Victoria Real Estate Update July, Affordability Improves, Low Inventory, Strong Demand, 21 Storey Tower Approved, New Terminal, Pride & More

 

Conclusion of a Strong Spring Victoria Real Estate Market July 4, 2023  A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 per cent more than the 612 properties sold in June 2022 and a 9 per cent decrease from May 2023. Sales of condominiums were up 19.8 per cent from June 2022 with 242 units sold. Sales of single family homes increased 6.6 per cent from June 2022 with 322 sold. "As we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons," said Victoria Real Estate Board Chair Graden Sol. "During and shortly after the pandemic, we couldn't rely on our usual comparisons to explain the market. This year we have seen a return to a seasonal pattern, where the sales are slower through the winter and may peak in the spring. This seasonal trend is generally followed by a summer market which remains stable but is not as highly active." READ MORE HERE

The Cure for Cabinet Clutter When a buyer opens a cabinet door in your kitchen, it’s not an invasion of privacy. The buyer simply wants to get a sense of the available space. So, you can expect some buyers to explore cabinet space, especially in your kitchen and bathrooms. That’s why making sure cabinet space looks clean, organized and spacious is so important. Consider these tips: If you store a lot of items inside a cabinet, make liberal use of storage bins, baskets, and small plastic containers. Clutter doesn’t look like clutter when it’s organized! Go through each cabinet and get rid of as many items as possible. Pay particular attention to expired products. If you haven’t used an item for a while, question whether you need to keep it anymore. Consider storing some items somewhere else in your home. For example, pack up less used items and store them in a larger closet or other storage space. Thoroughly clean cabinets that are prone to odours, such as the ones under the kitchen sink or used for storing food. Buyers will only give a cabinet space a quick glance, yet they’ll form a lasting impression. Make sure it’s a good one! CURRENT INTEREST RATES The Cars - Good Times Roll - Live 1978 VICTORIA REAL ESTATE SEARCH FEATURED HOMES REAL ESTATE NEWS Victoria real-estate weathering higher interest rates thanks to mortgage stress test, low inventory and strong demand (Victoria Citified)  Times Colonist - Victoria council approves residential towers up to 21 storeys at north end of downtown Times Colonist - New Belleville Terminal a reality with $41.6M federal commitment Times Colonist - Lack of roaming deals limits Highway 14 non-emergency cell signal to Rogers customers Times Colonist - Victoria Pride Parade on Sunday starting at 11 a.m. Times Colonist - How home renovations can help Victoria retirees maintain independent living Times Colonist - B.C. expands family doctor registry but critics say it's just one more wait-list Times Colonist - Elderly pig's future uncertain after complaint to SPCA Times Colonist - Victoria residents among those named to Order of Canada Times Colonist - House Beautiful: Long wait for dream home come true Financial Post - Vancouver home prices rise in June, but market activity still below 10-year averages Lower Mainland real estate boards introduce disclosure form for multiple offer situations (CTV News)  Electricians Victoria and Vancouver Island BC Real Estate Magazine -  Affordability improves for the first time in 3 years, yet massive challenges persist for homeownership. The Bank of Canada’s rate hike pause brought homebuyers some relief in the first quarter (Q1) of 2023. Globe and Mail - Financial consumer watchdog unveils guidelines to support mortgage-holders under financial stress The country’s financial consumer watchdog has issued new guidelines for lenders aimed at helping financially distressed mortgage borrowers, in part by discouraging banks from charging interest on interest when the time frame for paying off a loan is extended. Real Estate Magazine - Why it’s important to have a home inspected before starting renovations Keyspire - What to Look For During a Property Inspection Stop bashing housing investors. Canada desperately needs them (The Kingston Whig Standard)  Labour shortage in construction adding extra pressure to housing supply gap: experts (CTV News)  Gap between rich and poor in Canada widening at fastest-ever rate (BIV)   Canada’s financial consumer watchdog unveils guidelines to support at-risk mortgage borrowers (CMT)  Drastically extended amortizations drive total mortgage costs significantly higher: Ratehub.ca (BNN Bloomberg)  Struggling mortgage holders could see lenders waive fees under new guidelines (Global News)   Realtor.ca - Speed Date Your Next Neighbourhood: Identifying Your Priorities Realtor.ca - Checkpoints You Should Consider Over the Course of Your Mortgage BoC rate hike put a chill on Canadian housing in June (CMT)  Experts are expecting another interest rate hike this month, here's what that means for homeowners (CTV News) National Post - Should we add to our house or rebuild? Exorbitant building costs, and should parents charge their kids for rent? Canadian real estate news for July 1 (The Globe and Mail)  The Bank of Canada’s efforts to tame inflation are working – but are they working fast enough? (The Globe and Mail)  TD economist expects real estate market to lose steam in second half of 2023 (The Globe and Mail)  What you need to know about Canada’s new first home savings account (The Conversation)  Lowest fixed and variable mortgage rates in Canada for July 6 2023 (The Globe and Mail)  More Canadians turn to short-term rentals to earn extra cash amid high cost of living (The Globe and Mail)  Globe and Mail - Canada posts strong job gains in June, paving way for BoC rate hike Globe and Mail - Fed’s Lorie Logan says more rate hikes needed amid unexpected economic strength Globe and Mail - More Canadians turn to short-term rentals to earn extra cash amid high cost of living Globe and Mail - Unable to downsize, more seniors are living in larger homes with empty bedrooms Globe and Mail - TD economist expects real estate market to lose steam in second half of 2023 Financial Post - Has monetary policy lost its mojo? Why aggressive interest rate hikes aren't taming inflation Financial Post - Posthaste: Bank of Canada rate hike 'at best unnecessary — at worst a mistake,' says CIBC Financial Post - Posthaste: Owning a home 'huge, if not impossible' stretch for many households in these Canadian cities Looking to adopt a rescue dog or puppy? From small dogs to large breeds, the types of animals in our care changes daily so check our online database often. NOTABLE, QUOTABLE, QUOTES! “One of the greatest regrets in life is being what others would want you to be, rather than being yourself.” Shannon L. Alder Do you ever find yourself with questions about real estate?  I am always happy to help, you can call or email me anytime. Diana Winger Personal Real Estate Corporation  eXp Realty | CNE, SRS, SRES, ABR Mortgage Agent Level 1 Valko Financial LTD #13047 Dominion Lending Centres  HomeVictoria.com | Housesforsale369.com  WingerRealEstate.ca | SearchBestMortgages.com (250) 588-8839  (226) 705-3369 ON YOUR TEAM!