Greater Victoria Neighbourhoods: East Sooke

East Sooke is a terrific way to leave behind city life, yet still be a half-hour drive from civilization. It is stunningly beautiful and peaceful.

Nature lovers and water sport enthusiasts will truly appreciate East Sooke peninsula. Most of the southern and western coastlines are often called “Nature’s Gallery”. The area is part of the East Sooke Regional Park with 10 km of ruggedly beautiful Coast Trail and 50 km of hiking trails. The park is so large, you can wander it for a day and rarely run into other people.

Many properties border the park and have the most affordable waterfront properties on southern Vancouver Island. Homes found along the Sooke Basin have access to protected deep water and some have their own docks to access the Strait of Juan de Fuca. Away from the coastline, rugged mountaintop estates offer stunning vistas.

Public access to the Strait of Juan de Fuca from Roche Cove or East Sooke Park make it easy to set out on sailing adventures, world-class salmon and halibut fishing, or to launch your canoe or kayak.

Schools close at hand include Sooke and Saseenos Elementary, Journey Middle School and Edward Milne High School.

There is a good deal of undeveloped land available, both waterfront and mountaintop, for those who want to build their own home.

Dealing with Debt

Nearly half of Canadians have had an unexpected financial situation during the past year that affected their ability to meet their financial obligations. Stuff happens, and people generally don’t have ample emergency funds. How to take the conversation from just a recitation and recording of their current debts and change it into something more meaningful?

A good broker won’t just help you to get a mortgage, but also help solve financial difficulties and changes with advice on how to handle credit, and how to structure that credit in order to afford a home.

You will soon be able to qualify for a larger mortgage.

If you qualified for a $500K mortgage yesterday, come April, you will now qualify for a $535K mortgage. That’s because on Tuesday, the federal government announced it will change the benchmark qualifying rate used for Canada’s insured mortgage stress test. That rate is currently 4.89%, which is 30 basis points less than today’s benchmark qualifying rate of 5.19% based on the posted 5-year fixed rates.

The change will take effect April 6, 202

Canadian Home Sales Stats

According to the latest data from the Canadian Real Estate Association (CREA), home sales declined by 2.9% in January 2020 based on home sales recorded with Canadian MLS Systems. However, actual sales activity was up 11.5% compared to January of 2019, which makes it the best January sales figures in 12 years.

The actual national average price for homes sold in January 2020 was around $504,350, which is up 11.2% from January 2019. This was the largest increase since mid-2016. As little stands to change between the supply and demand dynamic, price gains are “poised to accelerate” this year.

Millennials Are Moving Back in With Their Parents. Why?

Those born between the years 1981 and 1996 are often waiting longer before they marry and start a family than baby boomers and generation X. The reasons have nothing to do with laziness or a lackadaisical attitude towards employment. Rather, they face certain economic realities.

Read more here:  https://www.theglobeandmail.com/investing/personal-finance/gen-y-money/article-recent-federal-budget-will-help-indebted-students-but-experts-say-its

BC Budget to be Tabled Today

British Columbia's finance minister is promising to stay the course in her next budget to be tabled today in the legislature.

Since coming to power more than two years ago, the NDP has made controlling costs for families, with a focus on housing, a hallmark of its economic policies. In its first two and a half years, the NDP government has eliminated Medical Service Plan premiums, increased social assistance payments, eliminated interest on student loans and raised support payments for children of foster parents. They have also brought in a new benefit that goes into effect in October to help families with children up to 18 years old. The benefit provides up to $1,600 annually for families with one child, $2,600 for two children and $3,400 for three children.

Overall, B.C.'s economy has remained strong, with the province consistently leading the country in economic growth.

Reference: https://www.timescolonist.com/b-c-budget-on-tuesday-expected-to-stay-the-course-as-economic-growth-moderates-1.24077932

Household Debt Rising Again

The Bank of Canada (BoC) data reveals household credit is on the rise and household debt reached a new all-time high in December 2019. However, the rise in growth is due almost entirely to mortgages. The outstanding balance reached $2.27 trillion in December, up 0.62% from a month before and a 4.2% increase compared to the same month last year.

Mortgage credit outstanding represented $1.63 trillion of the total outstanding debt in December 2019. Other types of credit are less attractive to households right now. Other reported consumer debt represents $641 billion of December’s outstanding amount, up only 0.31% from a month before.
Some feel the rise in mortgage debt is a result of Canadians experiencing FOMO (fear of missing out). Are they accessing their equity to have cash on hand in case there is an economic downturn? What are your thoughts?