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.

 

Search Homes Now!

RSS

Ready to make your dream home a reality in Fort St. John, BC?

Connect with me for a mortgage referral and let's get you pre-approved!

Here's why it's crucial:

Gain a competitive edge: Pre-approval shows sellers you're serious and ready to make an offer, giving you an advantage in this competitive market.

Know your budget: Understanding your loan options helps you set a realistic budget, ensuring you find a home that fits your financial goals.

Let's make your homebuying journey smooth and stress-free!

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

Read

April 2024 | Bank of Canada Rate Announcement

Big News Alert! 

The Bank of Canada decided to keep its overnight rate steady at 5%, sticking to its plan of quantitative tightening. But what does this mean for you? Let's break it down:

Global Economy: Things are looking up! The world economy is expected to keep growing at a steady pace, with the US leading the charge and the euro area on the path to recovery.

Inflation: Good news! Prices in most advanced economies are expected to stabilize, which should ease the pressure on your wallet over time.

Canada's Economy: We hit a speed bump last year, but we're getting back on track. Economic growth is expected to pick up, fuelled by strong population growth and increased spending by both households and governments.

Job Market: It's a mixed bag. While employment is growing, it's not keeping up with the number of people entering the workforce. But hey, at least there are some signs that wage pressures are calming down.

Your Money: Inflation has been high lately, but there's hope on the horizon. The Bank of Canada is keeping an eye on prices and aims to bring them back to a more stable level over the next year or so.

So, what's the bottom line? The Bank of Canada is holding steady for now, keeping an eye on inflation and the overall health of the economy. Stay tuned for more updates as the year progresses!

Got questions about how the Bank of Canada's decisions impact you? Wondering about mortgage rates and what's best for your financial future?

Whether you need answers or want a referral to an outstanding mortgage broker, reach out to me and let's navigate the world of finance together!

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

Read

New property listed in Fort St. John - City NE, Fort St. John

I have listed a new property at 8912 112 AVE in Fort St. John. See details here

This brightly lit 4-bedroom, functional home with open multi-purpose rooms on the main floor is attractive for any growing family, at a prime location within walking distance of nearby schools, parks and the hospital. From the back deck you can see the northern sky with a fenced backyard, 16' x 28' work shop for projects and storage, along with ample room for children's play structures. The bay windows in the south facing living room give you lots of light during those short winter days. The kitchen floor plan is an arrangement of ergonomic counter tops, major appliances and storage area that helps manage the work space effectively with an adjacent dining area. A few finishing touches in the basement is all that is left to complete this gem of a home. Includes RV parking!

Read

New property listed in Fort St. John - City SE, Fort St. John

I have listed a new property at 9207 99 AVE in Fort St. John. See details here

Unlock the potential of this diamond in the rough! This home presents a rare opportunity for investors or those seeking a renovation project. Located in a desirable neighborhood, this 4 bed, 2 bath home awaits your creative touch. With its good location, envision the possibilities and make this house your dream home. Seize this chance to invest in your future. Don't miss out on this opportunity!

Read

How Climate Change is Affecting Real Estate

Are Canadian homeowners and prospective buyers beginning to take climate change more seriously in the real estate market?

A recent survey for Rates.ca and BNN Bloomberg found that 60 percent of young homeowners were thinking about the possible effects of climate change on the area where they were purchasing their residential property. By comparison, this rate was 31 percent for those 35 and 54 and a little more than one-quarter (27 percent) for those over 55.

However, climate change concerns are not resulting in much action by Canadians. The study learned that only 12 percent have applied for extra insurance to cover them in the event of extreme weather events exacerbated by climate change.

“We are living with the effects of climate change, and the results of the survey show that a growing number of Canadian homeowners are both aware of the risk and are taking steps to mitigate risk in where they choose to live or through additional insurance endorsements,” said John Shmuel, managing editor of Rates.ca, in a statement.

Indeed, many U.S. and Canadian insurance companies have warned about the growing costs of insuring homes in areas prone to devastating climate change-related weather events, be it floods or forest fires.

Meanwhile, additional studies have been sounding the alarm about climate-related risks, including property valuations. In fact, according to a recent report by the Centre on Climate Adaptation, climate change could reduce the value of homes in Canada by as much as 15 percent by 2050. At the same time, this has been seen in recent years.

A recent University of Waterloo study discovered that in the eight years before 2022, devastating flooding in Canadian communities resulted in a more than eight percent drop in the final sale of home prices. The extreme weather also resulted in a more than 44 percent decline in the number of homes listed for sale, and residential properties were on the market for nearly 20 percent more days before being sold.

“Canadian homeowners are paying closer attention to flood and wildfire risk when purchasing a home,” stated Blair Feltmate, head of Intact Centre on Climate Adaption at the University of Waterloo, in a press release. “With the impact of [extreme weather] featuring almost nightly on newscasts, homeowners are also increasingly aware of how flooding in communities can affect a home’s value.”

Industry observers present the case that the effects of climate change could be factored into a property’s value in the coming years and become the new norm. They say this would help consumers see the connection between climate risks and real estate prices.

But how would this work exactly? For example, potential buyers need to understand which areas are at a higher risk of floods or wildfires, areas that have poor air quality due to excessive air pollution, and areas that are warming faster than others, and similar facts could become associated with the decision-making process when it comes to evaluating and buying real estate.

Extreme weather events result in significant damage to buildings and infrastructure and might require repairs that could be expensive. Some weather-driven events, such as forest fires, can potentially destroy entire neighbourhoods. This not only results in displacement but also increases the burden of homebuilding for homeowners. Other issues can also be problematic, such as mould growth, foundation damage, and structural issues that could occur due to flooding and storms. Areas that are more vulnerable to rising sea levels and storms can also face challenges in terms of real estate prices and sales.

This does not mean the Canadian real estate market should expect the worst. Many major urban centres rank in the top ten of top North American cities that have engaged in sustainability, according to the Commercial Board of Real Estate (CBRE). These include Winnipeg, Toronto, Ottawa, and Montreal.

“The cities that take the lead on sustainability today will have a competitive edge as the economy shifts to a low carbon, more sustainable future,”
 said Robert Bernard, Chief Sustainability Officer at CBRE. “With over 50% of the world’s population living in cities, cities will be critical in driving sustainability and helping communities adapt to climate risks.”

According to housing market experts, climate change mitigation and adaptation measures should be better integrated into housing strategies, and governments should consider investing more in the modernization of green structures and other climate-friendly initiatives. Climate risk assessments should become part of real estate listings and be considered as important as other factors.

Source

Read

The Hottest Renovation Trends for 2024

Looking to Refresh Your Space in 2024? Here are the Hottest Renovation Trends! Whether it’s for family milestones, house functionality, or the need for extra space, renovations are on the rise!

Need expert advice or looking to make a move? Let’s chat!

9220 75 Street, Fort St. John, BC 
4 Bed | 1 Bath | Mobile | 1,230 Sqft | MLS® Num: R2861628
Learn More

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

Watch Video

Read

New property listed in Fort St. John - City SE, Fort St. John

I have listed a new property at 9220 75 ST in Fort St. John. See details here

Cozy Comfort on a Paved Street! This charming renovated mobile home offers the great blend of comfort and convenience. Recently renovated, it boasts a modern kitchen, bathroom, and complete with sleek fixtures and contemporary finishes. With metal roof providing durability and peace of mind, this 4-bedroom, 1-bathroom home is for families seeking a cozy, move-in ready home. Don't miss out on this opportunity to own your slice of tranquility!

Read

New property listed in Fort St. John - City NW, Fort St. John

I have listed a new property at 11019 102 AVE in Fort St. John. See details here

A diamond in the rough, located in the north-east corner of the city, this detached house offers the potential for those with a vision. This single-story home features 2 bedrooms, 1 bathroom and a fenced yard, perfect for your furry friends or gardening aspirations. Near a community of townhomes and condos, this property presents an opportunity to create your dream home in a good location. While it requires some TLC and renovations, the canvas is yours to transform into a masterpiece. Don't miss out on the chance to unlock the hidden beauty of this diamond in the rough. Court Approval Required.

Read

New property listed in Fort St. John - City NE, Fort St. John

I have listed a new property at 14 PRINCESS CRES in Fort St. John. See details here

Charming Rancher with Basement: Your Perfect Family Home Awaits! Nestled in a desirable neighborhood close to schools and amenities, this delightful rancher with a finished basement is ready to welcome you home. Boasting thoughtful renovations and a serene backyard, it offers everything your family needs for comfortable living. Enjoy the convenience of single-level living with the added bonus of a fully finished basement, providing extra space for recreation, hobbies, or guests. The heart of the home has been beautifully updated, ample storage, and styljsh finishes, making meal preparation a joy. Perfectly situated within walking distance to the local school, ensuring a seamless morning routine for you and your children.

Read

New property listed in Fort St. John - City SE, Fort St. John

I have listed a new property at 8816 75 ST in Fort St. John. See details here

Welcome to your future home's location near in the edge of the city! This level lot offers the perfect canvas for your ideal home. With ample space, it's the ideal setting for creating your first home. The lot is ready-to-build, providing a smooth foundation for your dream home. The existing garage is already in place, offering convenient storage space or potential workshop area. Power for your new home is ready at the garage. The lot is ready for your modular home, with the ground work already done, allowing for a quicker process to get into the home of your home.

Read

Canada's job gains double expectations, but unemployment rate ticks up higher
Exciting News for Canada's Job Market!

Despite the unemployment rate ticking up, job gains have surpassed expectations, with 41,000 new jobs added in February.

As a Realtor, this signals positive momentum for the housing market! More jobs mean more potential homebuyers entering the market.

While employment growth may be trailing population growth, the surge in full-time work indicates stability and confidence in the workforce.

With job gains spread across various sectors, including accommodation and food services and professional services, the economy shows resilience and diversity.

As we navigate these economic shifts, rest assured that the real estate market remains a solid investment option.

Let's continue to monitor these trends and seize opportunities together!

Have questions? Thinking of buying or selling? I’m here to help you make the best financial decisions. Reach out today!

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

March 2024 | Bank of Canada Rate Announcement

Exciting update from the Bank of Canada! Today, they've decided to maintain the policy rate at 5%, signalling a commitment to restoring price stability for Canadians.

Despite global economic growth slowing down, Canada's economy showed resilience, growing more than expected in Q4, albeit at a modest pace.

With employment growth trailing population growth, there are signs of easing wage pressures.

CPI inflation eased to 2.9% in January, but underlying pressures persist.

The Bank remains focused on balancing demand and supply, inflation expectations, and corporate pricing behaviour.

Now is the time to take action in the real estate market. Whether you're looking to sell, buy, or invest, take advantage of the opportunity presented! I'm here to guide you and help you make informed decisions.

Reach out today and let's discuss how you can leverage this moment for your real estate goals!

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

Read Full Report

Read

What's Going On With The Stress Test?

At a time when mortgage rates are hovering between five and six per cent and home prices remain above their pre-pandemic levels, discussions surrounding the mortgage stress test have been prevalent across the Canadian real estate market.

The mortgage stress test is a federal government mandate requiring that borrowers prove they can afford higher payments if mortgage rates rise in the future. Typically, the stress test is the current mortgage rate plus two per cent. At the height of the current tightening efforts by the Bank of Canada (BoC), the stress test was north of eight per cent.

The purpose behind the rule is to prevent borrowers from taking on more than they can afford and to stop lenders from lending money to financially stressed or would-be fiscally challenged clients.

But now that the post-crisis real estate market is an environment where interest rates are at their highest levels since before the Global Financial Crisis, critics have wondered if the stress test is excessive, with some urging Ottawa to ease or suspend the measure.

For now, it appears that everything will remain the same, according to the country’s chief banking regulator.

What’s Going on With the Mortgage Stress Test?

According to the Office of the Superintendent of Financial Institutions (OSFI), the qualifying rate for uninsured residential mortgages will continue to be higher than 5.25 per cent, or the mortgage contract rate plus two per cent. Peter Routledge, the OSFI chief, stated in a December 2023 report that the stress test has resulted in a more robust and resilient mortgage financing system as it helps both borrowers and lenders better manage risk.

The federal government reiterated the OSFI’s stance shortly after its confirmation.

Others agreed, including Fitch Ratings.

The credit ratings agency supported the OSFI’s decision, calling it a positive for the Canadian real estate market, the nation’s banking system, and the broader economic landscape.

Underlying Risks in a Stable Mortgage Market

Despite everything that has transpired since the start of the coronavirus pandemic, both the Canadian real estate market and the mortgage industry have remained solid and cushioned the blows from the crisis-era fallout. In other words, delinquencies and forced sales have been largely absent in Canada.

However, the Canada Mortgage and Housing Corporation (CMHC) recently warned that approximately 2.2 million mortgages will have to be renewed in 2024 and 2025. This would represent nearly half (45 per cent) of all outstanding mortgages, totalling roughly $675 billion.

Even if the central bank engages in lowering its benchmark policy rate and the bond market responds, it might not be swift enough to prevent borrowers from paying higher rates.

In fact, the CMHC projected that as households renew in the coming years, the higher mortgage rates will equal about $15 billion in additional payments for households each year.

Ultimately, this could result in consequences for the economy since the funds will be reallocated from other sectors, the CMHC says.

Mortgage Rates in 2024

Financial markets are bracing for rate cuts this year. Investors think they could happen as early as March, while economists believe the likelihood is sometime in the middle of the year. This will lead to lower bond yields and, as a result, lower mortgage rates, with experts saying the conventional five-year fixed mortgage could slide to around 4 per cent. But whether this will help or hinder the Canadian real estate market and the national economy remains to be seen.

Whether you're a homeowner, prospective buyer, or industry enthusiast, connect with me to discuss more about the latest developments shaping the Canadian real estate landscape.

Read

I have sold a property at 33 8420 ALASKA RD in Fort St. John

I have sold a property at 33 8420 ALASKA RD in Fort St. John on Feb 22, 2024. See details here

This beautiful illuminated, well priced two-bedroom, one-bathroom modular home is move-in ready for you! With aesthetically pleasing elements that include: new flooring, refinished kitchen counters and cupboards, a striking designed kitchen backsplash, free standing kitchen island, unique wall divider, a clothes washer/dryer located in the recently renovated bathroom, allows for the living space to be functional and practical with its open floor plan. There is storage thorough the home and the spacious layout of each bedroom lends itself to providing a feeling of tranquility. Lastly, there is ample room for you to create your own landscaped gardens around the wooden patio deck.

Read

A Top Reason People Want To Move
Every year many Canadians make the decision to move. A primary reason? The yearning to be closer to family. This desire is often driven by life's significant milestones such as growing families, weddings, new jobs and retirements.

If living closer to family isn’t possible right now, there are ways that you can strengthen those bonds.

Here are some of those ideas as well as an interesting stat to ponder — living near loved ones may help you live 50% longer.

If this gets you thinking that maybe it’s the right time to consider a move, feel free to reach out to me and we can chat about possible options. I’m always here to answer any questions you or your family may have related to real estate.

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

New property listed in Taylor, Fort St. John

I have listed a new property at 10479 103 ST in Taylor. See details here

A nice 3 bedroom, 2 bathroom modular with vaulted ceiling, new flooring in the living room, freshly painted! The master bedroom has ensuite and walk-in closet. Laundry room has outside access and sink! Kitchen has vinyl plank flooring, with lots of cupboards and counter space. Yard is fully fenced and comes with shed! The roof was re-shingled last year and the HWT was replaced in 2020.

Read

New property listed in Fort St. John - Rural W 100th, Fort St. John

I have listed a new property at 14259 EVERGREEN RD in Charlie Lake. See details here

This 4 bedroom, 3 bathroom home with an attached garage is located in the Evergreen Subdivision. With decks on the main floor and from the walk-out basement. lots of room for toys and a great location for a shop. Drilled well, gas fireplace and an open concept. A big kitchen with lots of cupboard and countertop space!

Read

The Number 1 Reason Canadians Will Move in 2024

Ready to make a move? Despite low inventory and high mortgage rates, families across Canada are still finding their dream homes.

What's the top reason for moving? Watch and find out! Now's the time to prepare for your next chapter. Reach out – I'm here for you every step of the way.

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

Watch Video

Read