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Happy Father's Day!

Savvy Negotiation Helps Win the Deal

Purchasing a home is not the same as buying a product off the shelf. You don’t simply pay the price on the tag and know it’s yours. You can’t just see a home for sale and say, “I’ll take it!”, especially if the market is competitive. You need to make an enticing offer.

That offer, of course, would include the price you propose to pay. That price may or may not be the “price tag” or the asking price. In order for your offer to be successful, it needs other ingredients too. For example, winning offers often include evidence that appropriate financing has been arranged. This gives the seller confidence that you can afford the home and that the deal won’t fall through due to an issue with the mortgage.

Also, you may need to put conditions on your offer, such as making it conditional on selling your current home. You’ll need to be careful here. Adding a condition or two may be necessary to protect your best interests, but may also dissuade the seller from accepting your offer.

Negotiation is perhaps the most important part of the buying process. Even if there are no competing offers, there will likely be back-and-forth discussions about price, conditions, closing dates, and more. Savvy negotiating is critical, not only to ensure you get the home, but also that you get it for the lowest price and best terms possible.

Real estate negotiation is not for the timid. It requires in-depth knowledge of the local market, hard-won negotiating skills, and experience. If you’re selling your home, buying a new home, or both, keep in mind the important role that negotiation has in getting you what you want.

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REAL ESTATE NEWS

Prime rate reaches 22-year high of 6.95% and could rise further as rate-hike expectations grow (Canadian Mortgage Trends) 

OSFI Urges Action On Canadian Mortgage Extensions Before It Becomes “Unmanageable” (the deep dive) 

Canadian housing starts fell 23% in May as groundbreaking decreased (Globe and Mail) 

Homeowners, hold on: Expect another rate hike in July, Canada’s big banks say (Toronto Star) 

Household debt creeps up: Canadians now owe $1.85 on every dollar of disposable income (Hamilton Spectator) 

Housing stock grew faster than population in Vancouver and Toronto, StatCan finds (Financial Post)

Housing Stock Gains Outpaced Population Growth In Toronto, Vancouver (Storeys) 

Toronto Star – Despite downtown construction, Toronto has lost housing units over five years. A report tells us how

Fed leaves interest rates on hold for first time in 15 months, signals 2 more hikes this year (Financial Post) 

Canadian Mortgage Professional – StatsCan highlights housing supply dynamics in largest cities

Canadian Mortgage Professional – RBC: Sellers spurring housing market's resurgence

Business in Vancouver – How population growth is affecting everything from jobs to housing in the economy

Refinancing mortgages could help those in ‘dire need’ of debt relief. What to know (Global News) 

We need more than higher rates to correct our imbalanced economy (Business in Vancouver) 

If rate hikes aren't taming inflation, what next? (Wealth Professional) 

Financial Post - Sticking the Bank of Canada with the 'dirty work' means higher rates for longer

National Post – Father’s Day gifts for dads who need a break

Globe and Mail – Frenzy to buy vacation properties across Canada eases amid rising rates, economic uncertainty

Storeys – Canadian rents grew 6.5% YoY in May, the smallest rise since 2021

Canadian Mortgage Professional – Canada mortgage market crisis coming amid high rates?

A generation without a home? Why Canadians can’t afford housing anymore (Toronto Sun) “At the current rate of new construction, housing stock will increase by just 2.3 million units by 2030, short of the Canadian Mortgage and Housing Corporation’s own target of 3.5 million. There is a strategic correction needed to the status quo across all orders of government to get more homes built faster, with some provinces already taking action to cut red tape.”

Rate cuts could come by June 2024 — but government spending will play a role: CIBC (Global News) 

Sticking the Bank of Canada with the 'dirty work' means higher rates for longer (Financial Post) 

Statistics Canada feeding misperception Canadians on the brink of financial ruin (Financial Post) People aren't nearly as stressed for time or money as they say they are

The Bank of Canada may rue its recent interest rate hike (Financial Post) 

Why the Bank of Canada will likely raise interest rates again — and maybe again (Financial Post) 

Home prices surge higher in May as home sales post fourth straight monthly increase (Canadian Mortgage Trends) 

Canadians opting for shorter mortgage terms as they hope for declining interest rates (BNN Bloomberg) 

Labour Shortages, Construction Costs Lead To Drop In Housing Starts In May (Storeys) 

Canadian Home Sales Continued To Climb In May, With Gains Recorded In 70% Of Local Markets (Storeys) 

More new home construction good for economy, yet addressing affordable housing more complex than increasing supply: experts (CTV News) 

Many potential homebuyers may wait for rates to drop before buying (Calgary Herald) 

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

CMHC reports annual rate of housing starts in Canada fell in May (Peterborough Examiner) 

Globe and Mail – Annual rate of housing starts in Canada fell 23% in May

Toronto Star – No house? No worries: How to tip the financial scales in your favour if you can’t afford to buy a home

Toronto Star – Mortgage interest rate hikes have stalled your home-buying dreams. Now what?

Toronto Star – VYHNAK: I’ve sold my house, bought another. What do I need to know about moving?

Toronto developers keen to convert offices to housing say city rules are a barrier (BNN Bloomberg) 

As demand returns, can short-term rentals co-exist with housing affordability? (Global News) 

Lack of B.C. affordable housing chasing away the people who could build it (Tofino-Ucluelet Westerly News) 

Relief for long-term borrowers may be short as Fed aims to hike rates to 5.6% this year (CBC Business Analysis) 

B.C.’s residential home sales snap back in May: BCREA (Business in Vancouver) 

Four B.C. cities have Canada’s lowest property tax rates: Zoocasa (Business in Vancouver) 

Vancouver Sun – Vancouver rents are still going up, but not as fast: Rentals.ca

Times Colonist - Record number of vehicles travelled on B.C. Ferries last year

Times Colonist - Veteran rocker Bryan Adams to play Victoria in September

'Like speed dating for housing': The growing popularity of property co-ownership in Vancouver (CTV News) 

Times Colonist - Victoria council OKs first steps to overhaul Centennial Square

Times Colonist - Sheltering off limits in Beacon Hill, Central Park, and Stadacona could be next

Times Colonist - Lake Cowichan bluegrass fest now biggest of its kind in B.C.

B.C.'s affordable housing solution is ‘right in front of us’ says CEO (Castanet) 

 

VICTORIA REAL ESTATE MARKET
NOTABLE QUOTES

“You are braver than you think, more talented than you know, and capable of more than you imagine.”

Roy T. Bennett

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

Best regards,
Diana
Diana Winger Personal Real Estate Corporation
 eXp Realty | CNE, SRS, SRES, ABR
Mortgage Agent Level 1 Valko Financial LTD #13047
Dominion Lending Centres
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