Interesting article on the findings from Census on Homeownership rates dropping in BC. Is this representative of yourself?
Lots of questions coming on the wake of the recent Mortgage Stress Test rule announcement, so the good folks over @Spinmortage.com put together the following infographic to help answer a few questions. Bottom line – big blow to purchasing power so worth a sit down to ponder your best course of action – buy now or wait patiently. Feel free to call us or get in touch with the Spin Mortgage crew with any questions.
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.