Housing Stats, Growing Demand, BC Homes for People, Understanding Market Value, Spring Market, Rates are Falling….Time to Lock in?

 

Understanding Market Value When you decide to put your house up for sale, we will start by working together to determine the market value of your property. That’s important to know because if you price your home too much above its market value, you probably won’t get any offers. Alternatively, if you price your property too low, it might get snapped up quickly, but you’ll have left a lot of money on the table. So how do we determine your home’s current market value? We will look at a variety of factors, such as the desirability of the neighbourhood, the features of your home, how well it has been maintained, renovations and other improvements you’ve made, and of course, its location. We will also review what similar homes in your area have sold for recently – which is, perhaps, the strongest indicator of current market value. Once we know the market value of your home, we can make an informed decision as to how to price it so that it will attract the right type of buyers and the best possible price.   Global News Majority of Canadians who don’t own a home have ‘given up’: poll Despite a sizeable drop in home prices over the past year and a slew of federal government measures aimed at addressing housing affordability, a new poll suggests Canadians are no more encouraged about breaking into the housing market. Real Estate Magazine – Canadian housing affordability to improve in 2023, RBC predicts Globe and Mail – Big data help planners reimagine cities as new work patterns emerge Storeys – Will Canadian home sales finally look up? Quarterly gains anticipated through 2023 Storeys – Canadians can now register to receive up to $10K toward a new heat pump Canadian Mortgage Professional – What will Canada's spring housing market look like? Financial Post About half of businesses see a recession looming, Bank of Canada survey finds About half of Canadian businesses see a mild recession over the next year, the Bank of Canada said April 3 in a first quarter survey, fewer than in the fourth quarter, and most are bracing for inflation to stay above two per cent until at least 2025. Real Estate Magazine – Tight inventory fuels demand for luxury homes in Canada CBC News – VIDEO: So just how does a First Home Savings Account work? Globe and Mail – Demand for homes in Canadian recreational markets outpacing supply, brokers say Toronto Star – Home buyers are back this spring, listings are not — and the competition is fierce Toronto Star – Long-term mortgage rates are falling. Is it time to lock in? Storeys – Housing affordability hit its worst ever level in final months of 2022 The latest in mortgage news: Half of Canadians concerned about mortgage renewals (Canadian Mortgage Trends)  Globe and Mail – B.C. to override local authorities to increase housing density CBC B.C. B.C. to introduce house-flipping tax and expand secondary suites under new multi-billion dollar housing plan The British Columbia government has introduced a multibillion-dollar plan to construct more homes as quickly as possible in an attempt to build its way out of the housing crisis. Greater Vancouver Housing Market Activity “Stronger Than Expected” in March (Storeys)  Vancouver's March home sales down 42.5% from a year ago: B.C. board (BNN Bloomberg)  Blinded by billions: A look at spending on social housing in British Columbia (Business in Vancouver)  B.C. unveils multi-billion dollar plan to combat housing crisis (Real Estate Magazine)  Construction Data & Analytics    https://www.yellowsheet.ca/customer_main.php Notable, Quotable, Quotes!   “To the world you may be one person, but to one person you may be the world.” Unknown We all know people who have attended a webinar or meeting and wanted to raise their hand to ask a question — but didn’t. Why didn’t they? It was probably because they worried their question would sound silly, or they were embarrassed. But as many teachers have told their students over the years, “There is no such thing as a dumb question.” How true. In fact, when you think about it, asking a question is about the smartest thing you can do. Asking questions helps you get the information you need to make better decisions. For example, say you want to know the best season to sell your property. If you don’t ask — because you assume you should know — you may never get a clear answer. At least, not without a lot of time-consuming Google-ing. So, when you have a real estate-related question, who should you ask? Me. Feel free to call or email whenever you have questions about current selling prices, mortgages, market conditions, moving – or anything real estate-related. When you call me, any question you ask will be smart!   Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR www.Housesforsale369.com | HomeVictoria.com | 250-588-8839 Mortgage Agent Level One ONT Valko Financial #13047 Dominion Lending Centres On Your Team!