Statistics Released May 2022

There is no such thing as a typical day in this business.  Yesterday I handed over keys to my buyers of 3 different homes.  

One home was not cleaned.  We weren't expecting spic and span, but this was bad.  Cleaners were quickly arranged on their behalf.  

Another, the buyer's large couch was too big for the building elevator AND the stairs, it wouldn't fit into her new condo!   What's do be done?  Leave it on the sidewalk?  No. It is now stored in my carport until it can be rehomed. 

And one, the sellers were still moving out when we arrived at the appointed time for possession.  We could sit around and watch, OR we could do something about it.  The buyers and I rolled up our sleeves and helped them move out.  

What I love about this business is that no two days are alike, no two homes are alike, each buyer and seller is unique.  Every day brings different challenges, problems, and people. 

Now, to the question on many people's minds...  Are we swinging over to a buyer's market?

That would certainly be a relief for many buyers who feel they have had the short end of it for a number of years.  But with very low vacancy rates in the rental market, there is still a lot of pressure for people to find housing.  Yes, interest rates are up and affordability has eroded, but demand for housing, plus immigration from other provinces remains very high.

Certainly equilibrium is more of a possibility.  I'm no longer seeing the same kind of frenetic market activity which resulted in buyers bidding the market up so dramatically.  At that time, when prices continued to rise, overpaying (paying more than the recent comparable sales) for a home in order to secure it was a decent strategy and could save tens of thousands over waiting for and repeatedly competing for (and losing) a home at asking price.  

What do you think?  Is this the end of the line for the seller's market or can we expect a return to more of the same after a short pause.  Please share your thoughts.

Current market stats are below, along with some of my recent listings and sales.  If you haven't already, please also check out my video and weekly show, Monday's at 10am, streamed on YouTube & Facebook, "The Victoria Real Estate Show".