Despite industry specialized lobbying against the need for it, the FEDS are pushing forward with the mortgage stress test for UNinsured (more than 20% down payment) mortgages. In short, even with 20% down, as of Jan1 2018 even if you can get an attractive 3.x% interest rate, you will still have to qualify for 2% higher! Have a read of the simplified article below.
In today’s active Victoria real estate market, even if your home has risen in value, finding a new property can be a challenge. Many people are instead considering staying where they are and renovating their existing home. Here is a recently archived Houzz article I thought you may find interesting which speaks to renovation planing for your budget.
No matter what the market there is always bears and bulls, but according to the Canada Mortgage and Housing Corp. Victoria property values are Overvalued. Could this me true? Maybe. Maybe not. Let’s not forget it’s a fluid marketplace with lots of moving parts. Nonetheless, the article is an interesting, albeit, superficial read. A quote I thought worthy of highlighting: ““For this reason, homebuyers should ensure that their purchases are aligned with their needs as well as the long-term market outlook.”
To me, this is how all real estate purchases should be made, even if hoping for a quick appreciation because not everyone can get lucky with timing. I think the fundamentals are still strong in Victoria and feel that, despite how expensive if has become to own a home here, much of the appreciation was overdue. 2017 will be an interesting year.
If you ever have any market related questions please do not hesitate to connect with us.
“I would love to hear people’s thoughts on this. A tax on vacant properties? Do we not have a lot of “snow bird’s” or “pied-a-terre” resident’s? Is that not part of what Victoria has always been?”
Renters beware of scams using houses listed for sale!! Another reason to call your mortgage broker and become your own landlord 😉
Here at the Kingsbury real Estate team we are great at selling all walks of home styles and conditions but a beautifully staged home certainly helps maximize home owners returns. Have a read of this article if you are thinking of selling soon and work through some of these great staging tips.
Some are fairly self evident but never hurts to have list. If you are thinking of selling don’t hesitate to give us a call at 250.885.1252.
We are happy to discuss and help.
Many thanks to all my clients and family for another exceptional year. Congrats too to all the happy homes that said goodbye/welcomed such great people through their doors in 2016!
Car salesmen the new realtor ? What do you think about a stay on fines for people sleeping in their cars ?
A new motion put forward by Victoria Mayor Lisa Helps and Coun. Chris Coleman would stop police ticketing people sleeping in their vehicles.
What a surprise lift in Assessed value this would be. A shocking 361%. No wonder the owners are fighting it.
That being said, if there were to sell it they would likely be reaping the rewards of this community plan change. What do you think about this? Do think it is fair to pay tax based on assessed value change such as in this article? They certainly have done well on paper with potential sale price of their family home. Love to hear your thoughts.
It’s the spring season… the traditionally busiest time in real estate. So, if you have forgotten some of the MOST important things to do in preparation for selling, here is a repost of a past Money Sense article which highlights those 3 key areas to maximize your sales value.
Call us anytime with questions about what you should be doing to sell your home for top dollar.