Your Monthly real estate update
Overall, 2023 had a fairly uneventful end to it with December wrapping up with very minimal changes in price year over year. Single family homes had a slight increase in average prices. The one big change however is still inventory. Inventory is up 26% year over year. This is great for buyers as they have more options and more opportunity. The market is still sitting in balanced territory and with financial experts expecting rate drops to begin mid 2024, buyers are slowly making their way back to the market with confidence.
The statistics below show changes in average prices over the year & month, and the full press release from the board is linked below!
2024 BC Assessment
In other news, have you checked out your updated BC assessment online? On average, homeowners across Greater Victoria have seen a slight decrease in their tax assessed property values. If you are looking to sell, don’t panic at this news! Just because your tax assessment may have decreased, it doesn’t necessarily mean your market value has changed. Market value (what your home will sell for) does not equal your assessment. One common misconception is also that if your assessed value increases, you will have to pay higher property taxes. This isn’t necessarily true! Check out this video for a further explanation or let me know if you have questions and I would be happy to help you out.
If you haven’t checked yet, you can look up your assessment here.
Financing Update
- Mortgage trends and factors in 2024: Most experts are predicting stable interest rates with slight rate cuts beginning as early as Spring 2024. Any decrease in rates will be very very gradual and the Bank of Canada has made it clear that curbing inflation is still their top priority (Full Article).
- The next Bank of Canada announcement on interest rates is January 24, 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
973 Woodcreek Pl, North Saanich
$1,400,000
- 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
Taking The First Step In Your 2024 Home Buying Journey
January Events
- Cirque Du Soleil – Save on Foods Centre, Victoria
- Jan 11 – 14
- Hockey Day in Canada – Victoria
- Jan 17 – 20
- Art on the Deck – Sidney
- Jan 1 – Feb 29
Last year was full of exciting opportunities, a changing and challenging market, and helping more families achieve their real estate goals. I am excited to kick start 2024 and am looking forward to all the opportunities a new year brings and the always changing real estate market. I am thankful for my friends, family, clients, and brokerage for all of the support throughout the years.