January 2025

Monthly Newsletter

10 January 2025

REAL ESTATE MARKET SNAPSHOT

Things are looking up! The Vancouver Island Real Estate Board latest statistics report shows our Cowichan Valley Market closing out the year with upticks in the average sale price, number of new listings and number of sales for single family homes. Our market continues to remain balanced and robust as we head into 2025. Combined with the Bank of Canada overnight rate drops throughout the year, 2025 is looking to be a solid year in Real Estate. See VIREB's Full Report or take a look at the short clip below for more information.

BIG NEWS FOR HOME BUYERS:

NEW MORTGAGE RULES ARE NOW IN EFFECT!

Great news for first-time home buyers AND those eyeing new builds or higher-priced properties (maybe with a mortgage helper?). New mortgage rules are here to make homeownership more accessible. Here’s a quick rundown:

30-YEAR AMORTIZATION FOR FIRST-TIME BUYERS

All first-time buyers can now qualify for a 30-year amortization, regardless of their down payment amount. To qualify, you must:

-Have never purchased a home before, OR

-Not owned or occupied a principal residence in the past four years, OR

-Recently experienced a marriage or common-law relationship breakdown.

30-YEAR AMORTIZATION FOR NEW BUILDS

A reminder that anyone, even if they are not a First Time buyer will qualify for a 30-year amortization if the property is NEW and has never been occupied (newly constructed condos with interim occupancy also qualify).

HIGHER PRICE CAP FOR INSURED MORTGAGES:

The price cap for insured mortgages is increasing from $1 million to $1.5 million, allowing buyers to make smaller down payments on higher-priced homes.

UPDATED MINIMUM DOWN PAYMENTS:

-Homes up to $500,000: Minimum 5% down.

-Homes over $500,000: Calculate 5% on the first $500,000 and 10% on the remainder.

For a $1.499M home, the new minimum down payment is 8.33% ($124,999)— this is saving buyers up to $165,000 compared to the previous 20% requirement.

WHAT THIS MEANS FOR YOU

These changes make homeownership more affordable for first-time buyers and new-build purchasers. Whether you’re saving for a down payment or ready to buy, now is a great time to act!

Rates & Info Courtesy of Janette Roch at Dominion Lending

Looking for expert mortgage advice? Reach out, she'd love to help!

Highlights from 2024

March - Elite Real Estate Team Comes Together

Elite Real Estate Team comes on line! Ally puts together an amazing team of Real Estate Professionals and we're ready to launch!

June - Lake Cowichan Ambassador's Gala

Ally attends the Lake Cowichan Ambassador's Gala with Rosaline Martin. Ally was pleased to volunteer as Rosaline's sponsor representative while she represented RE/MAX Generation Lake Cowichan.

July - Escape to Thetis Island

Summer fun! Office meeting on the water? Don't mind if we do! The team escapes to Thetis Island for a working lunch, ferry service provided courtesy of Captain Chris Massey

August - Ally's Stagette

The ladies join Ally in Whistler for a weekend of fun and adventure, celebrating her engagement to the very lucky Stephen Bell!

October - A Visit to Queen Margaret's School

The Elite Real Estate Team had the pleasure of giving a presentation to the Grade 2 classes at Queen Margaret's School on How to Sell a Haunted House!

November - Christmas Parade & Market

The gang volunteers to man the hot chocolate booth. Huge shout out to Country Grocer in Lake Cowichan for putting on such an amazing community event!

WE MADE THE TOP 50 TEAMS!!

We're very proud & happy to announce that we made it into Rank My Agent's Top 50 Team's in Canada! A huge thank you to all our awesome clients who took the time to post a review for us! We couldn't have done it without you!