Happy New Year! What to expect from inflation, interest rates and the housing market in 2023. Does your Home Still Match your Lifestyle? Synthetic and Composite Countertops & More

 

The 2022 Victoria Real Estate Market Year in Review January 3, 2023  A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold. A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014's sales year when 6,698 properties were sold. "We began the year with record low inventory,  READ MORE

Does your Home Still Match your Lifestyle? When you purchased your current home, chances are it was a good match for your lifestyle. It had the space you needed, the features you wanted, and a location that worked for you. But for most people, lifestyle and needs evolve through the years. Kids get older. Jobs or careers change. People take on new hobbies and other interests. As a result, the home that was ideal a few years ago may not fit with your current lifestyle. That doesn’t necessarily mean you need to shop for a new home! However, it may mean that it’s worth taking a look at the market and seeing what’s possible. Think about the kind of home that would support your lifestyle today. Ask questions like: How many bedrooms do we need? How easy is it to travel to work each day? What special features do we want in our home? (Big backyard? Rec room? Quiet neighbourhood?) What do we want nearby? (School? Playground? Walking and biking trails? Shopping? Entertainment? Golf?) What else does our home need in order to support our lifestyle? After asking yourself some of these key questions, ask other family members for their opinions too. You may, in fact, find that the property you have now is still ideal for your lifestyle. If, however, your home is no longer a good fit, you have options. You can stay in your current home despite it no longer being ideal; you can make some changes (a renovation, perhaps); or, you can see what’s available in the housing market. If you need help with any of these options, call today.   Synthetic and Composite Countertops New countertops have always been a major contributor to kitchen makeovers, and the range of choices has never been greater. Beyond laminates and tile, or natural stone, wood and bamboo, some durable acrylics have become quite popular.  But, there are also newer composite materials that offer advantages which might make them an ideal compromise between natural and synthetic countertops. Generically known as solid surface, engineered stone or quartz composite, they go by many different brand names, and have unique features not found in other surfaces. For example, they tend to be harder and more durable and stain resistant than traditional countertops, because they are formed with a combination of natural materials and synthetic bonding compounds. The solid-surface types appear seamless, are made of about 2/3 mineral powders and 1/3 resin, and are available in a range of colours and designs that sometimes mimic nature (e.g., white marble). The quartz types are closer to 90% natural stone fragments with about 10% resin, so they are even harder by comparison, although the range of colour and design options is narrower. Nowadays, with so much to consider, it’s wise to consult a countertop expert about your material options and installation costs. Financial Post - What to expect from inflation, interest rates and the housing market in 2023 - If Bank of Montreal economists are correct, Canadians may want to hold onto their wallets in 2023 because price pressures aren’t about to disappear just yet. Real Estate Magazine – From 'stale' to sold: How to refresh an old listing Financial Post – New to Canada? Here's where to find the financial literacy resources to thrive Financial Post – Canadians are putting off big purchases as prices climb National Post – Canada welcomes record number of new immigrants in 2022 Storeys – What to expect from Canadian real estate in 2023 CNN - Canada is banning some foreigners from buying property after home prices surged - A new Canadian law took effect January 1 that essentially bans foreign buyers from buying residential properties as investments for two years. CBC News – New year, new taxes: how taxation changes in 2023 could affect you CBC News – Will Canada's ban on foreign homebuyers make houses more affordable? Some experts have doubts CBC B.C. - B.C. becomes first province to require 3-day cooling-off period for homebuyers - British Columbia has become the first province to require a three-day cooling-off period for buyers after they've signed an agreement to purchase a home. The government said the new homebuyer protection period is designed to give purchasers more time to arrange financing or home inspections after a deal has been accepted. Victoria Times Colonist – Island property assessments rise up to 20%; Colwood, Highlands see biggest jump in capital region Victoria Times Colonist – Real-estate sales drop as rising inflation discourages buyers Vancouver Sun – Experts say foreign-buyer ban won't bite B.C. real estate prices Burrito Bowl (Better than Chipotle!) Notable, Quotable, Quotes! “Sometimes it is the quiet observer who sees the most.” Kathryn L. Nelson “Concentration comes out of a combination of confidence and hunger.” Arnold Palmer If you needed advice regarding your investments, taxes, or even a plumbing issue, what would you do? Your first instinct might be to do a Google search. That’s quick and easy. But, the problem is, Google doesn’t know you or your situation. A much better idea would be to reach out to a trusted advisor, accountant, or plumber. You’d be connecting with someone who cares and who could provide information and advice specific to your situation. Why do I bring this up? When you have important questions about your home and the real estate scene, I invite you to contact me. As you can imagine, as a real estate professional, I have the latest data and insights. I can provide you with the best answers applicable to your situation. And, most importantly, I care! Whether you’re simply asking a question about the local housing market, or want more in-depth advice and recommendations, I will always work in your best interests. Reach out to me anytime! Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR www.Housesforsale369.com | 250-588-8839 On Your Team!