without you realizing it, can quickly lead to fatigue and tension. Do something completely different. Often, if you completely remove yourself from a situation or activity, even for just a few minutes, you’ll come back feeling better. So, take a moment for yourself! Breathe and stretch. It’s almost impossible to feel tense after a few deep breaths and some stretching exercises. In fact, that’s where the urge to yawn and stretch comes from. It’s your body’s way of boosting energy! Write it down. If you’re worried or frustrated about something, writing it down will feel like deflating that balloon of stress. Taking it off your shoulders and onto paper will put the concern into perspective.  Try one of these tips the next time you feel overwhelmed.

Showcase your Home With the Right Lighting The top retail store chains invest heavily in creating just the right lighting to make their products look great. Why? They know that lighting makes a measureable difference to sales. The same is true when you sell your home. Lighting can make a big difference in the impression your home has on buyers. There are two types of light sources, manufactured and natural. You need to consider both when staging your home for sale. Think about the mood you want to create in each room. For example, you might want the kitchen to seem bright and alive. If yours isn’t quite like that, check whether you are using the highest wattage light bulbs suitable for your fixtures. Also, look for ways to bring in more sunshine. Switching curtains for blinds might do the trick. In the living room, you might want a cozier feel. That can be accomplished by using lamps that cast a softer and gentler light than more imposing overhead fixtures. Pay particular attention to dimly lit rooms in your home, including nooks and crannies. Even adding small track lighting to a pantry cupboard can make the space seem brighter and more inviting. Check that lighting is adequate in the garage and walk-in closets too. Finally, make sure all lights in your home work during viewings. Have spare bulbs available in case one burns out. You don’t want a buyer to try to turn on a light and discover it’s not working. Home Buyer Rescission Period: What Consumers Need to Know Video  Helping Homeowners and Buyers Navigate New Federal Tax Changes - Multigenerational Home Renovation Tax Credit - Residential Property Flipping Rule Canada’s new Underused Housing Tax Act Canada’s housing market falls deeper into correction with prices down 11.5% from peak (Financial Post)  Canadian Home Prices Fell For the Ninth Consecutive Month Storeys – No changes coming to mortgage stress test, OFSI announces Canadian Mortgage Professional – How strong was Canadian home sales activity last month? CBC News – Average rents in Canada soar above $2K for first time ever, new data suggests Leverage the Power of “Done” to Achieve Goals During a marathon, organizers typically set up signs along the route to indicate distances completed. For example, one might say, “You’ve just finished 4K!” They do that for two reasons: to let runners know where they are; and, to motivate them. Why are these signs motivational? They give runners an ongoing sense of accomplishment. The runners have “finished” a certain section of the marathon. They’ve reached a milestone. That part is done! As a result, they feel inspired to continue on. You may feel the same way when you finish a project or task. Energized! You can use this phenomenon to help you reach your 2023 goals. If you have a big goal, you can divide it into specific milestones that will give you that motivating sense of completion. Say, for example, you want to lose weight. Your milestones might include: Make a nutritional eating plan. Find a weight loss buddy to share the journey. Lose your first 5 pounds. As you check off each milestone, you’ll become motivated to take on the next. Give this technique a try in the new year! Outrageously Good Spinach Artichoke Dip Notable, Quotable, Quotes! “If plan ‘A’ doesn’t work, the alphabet has 25 more letters.” Claire Cook   “Experience is one thing you can’t get for nothing.” Oscar Wilde   A lot of people look forward to the new year because it’s like starting a new chapter in a book. You’re about to finish one chapter and — on New Year’s Day — you’ll be eager to begin another. Looking at it another way, that new chapter is full of blank pages – ready for you to write your own story. In fact, you may have several hopes and dreams for 2023 and maybe some ambitious goals, too. Whatever your plans, I want you to know that you can reach out to me anytime you need real estate advice or help. I’ll also continue to keep you up-to-date on the latest real estate news and insights. So, anytime you have questions, contact me. I can get you the answers you need. If we don’t get a chance to chat before the year’s end, let me take this opportunity to say, “Season’s Greetings and best wishes to you and yours this holiday season. Thank you for the privilege of staying in touch with you. The blank pages of your 2023 chapter await. I hope you fill them with wonderful experiences!” Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR www.Housesforsale369.com | 250-588-8839 ON YOUR TEAM!

Canada’s new Underused Housing Tax Act receives Royal Assent | EY - Global

Canada’s new Underused Housing Tax Act receives Royal Assent | EY - Global

BC Government Removes Age and Rental Restrictions to Strata Title Properties, Balanced Market and Listings, Sales and Avg. Prices are down

 

A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold. “November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options.” There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021. READ MORE

BC Government Removes Age and Rental Restrictions to Strata Title Properties On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect. There are two significant changes impacting REALTORS® dealing with strata properties, as well as their clients:  • all rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and  • all age restriction bylaws are removed, with the exception of “seniors only” (55-plus) rules. This means that a strata will no longer be allowed to have 19-plus age restrictions.   BC’s real estate regulator, the BC Financial Services Authority, advises the following changes to licensees.  READ MORE  Should You Reclaim the “Lost” Bedroom? Do you have an extra bedroom that you’ve converted into a home office, arts and crafts room or other non-slumbering use? If so, you may be wondering if you should convert it back into a traditional bedroom before you list. According to home staging experts, that may be a good idea. Although buyers will know the space was designed as a bedroom, there will be a psychological response to seeing it used otherwise. For example, say potential buyers view a property with a master bedroom, a second bedroom, and a third bedroom converted into a child’s playroom. Logically, they’ll know it’s a three-bedroom home – but the impression that will form will be of “two bedrooms and a playroom”, not a “three bedroom home.” This is especially true if closet doors have been removed. They may even start wondering whether there is anywhere else for a child to play. So, when you’re selling, consider changing the bedroom back to its original purpose. You don’t necessarily need to put in a bed and dresser (although for staging purposes, that would help.) Just make the bedroom look like a bedroom for showings. Keep this in mind: It’s easier for buyers to imagine a bedroom as a potential home office, playroom, etc. than the other way around. Condos edged higher, houses nudged lower in November as Victoria real-estate settled into winter slow-down (Citified.ca)  Financial Post - Deteriorating housing affordability conjures the 1980s when real estate took a dive Financial Post – Borrowers turning back to fixed rate mortgages as rates rise, discount on variable shrinks BMO: No issues with mortgage renewals at this time (Canadian Mortgage Trends)  Mortgage costs now eat 67% of income in Canada (Yahoo Finance Canada)  Bank of Canada has room to stop hiking before U.S. Fed, survey shows (BNN Bloomberg)  ‘The days of easy money are dwindling:’ lenders will be cautious in 2023, says CBRE (Business in Vancouver)  Livabl – How to save for a house Financial Post – Why it's time for borrowers to accept the new normal of higher rates and plan accordingly Globe and Mail – Pandemic, remote work changed Canadians’ commuting habits in 2021: StatsCan Globe and Mail – Real estate industry braces for foreign buyer ban Financial Post - HAIDER & MORANIS: Housing market shows signs of life, but it's too soon to celebrate a recovery Keyspire - Comparing Contractor Quotes   Does the Property Meet the “Lifestyle Test” Lifestyle is a very important criterion when you’re shopping for a new home. After all, a home and its surrounding neighbourhood are the places where much of your lifestyle is going to be experienced. So when you consider a new home, think about the kind of lifestyle to which the property needs to lend itself. Ask yourself: How much entertaining do we do? How important is it to have good schools located nearby? How long will the commute to work be? How big of a backyard do we require? Do we need a rec room? How easy will it be to get to golfing, dance lessons, baseball practices, movies and other activities my family and I enjoy? How important is it to be in a quiet area? Do we want a local park nearby for jogging, playing with the kids, and walking the dog? This list is just an example. Ideally, you’ll create your own list of questions to ask yourself when considering a particular home and neighbourhood. Notable, Quotable, Quotes!   “Life is different when we discover what is deeply important to us.” Stephen Covey Often, in old western movies, when the good guys were overwhelmed or in danger, the cavalry would come riding to the rescue. It made for an exciting scene! These days, you may never get into a situation where you need soldiers on horseback to help you. However, it can be all-too-easy to become overwhelmed with questions and concerns, particularly when it comes to real estate. When that happens, rather than waiting for the cavalry to come galloping over the hill, you can call or email me. I’m happy to “come to the rescue” and provide you with any answers or advice you need. In fact, I have access to the latest data on the local market, so you can always count on the insights and recommendations I provide to be current. So, even if you’re merely curious about the local real estate scene — what’s available, prices, etc. — feel free to reach out to me anytime. Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR www.Housesforsale369.com | 250-588-8839 On Your Team!

BC Home Buyer Rescission Period, BC Housing Ministry, Anti-Flipping Rules & more

 

One Hour Ideas for Boosting Curb Appeal

You’ve heard of the term “curb appeal”. It refers to the initial impression buyers get when they first see your property from the street. If the impression is a good one, it sets the right tone for the rest of the home viewing. How do you boost curb appeal? Here are some proven ideas that you can get done in an hour or so: Wash both the inside and outside of the front windows. You’ll be amazed at the difference that can make. Sweep the walkway leading up to the front entrance. Add a new welcome mat. Also, wash down the front door. If possible, remove cars from the driveway. Let buyers imagine their own cars parked there! Mow the lawn. Lightly trim the hedges. Weed flower beds. Remove anything from inside window sills that may look unsightly from the outside. Try putting a couple of flowering plants there instead. Place any trash bins out-of-sight. For example, put them in the garage or neatly at the side of the house. If the entrance door hardware is old and worn, change it. New hardware can make a bigger difference than you might think. Make sure the outdoor lights are working, especially if you’re showing your home in the evening. Add some flowering plants to flower beds, or buy a couple of portable potted plants and place them strategically. Clean your mailbox. If it’s rusted, replace it. If you have a power washer, give the walkway and driveway a quick blast. Just be sure it will be dry before the buyers arrive. These one-hour improvements may seem minor, but anything that helps buyers form a more positive first impression of your home is worth the effort.

The Latest Options in Outdoor Lighting Outdoor lighting has come a long way from the days of patio lanterns and strings of lightbulbs. These days, there’s an exhaustive array of options available to illuminate your outdoor space, and make it more appealing and comfortable, particularly in the evenings. Here are just a few ideas: Solar garden lights. These lights are on stakes that can be easily inserted throughout the garden. Powered by the sun, they generate enough energy to cast a soft, pleasant glow along walkways or in flower beds in the evenings. Deck post lights. These are easy to install because they’re designed to sit on top of a standard 4x4 wood deck post. Most are solar powered. Street-style lamps. As the name implies, these look similar to old-fashioned street lamps. Installation is a little more complex, but still DIY-friendly. They’re eye-catching and have a dramatic impact on the look of your outdoor space. Portable lantern lights. These are outdoor lights that are portable and often made to look like a decorative fixture for a coffee table or side table. They can be placed anywhere. LED walkway lights. These are small lights that fit neatly and almost invisibly under stairs and around walkways. Walkway lights not only look good but also improve safety. Most are battery powered. Planter lights. This is one of the most interesting options. Each one is both a flower pot and a light in one! The pot itself is translucent which allows the light inside to shine through. Design experts say you should treat your outdoor space as you would any room in your home. Lighting it up for evening comfort and enjoyment is a good place to start. BCFSA - Home Buyer Rescission Period Information Vancouver Sun – Cities across B.C. look to building more laneway and infill housing CBC B.C. – Renters cautiously optimistic changes to B.C. housing rules will make life easier Victoria Times Colonist – B.C. to create new stand-alone Housing Ministry Victoria Times Colonist – Speculation and vacancy tax generating millions, is being expanded, government says CBC B.C. – B.C. to create 1st minister to focus solely on housing crisis, says premier CBC B.C. – Rental restrictions could increase speculation, create more work for strata councils, homeowners say Financial Post - GOLOMBEK: The CRA is already challenging real estate transactions ahead of new anti-flipping rules Canada’s new anti-flipping rules for residential real estate are scheduled to come into force on Jan. 1, 2023, and are designed to “reduce speculative demand in the market place and help to cool excessive price growth.” Financial Post - Bank of Canada says higher interest rates still needed to tame inflation Inflation in Canada remains too strong, and higher interest rates will be needed to cool the overheating economy, Bank of Canada Governor Tiff Macklem said in testimony at the House of Commons on Wednesday.  “Inflation has come down in recent months, but we have yet to see a generalized decline in price pressures,” Macklem said. “This tightening phase will draw to a close. We are getting closer, but we are not there yet.” Financial Post – Banks seek workarounds to avoid mortgage default for struggling variable-rate borrowers Financial Post – A severe doctor shortage in Canada is fast approaching, RBC report says Globe and Mail – MCLISTER: An ominous warning portends mortgage rate relief – eventually Storeys – As Ontario and B.C. home prices sink, these 4 provinces are becoming more expensive Canadian Mortgage Professional – What will the impact of the current interest rate hikes be? Canadian Mortgage Professional – How much have mortgage interest costs risen? Keyspire - Finding Passive Appreciation  Real Estate Magazine – How to make home inspections work for you National Post – HOLMES: Keeping your family safe from harmful gas Globe and Mail – Canadian house prices expected to tumble 17.5% peak to trough, analysts say Canadian Mortgage Professional – How did average home prices shift across Canada's cities last month? November Jazz Music Notable, Quotable, Quotes!   “Try not to become a person of success, but rather a person of value.” Albert Einstein “A journey of a thousand miles must begin with a single step.” Lao Tzu   In the days before the internet, when people were looking for a professional – a contractor, for example – they would often ask a friend or neighbour, “Do you know a good [insert profession]?” Well, guess what? The same thing still happens today! It’s just done a little differently. These days, people often ask for recommendations online, such as on their community’s Facebook page. However it’s done, the intention is obvious. People prefer to work with professionals who are recommended. That definitely includes real estate professionals. In my business, I work hard to be the kind of trusted real estate professional that clients rely on to help sell their property, find their next home, and make the entire process go smoothly. In addition, I stay in touch long-term to be an ongoing resource of information and advice. In fact, that’s one of the reasons I send you this informative e-newsletter. So, if friends or neighbours ask for a real estate agent recommendation, I hope you’ll feel comfortable giving them my name. I’d really appreciate your support!   Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR www.Housesforsale369.com | 250-588-8839 ON YOUR TEAM!