November 2022 Market Statistics:
Properties Sold: 384
Active Listings: 2,111
Benchmark Condominium: $587,800
Benchmark Single Family Home: $1,307,100
It was a slow month in November. We had 41% less sales than November 2021 and 20% less sales than last month.
The biggest story right now is David Eby’s rapid introduction of Bill 44, eliminating rental restrictions in stratas and leaving only 55+ age restrictions. The idea behind this was to open up more rental opportunities on the island; however, the discussion of its effectiveness needs a deeper dive. With the complexities of the Residential Tenancy Act, not all owners of vacant strata homes are jumping to rent them out.
Something else to consider is that stratas with rental restrictions were generally valued lower and with the removal of said restrictions, there is a possibility those prices will come up to reflect an increase in potential buyers looking to purchase condos with the option to rent.
If the Bank of Canada announces a hold on interest rate increases, we will likely see more confident buyers returning to the market and it will be interesting to see how these changes affect the condo market.
I’m always happy to answer any questions you may have. Call or text: 250-634-2141, or email at [email protected].
Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
