Speculation Tax Declaration Deadline is Today, Interest Rates Down, Planning Your Income Suite Renovation, Federal Budget, Changes to Foreign Buyer Ban, First Time Home Buyer Savings Account & More

 

QUARTERFLASH - Harden My Heart (1982) Worried about Finding a Home if You Sell First?

There are many reasons why selling your current home before buying another one may be a good idea. But, once you’ve made that decision, you may still worry that you won’t find another home to buy after you sell. Fortunately, there’s plenty you can do to minimize that possibility. For example, if you sell first, you’ll know exactly how much you’ll be able to put towards a new home. Having that specific number in your back pocket will enable you to target your search and jump on buying opportunities right away. When you see a home you like, you won’t have to wonder, “Can we afford it?” Creating a buying plan will also help ensure that you find the home you want, quickly. Ideally, it should have a shortlist of neighbourhoods or areas you are considering. Narrowing your search in that way actually increases the likelihood of finding a “right fit” home. You should also create a profile of the kind of home you’re looking for — type, number of bedrooms, etc. — as well as the features you need, such as a spacious kitchen. Being open-minded about the homes you see is also crucial. If the “perfect” home isn’t coming up in the listings, be flexible. Often, a less-than-perfect home can become a dream home with just a few improvements. So, replace worry with planning and action. Then, once you sell, the home you want will be out there – and you’ll find it!

The federal budget for 2023 promised increased government spending for healthcare, clean energy, and aid to low-income Canadians. Taxes were raised on the rich and banks—nothing much for affordable housing--last year's star. https://dominionlending.ca/economic-insights/canadas-federal-budget-describes-a-deteriorating-fiscal-outlook-and-slowing-economy Foreign Buyer Ban Changes - the federal Minister of Housing has introduced four amendments, available here.  Additionally, the government revised its FAQs as a response to our push for greater clarity on the ban, available here. Canadian Mortgage Professional – Housing affordability crisis: Will the feds' 2023 budget improve things? Globe and Mail – What you need to know about the first-time homebuyers savings account National Post – SUBRAMANYA: Work-from-home is the new normal in Canada. Just accept it Toronto Star – Financial watchdog proposes ‘mortgage relief measures’ to help struggling homeowners Planning Your income Suite Renovation https://www.keyspire.com/blog/all/planning-your-income-suite-renovation/ Financial Post CMHC amends 'illogical' foreign homebuyer ban to help boost housing supply growth The federal housing minister has made amendments to regulations on foreign purchases of residential property, saying the move will give more flexibility to newcomers and businesses looking to add to Canada’s housing supply. MoneySense – First home savings account: A Gen Z guide to achieving home ownership Residential property owners in the designated taxable regions declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31. - https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax Real Estate Magazine – B.C.’s housing market needs abundance agenda, not policies designed to limit demand: BCREA Canadian Mortgage Professional – CMHC announces revisions to ban on foreign buyers Vancouver Sun – Make way for missing-middle housing in B.C. Vancouver Sun – B.C. introduces measures to combat money laundering, includes orders to explain wealth Notable, Quotable, Quotes! “Success is getting what you want; happiness is wanting what you get.” W.P. Kinsella Do you ever find yourself with questions about real estate?  I am always happy to help, you can call or email 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

Rental Housing Crisis, Inflation Down, Credit Squeeze & How to Inspect Your House and Property, New Condo Listing, Open Houses and More

 

JUST LISTED  Check out this beautiful condo in Victoria BC that just hit the market. This incredible property:  1 Bedroom + Office Nook + 1 Bathroom  Steel & Concrete  Live / Work + Rooftop Deck w/ views  Walkable Convenient Location  OPEN HOUSE  Come on by this Sunday from 2-4PM  Click photos for details Creamy Coconut Rice with Five Spice Tofu Inspect your House & Property

It is advisable to do a thorough visual inspection of your home’s exterior, as well as any fences, sheds and other secondary buildings on your property, at least once or twice a year. Now, more than ever, extreme and unexpected weather events happen with greater severity and less predictable outcomes. So, it’s important to anticipate the ability of your property assets to withstand the unexpected. The most critical areas in need of protection are your roof and foundation, as they work hand-in-hand to protect your home’s overall structural soundness. Check that roofing, gutters and downspouts offer seamless protection and runoff management. Ensure that joints and valleys are sealed, and overhangs are stabilized so that wind and rain won’t force a rupture or breach. On the ground, look for cracks and gaps in concrete that are susceptible to invasive moisture. Likewise, make an effort to build soil up at foundation walls and fence posts, to direct the runoff away from all buildings and fences. Also, be sure that nearby trees are trimmed to mitigate the risk of branches falling during a storm. By keeping a close eye on the condition of your real estate investment, and preventing avoidable damage, you’ll be protecting its long-term value.

Financial Post Canada on cusp of rental housing crisis, says RBC, as population growth sets record Alarm bells are sounding again over a housing shortage in Canada, this time in the rental market. An analysis from RBC Economics warned that unless the pace of construction of rental housing accelerates, the current shortage of 30,000 units could quadruple to 120,000 by 2026. Financial Post Canada's housing market seen as 'main casualty' of looming credit squeeze Credit Suisse’s historic rescue appears to have quieted fears that the world is tumbling toward a global financial crisis — for now. But as the dust settles on more than a week of fear and turmoil sparked by the collapse of the Silicon Valley Bank, there is one impact most economists agree will linger — credit conditions are going to tighten. Real Estate Magazine – Sidelined homebuyers ready to return to the market: report Financial Post – 'It's not always straightforward': The risks and rewards of buying a pre-construction home Globe and Mail – CARRICK: The good, the sad and the unaffordable - Saving for a home down payment in Canada’s big cities Storeys – Canadian home prices saw nominal decline in February, edging closer to bottom Canadian Mortgage Professional – Canada inflation rate hits 13-month low Mortgage providers slash rates in wake of bond yield drop (Canadian Mortgage Trends)  Annual pace of inflation cooled in February (BNN Bloomberg)  Canadian banks well equipped to handle further market turbulence (BNN Bloomberg)  Vertical villages can help solve affordable housing crisis (Real Estate News EXchange)  Real estate market on the upswing after challenging year (CTV News)  Even if this banking crisis is not a repeat of 2008, it won't be a picnic (Financial Post)  CBC News – Canada's population grew by record 1 million in 2022, spurred by international migration CBC News – Thousands of military members to be cut off as Ottawa introduces expanded housing benefit Toronto Star – Canada needs 300,000 new rental units to avoid gap quadrupling by 2026: report Storeys – With sky-high rents, does it make more sense to buy? Storeys – Canada's rental housing shortage could exceed 120K units by 2026 Canadian Mortgage Professional – Canada population grows by over 1 million for first time in history Canadian Mortgage Professional – RBC sounds alarm on rental housing supply Business in Vancouver Liberals introduce legislation to create a corporate ownership registry The federal Liberals are moving ahead with plans to create an ownership registry after promising to increase transparency about who owns and controls corporations. Vancouver Sun – Former Canucks captain Bo Horvat selling Vancouver home for $5.6 million CBC B.C. – Students and advocates divert thousands of tonnes of plastic from B.C. farms Notable, Quotable, Quotes! “You are never too old to set another goal or to dream a new dream.” C.S. Lewis Real estate questions?  You can call me anytime, I am always happy to help! 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

Happy St. Patrick’s Day! Green Recipes, What Buyers Want, Home Sales Inched Up, Housing Market Optimism on the Rise, Saanich Taxes Up and More!

 

What Buyers Want to See when They Walk into a Room

When buyers view your property, they’re likely to visit each room and look around. Their imagination is turned on high. Often, within just a few moments in a space, they’ll form an impression — ideally, a positive one! 1. Space. Buyers will often mentally fit their furniture into a room when they see it. So, make sure each room is uncluttered and staged in a way that showcases its spaciousness. 2. Functionality. Buyers want to see the room for what it is. So, if it’s a bedroom, but you’ve turned it into an exercise room, it might become a distraction to buyers. Consider restoring the room to its original purpose. 3. Themselves. Buyers want to imagine the room as part of their home, not yours. They want to see themselves in it. That’s why it’s smart to depersonalize the space as much as possible. For example, replace the family picture on the wall with a landscape print. Anticipating how buyers will view each room will help you stage your property effectively.

Financial Post Canada's home sales inched up 2.3% in February, but all eyes are on spring market New figures released by the Canadian Real Estate Association (CREA) on March 15 show that the slowdown in Canada’s housing market might be turning around with home sales increasing 2.3 per cent month over month in February. CMP Magazine Housing market optimism on the rise in every demographic, survey suggests Confidence in the prospects of Canadian real estate is now apparent across all demographics, with 49% of urban Canadians anticipating real estate performance to match and even surpass financial investments within 12 months, according to a new survey by Sotheby’s International Realty Canada. Financial Post What downturn? Canadians across all generations still bullish on real estate Dropping home prices and economic uncertainty hasn’t turned Canadians off the housing market, with people across all age groups bullish on real estate, new research suggests. Real Estate Magazine – Canadian home sales rise in February despite drop in new supply Toronto Star – Canadian home prices have now fallen 19% from the market peak last February — but they appear to be flattening out Canadian Mortgage Professional – BMO: Canadian housing activity, prices could soon bottom out CBC News – Home sales fell 40% in February compared to a year ago, says CREA report National Post – WILKES: New federal rules will make Canada’s housing supply crisis worse Storeys – Canadian’s confidence in real estate outperforming financial investments: report Storeys – Canadian economists overwhelmingly predict property price declines for 2023 Business in Vancouver – Modular housing is seeing a 'massive groundswell of interest' in B.C. Victoria Times Colonist – Councillor wants to see bike-share program roll out in Victoria Victoria Times Colonist – Near-final Saanich budget includes 7.1% property-tax increase CBC B.C. – Saga of Island Rail Corridor highlights B.C.'s difficulty in creating regional transit Notable, Quotable, Quotes! “You do not find the happy life. You make it.” Camilla Eyring Kimball You probably know, intuitively, that there’s a crucial difference between information and advice. Gathering information is like finding puzzle pieces — not much good until you know how to put those pieces together. Getting advice is like finding someone who’s built that puzzle dozens of times before and having them explain where to put each piece. How does this analogy apply to real estate? Imagine finding out that local real estate listings are down. That news isn’t particularly helpful. But, if you also got personalized guidance on how that drop impacts the market value of your property, that would be more relevant and valuable. So, when you have real estate questions, you need both: Good information and great advice. Where do you get it? You call me. Not only do I have the latest data and market updates, but I can also explain what that information really means to you, given your situation, needs, and goals. I can help you put the puzzle pieces together! 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