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October 2022 Market Stats: Another interest rate increase

October 2022 Market Statistics:

Properties Sold: 480

Active Listings: 2,192

Benchmark Condominium: $602,700

Benchmark Single Family Home: $1,341,400

This was an interesting month for the Victoria Real Estate Board. The Bank of Canada announced another 0.5% increase, which was less than the rumoured increase of 0.75%, bringing the 5-year fixed mortgage rates to the mid 5%.

Another big moment for the Capital Region District (CRD) was the municipal elections. All eyes seemed to be on Langford with the residing mayor of 29 years replaced, along with five of six council members. Langford has been a topic of controversy due to the high rate of development—ranking among the fastest growing cities in British Columbia for several years. The development in Langford has resulted in thousands of new homes, alongside shopping centres, stadiums, and public services; however, some opinions are that development has moved too quickly and without adequate thought for the future planning and infrastructure of the city.

With fresh faces in the majority of municipalities, it will be interesting to see the response to the current state of housing here in the CRD. Top concerns in public conversation are unaffordability, lack of available housing, and delays in the approval process for projects that would increase housing density.

Housing prices have decreased, but the lower numbers aren’t necessarily indicating a weak market. “We noted last month that the number of sales for September did not necessarily reflect the on-the-ground activity in the marketplace. October sales have shown what the industry has been experiencing, an increase in activity, more sales and well-priced homes receiving plenty of attention – some receiving multiple offers,” said Victoria Real Estate Board President, Karen Dinnie-Smyth.

Buyers are now better positioned to submit conditional offers with a due diligence period, which also benefits sellers looking to make a move in a less competitive 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

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