Between the Bank of Canada’s interest rate announcement and the Province of BC’s announcement on new legislation restricting short-term rentals—October sparked a lot of conversation in the Victoria, BC real estate market.
The Bank of Canada held the policy rate on October 25. This was a much anticipated announcement as people navigate interest rates that are among the highest they’ve been in 20 years.
Bank of Canada interest rate announcement schedule for 2023:
January 25: Increase of 0.25% to policy rate of 4.5%
March 8: Hold at 4.5%
April 12: Hold at 4.5%
June 7: Increase of 0.25% to policy rate of 4.75%
July 12: Increase of 0.25% to policy rate of 5.00%
September 6: Hold at 5%
October 25: Hold at 5%
December 6
Market Stats:
The number of properties sold drifted down from September to October, likely influenced by the rate announcement scheduled later in the month.
Active listings increased throughout October, offering a greater selection to buyers than experienced in recent years.
Previous Year
(Oct 2022)
Properties Sold:
480
Active Listings:
2,192
Benchmark Single Family:
$1,257,100
Benchmark Condo:
$575,300
Previous Month
(Sep 2023)
Properties Sold:
493
Active Listings:
2,699
Benchmark Single Family:
$1,312,200
Benchmark Condo:
$589,600
Current Stats
(Oct 2023)
Properties Sold:
407
Active Listings:
2,756
Benchmark Single Family:
$1,305,900
Benchmark Condo:
$585,600
No matter what stage you’re at, we’re here to help.
Next Steps?
Homeowners: Contact us for a free, no-obligation home equity check to gain a deeper understanding of your position in the market.
Buyers: We’re here to help, no matter what stage you’re at, to determine the most effective pathway towards achieving your real estate goals.
Contact us: 250-634-2141 (call or text) or [email protected]
Schedule a call with us: https://calendly.com/alex-nph/30min?month=2023-05
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Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
