Your REALTOR®:
David Hale
September 2020
Real
Reputation For Results


Is Now A Good Time To Buy Your First House?
The coronavirus pandemic has put many things on hold, but real estate continues to chug along. Sales and listings persist across the country, with some markets harder hit than others. And home prices are rising, throwing a wrench in the plans of those who thought they might be able to swoop in for a steal. 
      “Any thoughts of bargain-hunting in the aftermath of the coronavirus shutdown have proven to be a losing strategy,” said Forbes. “While it seemed likely that house prices would decline due to lack of sales activity, the opposite has occurred. According to recent statistics issued by Realtor.com, median listing prices are 5.6% higher than one year ago, and more than a
Mortgage Rates
Canada averages as of September 2020:



1 yr. closed: 2.19%
3 yr. closed: 1.99%
5 yr. closed: 1.74%
10 yr. closed: 2.99%


Source: www.ratehub.ca






than a full percentage point above the levels just before the COVID pandemic shut down the economy.”
      But, interest rates are at historic lows, which stretches
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Can You Use Unemployment Income to Help Qualify?
     As the economy is still being impacted by the Coronavirus, unfortunately many across the country are unemployed. Whether it’s a temporary furlough or a particular company has closed down until further notice, more and more people are finding themselves in the unemployment line. Recent data from May shows some improvement from the previous month, but still the most recent number shows the unemployment rate fell to 13.3 percent and added 2.5 million non-farm payroll jobs. That’s quite a rebound, in fact it’s the strongest one month job growth on record, but that’s an indication of how many were laid off in the first place.
      Fortunately, most unemployed are covered by unemployment insurance. While the unemployment insurance is certainly a welcome



Décor Tips To Help You Through Stressful Times
     You’ve cleaned and disinfected your home and have taken a few trips to the dump with the fruits of your decluttering frenzy. Yet your home feels more cramped and tired than when you started the quarantine. You feel frustrated and stressed.
      With cooler weather and more indoor time around the corner, now’s the perfect time to plan your attack. There are lots of smaller things you can do to make a big difference. And it doesn’t have to cost a lot.
      At the end of the day, it’s all about function, says interior stylist Red Barrinuevo of Redesign4more in Toronto.
      How has the way you use your home changed during these challenging times? What purpose or purposes do you need each room to serve? Reassess each space to see what works and what needs to be improved. Determining the function is the jumping off point, he says.
      What furniture do

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A lukewarm spring comes to an end for the Victoria Real Estate market

 A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018 but a 12.7 per cent decrease from May 2019. Sales of condominiums were down 6.1 per cent from June 2018 with 216 units sold. Sales of single family homes increased 10.4 per cent from June 2018 with 394 sold.

 "June has trended lower than May for the past few years and tends to signal the end of the active spring market," says Victoria Real Estate Board President Cheryl Woolley. "The summer months of July and August generally see less activity than the spring, as people's attention shifts to vacation and away from real estate. This year, we have seen slightly more sales compared to June of last year. We have also seen one hundred fewer new listings enter the market this year, which continues to make a challenging market for buyers who are hoping for more options."

 There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019, an increase of less than one per cent compared to the month of May and a 17.1 per cent increase from the 2,595 active listings for sale at the end of June 2018.  

 The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2018 was $898,500. The benchmark value for the same home in June 2019 decreased by 4.3 per cent to $859,600, slightly less than May's value of $860,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2018 was $509,000, while the benchmark value for the same condominium in June 2019 increased by 2.97 per cent to $524,100, higher than May's value of $519,300.

 "It is possible that some buyers are waiting for the federal government's new first-time home buyer incentive to roll out this September," adds President Woolley. "The program is intended to assist first time buyers with their down payment. It's hard to estimate how many local buyers may take advantage of the incentive, but because of the low threshold for maximum purchase price, the program may only help those in our area who seek to buy condos. This could mean a slight uplift in lower priced properties in the fall, if more buyers are enabled to enter the market. 

  If you are interested in our Shared Home Ownership program, check out the link to our events page.......

sharedhomeownershipvictoria.com/


  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
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David Hale PREC
E-mail: davidraymondhale@gmail.com
Website: DavidHale.com
250-812-7277

Pemberton Holmes Realty
3354 Radiant Way
Victoria BC V9C 0H5


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