Hello Victoria! I’m bringing you the latest insights into how the Bank of Canada's recent announcement might affect your real estate journey.

After an unprecedented series of seven consecutive interest rate cuts, the Bank of Canada has today decided to hold its key policy rate at 2.75%. This marks a pause in the rate-cutting cycle we've experienced since last summer, and it naturally brings questions for both current homeowners and those looking to buy or sell in our vibrant Victoria market.

So, what does this hold mean for you?

• For Variable-Rate Mortgage Holders: The good news is that your interest rate and mortgage payments will remain unchanged for now. If your mortgage fluctuates with the prime rate, you can expect continued stability until the Bank of Canada's next announcement.

• For Fixed-Rate Mortgage Holders: While there's no immediate impact on your current payments, this pause suggests that future rate decreases, should they occur, could translate to lower rates when it's time for your mortgage renewal.

• For Those with Lines of Credit or Other Prime-Linked Loans: You'll see your interest charges remain steady, as the prime rate is expected to hold at 4.95% at most lenders, with TD Bank's mortgage prime rate staying at 5.10%.

Looking Ahead:

All eyes are now on June 4, 2025, the date of the next Bank of Canada rate decision. Economists will be closely analyzing upcoming economic data and inflation trends to gauge whether this pause is temporary or signals a longer-term shift in monetary policy.

Navigating Your Real Estate Future:

Understanding the nuances of interest rate decisions and their potential impact on your real estate plans is crucial. Whether you're considering buying your first home, looking to sell your current property, or simply want to explore your options in light of this announcement, I'm here to provide clarity and expert guidance.

And speaking of expert guidance, navigating the mortgage landscape can feel overwhelming. If you're looking for assistance with a mortgage renewal or are considering a purchase and need trusted advice, ask me to introduce you to the fantastic Paul Macara. He's a seasoned professional who can help you understand your best options in this evolving economic environment.

Don't hesitate to reach out with any questions you may have. I'm always happy to help you make informed decisions and achieve your real estate goals right here in beautiful Victoria!

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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Spring is just around the corner—even if there’s still snow on the ground! As the weather warms up, many homeowners start thinking about renovations to refresh their space, improve energy efficiency, or add value to their property.

Whether you're upgrading your kitchen, adding a rental suite, or making energy-efficient improvements, there are several financing options to help make your project a reality.

According to Paul Macara, our trusted mortgage professional with Macara Mortgages at The Mortgage Group, one of the most cost-effective ways to fund a renovation is by leveraging your mortgage:

• Refinancing: If your home’s value has increased, you may be able to refinance your mortgage and access additional funds at a lower interest rate compared to personal loans or credit cards.

• Home Equity Line of Credit (HELOC): A HELOC allows you to borrow against your home equity, giving you flexibility to withdraw funds as needed during your renovation.

• Purchase Plus Improvements Mortgage: If you’re buying a home that needs work, this option lets you roll renovation costs into your mortgage right from the start.

• Renovation-specific loans: Some lenders offer loans specifically designed for home renovations, providing structured repayment terms and competitive rates.

Government Programs to Consider:

There are also government-backed programs designed to support home renovations:

• Greener Homes Loan: If you’re planning energy-efficient upgrades like new insulation, windows, or a heat pump, you could qualify for an interest-free loan of up to $40,000 through this federal program.

• Secondary Suites Loan: Homeowners looking to create a legal secondary suite may be eligible for financing assistance to help offset construction costs. This is particularly beneficial if you plan to rent out the space for additional income.

• Provincial rebates and incentives: Many provinces offer additional rebates and incentives for energy-efficient home upgrades, such as grants for solar panels, insulation, and high-efficiency heating systems. These programs vary by province and can help offset renovation costs significantly, making eco-friendly upgrades more affordable.

• Municipal incentives: Some cities and municipalities also provide rebates or financing for home improvements, particularly those focused on sustainability and accessibility. Paul Macara can share if there are any additional programs in your area.

Finding the Right Option for You:

• Each financing option has its benefits and requirements, so it’s crucial to find what fits your needs.

• Consider factors like interest rates, repayment flexibility, and eligibility criteria before making a decision.

• No matter the size of your project, the right financing can bring your vision to life without added financial stress.

Thinking about a spring reno? For more detailed information about mortgage financing for your spring renovations, connect with Paul Macara: (250) 857-4741, paul@macaramortgages.com or visit Macara Mortgages with The Mortgage Group to learn more.

Stay tuned for next month’s mortgage minute! If you need help with buying a home or getting your property ready for the market, reach out to me:

Jacqueline Ross, REALTOR® 
Coldwell Banker Oceanside
(250) 415-5656
jac@yourvanislehome.com
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I know you are curious about what's been happening in Victoria's real estate market, so I'm here to give you a clear picture of the latest trends. This post dives into the December 2024 sales activity and shares some important insights from the Victoria Real Estate Board Chair, Laurie Lidstone, on what we can expect in 2025.

December 2024 Market Highlights:

Let's look at the numbers:

• We saw a total of 421 properties sold in the Victoria Real Estate Board region this December.

• That's a 28% jump from the 329 properties sold in December 2023! That's great news!

• However, it's a 23.6% decrease from November 2024, showing the market is always dynamic.

• Condominium sales were up 25% from December 2023, with 135 units sold.

• Sales of single-family homes also increased by 20.9% from December 2023, with 191 sold.

• Over the entire year of 2024, a grand total of 6,893 properties changed hands—an 11% increase from the 6,207 sold in 2023.

What This Means for You (Buyers & Sellers):

I want to break down what these numbers mean for you, whether you're looking to buy or sell:

For Buyers:

• The increased sales activity tells me the market is active. This is great for choice, but be prepared to act fast on properties you love.

• Inventory is still relatively low, which can mean more competition for desirable homes. Let's work together to make your offer stand out.

• Recent government changes, like extended amortization periods for first-time buyers and adjustments to property transfer tax thresholds, are aimed at making homes more attainable. Let's explore how these can benefit you.

For Sellers:

• The good news is that prices have been relatively stable for the past two years, providing a more predictable market for you.

• The low inventory could work in your favour if demand picks up, which could put upward pressure on prices.

My Take on 2025 (and What the VREB Says):

Laurie Lidstone, the 2024 Victoria Real Estate Board Chair, summed it up well: "2024 was a fairly calm year for local real estate...a year of stability and predictability." This is exactly what we want for a healthy market! The VREB also mentioned that consistent interest rates will help people make moves. I agree – stability is key.

The VREB is also advocating for gentle density development, which will help with our long-term inventory challenges.

My Advice:

The market is influenced by many factors, and predicting the future is impossible. But with consistent interest rates and the possibility of increased demand against limited inventory, it is key to be prepared.

Call to Action:

Whether you're thinking about buying or selling in 2025, I'm here to help you navigate this complex market. As your local expert, I can create a personalized strategy for you and your property.

Contact me today for a free consultation!

A Few More Numbers:

• At the end of December 2024, there were 2,290 active listings. This is down 19.3% from November but up 7.4% from December 2023.

• The benchmark price for a single-family home in the Victoria Core in December 2024 was $1,306,400, a 2.7% increase from December 2023 ($1,272,000) and a slight 0.3% increase from November.

• The benchmark price for a condo in the Victoria Core in December 2024 was $547,800, a 1.6% decrease from December 2023 ($556,500) but a slight 0.6% increase from November.

Stay in the loop! Subscribe to my newsletter for more market updates and local insights!

I'm here to help you achieve your real estate goals in Victoria!

– Jacqueline Ross

Jacqueline Ross
REALTOR®
Coldwell Banker Oceanside
250.415.5656
jac@yourvanislehome.com 
YourVanIsleHome.com
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Keeping you informed on the latest mortgage rate trends and policy changes.

Bank of Canada Rate Announcement: The Bank of Canada lowered its key interest rate by half a percentage point today but signalled a slower pace of rate cuts moving forward.

The decision marked the fifth consecutive reduction since June and brought the central bank's key rate down to 3.25%. Read more about this here.

If you’re buying, lower interest rates can lead to more affordable mortgage payments, making it easier to qualify for a mortgage and purchase a home.

Our trusted mortgage partners are ready to help you understand the changes affecting your purchase or renewal. Send me a message if you'd like a referral to a mortgage broker.

Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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The Victoria real estate market continues to evolve, and recent trends offer promising opportunities for both buyers and sellers. Here's what you need to know:

A Shift Towards Balance

The Victoria real estate market continues to evolve, and recent trends offer promising opportunities for both buyers and sellers. Here's what you need to know:

551 properties sold, 39.8% more than the 394 sold in November 2023 and down 15.7% from October 2024. Condos were up 55% from last month, with 186 units sold. Sales of single-family homes were up 36%, with 263 sold.

While the number of active listings has dipped slightly compared to October, providing some breathing room for buyers, the market still shows a 7.3% increase in listings compared to last year. This movement indicates a shift towards a more balanced market.

Benefits for Buyers & Sellers

This newfound stability creates a favourable environment for both buyers and sellers. Here's how you can capitalize on it:

For Buyers:

• Lower Interest Rates: Take advantage of recent interest rate decreases! Explore mortgage options and lock in a favourable rate. [Connect with me for a fantastic broker recommendation!] 

• Less Competition: A balanced market means fewer competing offers. Be prepared to act quickly on properties you love.

For Sellers:

• Competitive Pricing: Attract buyers with a realistic asking price that reflects the current market conditions.

• Strategic Presentation: Stage your home to showcase its best features and leave a lasting impression on potential buyers. Our proven marketing strategies can help you create that crucial first impression. [Ask me about our marketing expertise!] Sell the right way.

Navigating the Market with Confidence

Whether you're buying your dream home or selling your current property, navigating the real estate market can feel complex. I'm here to help you make informed decisions and achieve your goals.

Let's Connect!

Let's chat about your specific needs and discuss how I can guide you through the Victoria real estate market.

GET IN TOUCH

Jacqueline Ross, REALTOR® | 250.415.5656 | jac@yourvanislehome.com 

First Time Home Buyers:

The federal government is making it easier for Canadians to enter the housing market. Starting December 15th, 2024, the maximum purchase price for insured mortgages will increase to $1.5 million, and first-time homebuyers can now finance their homes over 30 years. This change could make it easier for Canadians to afford their dream homes.

Insured Mortgages Stress Test News:

Mortgage brokers were previously required to stress test or, in other words, re-qualify clients for their mortgage when switching them to a different lender at renewal. As of November 21, 2024, the stress test requirement on straight switches for insured mortgages has officially been lifted.

This means it’s easier to switch lenders without the usual stress tests. It could open doors to better mortgage options, especially if your renewal is coming up in the next two years.

To take advantage of this, consider working with a mortgage broker. They can help you explore a wide range of lenders and products, securing the best rates and terms to fit your specific needs. By planning early, you can make informed decisions and potentially save significant money on your mortgage.

Getting the Help You Need:

With interest rates fluctuating, navigating the mortgage landscape can be tricky. Whether you're a first-time buyer or a seasoned investor, I'm happy to connect you with a trusted mortgage professional who can answer your questions and guide you toward the best financing options.

Ready to explore your mortgage options? Contact me today to discuss your specific needs and learn how I can help you achieve your homeownership goals.

Jacqueline Ross, REALTOR®
Coldwell Banker Oceanside
250.415.5656
YourVanIsleHome.com
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