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 1 st . 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 ...
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