Your Monthly real estate update
Overall, November has wrapped up with not much change from November of last year. Market conditions are in the balanced to buyer side depending what factors you look at. Months of inventory is at 5.7 and shows we are in balanced territory (shown below) but sales to list ratio is saying a buyers territory which is why we are seeing price flexibility when it comes to pending and sold listings. Bond yields have been dropping for the past month as well which has the potential to bring back buyers in the new year as fixed rates do follow suit.
There is potential opportunity in this market for buyers. If you are looking for a house in the core and can afford it, now may be a good time to finally make that purchase. With indicators showing we are in a buyer to balanced market, you may have more negotiation power during this slow time than in peak selling season such as the Spring. During slower periods, in the past, the core usually holds up stronger than the Westshore which is proving true during this slower market as well. With the land use changes coming into effect in the following years, this could help stabilize detached house prices in the core area further. There are lots of old homes on large lots and the up-zoning coming through legislation may push the market value of these homes higher.
Want more information on the up-zoning and legislation coming into effect in the coming years? Read the article linked here about Small Scale Multi Unit Housing Legislation that has been recently passed here in the province.
The statistics below show changes in average prices over the year & month, and the full press release from the board is linked below!
Average Sale Price Oct 2023 Nov 2023 Nov 2022
Single Family Dwelling $1,264,544 $1,243,912 $1,186,852
Condo/Apt $616,545 $600,921 $619,653
Row/Townhouse $811,235 $855,020 $802,912
Financing Update
- The Bank of Canada just announced this morning that they are holding their overnight lending rate at 5% (no change).
- The global economy has slowed and inflation has eased. In Canada, economic growth has also stalled has high interest rates have restrained spending.
- The next Bank of Canada announcement on interest rates is January 24, 2024.
- Bond yields are still decreasing with fixed mortgage rates following.
- Looking for a trusted advisor to discuss financing or re-financing? Reach out and I can put you in touch with a trusted and knowledgeable broker.
Featured Listing
302-1450 Glentana Rd, View Royal
$599,900
- 2 bedroom, 2 bathroom condo in The Glenn
- This condo building was built in 2021 and features bike storage and kayak storage
- This building is beside Admirals Walk for all your shopping needs and walking distance to the beautiful Gorge Waterway Park
- The building is pet friendly and the unit comes with an underground parking space and storage locker
- Being built in 2021, this home still has new home warranty available as well!
Reach out for details or floorplans!
Listed by Tammy Hatter – Royal LePage Coast Capital
Holiday Recipe's!
December Events
- The Magic of Christmas – Butchart Gardens
- Dec 1 – Jan 6
- The Nutcracker Ballet – Royal Theatre
- Dec 28 – 30
- Outdoor Ice Skating – Langford
- Daily in December
- Lighted Ship Festival – Sidney/North Saanich
- Dec 15 & 16
- Lights of Wonder – Downtown
- Month of December
Whether you are celebrating Christmas, Hanukkah, Kwanzaa, or just the end to a great year and the start of an exciting new year, I want to wish you happy holidays.
Every ending gives the opportunity for a new beginning. I love reflecting back on the past year and looking for opportunities in the year to come. One of my personal goals for this next year is to travel somewhere new; I love travelling and exploring new countries, cities, and all the delicious food in them! My other goal is to help more people reach their real estate goals; with the current market and the changing legislation in the province, it’s more important than ever to have someone knowledgeable and on your side to keep you informed!