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Showing posts from December, 2017

November Saw Greatest Number of Sales Since 1996

November saw the greatest number of home sales in Victoria BC since 1996!
Is this a start of a new trend? Not according to Victoria Real Estate Board President Ara Balabanian. “The fact that we've had an unusual month does not necessarily mean that this is the start of a new trend. It is, however, a good example of how outside forces can impact a housing market."
Balabanian suggests buyers have accelerated their purchase timelines in order to avoid the upcoming stress test on uninsured buyers coming into effect on January 1st. The new stress test will now include those with a down payment of 20 percent or more. The test will require purchasers to prove they can make meet their commitment if interest rates rise above the five-year benchmark rate published by the Bank of Canada or 2 percent higher than their contracted mortgage rate, whichever is higher.
"Judging by the sales we saw in November and what I have heard from our REALTOR® members, some buyers have indeed acce…