Your Monthly real estate update
Sales were up 22.7% January in Greater Victoria when compared to January of last year. Overall, there has been consistency and stability in our market here that has continued since late 2023 into the new year. With mortgage rates levelled out and inventory slowly building, we are no longer in an ultra pressurized market which is beneficial for both buyers and sellers.
We are currently at the bottom of a balanced market which is leading into a sellers market. A sellers market will likely be where we are at come Spring. Over the last 20 years, the market always tilts towards a sellers market from February to April. Historically, at this level of inventory, prices are basically increasing at the rate of inflation. But, as months of inventory goes down, prices go up. This is likely to occur in the Spring. This is consistent with last year (2023), there was an uptick in prices in the Spring as buyers came back for the busy Spring market.
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 Dec 2023 Jan 2023 Jan 2024
Single Family Dwelling $1,285,161 $1,226,580 $1,219,501
Condo/Apt $556,293 $606,681 $579,983
Row/Townhouse $734,172 $662,338 $712,445
*VREB January 2024 – Read the full press release here*
RRSP Deadline Reminder!
If you are a First Time Home Buyer and hoping to participate in the Home Buyer’s Plan, remember that you are able to withdraw from your RRSP $35,000 tax free for the purchase of your first home (if you are eligible). If this is something you are working towards, this is your reminder that the deadline for contributing to an RRSP for the 2023 tax year is February 29, 2024.
For more information on this, click here.
Financing Update
- Mortgage trends and factors in 2024: The earliest prediction for when a rate cut may occur is at the April 10th Bank of Canada meeting however some experts aren’t expecting a cut until June (Full Article).
- The next Bank of Canada announcement on interest rates is March 6, 2024.
- 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
504-3555 Outrigger Rd, Nanoose Bay
$439,000
- 1 Bedroom, 1 Bathroom Waterfront Condo.
- 767 Fin Sq Ft overlooking the marina.
- Minutes to hiking trails, the forest, beach, and Fairwinds golf course.
- Experience the best of waterfront living while only a short drive to Parksville & Nanaimo.
- This unit is pet friendly, is approved for in suite laundry, and includes underground parking & storage.
- A great investment whether for personal enjoyment or to hold as a rental.
Reach out for details or floorplans!
Seller Tip!
February Events
Lunar New Year Parade – Chinatown
Feb 18 at 11:30am
Lovers Lane Market – Langford
Feb 11 from 11 – 3
Hot Chocolate Festival – Greater Victoria
From Shirley to Central Saanich
Ongoing until Feb 20th
Since the Royal LePage Shelter Foundation was founded in 1998, it has proudly grown to become the largest public foundation in Canada dedicated exclusively to funding women’s shelters and domestic violence prevention. Royal LePage is the only Canadian real estate company with its own charitable foundation.