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Greetings from Rosemary and Gary!
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Best Wishes!
As Christmas approaches we want to send best wishes for a wonderful time with your families and a nice break over the holidays. We feel very fortunate to live in the beautiful Greater Victoria area. We are very grateful for the confidence and the trust our clients have given us in providing assistance this year in their real estate needs. Merry Christmas and best wishes for the New Year!!
Highlights of this Newsletter (2 Minute Read)
1. See our current Hot Properties and 50+ others offered by our brokerage that may be the perfect home you are looking for. Contact Gary to view any of these or for more details.
2. The November 2024 Greater Victoria Real Estate Market Update shows that at end of month there were 3,836 active listings, or minus 329 units or 10.3% less than October.
This balanced market has less pressure on pricing and more opportunity to take time to make big decisions on real estate. Get ahead of the crowd with your own personal curated portal and MLS Smartphone App to follow along the new listings and sold prices.
3. The Federal Government has recently allowed mortgages with 30 year amortization, (up 5 years from the previous 25 year limit) for both insured mortgages for first time buyers and for purchases of new construction homes by anyone. Click here for the government details.
4. We have now seen 4 Bank of Canada Overnight Lending Rate decreases since June 2024 with the December 11th rate reduced by 0.5% for a current rate of 3.25%. The prime rate is now 5.45% and we are seeing 5 year fixed term mortgage rates as low as 3.99%. See our recent video (Video #100) for the Mortgage Interest Rate Forecast for end of 2024 and 2025.
5. With rates dropping what is the right way to refinance your mortgage? This month's blog gives you help in determining the right time to refinance your mortgage.
6. We have recently introduced the GoAgent Application for your Smart Phone which allows you to access the Greater Victoria Multiple Listing (MLS) properties for sale information at a touch of your finger. See the details and additional features below.
7. Are you thinking of selling your home in the spring. A current home market evaluation now and then another just before you plan to sell can give you insight into how to price your home sale and what you might be able to expect to receive.
8. Click here for Contact Info
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Hot Properties
Click image below for property details
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Here are some of our hot properties currently offered by our brokerage. We have over 50 properties of all types ranging in price from $89,000 to $3,750,000. Check out all our DFH Listings. Contact Gary if you would like to view any of these or to get more information.
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November 2024 Greater Victoria
Real Estate Market Update
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A warm start to winter sales in the Victoria Real Estate Market
December 2, 2024 A total of 551 properties sold in the Victoria Real Estate Board region this November, 39.8 per cent more than the 394 properties sold in November 2023 and a 15.7 per cent decrease from October 2024. Sales of condominiums were up 55 per cent from November 2023 with 186 units sold. Sales of single family homes increased by 36.3 per cent from November 2023 with 263 sold.
"I've found that buyers and sellers are feeling optimistic right now," said 2024 Victoria Real Estate BoardChair Laurie Lidstone. "With the steady decrease we've seen in interest rates and the continued balancein the market, consumers are feeling more comfortable and empowered to make the big decisionsaround home ownership knowing that they have a fairly stable real estate environment to navigate."
There were 2,836 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2024, a decrease of 10.3 per cent compared to the previous month of October and a 7.3 per cent increase from the 2,644 active listings for sale at the end of November 2023.
"Though we did see inventory tick below three thousand listings, we are still in much better shape than in recent years in terms of availability of supply," adds Chair Lidstone. "Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays. That said, it's likely the momentum we saw building in November will carry on in December to some extent. If you're considering a new home for the holidays, connect with your favourite local REALTOR® to create your plan."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2023 was $1,290,100. The benchmark value for the same home in November 2024 increased by 1 per cent to $1,302,900, up from October's value of $1,300,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2023 was $571,300 while the benchmark value for the same condominium in November 2024 decreased by 4.7 per cent to $544,400, down from the October value of $547,800.
Courtesy of Victoria Real Estate Board Dec 2024
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Latest YouTube Video
Click image below to open YouTube video
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Mortgage Interest Rate Forecast for end of 2024 and 2025
This is our fall mortgage interest rate forecast which was produced in October before the December 11th Bank of Canada rate reduction. We have been pretty good in our interest rate forecast analysis hitting the last 4 correctly. Watch for our spring forecast.
Video 100: Mortgage Interest Rate Forecast
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Refinancing Your Mortgage - Best Time?
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When Is It the Right Time to Refinance Your Mortgage?
Refinancing your home mortgage can be a smart financial move, but knowing when the time is right can make all the difference. As a homeowner, timing your refinance effectively can save you thousands of dollars in interest, reduce your monthly payments, or even help you pay off your mortgage faster. Here are some key indicators to help you decide when it's the right time to refinance.
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1. Interest Rates Have Dropped
One of the most common reasons to refinance is to take advantage of lower interest rates. If current rates are significantly lower than the rate on your existing mortgage, refinancing can reduce your monthly payment and save you money over the life of your loan. A general rule of thumb is that a drop of at least 1% to 2% in interest rates can make refinancing worthwhile. However, it's important to calculate the break-even point — the time it takes for your savings to cover the costs of refinancing — to ensure it's a financially sound decision.
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2. Your Credit Score Has Improved
If your credit score has improved since you first took out your mortgage, you might qualify for better loan terms, including a lower interest rate. Lenders typically offer more favourable rates to borrowers with strong credit profiles. Your credit score can be improved by paying down debt, making on-time payments, and resolving credit report errors. Before refinancing, check your credit score to determine if it's high enough to make refinancing worthwhile.
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3. You Want to Switch Loan Types
Refinancing can allow you to change your loan type to suit your financial goals better. For example, if you started with an adjustable-rate mortgage (ARM) and are concerned about rising interest rates, refinancing to a fixed-rate mortgage can provide stability and predictable monthly payments. Conversely, switching from a fixed-rate mortgage to an ARM with a lower initial rate might be a good option if you plan to move in a few years.
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4. You're Looking to Shorten Your Loan Term
If your financial situation has improved and you can make higher monthly payments, refinancing to a shorter loan term, such as moving from a 30-year mortgage to a 15-year mortgage, can save you money on interest and help you build equity faster. Remember that while your monthly payment may increase, the overall savings in interest can be substantial.
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5. You Want to Tap Into Your Home Equity
Homeowners with significant equity in their property may consider a cash-out refinance. This allows you to borrow against your home's equity to fund major expenses such as renovations, debt consolidation, or education costs. While this can be a strategic financial move, weighing the risks and ensuring you're not overextending yourself is essential.
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6. You Need to Remove a Co-Borrower
Life changes, such as a divorce or separation, might necessitate removing a co-borrower from the mortgage. Refinancing can accomplish this by replacing the old loan with a new one solely in your name or another arrangement that suits your needs.
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7. The Costs of Refinancing are Manageable
Refinancing involves upfront costs, such as appraisal, origination, and closing costs. Evaluating whether these costs are manageable and whether the potential savings or benefits outweigh them is essential. Use a refinance calculator to assess your break-even point and long-term savings.
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8. Personal or Economic Circumstances Have Changed
Changes in the broader economy or your personal financial situation can also signal a good time to refinance. For instance, locking in a fixed-rate mortgage can provide financial stability if inflation rises and you have an ARM. Alternatively, if your income has increased, you might want to reduce your loan term to repay your mortgage sooner.
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The decision to refinance your home is significant, and timing plays a critical role. You can determine the best time to refinance by monitoring interest rates, understanding your financial goals, and carefully evaluating the costs and benefits. Consulting with a mortgage advisor or financial planner can provide additional insights tailored to your unique situation, ensuring you make the most informed decision for your home and financial future.
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GoAgent - MLS On Your Smartphone
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Get your free Multiple Listing Service access on your smartphone! Victoria Realtors® use the Multiple Listing Service (MLS) to find that perfect home for you. We also for many of our clients set up auto email searches and send listings of properties we find directly to your web portal.
As a member of the MLS, I can easily give you free access to search for properties listed in the MLS right in the palm of your hand. Search for your dream property in your favorite neighborhood and still get my real estate expertise.
The GoAgent app on your phone, allows you to search for properties, synchonizes to your web portal and allows easy texted based communication with your Realtor®. It will even show you all active listings around the area where you are driving. If you are viewing a property in an area you like, you can quickly see any other properties in that area that are for sale. This is just a great tool for both buyers and sellers and is absolutely free.
You can download the app from this link: goagent.ca/86242F06
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Annual Home Value Checkup
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Many people, as part of their annual financial review, like to do an Annual Home Value Checkup. You don't want to miss out knowing how you fit into the market. Upon request, we are happy to provide you with a market evaluation of your home on what we believe it would sell for today if you were going to sell it in the current real estate market.
If you are thinking of selling in the coming spring then it may make sense to get your market valuation now and again just before you plan to sell to see how the market is changing and how it will affect your sale in your net sale returns.
This can also be invaluable when you are considering downsizing or upsizing, renegotiating your home equity line of credit, or updating your home insurance. There is no cost and no obligation. We will create a brief written report and go over all the details of your home valuation with you and how it was determined. We can also give you tips on how to inexpensively improve the value of your home.
Click here to request your Annual Home Value Checkup.
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Thanks For Reading Our Newsletter
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Thank you for reading this newsletter. We hope you have enjoyed our current market update, hot properties, blog topic, YouTube video or playlist and have discovered useful information on the real estate market in Greater Victoria.
Please send us an email with your comments! We would appreciate your suggestions for future topics.
If you have received this newsletter by email then you are a friend, a former colleague, a past real estate client, or have indicated that you are interested in the real estate market in Greater Victoria.
If someone has shared this email with you and you would like to receive our newsletters or notification of our YouTube video releases then please subscribe at the following link: Subscribe Videos and Newsletters.
If you want to have a chat with Gary about what is happening in the Victoria real estate market, get your current home market value, or want to discuss buying or selling your home then you will find our contact info at the bottom of this newletter to call or book a phone, zoom, or coffee meeting with Gary.
If you would prefer to not receive future real estate email newsletters then you may unsubscribe by clicking on the Unsubscribe link at the bottom of this newsletter. We hope you will stay but understand that we all get a lot of email daily.
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Thanks,
Gary and Rosemary
Gary Sims Victoria Homes
"We love people and we love homes!"
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