Your Monthly real estate update

Overall, the market has been consistent this past year. We are generally where we were one year ago with no major changes in pricing year over year. However, inventory has been building shown by the 25.7% increase in listings actively on the market at the end of October 2023 when compared to October 2022. 

This increase in inventory has lead us into a balanced market with 5.8 months of inventory. With the combination of a balanced market and no current talks of another interest rate hike (see financing discussion below), we can expect to continue seeing stability and consistency in pricing across Greater Victoria in the coming months.

There have been some big changes taking place in the province of BC recently surrounding real estate. (1) The first change is around new rules and restrictions for short term rentals in the province! I have discussed these changes in a recent blog post. If you’d like more information, please read the full article here. (2) The second change is the recently passed Bill 44 – Small Scale Multi Unit Housing Legislation. The idea of this is to allow for more “missing middle” housing and create a streamlined process for developers. For more information, read the full article here. 

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        Oct 2022        Sept 2023

Single Family Dwelling       $1,264,544        $1,238,949       $1,351,952

Condo/Apt                             $616,545           $614,769        $652,605

Row/Townhouse                    $811,235          $823,515        $801,092

*VREB October 2023 – Read the full press release here*

Financing Update

  • The latest economic reports have been pointing towards no further rate increases due to:
    • unemployement rates up
    • GDP growth down
    • in general it takes 12-18 months for rate changes to filter through the system so we should be seeing the impact of previous hikes shortly.
  • Bond yields have recently decreased. Mortgage rates usually follow and as such, the bond industry are expected rates to drop in the coming weeks (Click for more info), whereas big banks aren’t expecting this to happen until later into 2024.
  • Looking for a trusted advisor to discuss financing or re-financing options? 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

  • 4 bedroom, 4 bathroom home on a 0.99 acre parcel.
  • 4,473 SqFt finished interior space with an additional 1,575 SqFt unfinished interior space
  • Lots of opportunity with this property! There is suite potential in the main home, or create an additional living area in the workshop.
  • Private lot with easy access to all the beauty Deep Cove has to offer!
  • Create the space you’ve always imagined with this unique opportunity currently offered at $234,000 below assessed value.

 

Reach out for details or floorplans!

Listed by Lisa Vassiliadis – Royal LePage Coast Capital

Homeowner Tip

November Events

 

 

 

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