December Victoria Housing Market Update

It's a new year and although the market has been very slow due to high interest rates, low inventory and low demand, I still have many buyers seeking homes.  Many are awaiting more selection, which we should begin to see as spring approaches. 

Overall I expect January to be relatively slow, although busier than December.  Look for the market to pick up steam in March/April as more properties hit the market.  I wouldn't be surprised to see prices rally at that time despite this high interest rate environment.    

BC Assessments are out!  If you have questions about your assessment or how assessments relate to market value, please see my video

New government legislation is in effect, now allowing buyers a 3 day cooling off period although it does come at a cost.  Foreign buyers also are now banned from buying in Canada although there ARE a few exceptions.  With these, as always, comes more paperwork, so if you're an active buyer or client I will likely be in contact soon to update disclosure documents!

Andrew Plank