Friday, June 30, 2023

🇨🇦 Happy Canada Day 🇨🇦 Housing Market is Hot Again, Interest Rates & Insolvencies Rising, Air BNB Hosts Fraud Targets Plus So Much More Real Estate News!

 

 🇨🇦 Things to Do this Canada Day 🇨🇦

CREA Canadian Home Sales Continue to Pick up Steam in May

Buying the Faraway Home

Shopping for a new home in a distant town, city or neighbourhood can be a challenge. It’s especially difficult if getting there requires a very long drive or flight. So, if you’re thinking of moving out-of-town, here are some home shopping tips to consider:

  • Schedule a longer than normal viewing appointment. Make sure the seller is aware that you’ll need more time to see and evaluate the home, so they don’t book another appointment too soon after yours.
  • Spend extra time in the neighbourhood and surrounding area. Drive the streets. Go for a walk. If possible, chat with neighbours you run into.
  • Get all the facts you can about the home and surrounding area. You’ll want to take a close look at crime statistics, property turnover, demographics, etc.
  • Don’t rush your travel plans when going to see a listed home. Try to arrive for the viewing relaxed and energized (rather than stressed and fatigued), so you can see the property in an unhurried manner.

Following these simple tips can bring you a lot closer to finding your faraway dream home.

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Financial Post - Dip in inflation may not be enough to stop Bank of Canada from raising rates next month Forecasters are expecting the Bank of Canada to move ahead with another interest rate hike in July, even as they expect the annual inflation rate to slow significantly.  Statistics Canada is set to release its consumer price index report for May on Wednesday, providing the most up-to-date inflation reading ahead of the Bank of Canada’s interest rate decision on July 12.

Financial Post - Canada's housing market is hot again — expect it to stay that way, economists say  The slowdown in the Canadian housing market that marked much of last year appears over as prices and sales increase, and that strength is likely to continue, clipping affordability even more, according to economists at Desjardins Group.

Financial Post - Rising mortgage interest costs now biggest factor driving inflation — and they're not done yet Inflation cooled on a month-over-month basis in May, but one factor that has been unrelenting in driving the consumer price index higher is mortgage interest costs — and the pressure is showing no signs of abating.  The latest CPI figures, released by Statistics Canada on June 27, showed the upward trend in housing expenses was the single biggest contributor to the month’s 3.4 per cent inflation rate.

Financial Post - Insolvencies jump sharply as Canadians struggle with debt more than ever  A “sharp” increase in insolvencies in May suggests that households are struggling more than ever with debt.

CBC Toronto - Airbnb hosts the latest target of alleged fraudsters seeking to steal identities, get mortgages Imagine temporarily renting out your home on a short-term rental platform like Airbnb. Except, instead of receiving a five-star rating from the person you rent it to, they steal your identity and take out a mortgage worth hundreds of thousands of dollars on your home — without your knowledge or consent.

CBC B.C. - Growing calls to extend B.C.'s heat-pump rebates to condos to keep vulnerable residents cool  Two years after a deadly heat dome killed more than 600 people in British Columbia, efficient cooling devices remain out of reach for many condo residents — the same people authorities say are the most at risk of dying during extreme heat. Residents and advocates are now raising concerns about what they say is inequity in the province's response to extreme heat, warning it leaves the most vulnerable at even greater risk.

The push in B.C. to relocate homes rather than demolish them (CBC British Columbia)

Housing drives Victoria council agenda, but takeup on 'missing middle' projects slow (Times Colonist)

Repurposed sea cans in Courtenay provide homes for those with no place to live (Times Colonist)

Church site potential location for new affordable housing in Duncan (Times Colonist)

View Royal wants to test light-rail tech, seeks backing of other municipalities (Times Colonist)

CBC B.C. – Dog owners protest proposed leash requirements in Saanich, B.C., parks

Victoria Times Colonist – Speedy approval from Victoria council for 43 new housing units

Métis Nation B.C. introduces program for first-time homebuyers (Castanet) 

British Columbia is Canada's least affordable province, study finds (CTV News – Vancouver)  

Victoria Times Colonist – Humans to blame for all 47 of Vancouver Island's fires: Wildfire Service

Victoria Times Colonist – Saanich council to sleep on decision about off-leash dogs in parks

The Tyee – The social housing tenants fighting for renter protections

Vancouver Sun – B.C. condo dwellers awarded $3,500 for damages by civil tribunal for thumping bass

Victoria Times Colonist – Oak Bay issues warning about poisonous 'death cap' mushrooms

Vancouver Sun – B.C. economy in for a rough ride, says TD Bank economic forecast

Victoria Times Colonist – Saanich council faces tough call on pets in parks strategy

Victoria Times Colonist – Theatre company purchases Victoria building for $2.4M, plans to create arts and culture hub

CBC B.C. – Hells Angels lose in B.C. Court of Appeal after attempt to stop sale of seized clubhouses

Victoria Times Colonist – Saanich restricts unleashed dogs in parks; council unanimously adopts shift

Victoria Times Colonist – Starting today, you can book a pharmacist online in B.C. to treat minor ailments

Victoria Times Colonist – Long-term ecological corridors envisioned for Island

Victoria Times Colonist – Nanaimo seeks developers for key vacant lots in push to revitalize downtown

Victoria Times Colonist – Rockland plan would put two new homes on site with house built in 1899

Victoria Times Colonist – Worried about booked up campsites? New feature will give notifications of cancellations

Business in Vancouver – Vancouver property taxes could reach 9% every year for five years

Victoria Times Colonist – Saanich restricts unleashed dogs in parks; council unanimously adopts shift

Victoria Times Colonist – $500M fund in B.C. to help non-profits buy rental buildings, keep rent affordable

Another week, another rise in fixed mortgage rates. How high could they go? (CMT)

What happens if you only pay interest on your home? (CTV News) 

Inheritance and Gifts: A Necessary Bridge for Canada’s First-Time Homebuyers (The Deep Dive) 

Are starter homes still affordable? Here’s how to break into the market (Global News) 

Want to bet on interest rates? Here’s how – if you can handle the risk (The Globe and Mail) 

Financeit buys biggest rival to expand monthly lending to Canadian home improvement market (The Globe and Mail) 

My mortgage lender says I’ve hit my ‘trigger rate.’ What does that mean, and what are my options? (The Toronto Star) 

The housing crisis could kill Canada’s competitive advantage (National Observer) 

The cure for Canada’s housing crisis? Boost immigration (The Globe and Mail)

Financial Post – Bank of Canada expected to raise interest rates one more time, capping at 5%

Financial Post – VIDEO: Immigrants needed as baby boomers retire

Storeys – What $1M can get you in 5 major Canadian cities

Storeys – Now’s your change to participate in one of Canada’s largest-ever rental surveys

Canadian Mortgage Professional – Economic data points to sustained momentum: BMO Economics

Canadian Mortgage Professional – When will the Bank of Canada put the brakes on its rate-hike campaign?

Bloomberg – Homebuilding set to boost U.S. economy after two-year contraction

Canada’s Banking Regulator Raises Capital Requirements Amid Growing Financial Risks (The Deep Dive)  

Homeowners abandon variable-rate mortgages for fixed-rate alternatives as interest rates rise (Financial Post)  

Posthaste: Canada's housing market is hot again — expect it to stay that way, economists say (Financial Post) 

National Post – HOLMES: Long weekend projects

Globe and Mail – BMO strategist on housing: ‘If the most interest rate sensitive part of the economy isn’t buckling ... then policy rates likely aren’t high enough’

Toronto Star – Find fireworks annoying? Well, they can feel like ‘the end of the world’ for terrified animals. Here’s how to protect your pets this Canada Day

Storeys – Housing market gains ‘here to stay,’ leading to further erosion of affordability

Canadian Mortgage Professional – Canadian confidence remains robust amid headwinds, poll says

Canadian Mortgage Professional – TD expecting another Bank of Canada rate increase soon

Bloomberg – What’s saving the U.S. housing market? The 30-year mortgage

Bloomberg – U.S. home prices recover further as buyers battle for tight supply

Wall Street Journal – She built a waterfront home in Alaska so remote she can hear whales breathe

Business Insider – Forget about a housing market crash, Harvard researchers say. Here are the 4 reasons they say a repeat of the mid-2000s drop in home prices is unlikely

Skift – They’re top players in boutique hotels. They see power in brands – and hostels

Common Dreams – Analysts say solar is saving Texans from widespread power outages amid extreme heat

Fast Company – A wave of small business owners are about to retire. They should sell their companies to their workers

Inflation hits 2-year low due to base effects, but unlikely to prevent another Bank of Canada rate hike (CMT) 

More than two thirds of young Canadians say homeownership is out of reach compared to their parents: BMO (CTV News) 

Inflation on mortgage rate interest costs hits a record high (BNN Bloomberg) 

How to use your home equity to pay for long-term care (The Globe and Mail) 

Lenders now seeing 60-, 70-, even 90-year mortgages as Canadians struggle with rocketing interest rates (Toronto Star) 

Here’s a list of May inflation rates for selected Canadian cities (Toronto Star) 

Real Estate Magazine – Rising interest rates spark increase in rental demand as some would-be homebuyers shift strategies

Real Estate Magazine – Canadian housing market has "huge" Q2, but challenges loom ahead

Financial Post – 3 pitfalls to avoid when trying to improve your credit score

Livabl – Townhomes vs. condos: What's the difference?

Canadian Mortgage Professional – Rate increases to create cooling effect for homebuyers, says TD

Bloomberg CityLab – How one of India’s hottest cities survives extreme heat

Canada’s housing policy is failing citizens and newcomers alike (The Globe and Mail)  

Is multi-generational housing the next big trend? (The Globe and Mail) 

Vancouver and cities in Ontario top list of most expensive places to rent: Kijiji report (CTV News) 

Alberta population on track for biggest boom since 1914 (City News)

CBC News – Canada welcomes largest number of immigrants in first quarter since at least 1972

Financial Post – Homebuilding costs in Canada soar 51% as population surges

Financial Post – Canadians' household debt is high, but risk of major shock is low: economists

VICTORIA REAL ESTATE MARKET
NOTABLE QUOTES

“It is not in the stars to hold our destiny, but in ourselves.”

William Shakespeare

There’s no doubt about it. Uncertainty is everywhere – in food prices, economic outlooks, and of course, the real estate scene.

If you’re like most people, uncertainty can make you feel uneasy about the future.

But, there’s good news. Uncertainty becomes a lot less worrisome when you have the right professionals by your side. That’s especially true when you have professionals who work in your best interests and are just a call or email away. For example, you might have a doctor you can count on, or a trusted financial advisor who works hard for you.

Well, when it comes to real estate, I want you to consider me that kind of professional.

I’m someone you can rely on — for information, insights, advice, and, when needed, hands-on real estate services. And, I will always keep your best interests first and foremost. So, when you have questions or concerns about what’s happening in the real estate scene, or need hands-on real estate services, feel free to give me a call.

You can always count on me.

I hope knowing that helps you manage uncertainty with… well… more certainty!

 

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!
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Friday, June 23, 2023

Down Payment Help For Condo Buyers. Celebrating National Indigenous Peoples Day & First Day of Summer This Week, Personal Goals When Selling, Housing Market Rebound, 14 Cities with Affordable Housing, 5 Year Property Tax Exemption in Saanich, Plus More Real Estate News

 

National Indigenous Peoples Day

The Role of Personal Goals when Deciding to Sell

Many people decide to move for practical reasons. For example, some might be required to move due to a work relocation and others may realize that their household has changed and they are ready to downsize or upsize.

But, personal goals play an important role too.

In fact, when deciding whether or not to sell your property and find your next dream home, it’s essential to consider personal goals—your own and those of other family members too.

After all, where you live, and the type of home you live in, can greatly impact your goals and dreams.

For example, if you’re active in a particular sport or other hobby (such as hiking), being able to enjoy that activity locally might be an objective. If your goal is to live in a certain type of setting—urban, country, wooded, etc.—then that will definitely impact your decision to sell and move. But, even if your dream is seemingly unrelated to real estate, such as learning how to cook fine cuisine, moving might get you closer to classes or into that dream chef’s kitchen.

A helpful exercise is to make a list of your personal goals. Then, next to each one, note how moving might help you achieve that dream. When you do this exercise, ask yourself if you would be more likely to reach an important goal if you took the leap and moved. You might discover that making a move will bring you closer to your dreams than you initially thought.

So, don’t wait for practical reasons to sell. Personal goals are just as important a factor, if not more so. Consider them when you’re deciding whether or not to move.

FREE ONLINE HOME EVALUATION 

CURRENT INTEREST RATES - DLC

Michael Jackson's Drummer Jonathan Moffett Performs "Billie Jean"

REAL ESTATE SEARCH
REAL ESTATE NEWS

Financial Post - Canada's housing market rebound has defied expectations, but don't expect it to last Canada’s housing market roared back to life this spring, with a vigour that surprised observers, and likely dismayed the Bank of Canada. Home sales rose 5.1 per cent in May from April in the fourth monthly increase in a row, pushing activity 1.4 per cent higher than a year ago, the first national year-over-year sales increase in almost two years.

CBC B.C. - Blaming immigration for the country's housing crisis disguises the real problem, analysts say It's an argument that comes up time after time whenever there is a discussion about the housing crisis that plagues Metro Vancouver or anywhere else in Canada. If Canada can't house the people who already live here, we should stop letting more people into the country.  In a written statement, the feds said immigration accounts for nearly 100 per cent of Canada's labour force growth and is expected to account for 100 per cent of the country's population growth by 2032. By then, the ratio of workers to retirees is expected to shift from seven to one 50 years ago to two to one. 

Financial Post - Money remains Canadians' top stressor for sixth year in a row Canadians are losing even more sleep over money this year than last as it remains their leading source of stress for the sixth consecutive year, according to FP Canada’s 2023 Financial Stress Index.  The not-for-profit organization, which interviewed 2,004 Canadians, said people are more worried about money (40%) than their personal health (23%), relationships (17 %) or work (16%).

Toronto Star - Canadians opting for shorter mortgage terms as they hope for declining interest rates With mortgage rates at their highest level in more than a decade, home owners and prospective buyers tend to focus on getting the best rate. While shopping around, however, experts say borrowers shouldn’t forget about term length.

Financial Post - HAIDER & MORANIS: Canada's housing market may not be as risky as the IMF thinks Statements from normally credible sources about Canada’s heightened housing market risks have alarmed consumers, investors, lenders and policymakers alike, but perhaps the pictures they are painting shouldn’t be taken at face value.

CBC B.C. -  More B.C. renters are spending 'crisis-level' amounts on housing, rental housing index finds British Columbia has the highest proportion of renters spending more than half of their income on rent and utilities in Canada, according to new data released Monday.

Financial Post - Here are 14 Canadian cities where renters can afford to buy a house Rising home prices and higher mortgage rates are making it increasingly difficult for renters to switch to homeownership, but first-time homebuyers in a handful of Canadian cities may have reason to hope.

Storeys - Canada is facing a severe construction labour shortage, and it’s poised to get worse The Canadian population hit the 40M mark on Friday, and at the same time, housing supply has plainly not kept pace. A new report from CIBC Economics delves into the particulars of Canada’s housing shortfall, saying that while there is some debate on its extent, there’s no denying that the situation requires immediate attention.

Financial Post - 3 Canadian cities ranked among world's top 10 most livable places Three Canadian cities have made a list of the world’s top 10 most livable, though two slipped in the rankings from last year as other cities muscled their way to higher scores, according to a long-running ranking of 173 metropolises.

Globe and Mail – Wildfire nearby? It could complicate your real estate deal

Victoria Times Colonist – Provincial funding for EV charging stations runs out, leaving stratas in limbo

Victoria Times Colonist – Esquimalt seeks to formalize sidewalk and bike lane requirements for developers

Victoria Times Colonist – Point Hope shipyard marks 150 years and counting on the Upper Harbour

Victoria Times Colonist – Saanich sets terms for missing middle housing study

Business in Vancouver – Province not being transparent with BC Housing report, watchdog alleges

Business in Vancouver – Can B.C. infrastructure keep up with population growth?

Vancouver Sun – Vancouver second most expensive Canadian city, but a relative bargain globally: Report

Victoria Times Colonist – CRD warns beachgoers to stay away from Island View Beach waters

CBC B.C. – B.C. Hydro set to launch search for new, clean electricity sources

Victoria Times Colonist – Sooke waterfront property owners pack meeting to speak against development restrictions

Victoria Times Colonist – Terry Fox Ride gears up for Saturday

More B.C. renters are spending half their income on housing than anywhere else in Canada: Index (Global News) 

Vancouver Sun – More than 100,000 B.C. households at risk of homelessness due to rental crisis

Victoria Times Colonist – Langford staff exploring options to restore public access to Bear Mountain trails

Vancouver Sun – Vancouver landlord 'pleads for common sense' after being hit with a $69,000 empty homes tax bill

Victoria Times Colonist – Six-storey rental building proposed for former Esquimalt bingo hall site

Construction constraints, charges exacerbating affordable housing crisis in B.C.: ICBA (BIV) 

41 per cent of first-time homebuyers in B.C. borrow money from family: Report (Global News) 

Langford expands program that provides down-payment help for condo buyers (Times Colonist) 

Victoria Times Colonist – Victoria adds three parks to sheltering ban, including Topaz

Storeys – B.C. municipality approves 5-year property tax exemption to spark affordable housing Saanich

Canadian Mortgage Professional – Where does opportunity lie in Canada's housing market?

Financial Post – Housing affordability will deteriorate unless we act soon: CMHC chief economist

Canadian Mortgage Professional – Why are so few homes being listed in Canada's housing market?

Canadian Mortgage Professional – Canada housing starts likely to remain sluggish, suggests CHBA chief

Mortgage interest costs surge by nearly 70% in the past year (Canadian Mortgage Trends) 

Housing affordability crisis requires "all hands on deck" response: CMHC (BNN Bloomberg) 

High government spending means more inflation? It's complicated, economists say (BNN Bloomberg) 

To fix the housing crisis, overhaul city taxes to incentivize building affordable units (Globe and Mail) 

BNN Bloomberg – VIDEO: Most of the damage from this rate hike cycle has been done - CREA economist Shaun Cathcart

CTV News – While most real estate markets see monthly gains, here's where home prices are falling

Financial Post – Canada's average home price rises year over year, marking turning point in market

Storeys – Canadian home sales continued to climb in May, with gains recorded in 70% of local markets

Storeys – Labour shortages, construction costs lead to drop in housing starts in May

Canadian Mortgage Professional – Canada housing market: What's in store for the rest of 2023?

Latest in mortgage news: Popularity of variable-rate mortgages plummets to pre-pandemic levels (Canadian Mortgage Trends) 

Labour shortages are the real problem behind housing affordability (Globe and Mail) 

Canadians opting for shorter-term mortgages on hopes interest rates will drop (Financial Post) 

Here's how to make your dream of owning a home in Canada come true (Financial Post) 

Optimism prevails among first-time and prospective homebuyers despite economic challenges, survey finds (Canadian Mortgage Trends) 

These are the Canadian cities where homes have become more affordable since 2022 (BNN Bloomberg) 

Canada Is Facing A Severe Construction Labour Shortage, And It’s Poised To Get Worse (Storeys) 

Where Renters Can Afford To Buy A Starter Home In Canada (Storeys) 

B.C. leads country with highest proportion of renters living in unaffordable conditions (Business in Vancouver) 

Banks ordered to set aside billions more as consumer debt grows (Toronto Star) 

National Post – HOLMES: Why do my floors squeak and creak?

Toronto Star – Changing amortization, cap on insured mortgages not the answer to affordability: CMHC

CBC London – How housing affordability's 'crisis levels' damage the economy

Globe and Mail – Larger investors dominate condo ownership in smaller cities in Ontario and B.C.

Canadian Mortgage Professional – Canada housing market: How will it react to higher rates?

Canadian Mortgage Professional – Construction costs fuel new home price growth

Canadian Mortgage Professional – What's needed to improve affordability in Canada's housing market?

Globe and Mail – Canadian retail spending picks up, in defiance of rate hikes

Bloomberg – Home listings plummet as high mortgage rates tie owners down

Business Insider – Brace for a short drop in house prices before dwindling supply drives the market back up, analyst says

Forbes – The true cost of owning a second home

A quarter of first-time buyers getting help to pay their mortgage, survey finds (Global News) 

Renters in 36 of Canada's largest cities can't afford to buy a starter home: report (CTV News) 

Is it smart to invest in property right now? (Rates Dot Ca) 

Bank of Mom and Dad funds a significant share of first-home buying (Wealth Professional) 

Globe and Mail – Labour shortages are the real problem behind housing affordability

Storeys – Where renters can afford to buy a starter home in Canada

How Indigenous-led projects are building 'pride of place' (Business in Vancouver) 

Renters in majority of Canada's major cities cannot afford to purchase a starter home: study (CTV News Vancouver) 

This is how many first time home buyers got help from family to cover down payment (CP24) 

63% of Canadians Worried They Will Miss The Boat on Housing (Investing.com

Central banks aren’t done raising interest rates, even if that means recession (The Globe and Mail) 

Globe and Mail – The It-List: Canada’s coolest neighbourhoods

Globe and Mail – MCLISTER: The next 60 days will be crucial for central banks and variable-rate mortgage borrowers

Globe and Mail – PARKINSON: Signs suggest the Bank of Canada may deliver another rate hike in July

Bloomberg – The world’s empty office buildings have become a debt time bomb

Business Insider – 5 signs a home isn't worth your money, according to real-estate experts

VICTORIA REAL ESTATE MARKET
NOTABLE QUOTES

“If you are working on something that you really care about, you don’t have to be pushed. The vision pulls you.”

Steve Jobs

Here’s something that probably won’t surprise you…

Numerous studies confirm that people looking for a professional, such as a roofing contractor, trust recommendations more than advertising.

Like I said, there’s no surprise there!

It’s becoming more and more common for people to ask friends and neighbours for recommendations when they’re looking for a professional. In fact, it’s one of the more common types of posts on community Facebook pages.

Why am I bringing this up?

As you may know, I’m well-connected in the local “home” industry. So, if you or one of your neighbours is looking for a reputable contractor, decorator, or other professional, I may be able to recommend someone. Please feel free to ask.

I’m happy to help.

And, by the way, if you come across someone looking for a good real estate agent, I hope you’ll feel comfortable giving them my name. My business is built on referrals from valued clients and homeowners in the communities I serve. Any referral you send my way will be greatly appreciated!

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!
Facebook
Twitter
Website
YouTube
Instagram