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!