Good Reasons to Consider Selling your Home, Rental Costs Rising, Another Interest Rate Hike, 2 Downtown Condo Listings Just Hit the Market & Development Acreage Opportunity in Cowichan Bay

 

View this email in your browser Be Prepared for Power Failures

We are all vulnerable to unexpected power disruptions, but with a few advance preparations, potential inconveniences and dangers can be avoided or at least minimized. As a starting point, every home should have emergency supplies that include basics such as candles and matches, flashlight(s) and fresh batteries, a first-aid kit, and at least one large jug of fresh water. If possible, it is advisable to have an even more extensive emergency kit. Consider keeping a stock of dried foods and/or canned goods, all-weather emergency blankets, waterproof clothing and footwear, as well as cash for consumables such as fuel and food supplies. Anyone requiring medications should always renew them before running too low to ensure sufficient supply. Likewise, all battery-powered devices should be kept charged – including computers, cell phones and mobility vehicles. For some, the inconveniences of a power-outage outweigh the cost of installing a gas-powered generator. Whether you’re ready to incur that expense or simply plan to stock up on supplies, it’s always wise to take steps that will see you and your loved ones through a power failure. Many local fire departments offer homeowners free tips and even in-home advice and inspections at no cost. Contact your fire department and ask about programs available to you.

4 Good Reasons to Consider Selling your Home Why do people decide to move?  Unless it’s a requirement, such as a job relocation, the research tells us that you, like many homeowners, may decide to sell at some point for one or more of the following reasons: • Your home is no longer a good fit. You may have outgrown your current home and need something bigger, maybe with an additional bedroom. Or, the opposite may be true. You may want to downsize into something smaller – and cash in some of the home equity you’ve built up. • You’ve got your eye on a different neighbourhood. Have you ever driven through an area and thought, “I’d love to live here”? You may think that it’s out-of-reach for you at this time. Is it? You never know until you work the numbers. You might, in fact, qualify for a home in that neighbourhood today! • You want to be closer to something. Many homeowners would love to live closer to work, family, favourite hobbies, the country, etc. Moving to a home that’s near to one of those “somethings” can have a positive impact on your lifestyle. • It’s time for a change. Sometimes a homeowner just wants a change: new surroundings, a fresh start. Who says you need a “practical” reason to sell? If you’re looking to get into a new home just because you feel like it, that’s your choice. In fact, that may be the best reason of all to sell. You may simply want to move. Do any of these reasons resonate for you? If so, now is the time to start preparing. Even if you don’t anticipate moving for several Solomon Burke ~ Cry To Me Financial Post Canadians are dealing with inflation by fight, flight or just freezing Inflation is fuelling anger, fear and helplessness among Canadians and they’re responding to it through fight, flight or just freezing, according to a new study by Empathy Inc.   Rent increased more than 18% last year for new tenants, new numbers show A surge in demand pushed Canada's rental market to its tightest level in two decades last year, with the vacancy rate in purpose-built apartments dipping below two per cent and rent for new tenants going up by 18 per cent. Those were some of the main takeaways from the Canada Mortgage and Housing Corporation's annual report on the state of Canada's rental market.   Bank of Canada comments offer light at the end of the tunnel for real estate, mortgage markets, experts say Canada’s struggling real estate sector is breathing a sigh of relief, but it wasn’t so much the size of the Bank of Canada’s Jan. 25 rate hike as the language that came with it that was cause for optimism.   Real Estate Magazine – Vacancy rate for purpose-built rentals hits two-decade low Financial Post – Canada's rental vacancy rate falls to two-decade low Financial Post – CHOI: 6 options for when you can't afford your mortgage Financial Post – VIDEO: Mortgage renewals put homeowners in 'precarious position' Globe and Mail – There are fewer apartments available to rent in Canada than at any time since 2001 Globe and Mail – MCLISTER: Should mortgage holders break with their variable rate mortgages after Bank of Canada pause? Storeys – These are Canada’s most expensive real estate markets right now Canadian Mortgage Professional – Is Canada's housing market finally set to stabilize? Canadian Mortgage Professional – Home prices to continue falling as rates rise once again Canadian Mortgage Professional – How will the latest rate hike impact mortgage costs? Victoria Times Colonist – Rent rose by one third for Greater Victoria apartments changing hands last year: CMHC CBC B.C. – Rents in B.C. continue to be highest in the country, says yearly federal report CBC B.C. – Former Victoria mayor appointed B.C.'s special adviser on housing   Notable, Quotable, Quotes! “If we have the attitude that it is going to be a great day, it usually is.” Catherine Pulsifer “Empty pockets never held anyone back. Only empty heads and empty hearts can do that.” Norman Vincent Peale I hope 2023 has been off to a great start for you! If you have any big plans for the year, you might be interested in this famous quote by Benjamin Franklin, “If you fail to plan, you plan to fail.” I would add, “Plan early.” We know that the sooner you get started, the more likely you are to ultimately succeed. Say, for example, you’re thinking of selling your home this year. Even if you don’t expect to list until the summer or fall, there are numerous advantages to starting to plan now. Wouldn’t it be helpful to know how much your current property is worth right now, how much you can invest in a new home, what the selling process will be like, etc.? That information would eliminate much of the uncertainty and help you move forward with more confidence. By the way, I’m here to help whenever you have questions or need advice that’s real estate-related. Even if you need a contractor recommendation, I can help. Feel free to reach out to me anytime. Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR Mortgage Agent | Dominion Lending Centres  ON YOUR TEAM! HomeVictoria.com  Housesforsale369.com Searchbestmortgages.com 250-588-8839

2023 Housing Prices Looking Better, Short-Term Mortgages, Stress Test, Cell Service Coming to Sooke & Port Renfrew, Fire Safety and Getting an Early Start on Selling Your Home.

 

View this email in your browser Fire Safety Checks You Should Do at Least Once a Year

Chances are, you know that you should change the batteries in your smoke detectors at least once a year — even if you suspect the batteries are still good. But that isn’t the only fire safety check you should do annually. Here are some other recommended tips to help keep you and your family safe. Clean your stove burners and oven regularly. Hard grease build-up can become combustible. Check your cupboard for cleaning products, paints and other liquids that are flammable. Read each label carefully. Use and store each product only as recommended. If you keep a fire extinguisher in your kitchen — and you should — confirm that it is still good. Extinguishers are like food. They have expiry dates! Go over your fire escape plan with your family. Make sure everyone knows exactly what to do if a smoke detector goes off or if there’s a fire. Check that all windows open easily, especially upper floor windows. Check appliances you use often, such as hair dryers, for worn or frayed cords. Regularly clear away lint build-up in the clothes dryer. Check the outside dryer vent annually to make sure it’s clear and working correctly. If you have a wood-burning fireplace or stove, get it cleaned and inspected by a licensed technician once a year. Many local fire departments offer homeowners free tips and even in-home advice and inspections at no cost. Contact your fire department and ask about programs available to you.

Getting an Early Start on Selling your Home You’ve probably heard the expression, “The early-bird gets the worm.” It refers, of course, to those who get in early and reap the rewards. For example, if you arrive early to a retail store for a big blowout sale, you’re likely to get the deals before the inventory runs out. The stragglers who come later will miss out. Well, this same wisdom can be applied to selling your home. Starting the process early — even if that means simply doing some initial planning — gives you the edge in several ways. First of all, you get extra time for preparation. That means you can get your home cleaned, uncluttered and staged without feeling rushed. You also get more time to find out how much your property will likely sell for on today’s market. That’s important information, especially if you’re also looking to finance a new home.   Secondly, there’s less stress. You’ll have more time to make the right decisions. The last thing you want is to be scrambling around, last minute, trying to get your home ready for sale.   Finally, with your initial preparations done, you’ll be able to put your home on the market at a moment’s notice. That’s a huge advantage that’s likely to lead to selling your property more quickly and for the best price. In fact, by getting an early start on the process, you might even find that this is the best time to list — and you’ll be able to do so, with confidence. Financial Post - HAIDER & MORANIS: Housing prices have been declining, but 2022 wasn't catastrophic and 2023 is looking better - Most pundits believe the long-term outlook for housing is positive, but any kind of consensus on the short-term future of housing markets is lacking, with some believing that prices will continue to fall this year while others see a turnaround once interest rates stabilize. Financial Post – 'Much worse before it gets better': Why there's no quick fix to Canada's housing supply woes Globe and Mail – MCLISTER: Does a short-term mortgage still make sense? Toronto Star – BoC expected to deliver eighth consecutive rate hike, but it’s probably the last one Livabl – Home sales in Canada slowly inching back up, national inventory at pre-pandemic levels Cheaper housing and a bustling job market are leading more people to Alberta For Brooke King, moving to Calgary, Alta. with her family allowed her to achieve her dream of homeownership and a better work-life balance. “I can’t put a price on the time that we have now that we didn’t have in Toronto,” says King, a 39-year-old digital product manager who moved to Alberta in 2018. CMP - What’s next for the mortgage stress test? The mortgage qualifying rate, always a hot-button topic in the mortgage industry, is set to remain a prominent discussion point this year with Canada’s banking regulator weighing up new measures to complement the current stress test. Real Estate Magazine – Canada's housing market: 2023 and beyond Victoria Times Colonist – Cell service between Sooke and Port Renfrew expected by April Victoria Times Colonist – No injuries as slide forces evacuation of two Campbell River condo buildings     The Best Vegan Chili Notable, Quotable, Quotes! “Life is like riding a bicycle. To keep your balance, you must keep moving.” Albert Einstein “The indispensable first step to getting the things you want out of life is this: Decide what you want.” Ben Stein     With all the news about interest rates, housing sales, and forecasts, you might think that the real estate market is a bewildering place. In some ways, you’d be right! The market is certainly active. There’s a lot going on. But, it would be a mistake to let all that noise discourage you from making a move. If the timing is right, and you’re ready to upsize or downsize - or simply move to a neighbourhood that better suits the lifestyle you want - you should at least get the information you need to make the best decision. I can help. As your real estate professional, I’m always available to help. I can fill you in on what’s happening in the local market, help you determine what kind of new home you are qualified to purchase, and give you a clear idea of the properties currently available. You don’t have to try to figure this stuff out on your own! Even if you’re just at the “thinking about it” stage, I recommend getting the information you need now. That way, you’ll be prepared to make the best decision when you’re ready. Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR Mortgage Agent | Dominion Lending Centres  ON YOUR TEAM! HomeVictoria.com  Housesforsale369.com Searchbestmortgages.com 250-588-8839    Share Tweet Forward