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Market Update March 2024
The year has started out strong and stable! The Bank of Canada held rates once again in January. With a decrease in the latter part of 2024 still being projected, trepidatious buyers are slowly bringing demand back to our market. Entry-level homes in the $900,000 - $1M range are seeing the most activity, with 40% selling in multiple offers for above their asking price. With competition in this sector of the market growing, it's important to act quickly and strategically to achieve success. The need for the "missing middle" type housing has surged with townhome sales in particular up 50% from this time last year. Spring tends to bring more inventory and subsequent activity, and this year is no different. Inventory levels increased by 34% last month, which is fantastic, albeit a bit skewed given the record low numbers we experienced in February last year. Across all market sectors, 10% of properties are selling for above their asking price, and condos, townhomes, and detached homes are selling for an average of 98% of their asking price.
Effective April 1st, 2024, first-time buyers and new home purchasers will benefit from an increased exemption to the Property Transfer Tax payable on a home purchase. First-time buyers will now benefit from a full exemption up to a purchase price of $500,000 plus partial exemptions up to $860,000. For new-builds, buyers now benefit from a full exemption up to $1,100,000 with partial exemptions up to $1,150,000. The introduction of a 20% flipping tax on homes sold within a year aims to curb speculative activity. With only about 3% of properties being sold within the year, I don't expect this will make too significant an impact on our market overall.
Get Ready for Spring: Home Maintence Checklist
With spring just around the corner, it's the perfect time to give our homes some muchneeded attention! I've put together a handy checklist to help you get started. From checking the roof to tidying up the garden, these ten easy steps will have your home shining bright and ready for spring!
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Check exterior, clean gutters
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Landscaping: prune, rake & fertilize lawn
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Pressure wash deck, driveway, railings, etc
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Schedule HVAC maintenance, replace filters
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Clean windows and check for drafts
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Test smoke detectors
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Clean dryer & washroom fan vents
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Check attic and/or basement for leaks
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Spring cleaning! Declutter, donate
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Inspect and clean chimney/fireplaces
5 Things to Know about Going Solar
I sat down with Chris Palliser from Shift Energy Group to talk about the Top 5 Things you should know about going solar.
1. Smart Financial Investment
Over the last decade, the cost of solar has decreased by 90%. Investing in solar can provide a return of 4-8% per year over 30 years, outperforming traditional investments like a GIC.
2. Earn Credits For Excess Electricity
Surplus energy can be banked through the Net Metering Program without the need for batteries, helping you save more.
3. Incentives and Rebates
Government incentives include a 0% interest, 10-year payback loan to enhance energy efficiency, offering significant savings.
4. Resale Value
Solar panel installation can increase property value by an amount equivalent to the system's cost. Growing demand for home selfgeneration could further drive up resale value.
5. Energy Independence
Solar installation provides clean energy and electricity bill savings for 25+ years, protecting against rate increases. Additionally, it reduces carbon footprint and allows charging of electric vehicles with solar power, with 8 panels providing enough range for 40,000 km per year.
