Downtown Steel & Concrete Live / Work Condo For Sale, Interest Rates Up, Canadian Housing Market Trends, Real Estate Prices and Inventory Putting Sellers on Hold & Real Estate News

 

🎉 CONDO DOWNTOWN 🎉 Check out this work/live, steel & concrete property for sale in Victoria BC. This incredible property offers: ✅  1 Bedroom + Office Nook + 1 Bathroom ✅  Steel & Concrete ✅  Live / Work + Rooftop Deck w/ views ✅  Walkable Convenient Location ✅ 201 - 1030 Yates St Victoria BC V8V 5A7 MLS® 926859 $459,899 ⬇️ Click HERE for all photos & details ⬇️ IS IT THE RIGHT TIME TO SELL? If you’re entertaining the idea of selling your home, especially within the next year, one question you might be grappling with is, “Should I sell now, or wait until market conditions are more favourable?” The answer is simple. Your decision to sell should be guided by your own needs and desires and not by what you think the market will be like months from now. First of all, it’s nearly impossible to predict the future in the real estate market. Months from now, it could be a buyer’s market, a seller’s market, a quiet market, or even a frenzied market! Who knows? It’s like trying to predict what the weather will be like on this day next year. And, if you’re also buying a new home, then market conditions play a less important role. After all, if you sell in a seller’s market and get a high price for your home, you’ll also be paying a seller’s market price for your new home. In most situations, the “right” time to sell is when you’re ready to make a move. FREE ONLINE HOME EVALUATION  CURRENT INTEREST RATES - DLC

REAL ESTATE SEARCH REAL ESTATE NEWS Financial Post – Bank of Canada hikes interest rate to 4.75% Canadian banks raise prime rate to 6.95% after Bank of Canada hike (Financial Post)  Risk of “sticky” inflation and high household spending led to rate-hike decision: BoC (Canadian Mortgage Trends)  “More pain” for variable-rate mortgage holders as the BoC hikes rates (Canadian Mortgage Trends)  BMO & CIBC hike fixed rates, and more lenders could join them as bond yields rise (Canadian Mortgage Trends)  Are more interest rate hikes on the way? Here's what experts say (BNN Bloomberg)  Rental market will suffer most amid Bank of Canada interest rate hike: Experts (BNN Bloomberg)  May’s “Influx” Of Home Sellers Not Enough To Quell Demand, Bring Down Prices (Storeys)  Total Value Of Building Permits Falls To Lowest Level Since December 2020 (Storeys)  Financial Post - Most Canadians waiting for mortgage rates to drop to re-enter housing market: poll The housing market may be hearing up again, but most Canadians are still waiting on the sidelines for mortgage rates to drop, with some giving up on the idea of buying a home entirely, a recent poll by BMO suggests. Concerns about interest rates, inflation and a possible economic recession have affected Canadians’ approaches to home buying, according to the report. Realtor.ca - Canadian Housing Market Trends in the First Quarter of 2023   Financial Post - Why thousands upon thousands of Canadian businesses may be about to close for good Storeys - 45% of mortgage holders, 54% of renters struggling with monthly housing payments Financial Post – 'A ticking time-bomb': The rise of the variable-rate, fixed-payment mortgage Real Estate Magazine – Majority of Canadians inclined to extend stay in current homes: CIBC poll Interest hikes making home ownership more difficult for 1st-time buyers (CBC News British Columbia)  Should you take advantage of the First Home Savings Account? (CTV News)  Canadian housing affordability ‘likely past the point of no return’: RBC analyst (Globe and Mail)  Globe and Mail – Modular housing gains traction as Canada’s immigration numbers soar This is what $1 million can buy you in Canada's housing market (BNN Bloomberg)  Canada's housing market not showing impact of higher interest rates: Report (BNN Bloomberg)  Half of big companies plan to cut office space in next 3 years (Financial Post)  Prices and low inventory holding back sellers (Globe and Mail)  How to prepare for buying a home other than qualifying for a mortgage (Globe and Mail)  Financial Post - Most Canadians waiting for mortgage rates to drop to re-enter housing market: poll CBC News – As climate changes, insurance is becoming more complex — and pricey Financial Post – More borrowers struggle as IMF warns Canada at highest risk of mortgage defaults National Post – WILKES: Preparation, communication are keys to living with a renovation Globe and Mail – Don’t let closing fees catch you off guard when buying a home Housing Supply Act Regulations Reveal BC Gov’s Metrics, Full 47-City List (Storeys)  Canada's housing market sees largest improvement in affordability in four years: National Bank (CTV News)  Here's where you can still find homes for under $200,000 in Canada (Yahoo Finance Canada)  Real Estate Magazine – Why it’s important to have a home inspected before starting renovations Financial Post - The Bank of Canada just 'stomped' on the housing market rebound Real Estate Magazine – Sellers emerge, but demand-supply imbalance persists across Canada Globe and Mail – Prices and low inventory holding back sellers Fast Company – How backyard ‘granny flats’ could help solve the housing crisis Fast Company – The world’s first zero-emission cruise ship will have sails covered in solar panels With mortgage rates back on the rise, two-thirds of Canadians plan to delay their home purchase (Canadian Mortgage Trends)  Unemployment rate ticks up to 5.2%: StatCan (BNN Bloomberg)  Interest rates are likely to stay higher for longer, says Bank of Canada deputy Paul Beaudry (Financial Post)  Victoria Times Colonist – Langford councillors want city to look at options for public access to Bear Mountain trails CTV Vancouver – How could a Bank of Canada rate hike impact B.C.’s housing market? Times Colonist - Victoria bylaw, police clear Topaz Park encampment Times Colonist - The 31st Annual Georgie Awards Gala recently fêted B.C. builders, renovators and interior designers Prices for Okanagan real estate continue to fall while supply increases (Global News)  Times Colonist - Eby praises Victoria, Langford housing efforts, 'models for other cities' Times Colonist - Saanich council breaks with staff, sends Gordon Head housing project to hearing Victoria Times Colonist – Missing affordability? The promise and pitfalls of densifying single-family lots Victoria Times Colonist – Saanich council resurrects Cadboro Bay subdivision on Queenswood Drive CBC B.C. – B.C. wildfire season already setting records as more hot weather on horizon Victoria Times Colonist – View Royal mayor calls for six-month pause on new development Business in Vancouver – Victoria deemed most walkable city outside U.S. Vancouver Sun – B.C. buyer fails to win damages after apartment sold with silverfish Vancouver Sun – Big hike in your property tax bill? Here are eight things to know about deferring payment Victoria Times Colonist – Saanich greenlights townhouses to replace two single-family homes near Shelbourne Times Colonist - Nanaimo foot passenger ferries to begin service in August Times Colonist - A bookshelf hides this secret cocktail bar in downtown Victoria 7 DAY REAL ESTATE MARKET UPDATE NOTABLE QUOTES “Your big opportunity may be right where you are now.” Napoleon Hill If 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 Level 1 Valko Financial LTD #13047 @  Dominion Lending Centres 250-588-8839 | HomeVictoria.com | Housesforsale369.com | SearchBestMortgages.com ON YOUR TEAM!

Victoria Area May Market Statistics. Features Buyers Want. More Interest Rate Hikes? Housing Supply Crisis Targets Oak Bay, Saanich. Vacancy Tax Expanded. Construction Slowing & More

 

Victoria Real Estate Update | June 2023 SPRING MARKET BEGINS TO GROW JUST IN TIME FOR SUMMER  A total of 775 properties sold in the Victoria Real Estate Board region this May, 1.8 per cent more than the 761 properties sold in May 2022 and a 21.7 per cent increase from April 2023. Sales of condominiums were down 0.8 per cent from May 2022 with 248 units sold. Sales of single family homes increased 8.7 per cent from May 2022 with 399 sold. “The month of May marks the highest number of sales we’ve seen since April of last year,” said Victoria Real Estate Board Chair Graden Sol. “While we haven’t seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales higher than the month previous. With momentum building, there’s an indication of consumer optimism in the market heading into June. However, if the ongoing lack of homes for sale persists and inventory is not added, we risk a return to an overheated market with pressure on pricing.” READ MORE HERE

ATTENTION BUILDERS AND DEVELOPERS! RARE MMI OPPORTUNITY IN PRESTIGIOUS ROCKLAND SETTING EMOTIONS ASIDE WHEN SELLING Imagine shopping for a used car. You find one that you like and while negotiating the price, the seller gets sentimental. He shares happy memories of family picnics, his kids’ soccer games and other adventures with the vehicle. Then he demands a higher price. After all, he couldn’t possibly part with it for anything less. Are you likely to pay for his sentimental value? Probably not. Yet the same thing often happens when selling a home. It’s normal for homeowners to form an emotional attachment to their property. It can be very difficult to watch their home being treated as a product with a price tag, and watch buyers stand in the living room discussing furniture arrangements. Emotions can get in the way of a sale. It can even cause some sellers to stay firm on a high price, when a reasonable offer within market value is received. After all, as they say, ‘Home is where the heart is.’ So, when it’s time to sell your property, think about all the ways you will take your happy memories with you. Then, focus on selling for the best price within the current market conditions. CURRENT INTEREST RATES FIND YOUR DREAM HOME REAL ESTATE NEWS CBC B.C. Here are the 10 municipalities B.C. has put on a watch list for housing targets. The provincial government has set its inaugural list of municipalities where it will be taking a more aggressive step in setting higher housing targets for city halls — and threatening action if they don't comply. Times Colonist - Bear Mountain fee for non-residents to use trails sparks sharp words Times Colonist - Sidney drops plan for two downtown bike lanes after negative feedback Vancouver Sun – Five things to know about B.C.'s economic future Globe and Mail – B.C. extends reach of property tax aimed at turning empty houses into rental homes Business in Vancouver – B.C. urges newly affected owners to avoid speculation tax Victoria Times Colonist – Accessible Stadacona Park playground will have in-ground trampoline CTV News – B.C. expands vacancy tax aimed at turning empty houses into rental homes Victoria Times Colonist – CRD to explore tax levy for widening and lighting Galloping Goose, Lochside Victoria Times Colonist –Tea party fun returns to Oak Bay Metro Vancouver condo development hits the brakes due to 'rising interest rates' (Business in Vancouver)  Victoria Times Colonist – Victoria real estate sales up and prices down year-over-year Storeys – These are the top features Canadian buyers want in a home Storeys – Contractors, carpenters, plumbers to be given immigration priority Canadian Mortgage Professional – Has the possibility of a Bank of Canada rate hike increased? How can we fix Canada’s housing supply crisis? This panel of experts has some ideas… (Canadian Mortgage Trends)  What the latest GDP report means for a Bank of Canada rate hike (BNN Bloomberg)  Dominion Lending Centre - First Quarter Canadian GDP Was Stronger Than Expected Pushing the BoC Closer To Rate Hikes Real Estate Magazine – NSAR adds sold price of listings to Realtor.ca Storeys – Trudeau promises new housing-based infrastructure plan this fall Real Estate Magazine – How interest rate hikes have impacted home prices across Canada Lenders—including some big banks—are hiking fixed mortgage rates again (Canadian Mortgage Trends)  Reverse mortgages are an idea whose time has come (Toronto Sun)  Nearly 40% of homebuyers choosing short-term fixed-rate mortgages: CMHC (Canadian Mortgage Trends)  Can't afford your mortgage? Here's what you need to know before you sell your home (iHeartRadio)  Is Canada still heading for a recession in 2023? (BNN Bloomberg)  Financial Post - More Canadian cities are turning office towers into homes to save their downtown cores Financial Post – Home construction is slowing — and that's bad news for buyers and Justin Trudeau 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! “There is nothing like a dream to create the future.” Victor Hugo No one likes being confused. Everyone likes clarity. That’s a principle that, I expect, no one would dispute. When you have clarity, you can make the best decisions. When you’re confused, you’re stuck. That principle is especially evident when it comes to real estate. It can seem baffling to those who are not involved in it day to day. There are so many perplexing terms and issues: inventory, buyer’s and seller’s markets, comparables, etc. The list goes on and on. The good news is, you don’t need to be confused. One of the many things I do for my clients and the communities in which I’m active is demystify the real estate market — especially your local real estate scene. These regular email updates are one of the ways I do that. Another way I help is simply by being available anytime you have questions. For example, if you’re curious about what your home would sell for in today’s market, feel free to give me a call. I can do a quick analysis and give you a fairly good estimate. I understand the value of having a professional you can reach out to so you can get the answers you need. That’s why I make myself available to you in this way. Just call me your real estate confusion-buster! Diana Winger Personal Real Estate Corporation   CNE, SRS, SRES, ABR | eXp Realty Housesforsale369.com | HomeVictoria.com | 250-588-8839 Mortgage Agent Level 1 Valko Financial LTD #13047 Dominion Lending Centres On Your Team!