Navigating the Home Selling Process: What Happens When a Buyer Makes an Offer? This Week in the Victoria Real Estate News.

 

When a Buyer Makes an Offer, What Happens Next? Imagine you’re selling your home and an offer from a buyer comes in. You’re excited. Your home might soon be sold! What happens next? Typically, we will review the offer together. There will likely be several things about the offer that need to be carefully considered. The most common are: The offer price. Evidence the buyer is financially able to purchase the property. Conditions on the offer, if any. If the offer price is far less than you anticipated, there might be an opportunity to counter-offer at a higher price. This is part of the art of negotiation, which is an important step in selling your home successfully. The buyer’s ability to afford your property is also important. Ideally, you’ll want to see a Pre-Arranged Mortgage Certificate from the buyer’s lender, or some other evidence that there won’t be any financial problems closing the transaction. The amount of the deposit is also key. Finally, you’ll want to look at conditions. The most popular condition requires that your property pass a home inspection, but there may be others. Obviously, an offer with no conditions is ideal. CURRENT INTEREST RATES VICTORIA REAL ESTATE SEARCH FEATURED HOMES THIS WEEK IN THE REAL ESTATE NEWS Financial Post – Real estate sector breathes sigh of relief after Bank of Canada holds rate at 5% Financial Post- New Canadian homes could be too risky to insure as weather changes, experts say CREA NEWS - 8 things to think about before running a short-term rental CTV News - New survey reveals how Canadians feel about various housing policies Roughly three in five Canadians support decreasing the number of immigrants coming into the country until housing becomes more affordable, according to a new national survey. Financial Post – Homeowners in these parts of Canada have built hundreds of thousands in equity in 5 years Bank of Canada - Bank of Canada maintains policy rate, continues quantitative tightening Bank of Canada offers a reprieve for mortgage borrowers, but leaves door open to more hikes (Canadian Mortgage Trends)  What the Bank of Canada's rate hold means for mortgage owners (BNN Bloomberg)  RBC CEO sees interest rates coming down next year, allowing for soft landing (BNN Bloomberg)  ‘Unpredictable’ Bank of Canada looms over fall housing market. Here’s why (Global News)  Canadians are terrified to renegotiate their mortgages: Former Canadian politician (BNN Bloomberg)  Canadian home prices forecasted to be flat this fall amid high interest rates: report (City News)  Home prices in Canada are so stretched that even owners want them to fall (BNN Bloomberg)  Housing affordability declines in August across provinces, except B.C. (Calgary Herald)  After the wildfire: Inside the struggle to rebuild homes in Canada (Global News)  Weak GDP data means Bank of Canada rate hikes could be “over and done” (Canadian Mortgage Trends)  Financial Post - Poll finds a lot of Canadians want to sell their homes within 3 years Most Canadian homeowners are not looking to sell in the next three years, but if all those who are planning to sell follow through, there could be a historic number of properties hitting the market, according to a new report by personal finance company NerdWallet Inc. Storeys – Canada will still need 3.5M more homes by 2030 to restore affordability Mortgage interest costs now up over 80% since the start of the BoC’s rate hikes (Canadian Mortgage Trends)  'We need to get a lot of stuff built': CMHC finds Canada still short 3.5M housing units for 2030 (CTV)  Credit card debt hit all-time high in Q2 as financial pressure builds: Equifax (CTV)  CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year (Canadian Mortgage Trends)  Average asking rents in Canada reached another record high of $2,117 in August: report (CTV)  One-quarter of mortgage-holders reportedly struggling to make monthly payments (Toronto Sun)   Victoria Times Colonist –  Greater Victoria real estate sales picked up mid-August Victoria Times Colonist –  Spot mopping and no baths: As reservoirs hit lowest level, Tofino reduces water use Victoria Times Colonist –  Early budgeting in Saanich a 'shocker,' signals possible big tax jump Could pre-fabrication be the key to unlocking B.C.’s housing supply crunch? (Global News)  B.C. sets maximum allowable rent increase for 2024 (iHeart Radio)  Victoria Times Colonist – Connecting quality condos to dream locations: Victoria’s Tresah and The Rise on Fifth Victoria Times Colonist –  Two new towers at Dockside get a green light Victoria Times Colonist –  Victoria grants $2.5 million for hospitality-worker housing project Victoria Times Colonist - Victoria council asks province for red-light and speed cameras Cameras could be installed at 50-plus intersections in Victoria. Victoria Times Colonist – Scaled-back apartment building pitched for Esquimalt site, but some neighbours still wary Victoria Times Colonist – Victoria approves 91-unit project at Quadra and Fisgard with minimal parking August home sales fall in B.C. after spring surge: BCREA (Business in Vancouver)  Creatively United's Event Calendar Victoria Times Colonist - Victoria considers resurrecting master plan for Ship Point Victoria Times Colonist – View Royal votes to require use of electricity for primary heat in new builds NOTABLE, QUOTABLE QUOTES “Your passion is waiting for your courage to catch up.” Isabelle Laflèche As always, I'm here to answer any questions you may have about real estate, whether you're getting  mortgage, buying, selling, or simply curious about the market. Feel free to reach out to me anytime by phone or email. Wishing you a fantastic week ahead, and may your real estate journey be filled with success and opportunity. 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!

Half Price Homes, The Housing and Mortgage Market Review: August 2023 Numbers Are in, Victoria Real Estate Market Needs Better Mix of Housing Supply to Help Restore Balance & The News.

 

Victoria Real Estate Market Needs Better Mix of Housing Supply to Help Restore Balance  Victoria real estate market needs better mix of housing supply to help restore balance A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per cent more than the 478 properties sold in August 2022 and an 8.6 per cent decrease from July 2023. Sales of condominiums were up 10.8 per cent from August 2022 with 164 units sold. Sales of single family homes increased 9.6 per cent from August 2022 with 273 sold. “Real estate activity this month reflected what we’d expect to see in an average late summer housing market,” said Victoria Real Estate Board Chair Graden Sol. “The beginning of the month was reasonably slow, and sales ramped up through the last half of the month. The brisk sales pace leading up to the end of August may very well continue into September.” READ MORE

How to Decide if a Neighbourhood is Right for You Say you’ve found a house for sale in an area that’s unfamiliar to you. How do you figure out if it’s going to be the ideal neighbourhood? The first step is to take a walk. Stroll the neighbourhood and explore. If you get the chance, chat with homeowners and get their opinions of the area. Ask what they love about it. Also ask what they don’t like. Next, determine how the neighbourhood is going to fit with your lifestyle. You’ll want to consider things like commuting routes, local amenities, schools, parks, shopping, etc. Google Maps is a great tool for this. Just turn on the satellite view and get a bird’s eye view of the area and its features. Finally, get the latest data on neighbourhood characteristics such as noise, demographics, crime rates, and more. You’ll be surprised by how much data is available, and the valuable insights you can gain about what it’s going to be like to live there. If the neighbourhood turns out to be a good fit, consider making an offer on that house! CURRENT INTEREST RATES VICTORIA REAL ESTATE SEARCH FEATURED HOMES THIS WEEK IN THE REAL ESTATE NEWS These updates provide valuable insights into the current market trends and help you make informed decisions. Stay informed about the real estate landscape with these top headlines: The Housing and Mortgage Market Review: August 2023 - Interest rate hikes are taking some steam out of the housing market Did you hear about that place in Canada where people are building 10,000 new homes and selling them for half the price? That is what is taking place right now in Waterloo Region, one of the epicentres of Canada’s housing crisis. Toronto.com - MILLS: A solution for today’s housing crisis lies in Canada’s wartime past CREA - Settling into your new school district after a move CREA - 6 red flags home inspectors can warn you about Financial Post - Why millennials will feel the biggest pain if the economy sours CBC Sunday Magazine – The federal government used to build social housing. Then it stopped. How is that going? Global News – As a first-time homebuyer, how much money do you really need for closing costs? Financial Post – Growing wildfire risk will result in rising insurance premiums, experts say Canadian Mortgage Professional – What's next for home prices in Canada? Canadian Mortgage Professional – What type of homes are Canadians currently buying? inhabitat – Here are the latest sustainable construction materials Fast Company – Washington state is treating housing as healthcare. The results are impressive Your high interest rate private mortgage is coming due. Here are your options … (Toronto Star)  CREA - What do Canadian real estate markets look like heading into fall? Global News – Trudeau says climate change will make insurance ‘more difficult’ to get Financial Post – My mortgage is coming up for renewal – what should I do now? Storeys – Condo amenities: 2023 power rankings Financial Post – Bank of Canada may pause rate hikes when it sees this big data Financial Post – Canada among new countries to pass crucial tipping point that triggers mass EV adoption Bloomberg – U.S. home prices climb for fifth month with inventory still tight Bloomberg – First-time buyers leave U.K. housing market as mortgage rates jump Bloomberg CityLab – Climate change is forcing building materials of cities to evolve Business Insider – A mystery company backed by Silicon Valley billionaires has purchased tens of thousands of acres of land for more than $800 million to build a new city near San Francisco Fast Company – Goodbye golf. The next big luxury amenity is a big wave surf pool Magnitude of credit losses will depend on BoC’s ability to orchestrate a soft landing: RBC (Canadian Mortgage Trends)  Trudeau says ‘densification’ is key to fix housing crisis. Is it enough? (Global News)  The Most Expensive and Most Affordable Monthly Mortgage Payments Across Ontario (Investing.com)  An international strategist says Canada is sitting on the largest housing bubble of all time — is he right? (Inside Halton)  Mortgage Professionals Canada - The Housing and Mortgage Market Review: August 2023  Interest rate hikes are taking some steam out of the housing market Economist says housing crisis is worse than it looks due to undercounting of non-permanent residents (BNN Bloomberg)  Globe and Mail – A million more non-permanent residents live in Canada than official figures, ministers told Decades of policy failures spurred Canada's housing crisis: Former deputy PM (BNN Bloomberg)  CREA - 10 weekend ways to update your home without a total revamp Financial Post - Canadians facing 'payment shock' are running up their credit cards Canadian Mortgage Professional – What can Canadians expect from the Bank of Canada's next announcement? Vancouver Sun – Give homeless people cash and they spend it on housing, UBC study finds CTV News – Trudeau wraps retreat with message to millennials, no new housing plans Canadian Mortgage Professional – Affordability worsened in most provinces in July: report How to address the housing crisis in Canada (Global News – Video)  Construction association says quick action needed to alleviate 'historic national housing crisis' (CTV News)  Lowest fixed and variable mortgage rates in Canada for August 17 2023 (The Globe and Mail)    What are the three things the federal government can do to support housing? (Toronto Star)  “Performance has been stellar” on mortgage renewals so far: BMO (Canadian Mortgage Trends)  Affordable Housing Has Become Unaffordable to Build (The Tyee)  Hidden demand for housing: Economists estimate up to one million non-permanent residents missing from official stats (Real Estate Magazine) Canadian economists predict steady interest rates, falling home prices in 2023 (The Globe and Mail)  Real Estate Magazine – Co-ownership trend grows among Canadian homebuyers Globe and Mail – Ottawa to revise how it counts non-permanent residents after economists warn of undercounting Globe and Mail – Is this the most unaffordable time ever to buy a house? Bloomberg – 5 wildfire preparation tactics every community should consider Business Insider – The ultimate real-estate guide: Where homes are most affordable, prices have the most upside, taxes and closing costs are lowest, and rents are falling the fastest Forbes – If you’re buying a home, don’t make any other major purchases Why 7 per cent mortgage rates would be unsustainable (The Globe and Mail)  Dr Sherry Cooper - Rate Hikes Are Definitely Off The Table Storeys – Serious shortage of seniors’ housing motivates B.C. developer Fraser Valley, Victoria down payments rise over $100k since 2018 (Times Colonist)  Victoria Times Colonist – Beach House restaurant in Cordova Bay has closed and is on the market Victoria Times Colonist – Now open: residents move into Esquimalt's newest retirement community B.C. housing market to weather storm of potential rate hikes: industry association (Business in Vancouver)  How BC Could Tax Soaring Property Values for the Public Good (The Tyee)  Business in Vancouver – Tax wealthy homeowners to fund affordable housing, says new B.C. proposal Georgia Straight – See inside Arthur Erickson’s iconic Eppich House II Victoria Times Colonist – Nanaimo bans natural gas as primary heat in new homes as of July 2024 Housing construction crisis ahead, says B.C. home builder (Business in Vancouver)  B.C. urges Bank of Canada to avoid 'devastating' interest rate hike in September (City News)  Victoria Times Colonist – HeroWork shuts down, cites rising construction costs NOTABLE, QUOTABLE QUOTES “Tell me and I forget. Teach me and I remember. Involve me and I learn.” Benjamin Franklin Can you imagine a financial advisor getting you into an investment — say, a mutual fund — and telling you not to ask about it, or even check on its performance, for the next five years? You would likely balk at such a suggestion and insist that you’d be able to review your investment at least once a year, or even more frequently. Now, I’m not a financial advisor, I’m a real estate agent. Yet, the same principles apply when owning a home. You don’t want to have five years go by — or even one year — without checking in on your “investment” and seeing how it’s doing for you. Indeed, it’s important to regularly ask questions like: “Is our home still meeting our needs?” “What is the current market value of our property?” “Does our property and neighbourhood still fit well with the lifestyle we want?” “What kind of new home do we qualify for?” Getting answers to those questions is crucial to managing what may be your most valuable investment: your home. How often should you do this? I recommend a review once a year. And, the good news is, you don’t need to go through this process on your own. I can help. When it’s time to review your property investment, give me a call. I can give you the answers and advice you need using the latest market data and information. 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!