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Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership.

A real estate boom during the pandemic pushed home prices to an all-time high.1 Add higher mortgage rates to the mix, and some would-be buyers are wondering if they should wait to see if prices or rates come down.

But is renting a better alternative? Rents have also soared along with inflation – and are likely to continue climbing due to a persistent housing shortage.2 And while homebuyers can lock in a set mortgage payment, renters are at the mercy of these rising costs for the foreseeable future.

So, what's the better choice for you? There’s a lot to consider when it comes to buying versus renting. Luckily, you don’t have to do it alone. Reach out to schedule a free consultation and...

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Interest rates have risen rapidly this year, triggered by the Bank of Canada’s efforts to curb inflation. And the July MNP Consumer Debt Index found that 59% of Canadians “are already feeling the effects of interest rate increases.”1  


Why has the impact been so widespread? In part, due to the rising popularity of variable rate mortgages. According to the Canada Mortgage and Housing Corporation, in the latter half of last year, the majority of mortgage borrowers opted for a variable over a fixed interest rate.2 


Variable mortgages are typically pegged to the lender’s prime rate, which means they are immediately affected by rising interest rates. Homeowners with fixed mortgages aren’t impacted as quickly because their interest rate is locked in, but they will face higher rates, as well, when their mortgages are up for renewal. And many homebuyers are finding it increasingly difficult to afford or even qualify for a mortgage at today’s elevated...

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The process of buying a new home can be both exhilarating and exhausting. But the journey doesn’t stop when you close on your property. On the contrary, you still have quite a bit to do before you can begin the process of settling into your new place. 


Fortunately, you don’t have to do everything in a day. You don’t have to do it all alone, either. When you work with us to sell or purchase a home, you’ll have an ally by your side long after your transaction has closed. We’ll continue to be a resource, offering advice and referrals whenever you need them on packing, hiring movers and contractors, and acclimating to your new home and neighbourhood. 


When it comes to a life event as stressful as moving, it pays to have a professional by your side. Here are some of our favourite pro tips to share with clients as they prepare for an upcoming move. 



1. Watch out for moving scams.


Maybe you receive a flyer for a moving company in the mail. Perhaps you...

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Can you imagine simply pausing in front of any real estate listing and instantly collecting all it's data including interior photos, price, tax information, room sizes, days on market, price adjustments and more?  Now you can with only the press of a button on your phone. Please contact me here and I will send you the necessary code before downloading this amazing app via Google Play or the App Store.
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A STRONG HOUSING MARKET


Despite the global pandemic, sales records are being broken in the detached residential property segment within many markets across the nation.


Rather than a slowdown, we are continuing to experience a surprisingly robust real estate market.  Experts estimate that these conditions are likely to last into the new year.


FEWER LISTINGS EQUALS A SELLERS’ MARKET

 

Inventory, meaning the number of homes for sale, is at a record low across the country.  In fact it is at a 17 year low.  If demand remains unchanged prices will continue to climb in this sellers’ market despite COVID-19.  

 

Currently; bidding wars of properly priced listings are common between buyers due to the lack of inventory. The average price of a detached home sold on the Canadian Real Estate Association's (CREA’s) MLS service increased 17.5% over last year and continued home-price growth is anticipated for the remainder of 2020 and into 2021.  It’s...

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.