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

“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!

Business in Vancouver – Data points: B.C. building permits recover to 12-month average in MarchTimes Colonist - Developer aims to build 26-storey condo tower in Esquimalt
VANCOUVER ISLAND PERMIT TRENDS - Yellow Sheet 
Thousands living in Royal Bay welcome first retail complex - Times Colonist
Bloomberg - Canada's homebuyers need help from 'Bank of Mom and Dad' A buying frenzy is re-emerging in Canada after one of the steepest housing price declines in the nation’s history. In Toronto, properties are selling the day they hit the market. In Vancouver, lines for open houses are stretching down the block. Homes are now once again selling for hundreds of thousands of dollars over asking.
Real Estate Magazine – More than 1 in 4 plan to purchase an investment property in the next 5 years
Storeys – Investors account for nearly one-third of homeowners in some provinces
Who are Canada's real estate investors, and where are they buying? (CTV News) 
'Not a short-term fix': Canada's household debt amongst highest in G7 (iHeartRadio) 
As climate change threatens Canada’s infrastructure, builders look for resilient solutions (Globe and Mail) 
Real Estate Magazine – Balancing rights and expectations: A case study on joint property ownership
CBC News – Households now owe more than Canada's entire GDP, housing agency warns
CBC News – Rise in extreme wildfires linked directly to emissions from oil companies in new study
Livabl – New home mortgage applications increase for the third straight month in April
Canadian Mortgage Professional – How can first-time homebuyers navigate the current market?
Canadian Mortgage Professional – Homebuying activity: How quickly is it rising?
Ottawa Citizen – HOUSEWORKS: Don’t let sump pump setup leave you stumped
Canadian banks pricing in a recession around the end of the year: Portfolio manager (BNN Bloomberg) 
How could the U.S. debt ceiling standoff affect Canada? Here’s what economists say (BNN Bloomberg) 
Real Estate Magazine – Economic conditions and changing preferences: Insights from first-time homebuyers
CTV News – While most real estate markets see monthly gains, here's where home prices are falling
National Post – Cottage country braces for the invasion of the floating home
Globe and Mail – Bank of Canada says mortgage payments could spike as much as 40 per cent
Another interest rate hike? Economists divided on Bank of Canada's next step (BNN Bloomberg) 
Why Bank of Canada is in no rush to cut interest rates (Wealth Professional) 
Is now a good time to take the leap into homeownership? (Wealth Professional) 
Scotiabank chief economist says another BoC rate hike is 'required,' but not everyone agrees (CTV Business News) 
Why mortgage and rent costs drove inflation up in Canada (Global News: Video) 
Federal Housing Programs BC - CREA

 “Don’t judge each day by the harvest you reap, but by the seeds that you plant.”

Robert Louis Stevenson

Have you ever noticed that, when it comes to real estate, there’s news, and then there's news you can actually use? For example, most major newspapers, both print and online, publish updates on the real estate market — but only nationally and regionally. They don’t tell you what's going on in your specific neighbourhood because, by necessity, they can only cover a broad area. But news that's broad and general has limited value to you.

The real estate information that's most useful, especially if you're thinking of selling, is local. It’s specific to your neighbourhood – maybe even to your street. That's where I can help.

When you have questions about the local real estate scene, give me a call. I can provide you with the latest information, data, and insights for your particular area. That’s news you can actually use to make better decisions about selling or buying.

Is there something about your home that you’re concerned will be seen as a competitive disadvantage? For example, do you have a small kitchen or fewer bedrooms than most other homes in the neighbourhood?

There are a few things you can do to compensate for such disadvantages.

First, highlight the advantageous features of your home. Chances are, there are characteristics that make it stand out. For example, the look and style of your home may be cozy and enchanting. Or, you might have a desired feature, such as a terrific view.

Next, do everything you can to ensure your home makes the best impression possible to buyers. Remember, most buyers will only see your property once. So, pull out all the stops. That means decluttering, cleaning, painting, getting any needed repairs done, and staging effectively.

Finally, make sure you set the asking price strategically. That doesn’t necessarily mean it needs to be low. But, it does mean that the price should reflect the market value of your home.

CBC B.C.

More B.C. tenants are evicted through no fault of their own than anywhere else in Canada, report says

Renters in British Columbia face the highest eviction rates in Canada, but it's through no fault of their own, according to a new report from researchers at the University of British Columbia. UBC's Housing Research Collaborative found that B.C. continues to have the highest eviction rate in the country. Between 2016 and 2021, 10.5 per cent of renter households in B.C. reported being forced to move by their landlord, nearly double the 5.9 per cent national average.

Canadians Think Vancouver Island Is the Best Place to Buy Real Estate in 2023 (Storeys) 

Vancouver Sun – Experts foresee more heat waves outside summer as May hot spell shatters records

CBC B.C. – If you live in B.C., more extreme hot weather is in your future, say experts

Housing starts up marginally in Greater Victoria for first quarter (Times Colonist) 

Financial Post

Bank of Canada needs to 'crush' inflation with another rate hike, Scotiabank economist says

An unexpected resurgence in inflation has markets eyeing interest rate hikes again, with at least one economist arguing there is a case to be made for the Bank of Canada to act as soon as its next meeting on June 7

Real Estate Magazine – Housing market surprises analysts with strong April performance

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

Bank of Canada sees financial stress rising among homebuyers (BNN Bloomberg) 

Bank of Canada says mortgage payments could spike as much as 40 per cent (Globe and Mail) 

For thousands of variable-rate mortgage holders, another rate hike would be no joke (Globe and Mail)

Bank of Canada needs to 'crush' inflation with another rate hike, Scotiabank economist says (Financial Post) 

Canadian Mortgage Professional – Canada’s housing market – why it is 'surprisingly resilient'

Why is there a lack of new home listings in Canada? (Canadian Mortgage Trends) 

Canadian Home Prices Stabilize in April as Buyers Come Off the Sidelines (Storeys) 

‘Vicious feedback loop’: The Bank of Canada hiked rates to push inflation down — but it’s also driving inflation up (Toronto Star) 

What if interest rate hikes are doing more harm than good? (Financial Post: Listen) 

Toronto Star – Real estate prices on the rise again: RBC report forecasts the housing market correction is over

Storeys – Canada’s rapidly rebounding real estate market is bad news for BoC

Canadian Mortgage Professional – Canada inflation rises – what's next for interest rates?

Canadian Mortgage Professional – Desjardins: Serious danger ahead for variable-rate borrowers

Average rent in Canada is up 20% over the last two years: Rentals.ca (Canadian Mortgage Trends) 

Bank of Canada and inflation: What the latest data could mean for interest rates (BNN Bloomberg) 

Canadians' love affair with variable-rate mortgages is over — now there's a new thing (Financial Post) 

Canada's inflation rate rises to 4.4%, higher than expected (Financial Post) 

Financial Post – Average Canada home price is up more than $100,000 since January

Globe and Mail – Canadian housing market rebounds in April with supply at 20-year low

Canadian Mortgage Professional – BMO’s Porter: Housing market has finally “found a floor”

Home sales bounce back in April as national average home price rises back above $700,000 (Canadian Mortgage Trends)  

Inflation climbs to 4.4 % in April, beating expectations (BNN Bloomberg) 

“If you don’t like the road you’re walking, start paving another one.”

Dolly Parton

Asking a question is about the smartest thing you can do. Asking questions helps you get the information you need to make better decisions. So, when you have a real estate-related question, feel free to call or email.

Mortgage Agent Level 1 Valko Financial LTD #13047

Dominion Lending Centres 

Cleaning Tips for Instantly Improving Curb Appeal

In fact, it’s not uncommon for a buyer to drive by a listing, rather than stop, because they don’t like what they see.

So, how can you improve your home’s curb appeal quickly? One way is to do some outside cleaning.

Start with the main entryway. Wash down the front door and sweep (or power wash) the front steps. It only takes a few minutes, but you’d be surprised by the impact it can have. Sweep or power wash your walkway too and you’ll improve the overall look of your home — sometimes dramatically.

Clean your front windows to brighten the look of your home’s facade. It doesn’t have to be an arduous chore. In fact, there are washing products available that attach to your garden hose. You don’t even need a ladder! Ask your local home improvement retailer for recommendations.

If you have hedges and shrubs, give them a trim. To keep your trimming level, use a wide board, or even a piece of cardboard, then cut to the desired height. Pull off any dead leaves or branches. Of course, also mow the lawn!

Finally, inspect your property from the street. Can you see anything else you can do to quickly improve the look? Do you notice anything that is unsightly or distracting, such as garbage bins that could be relocated?

Victoria Times Colonist – Cell service from Sooke to Port Renfrew now operational, province says

Victoria Times Colonist – Saanich endorses new zone for small apartments on single-family lots

How Much it Costs to Close on a Home in 28 BC Cities (Storeys) 

The Tyee – What’s behind the ‘housing crisis’ in Canada?

CBC B.C. – Agree to 40% rent hike or we may sell your homes, landlord tells Surrey renters

Victoria Times Colonist – Victoria council to get look at ambitious Roundhouse plan in Vic West

Business in Vancouver – B.C. government mum on whether density plan will include stratas

B.C. construction industry expected to cool in 2023, 2024 amid high interest rates (Business in Vancouver) 

Victoria Times Colonist – Pub patios on city boulevards in Victoria can stay until Nov. 30

Toronto Star – LABERGE: Here’s how Canada can mobilize to solve our national housing crisis

Vancouver Sun – Why B.C. restaurants are still suffering post-pandemic

Canadian Mortgage Professional – Is Vancouver's housing market about to take off again?

CBC B.C. – Hundreds of investors worried about their savings after Victoria mortgage broker put in receivership

Victoria Times Colonist – Electric plane could be flying between Island, mainland in two years: Harbour Air

BCREA estimates a continued decline in home sales for 2023 (Castanet) 

B.C. real estate prices trending up, association says (CityNews) 

Financial Post - Insolvencies surge to highest since start of pandemic — and it's going to get worse

Canadian Mortgage Professional - BoC rate cuts in 2023 increasingly unlikely: CIBC

Financial Post - Looks like Canada's housing market has finally turned the corner

Home prices are rising in Canada’s biggest real estate markets (Canadian Mortgage Trends) 

Canada added 41,000 jobs in April, crushing estimates (BNN Bloomberg) 

CBC News – The work-from-home heyday is coming to an end

April “Sealed The Deal”: Canada’s Housing Markets Reach Cyclical Bottom (Storeys) 

Financial Post – Trudeau's immigration policy worsening housing affordability crisis: Rosenberg

High costs putting farming out of reach for young people, affecting all Canadians (BNN Bloomberg) 

Canadian Mortgage Professional – RBC: Insolvency levels likely to spike in the near future

Canadian Mortgage Professional – Economist: Current immigration policy fanning the flames of unaffordability

Many Canadian offices are empty. It could be the economy’s ‘canary in the coal mine’ (Global News) 

Bank of Canada may hike interest rates further if inflation gets stuck above 2%: Tiff Macklem (Financial Post) 

Globe and Mail – CMHC reports growing share of mortgage insurance clients close to underwater on loans

Storeys – Buyer beware: Most Canadian markets currently favour sellers

Have Canadian real estate prices bottomed out? (BNN Bloomberg) 

RBC sees mortgage delinquencies rising nearly 30% in the coming year (Canadian Mortgage Trends) 

Canadian Mortgage Professional – Are conditions improving for buyers in the housing market?

Canadian Mortgage Professional – What impact has the BoC's rate pause had on Canada's housing market?

Canadian Mortgage Professional – StatsCan releases latest building permit figures

The stocks markets versus housing: A 10-year look (Globe and Mail) 

Notable, Quotable, Quotes!

“Spend time thinking of what you want, rather than what you don’t want.”

Sanaya Roman

Feel free to call or email whenever you have questions about current selling prices, mortgages, market conditions, moving – or anything real estate-related. 

Mortgage Agent Level 1 Valko Financial LTD #13047

Dominion Lending Centres 

Economic Insights from Dr. Sherry Cooper

It has been just over a year since the Bank of Canada started hiking interest rates. While the economy has remained surprisingly resilient, the housing market has weakened sharply.

The Bank has remained on the sidelines for the past two Governing Council announcement dates, and home sales have edged upward in very tight markets.

There is a rapidly growing housing shortage. As population growth remains strong and immigration targets rise, new home construction cannot keep up with demand. Demand for rental properties is surging, and rents have risen sharply for new tenants.

Another factor that could slow the economy this year is the rise in monthly housing payments. For those with adjustable-rate mortgages, monthly payments have already risen sharply. Most of those with variable-rate loans with a fixed monthly cost has hit their trigger point, and the amount no longer covers any of the principle. Most banks have allowed negative amortization but will require borrowers to return to original 20-year amortizations upon renewal. This could be quite a shock to consumers over the next few years.

The Office for the Superintendent of Financial Institutions is very concerned about the risk associated with these loans. We will be hearing soon from OSFI regarding more restrictions on mortgage lending.

The great news is that inflation is falling quickly, down to only 4.3% in March. The central bank expects inflation to fall to about 3% by the end of this year. So, barring unforeseen inflation pressures, the Bank could pause for the rest of this year. Rate cuts, however, are unlikely until 2024.

The Canadian economy will likely slow as the year progresses. The most likely scenario is a mild recession later this year. As we move into 2024, interest rates will slowly decrease to about 2.5% for the overnight policy rate. The economy will rebound, and the Bank of Canada expects to hit its 2% target on inflation. That might be hard to achieve, given rapidly rising wages and continued inflation expectations.

Creating the “Wow” Effect in Buyers

CBC B.C. - Residents of stratas with 55-plus age limits can now have younger family members live with them. British Columbians residing in stratas with 55-plus age restrictions will now be able to have family members under that age live with them, the province announced Monday.

Victoria Times Colonist – Sales pace, prices down for Greater Victoria homes

CBC B.C. – New Victoria affordable housing development touted as potential model for future housing in B.C.

Vancouver Sun – CONDO SMARTS: Proposed legislation a road map for strata considering EV upgrades

Vancouver Island ranked as best place to buy in B.C. (Business in Vancouver) 

Vancouver housing report shows new construction stuck because of skyrocketing costs (Globe and Mail) 

Victoria Times Colonist – Local governments seek provincial help regulating tiny homes

Victoria Times Colonist – Buildings near Langford apartment tower evacuated, new offers of help unveiled

Victoria Times Colonist – CONDO SMARTS: Developer is not strata's warranty provider

CBC B.C. – Could this condo be more awesome? Friends-themed apartment in Victoria for sale

Victoria Times Colonist – Saanich aims to buy land from Shelbourne property owners to widen roadway

Business in Vancouver – International visitors flocking back to B.C.

Financial Post – Vancouver home prices rise 5% so far this year with listings stuck near record-lows

Storeys – Homebuyer confidence returning in Greater Vancouver: REBGV

Vancouver Sun – It's a slow spring for B.C.'s housing market, but prices have begun inching up

Vancouver Sun – Five great (and affordable) places to retire in B.C.

Victoria Times Colonist – Langford council approves financial plan with record-high tax increases

Victoria Times Colonist – New Saanich policy to require developers to help displaced tenants

‘Very scary time’: Poll finds 76% of B.C. mortgage holders worried about next renewal (Global News) 

Financial Post - Canada's home prices haven't hit bottom yet, says CMHC - Canadian home prices will continue to decline until the middle of 2023 before they bottom out and start rising again through 2025, according to the Canada Mortgage and Housing Corporation’s latest housing market outlook.

Globe and Mail – CMHC forecasts 32 per cent drop in new home construction due to inflation, labour shortages

Toronto Star – Canadian home prices stabilizing, but market faces ‘alarming’ lack of housing starts

Toronto Star – Average home price will not revert to pre-pandemic levels this year: CMHC

Canadian Mortgage Professional – National home prices to stabilize in mid-2023 – CMHC

Canadian Mortgage Professional – Which demographic is the main buyer of recreational property in Canada?

Bank of Canada concerned inflation could remain “stuck” above 2% (Canadian Mortgage Trends) 

The mortgage stress test has helped protect Canada’s housing market in this downturn: OSFI (Canadian Mortgage Trends) 

Interest rates expected to fall to 3.00% by end of 2024 (Canadian Mortgage Trends) 

CMHC Sees No Return to Pre-Pandemic Price Levels in Annual Housing Forecast (Storeys) 

Lifetime mortgages becoming the new normal (Toronto Sun) 

Canadian Mortgage Professional – With home prices set to climb again, what's the outlook for first-time buyers?

Wall Street Journal – Finding the right house can take a while. For one buyer, the process spanned ’91 homes in total’

Business Insider – Move aside, tiny homes: The barndominium is the hottest thing in alternative housing, and it shows just how much the pandemic has changed what people look for in a home

Globe and Mail – Biddings wars and high prices lure home sellers out

Canadian Mortgage Professional – Multigenerational home construction could surge in Canada, says executive

Storeys – The most affordable Canadian markets for single-income apartment buyers

Construction Data & Analytics:
https://www.yellowsheet.ca/customer_main.php

Notable, Quotable, Quotes!

“Whatever fear I have inside of me, my desire to win is always stronger.”

Serena Williams

Did you know that major customer review sites get hundreds of millions of views each month?

It’s hardly surprising when you think about it.

After all, when most people are looking to buy something, or hire someone, they tend to trust a recommendation more than an advertisement. That’s true whether you’re shopping for a car, restaurant, dentist, or… real estate agent.

In fact, referrals from valued clients are one of the main ways I build my business.

They are something I take very seriously. I work hard to be “referral worthy” by providing excellent service and continuing support — not just during a client’s move, but in the years afterward. This e-newsletter is just one of the many ways I do that.

So, the next time you come across a neighbour or friend looking for a good real estate agent, I hope you’ll feel comfortable giving them my name.

I’d really appreciate it!

And, please allow me to return the favour. The next time you’re looking for a real estate-related professional — such as a contractor or electrician — reach out to me for a referral from my network. I’m happy to help.

Central Location Modern Townhome w/ Garage 3BR 3BA Extra Parking Award Winning Builder, Pets OK!

Of Monsters and Men - Little Talks 

Is this your Year to Get Gardening?

Whether you are interested in nurturing beautiful blooms and bushes, or cultivating home-grown herbs and vegetables, a little planning will give you lasting enjoyment. One of the first things you need to do is to identify your microclimate in order to determine its suitability for growing specific plants.

Similarly, it’s important to know the hardiness of your preferred plants, and how much sun and shade they require. Make sure your soil is conducive for optimum growth and supplement with appropriate nutrients as needed. Be prepared to back up nature’s rainfall with a reliable source of supplementary water, either manually or through an automatic system. Now that you’ve done your prep work, the true pleasures of gardening begin – but don’t think it’s an easy hobby! It takes hard work to keep the weeds at bay and your garden on track, but you’ll see the fruits of your labour grow before your very eyes.

Financial Post –  4 tips for those looking to renew their mortgages in 2023

Globe and Mail – Fewer sellers, hesitant buyers slow spring housing market

Globe and Mail – Soaring rents mean living with roommates can cost $1,000 or more per person

Toronto Star – PORTER: It’s OK to ask whether immigration is intensifying our housing crisis

Storeys – Realtors will soon be required to list on MLS within 3 days of public marketing

Livabl – Converting your new basement into an apartment

Canadian Mortgage Professional – How much additional income do Canadians need to buy a home?

Canadian Mortgage Professional – Which banks are currently offering the First Home Savings Account?

Canadian Mortgage Professional – Mortgage insurers wary of growth in the share of loans with 100%+ LTV ratios

Business Insider – Banks aren't the only ones that hold risky commercial-real-estate debt. Pension funds are about to feel the pain, too

Forbes – New survey reveals that COVID has turned many homeowners into homebodies

Fast Company – Affordable housing policies leave renters out in the cold. This is how AI can fix it

Toronto Star - Canadian Housing Starts Moving in the Wrong Direction 

Real Estate Magazine – Demystifying interest rates: Current vs. historical

Globe and Mail – Mortgage insurers report growing number of homeowners with underwater loans

Toronto Star – One third of Canadian homeowners now have mortgage periods of more than 30 years

Canadian Mortgage Professional – Home price drop in March worse than during the financial crisis: report

Canadian Mortgage Professional – Bank of Mom and Dad: Are Canadians still seeking downpayment assistance?

Bloomberg – Lower mortgage rates won’t make homes more affordable

Housing optimism is back in Canada, boosting consumer confidence (BNN Bloomberg) 

National Rent Report: Canadian average asking rent up 10.8% in March (Real Estate Magazine) 

Market participants expect Bank of Canada to hold rates at 4.50% until end of 2023, survey says (Globe and Mail) 

The Housing and Mortgage Market Review - A coast-to-coast review of current housing trends

Dr. Sherry Cooper - Weakening Housing Markets Pose A Risk For The Canadian Economy

Financial Post – Housing prices rise month over month for the first time in 10 months

Business in Vancouver – Pent-up demand for Vancouver luxury housing ‘intensifying’: Sotheby’s

Victoria Times Colonist – This is unreal': Residents of Langford highrise scramble to find another place to live

Vancouver Sun – Structural problems force second evacuation of B.C. highrise in less than four years

CBC B.C. – Federal workers strike highlights desire for work-from-home flexibility

Notable, Quotable, Quotes!

“An investment in knowledge pays the best interest.”

Benjamin Franklin

Asking a question is about the smartest thing you can do. Asking questions helps you get the information you need to make better decisions. So, when you have a real estate-related question, feel free to call or email.

Outrageously Good Spinach Artichoke Dip

When to Consider Buying a “Diamond in the Rough”

That’s just good old-fashioned marketing.

However, not every house you see will actually look this way. For any number of reasons, a house on the market may be less than tidy, poorly decorated, and even in need of minor repairs. You may open the front door in anticipation, only to be immediately turned off by stains on the carpets, faded paint on the walls, cluttered hallways, and more.

First impressions form quickly. It’s easy to make quick judgments and move on. But, you may be passing on what could be a dream home. Don’t make that mistake. Make your purchase decision based on a carefully considered second impression, not just your first. When viewing a house, imagine how it will look with a fresh coat of paint, some redecorating, the minor repairs completed, and your furniture adorning the rooms. You might just find that a home that doesn’t show well is really a diamond in the rough.

(One caveat: Be careful of houses that don’t look like they’ve been well maintained. There could be issues lurking that may require expensive repairs or renovations. Always make a professional home inspection a condition of your offer.)

There are advantages to buying a home that doesn’t show well. They attract less interest and, therefore, less competition from other potential buyers.

March jobs data “must be worrying” to the Bank of Canada (Canadian Mortgage Trends) 

Non-mortgage debt and delinquencies on the rise: Equifax (Canadian Mortgage Trends) 

Will the Bank of Canada hold rates? Here's what to expect this week (BNN Bloomberg) 

Canada's home prices could complicate private mortgage renewals: broker (CityNews) 

Economic data keeps surprising, but recession forecast hasn't gone away (CBC Business News) 

Majority of economists expect Bank of Canada to keep key interest rate steady through 2023 (Globe and Mail) 

Canada’s housing and immigration policies are at odds (Globe and Mail) 

Notable, Quotable, Quotes!

“Perseverance is not a long race; it is many short races, one after another.”

Walter Elliott

Feel free to call or email whenever you have questions about current selling prices, mortgages, market conditions, moving – or anything real estate-related.

Understanding Market Value

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!

Worried about Finding a Home if You Sell First?

Fortunately, there’s plenty you can do to minimize that possibility.

For example, if you sell first, you’ll know exactly how much you’ll be able to put towards a new home. Having that specific number in your back pocket will enable you to target your search and jump on buying opportunities right away. When you see a home you like, you won’t have to wonder, “Can we afford it?”

Creating a buying plan will also help ensure that you find the home you want, quickly.

Ideally, it should have a shortlist of neighbourhoods or areas you are considering. Narrowing your search in that way actually increases the likelihood of finding a “right fit” home. You should also create a profile of the kind of home you’re looking for — type, number of bedrooms, etc. — as well as the features you need, such as a spacious kitchen.

Being open-minded about the homes you see is also crucial. If the “perfect” home isn’t coming up in the listings, be flexible. Often, a less-than-perfect home can become a dream home with just a few improvements.

So, replace worry with planning and action. Then, once you sell, the home you want will be out there – and you’ll find it!

The federal budget for 2023 promised increased government spending for healthcare, clean energy, and aid to low-income Canadians. Taxes were raised on the rich and banks—nothing much for affordable housing--last year's star. https://dominionlending.ca/economic-insights/canadas-federal-budget-describes-a-deteriorating-fiscal-outlook-and-slowing-economy

Foreign Buyer Ban Changes - the federal Minister of Housing has introduced four amendments, available here.  Additionally, the government revised its FAQs as a response to our push for greater clarity on the ban, available here.

Canadian Mortgage Professional – Housing affordability crisis: Will the feds' 2023 budget improve things?

Globe and Mail – What you need to know about the first-time homebuyers savings account

National Post – SUBRAMANYA: Work-from-home is the new normal in Canada. Just accept it

Toronto Star – Financial watchdog proposes ‘mortgage relief measures’ to help struggling homeowners

Planning Your income Suite Renovation https://www.keyspire.com/blog/all/planning-your-income-suite-renovation/

Financial Post

CMHC amends 'illogical' foreign homebuyer ban to help boost housing supply growth

The federal housing minister has made amendments to regulations on foreign purchases of residential property, saying the move will give more flexibility to newcomers and businesses looking to add to Canada’s housing supply.

MoneySense – First home savings account: A Gen Z guide to achieving home ownership

Residential property owners in the designated taxable regions declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31. - https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax

Real Estate Magazine – B.C.’s housing market needs abundance agenda, not policies designed to limit demand: BCREA

Canadian Mortgage Professional – CMHC announces revisions to ban on foreign buyers

Vancouver Sun – Make way for missing-middle housing in B.C.

Vancouver Sun – B.C. introduces measures to combat money laundering, includes orders to explain wealth

Notable, Quotable, Quotes!

“Success is getting what you want; happiness is wanting what you get.”

W.P. Kinsella

Do you ever find yourself with questions about real estate?  I am always happy to help, you can call or email me anytime.