Opinion: - Frank O'Brien the editor of Western Investor -
Four new rules – including one now in effect in B.C. will be costly, complicated and do nothing to alleviate the low supply or high price of housing in Canada.
Housing is a Struggle and Governments About to Make it Worse.Opinion: - Frank O'Brien the editor of Western Investor - Four new rules – including one now in effect in B.C. will be costly, complicated and do nothing to alleviate the low supply or high price of housing in Canada. With price correction largely behind us, home prices in Canada are expected to end next year just 1% below 2022While home prices in many real estate markets across Canada have recorded modest declines over the last few quarters, largely due to the rising cost of borrowing, the rate of decline has slowed. With the expectation that the Bank of Canada’s interest rate hike campaign is coming to a close, Royal LePage is forecasting that the national aggregate price of a home in the fourth quarter of 2023 will be $765,171, 1.0% below Q4 of 2022. Broken out by housing type, the median price of a single-family detached property and condominium are projected to decrease 2.0% and increase 1.0% to $781,256 and $568,933, respectively. “After nearly two years of record price appreciation, fueled by a steep climb in household savings, very low borrowing costs and an overwhelming desire for more space during the COVID-19 pandemic, the frenzied housing market overshot and the inevitable downward slide or market correction began, intensified by rapidly rising borrowing rates,” said Phil Soper, president and CEO, Royal LePage. “In an era characterized by the unusual, this correction has not followed historical patterns. While the volume of homes trading hands has dropped steeply, home prices have held on, with relatively modest declines. We see this as a continuing trend.” In the first quarter of 2023, the national aggregate home price is expected to decline on both a year-over-year and quarter-over-quarter basis, followed by near-flat quarterly price growth in Q2. In the second half of next year, the aggregate home price is expected to see modest quarterly gains, but will still remain lower than the same periods in 2022. Don’t Let Outdated Preapproval Add to Your Home Search WoesAs mortgage rates continue their stomach-turning rise and serious shoppers compete for a limited supply of homes, would-be home buyers may be struggling to make a successful offer before their mortgage preapproval letter expires. According to Zillow, more than half of home buyers this year reported making two or more offers before closing on a home — and that’s only after finding one that meets their needs, which takes an average of eight weeks, according to the National Association of Realtors’ 2022 Home Buyers and Sellers Generational Trends Report. For some, the search lasts longer. A typical letter is valid for 90 days, though that can vary by lender. This time-sensitive document from your lender tentatively estimates how much it is willing to lend you, and on what terms. It demonstrates to the home seller that your mortgage is likely secure, so the deal can close. If your home search is outlasting your preapproval window but you’re committed to the hunt, you can relieve some pressure by renewing your preapproval with your lender. These tips will help you protect your mortgage preapproval and stay on top of your homebuying budget. How to renew your mortgage preapproval Confirm the letter’s expiration date Contact your mortgage loan officer Update your documentation Think of the process as a “refresh” instead of an “extension,” since the amount and terms of your preapproval will likely change with your new letter. Consider a different kind of mortgage Some lenders advertise loan programs that come with lower or temporarily suppressed rates. For example, New American Funding offers a “buydown loan” that allows borrowers to pay 1% or 2% less than the 30-year fixed rate for their first few years in the home, or a combination of those discounts. If you choose to switch lenders, you’ll have to shop around again and start the application process over from scratch. Reconsider the starter home “I feel like a lot of millennials are trying to make a move into the dream home from renting,” says Steve Ploetz, a Realtor with Century 21 Award in Carlsbad, California. Some home buyers may find that a smaller house, condo or property outside of a preferred neighborhood makes sense as a stepping stone to their real estate dreams. Limiting the scope of your search to what you can truly afford — instead of what ticks the most boxes on your wish list — may present more opportunities. Check in with your lender often If you want to level-up your home-shopping strategy, maintaining your mortgage preapproval is key. Staying in frequent contact with your lender and accounting for a changing budget can give you the tools to shop like a pro, even in a challenging market. Keeping Up The Yard Through The WinterThis is the time when people start to want to stay indoors a bit more, especially when the temperatures significantly drop. But you can't neglect your outdoor patios and decks, especially if you plan to sell soon. Buyers won't want to see broken-wood decks or corroded wrought iron patio sets in your backyard. The good news is that if you prepare ahead, you can save yourself time and money. Taking some good housekeeping steps now will allow you to step outside into the fresh spring air next year to a well-preserved outdoor space. Where to begin? First, if your deck is looking a little worn and tired, make the necessary repairs now. Don't wait until you can stick your foot through a board (like I did). That's not only dangerous but it also mandates a quick fix. Give your deck a good cleaning and sealing or staining before the weather gets too cold and wet to do this. Make sure you check for loose nails and get rid of any splintery edges by sanding them down. Seal with waterproofing sealants. For these, generally the weather has to be above 32 degrees F and 50 degrees F for sealing and stains, respectively, to work properly. Put the clippers to work. Take a good look around your yard and decide which plants need to go. Many annuals may have been killed by frost and it's time to clear them away. Keep your flowers keep them looking good by trimming away dead leaves. If you cut your plants back now it will cause them to grow and flower more effectively later on. Add seasonal plants. You can still have some nice color in your yard if you get the right plants for your yard's climate. Kale and ornamental cabbage are attractive. In warmer climates try primroses for winter color. Use creative containers with your seasonal plants. Putting a perennial plant in a beautifully painted container can add style and allure to your patio all winter long. Plant potted vegetables. Nothing's better than fresh food especially when it comes from your own yard. There are some cool-weather vegetables that work well in pretty pots. Things like lettuce: kale, leaf, mustard, and Chinese cabbage are good for this. Also, don't forget herbs; they'll come in handy for the holiday dinners. Get artsy. Making your yard look good in winter is also about what you leave outside. Those brightly colored throw pillows and rugs that worked great in summer, of course, should be brought inside. Instead get creative with lights that give a sparkle on a cold winter night. Hang plants with ornaments on them. Also, hang bird feeders to attract birds. Taking a few simple steps to keep your deck, yard, and outdoor furniture in good condition will give you an easy progression into spring. And, if you're listing your home for sale in the winter, these steps are sure to please buyers. Winter Home Selling ChecklistSome Highlights
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