250-262-7496dan@remaxaction.ca

Dan Petersen

Committed to going the extra mile and ensuring that all of your needs are successfully met in a professional and honest manner. For Service and Commitment, let me help guide you with your next purchase or sale.

 

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BC's Cooling Off Period | Home Buyer Rescission Period
B.C.’s Cooling-Off Period⁠

Home buyers are now able to back out of a residential purchase within a set period after signing a contract thanks to BC’s new Home Buyer Rescission Period, also known as the “cooling-off period.” This change to real estate law was done so by the government of BC to help ‘cool off’ the market and the speed of decision making. Taking effect on January 1, 2023, it regulates all residential real estate, with few exceptions, regardless of whether a licensed real estate representative is involved in the transaction.⁠

Home Buyer Rescission Period⁠

Home buyers can choose to rescind a contract within 3 business days after the final acceptance of a firm and binding offer. It applies to all contracts, regardless of subjects, and cannot be waived by either the seller, buyer, or their representatives. Home buyers can legally withdraw from the firm and binding offer in exchange for a fee of 0.25% of the purchase price. ⁠ ⁠

If you have any questions about the new regulations, I encourage you to contact me as I would be happy to walk you through the new regulation and its implications for buying and selling.⁠

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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January 2023 - Bank of Canada Rate Announcement

The target for the overnight rate increased to 4.5%, with the Bank Rate at 4.75% and the deposit rate at 4.5%. Quantitative tightening will continue. Inflation remains high and broadly based globally, but is trending down in several countries, reflecting lower energy prices and improvements to supply chains.

In the US and Europe, slowing economies are proving to be more resilient than at the time of the Bank’s October Monetary Policy Report (MPR). China’s lifting of COVID-19 restrictions revised the growth forecast and poses an upside risk to commodity prices. Russia’s war on Ukraine is still a source of uncertainty and financial conditions remain restrictive. The Canadian dollar has been relatively stable against the US dollar.

It’s estimated that the global economy grew about 3.5% in 2022, but will slow to about 2% in 2023 and then grow to 2.5% in 2024. Economic growth in Canada is stronger and the economy remains in excess demand. The labour market is tight as the unemployment rate is near historic lows. Businesses, however, are reporting ongoing difficulty finding workers. There’s evidence that the restrictive monetary policy is slowing activity, especially household spending. Services and business investments are expected too slow in addition to weaker foreign demand helping to allow supply to catch up with demand.

It’s estimated that Canada’s economy grew by 3.6% in 2022 but is expected to stall through to the middle of 2023, and then picking up again later in the year. GDP is expected to grow 1% in 2023 and 2% in 2024. Inflation has declined from 8.1% in June to 6.3% in December, reflecting lower gasoline prices and durable goods. 

Canadians are still feeling the hardship of high inflation in their essential household expenses, with persistent price increases for food and shelter. Short-term inflation is expected to remain elevated but inflation is projected to come down significantly this year.

Governing Council decided to increase the policy interest rate by a further 25 basis points. Governing Council is prepared to increase the policy rate further if needed to return inflation to the 2% target, and remains resolute in its commitment to restoring price stability for Canadians.

Reach out with your questions in regards to how this impacts your home buying or selling decision.

Dan Petersen⁠

Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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December 2022 - CREA Canadian Housing Market Snapshot

“The bulk of the downward adjustment to sales reacting to the sharp rise in borrowing costs may be in the rearview mirror,” says Shaun Cathcart, CREA’s Senior Economist, as home sales were up 1.3% on a month-over-month basis in December 2022.

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.⁠

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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8 Kitchen Trends to Watch for in 2023
"From increasing comfort and convenience to adding pops of colour and bold textures, here are eight top kitchen trends that will keep your space feeling fresh in 2023."

8 Kitchen Trends to Watch for in 2023 | Read More | Brittany Stager | Realtor.ca
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Upgrading Your Home Office
Organization and storage help to be productive at home. Refreshing your office can inspire you to increase your productivity and improve your workflow. Renovations that boost aesthetics and practicality, can bring you closer to your work and can help achieve more. Whether you have a hybrid work schedule or are working from home, you can incorporate these six ideas into your existing decor.

Upgrading Your Home Office | Read More | Re/Max
 
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How To Get a Mortgage When You’re Self-Employed
If you’re among the “in business for yourself” crows, you may be wondering how to get a mortgage when you’re self-employed. One of the challenges of being an entrepreneur or even an independent contractor is that the major financial institutions and big lenders will be more apprehensive about extending credit to those who work for themselves.

When it comes to applying for a mortgage, it can be a difficult feat to achieve. But is it impossible? Not quite if you employ theright strategies.

How To Get a Mortgage When You’re Self-Employed | Read More | Re/Max
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Pros and Cons of Banks Versus Mortgage Brokers
There are two main options when looking for a mortgage rate: going directly through a bank or working with a mortgage broker. Each can be a good option, depending on your financial situation. So how do you decide which one to try?

Pros and Cons of Banks Versus Mortgage Brokers | Read More | Re/Max
 
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 Explore the Neighbourhood Before You Buy
The surrounding community is significant in determining whether you'll be happy in your new home. When choosing a neighbourhood, forming an accurate impression of it is tough until you actually live there. Use these five strategies for investigating a neighbourhood before you buy.

Explore the Neighbourhood Before You Buy | Read More | Re/Max
 
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Factors to Consider When Deciding Where to Live
Whether you’re staying in the same city or relocating, it’s important not to box yourself in since there are lots of options available. Maybe you like the neighborhood you're in right now, but there are plenty of other unique places across Canada to live, and it’s essential to consider all your options. Which is the Most Important Factor in Deciding Where to Live?

Factors to Consider When Deciding Where to Live | Read More | Re/Max
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Completely finished up and down including driveway landscaping and fence.

Located in the Bert Ambrose catchment area in a quiet cul-de-sac. Fast possession is an option.

11319 96A Street, Fort St. John, BC
MLS#: R2745525

2,432 sq/ft
5 BEDROOMS
3 BATHROOMS
BUILT-IN: 2004

Enjoy the gas fireplace in living room and the big kitchen with maple cabinets, pantry, and an island that has room to eat at + with patio doors to rear deck.

The master bedroom has extra large closet and full sized ensuite. The basement is finished with two very large bedrooms, recreation room and a full bathroom. It has central air conditioning and the roof was redone in 2017.

Please contact me with your questions and book a private showing.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

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A newly renovated home, ready for you!

A newly renovated home, ready for you! 

8723 76 Street, Fort St. John, BC
MLS#: R2745523

928 sq/ft
3 BEDROOMS
2 BATHROOMS
BUILT-IN: 1991

The open concept home with master bedroom with full ensuite is located at the back of the home. The kitchen has lots of cupboards and counter space. The roof, furnace & HWT have been replaced three years ago. Please contact me with your questions and book a private showing.

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

**VIEW FULL LISTING** 

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Common Real Estate Terms

This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!

Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠
www.danpetersen.ca⁠

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Fort St. John Property Sales Down in 2022
"Real estate sales plunged 26% in Fort St. John in 2022, but average selling price of a single-family home saw a modest increase from 2021, according to year-end numbers from the BC Northern Real Estate Board. A total of 632 properties changed hands in Fort St. John last year, down 26% from the 796 properties sold in 2021."

| Read More | Matt Preprost | Alaska Highway News
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Northeast B.C.'s Most Valuable Homes in 2023
"A Moberly Lake acreage dubbed the "Jewel of the North" is once again northern B.C.'s highest valued property in 2023. BC Assessment lists the 100 priciest homes in northern B.C."
 
| Read More | Matt Prepost | Alaska Highway News
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Co-Op Community Champion
Winner will receive a $100 gift card to the Fort St. John Co-Op + have their amazing work profiled on Energeticcity.ca.

| Read More | Energetic City
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6 Signs It’s Time to Buy a House
Many dream of owning their own house and while it's an excellent way to build financial security and equity, renting gives you the freedom to move when you want. Often, the urge to own rises to the surface but how do you know when you’re ready?

| Read More | Re/Max
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Home Hardware presents Family Fun Night
This month is about experiencing new things with your family, so put your problem solving to the test and you can win $100 to Home Hardware and $100 to Amazing Escapes!

Read More | Catarina Costa | Energetic City
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What’s for Dinner?
Every weekday around 3PM you have the chance to win a $50 gift card to McDonald’s so you don’t have to worry about What’s for Dinner. Listen to 100.1 Moose FM for your chance to ENTER TO WIN!

| Read More | Catarina Costa | Energetic City
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