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October 2016

Found 2 blog entries for October 2016.

The total number of sales for the Victoria Real Estate Board in September this year declined for the fourth consecutive month to 781 down from the record setting peak 1,289 sales in May 2016 but are still historically high and up 10% from just 704 sales in September of 2015. The Neal Estate Team has been on fire and we have maintained record levels of sales continuing to average a sale a day for the past few months.

The total number of listings available for sale remains very low at just 2,061 at the end of September. This is 40% lower than the 3,478 available at the end of September 2015 and is as low as I can remember in my 25 years in the business since 1991.

The continuing strong demand combined with low inventory has continued to pressure

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New rules announced today in Ottawa for mortgage qualifying significantly affects qualifying for  home purchases. In short, up until today a borrower could qualify on the best rate they can find, currently as low as 2.19% for a 5 year term. Now the qualifying must be based on the posted 5 year rate which is presently averages 4.64%.

They are also going to crackdown on foreign investors presently using the loophole for tax exemption as principal residence. Will they target speculators and flippers who avoid taxes with this next?

See the Finance Minister’s Press Release and the story as reported by CBC News below.

It will be interesting to see the impact of these measures on our superheated market. Please post and share your thoughts! We

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