October 2023 Market Update

We are now in a more balanced market with the increase of inventory that September brought. Inventory is up 17.3% year over year and up 8.4% month to month. There are now more options for buyers and they are able to take longer to decide on the right fit while house shopping.

The cost of housing and prices have remained relatively stable over the past 12 months however, the cost of financing and carrying a mortgage has increased tremendously making it more difficult than ever for buyers to qualify at the price point they may want to be at. Victoria is a relatively stable market but is by no means immune to the effect of interest rate increases. 

The graph below shows median prices since 2014 as a 6 month average as well as months of inventory. Prices have consistently increased over time. If you look at property in Victoria as a long term investment, it is a safe investment. You may incur a loss if you buy and then try to sell within a shorter time period (2 years) but overall, if you are able to hold on to your property you will see an increase in value over time.