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!