Dan Petersen

Sitting down and planning a home renovation can quickly become overwhelming when costs start adding up. Even with a budget, you’ll likely find yourself going over which is why it’s crucial to add in that 10-20% contingency fund. It’s totally possible to renovate affordably if you invest a bit of time and effort. Here’s how to renovate your home on a budget without sacrificing quality.

Increase Efficiency, Not Size

Storage can be a problem and needing to renovate to gain more can be costly. Recognizing and equipping the room for maximum utility will save you from having to remove walls entirely. If it’s vital to enlarge the size of the room, inquire if it’s at all possible to remove a wall instead of creating an addition. This helps will that brand-new feeling and improves flow without costing a ton. Be sure to check if the wall you want to remove is wall-bearing (if so, it will be more difficult to move and will cost you).

Refinish Instead of Replace

As a homeowner, it’s easy to get caught up on the cosmetics and when something looks worn down and old, instinct is to rip it down and start over. There is, however, ways to refresh a space without completely redoing it. A fresh coat of paint goes a long way; you can add an accent wall with a splash of a fun colour or keep things neutral throughout with lively décor.

Kitchen backsplashes have become increasingly easier for homeowners to install themselves which would help revamp the space. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new and old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities truly are endless.

Reuse and Recycle

What you’re tired of in one space might refresh another. Kitchen cabinets can be used in a basement kitchenette or in the garage and knobs and light switches are easily interchangeable. Simple rearranging can completely change the look and feel of a room without costing a dime

If you are willing to put in a little time, to reap big savings, search online or thrift stores for items at a fraction the price.

Are there disadvantages of recycling? Several contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.

DIY When Possible

It’s always worth doing at least some of the work yourself. There are plenty of jobs that can be done, such as demolition, painting, sanding, or insulating to save yourself some money.

But before you begin, make sure you have a plan. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.

Reach out with any questions anytime! It would be a privilege to serve as your Realtor.

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

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Source: How to Renovate Your House on a Budget | Re/Max | February 17^th, 2023

Before heading into the long weekend I want to say a massive THANK YOU to the most incredible clients in Fort St. John!


The year has had a good start and as we approach the Spring market, I can feel it getting busier. You deserve the best experience and being prepared prior to listing will help keep you ahead of the curve when the Spring market arrives.

What’s in it for you?
- A Client-First Experience
- Professional Photography, Videography & 3D Experience
- Refined Listing & Marketing Strategy
- Systems to keep you updated & in charge

When you’re ready, call/text (250) 262-7496⁠, or email dan@remaxaction.ca⁠⁠⁠. I love to help!

The real estate market has changed so much over the past 2 years and continues to do so! This month I am sharing details on some of the interesting trends we are seeing for 2023.

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

For homeowners, a historic home is a unique opportunity to live in a local piece of history. They do, however, have issues that newly constructed homes do not have. Committing to a historic home is a big decision and you should be informed of the care that will be required.

What is a Historic Home?

They’re 50+-year-old residential buildings with some sort of heritage value and include private homes, commercial buildings that consist of residential units, landmarks, and entire districts or neighborhoods depending on criteria. The criteria is at least 50 years old (with some exceptions) and meet 1 of 4 criteria:

- It is connected to significant historical events.
- It is connected to the lives of one or more significant individuals.
- It is considered an embodiment of a particular master or historic style.
- It has provided or is likely to provide important historical information.

Historic buildings can be found everywhere and some neighborhoods are even designated as historic areas. They can be a competitive market so as a homebuyer you’ll want your finances in order prior to house hunting.

Benefits of Owning a Historic Home

1. You’ll be the owner of a piece of history and for some homebuyers, it’s an emotional investment.
   
   
2. Passion for history, architecture, and one-of-a-kind features is appealing to some.
   
   
3. You’ll be a part of a community committed to preservation. Buying a home in a historic area means joining a community of homeowners aiming to preserve the character and history of the district, even with costs and certain limited property rights.
   
   
4. Financial assistance is available for renovations. There are programs available to help fund them
   
   
5. Look into a Home Equity Line of Credit (HELOC), purchase plus renovations mortgage, a second mortgage, or refinancing your mortgage.

Things to Consider Before You Buy

1. Get ready for hard work! The older the home, the more often than not means it was built before modern construction techniques. Lots of love, care, and regular maintenance will be necessary.
   
   
2. Get ready to pay more! Historic districts have higher price tags and even higher prices when modern amenities like central air conditioning have been added; even at a good price, you’ll likely invest in upgrades and renovations and materials will be more expensive.
   
   
3. Restrictions on Renovations. Historic homes have their own real estate laws and regulations designed to preserve local history, such as not changing the interior layout, preserving outdoor spaces, and only using certain materials on the house’s exterior. With the stipulations, you may find it more difficult to do maintenance and renovations.
   
   
4. You Can’t Modernize Everything. Historic homes have lasted through numerous decades and owners, there will often be a clash of décor elements inside the house. Preservation laws that impact interior and exterior elements often don’t apply to décor.

Historic homes are not for everyone but bring a ton of satisfaction if you’re up for a challenge! An experienced, reliable home inspector with experience working with historical homes goes a long way and will be able to detect signs that you and I might miss.

Reach out anytime with questions or for a referral! It would be a privilege to serve as your Realtor.

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

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Source: Buying a Historic Home: What You Should Know | Re/Max | January 10^th, 2023

In recent years, home sellers have had the advantage but since the market conditions are expected to shift, questions may be arising about what a balanced market is. During the peak of the pandemic, cities across Canada experienced extremely high home prices, from single-family residential properties in highly populated areas to townhomes in rural communities.

Homebuyers had to overcome bidding wars which resulted in some buyers ditching best practices, including home inspections. The market swiftly changed to a seller’s market due to unprecedentedly low mortgage rates. The Bank of Canada (BoC) continues to raise interest rates and the housing market in Canada is moving towards a balanced market. So, what does this mean?

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

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Source: What Is A Balanced Market | Re/Max | January 14th, 2023

"The RE/MAX 2023 Canada Housing Barometer Report examined average price and new mortgage values published by CMHC-Equifax Canada in 12 major markets from British Columbia to New Brunswick, to compare loan-to-value (LTV) ratios between Q3 2012 and Q3 2022.

The report found that LTV ratios had declined in 67% of markets (8) over the past decade, with the greatest drops noted in London and Moncton (21%), Halifax (15%), Hamilton (14%), Toronto (10%) and Ottawa-Gatineau (9%). 4 markets, including Calgary, Edmonton, Saskatoon, and Regina, were up over 2012 levels, a trend that is set to reverse in the years ahead as Alberta and Saskatchewan’s economic engines gain momentum and drive home-buying activity.

The lowest loan-to-value ratios were found in the most expensive markets, including Vancouver (50%), Toronto (53%), and Hamilton (54%) while the highest loan-to-value ratios were found in Regina (88%) and Edmonton (83%). Nationally, loan-to-value ratios hovered at 57%."

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

Read More | Canada Housing Market Risk Low, Despite Short-Term Contraction | Re/Max

Most home sellers have two main objectives: to sell quickly and for the highest price. The beauty of owning real estate (whether it’s a principal residence or an investment property) is that historically, it has yielded solid returns to Canadians who are in it for the long haul. Indeed, equity gains in Canadian real estate have been notable in some particularly hot markets, with the proceeds used to fund everything from the purchase of a bigger and better home, to retirement, travel, an investment strategy, or life’s next big milestone – whatever that may be.

A number of major cities across Canada have experienced tight market conditions over the last few years, but a slew of interest rate increases in 2022 have eased demand, prompting a market shift in many Canadian regions. In fact, balanced conditions are expected to occur in 60% of Canadian housing markets this year. This means sellers are unlikely to see the same frantic buyer competition that defined Canadian housing markets during the pandemic.

There are many possible reasons houses don’t sell, ranging from broader economic and market conditions, right down to the condition of the property itself. Here are some of the most common reasons houses don’t sell, and how to avoid them.

Reasons Houses Don’t Sell

1. Wrong Listing Price

To you, your home may be priceless. After all, you have an emotional attachment to the place you call “home.” However, to a buyer, that is not the case. Ultimately, it doesn’t really matter what the homeowner, or even the listing agent, thinks a house is worth. The only thing that matters is what the buyer is willing to pay.

The right listing price will likely be a combination of a few factors, such as the market conditions, the home’s condition and the seller’s circumstances. Home Value Estimators are readily available online and are a great resource to give you a ballpark idea of what your home is worth. I will pull recent sales of comparable homes in the same neighbourhood. Then, based on the condition of the home and how desperate you are to sell, I will recommend a listing price.

The listing price is the first impression homebuyers will have of your home. When a buyer decides to start shopping for a new home, step one is creating a budget. With this number in hand, step two is to browse online listings. Within that price range. Success can come down to a few dollars over or below that specific threshold. This is why it’s important to be realistic when it comes to pricing the home.

While overpricing a home is a concern, so too is underpricing it. Buyers may wrongly assume that a home priced well below market value has something wrong with it, or that the seller is hoping for a bidding war – both turn-offs for homebuyers.

2. Bad Listing Photos

Believe it or not, bad listing photos can be a reason that your house is not selling. Although many homebuyers will still drive around on a Saturday or Sunday afternoon in search of “Open House” signs, most shoppers today take a more targeted approach to their home hunt. They hit the streets armed with a budget, their list of liveable locations, the features their future home should have, and specific addresses of homes for sale that are worth an in-person tour. So, how do you get on that list?

Enter the real estate photographer and this adage: a picture is worth a thousand words. I will arrange for listing photos that will show your home in the best possible light.

On the flip side, don’t be a catfish. Nothing is worse than falling in love with the listing photos and taking the time to attend a showing, only to discover that it isn’t as it's presented. Good and honest listing photos are a critical part of your selling strategy.

3. Didn’t Stage the Property

While it’s important to showcase your listing in a realistic way, it never hurts to do a little primping before putting up the “For Sale” sign. Some buyers have trouble seeing past what a home is and visualizing what it could be. Staging a home can help highlight its best features, minimize the worst, and give prospective homebuyers some inspiration as to how they can use the space.

Remember that as a home seller, you’re not only selling the property but you’re also selling the idea of “home.” This is why putting an empty house on the market can be a big mistake. An empty house may leave the impression that it is smaller than it actually is, or that it’s uncared for.

4. Unfavourable Market Conditions

When it comes to selling your home, there are many things within your control. Others are wild cards, as far as the seller is concerned. Factors such as a growing or declining population, economic conditions, interest rates, housing demand and supply, and even the weather can all be reasons why a home is not selling.

What you can control, however, is when you choose to sell your home. I can help you time the market. I have the market experience to speak to what is happening in the real estate landscape, and to predict what may happen down the road.

While you can’t control things like the job and housing markets, these are still important factors to consider when deciding if now is a good time to sell. Determine when your house is most appealing to homebuyers. The return of spring tends to rouse homebuyers out of hibernation. Similarly, keep your ear to the ground for other circumstances that may affect home-buying trends, such as an upcoming employment boom or new developments in your area that may increase housing demand.

Sometimes it can be tough to pinpoint why a home isn’t selling. At other times, it’s painfully clear. I'll provide important insight into what you’re doing (or not doing) that may help or hinder the sale.

5. Didn’t work with a professional.

Selling a home can be complicated, even under favourable market conditions. Know that market conditions can change quickly, impacted by everything from local, national and international economies, to population fluctuations and even the weather. Especially in uncertain times, a little professional help can go a long way.

While most homebuyers and sellers will only have a limited number of transactions under their belt, an experienced listing agent has handled hundreds of home sales under a variety of market conditions. Let me guide you through the twists and turns of the housing market. 

Watch Video
Download Home Staging Guide

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

Source: 5 Reasons Houses Don't Sell | Re/Max | January 20th, 2023

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

Watch Video

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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Read Full Report

“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

The Bank of Canada today increased its target for the overnight rate to 4.25%, with the Bank Rate at 4.5% and the deposit rate at 4.25%. The Bank is also continuing its policy of quantitative tightening.⁠

Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR).

In Canada, GDP growth in the 3rd quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labor market remains tight, with unemployment near historic lows.

While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline. ⁠

Overall, the data since the October MPR support the Bank’s outlook that growth will essentially stall through the end of this year and the first half of next year.⁠

CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%. ⁠

Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target. ⁠

Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to achieving the 2% inflation target and restoring price stability for Canadians.⁠

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

Read Full Report

“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart.

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

When the overnight rate is increased, it becomes more expensive to borrow money. The increased costs of borrowing money are shifted from the bank onto the consumer by increasing the Prime Rate.

Pre-Approvals are likely to decrease.

Fixed-Rate Mortgages remain the same.

Adjustable Rate Mortgages will increase according to the new Prime Rate minus your discount. (Expect information in the mail).

Static Variable Mortgages payments remain the same but a portion of interest paid to the lender will change.

Reach out with your questions anytime. I can introduce you to a mortgage broker who would be happy to go over your options with you and help you find a mortgage that you're most comfortable with.

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

During this time of year, our thoughts are filled with gratitude for those who have supported us in our personal lives and careers. Here are some ideas on how to host an event that extends that gratitude to helping others in need.⁠
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Dan Petersen⁠
Re/Max Action Realty LTD.⁠
(250) 262-7496⁠
dan@remaxaction.ca⁠

Online shopping can be easy and fun. But unfortunately, there are many scammers who want to steal your identity and your money. The information here provides tips on ways you can protect your personal information and your finances when shopping online.

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