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Victoria, BC Market Update: Airbnb Restrictions in BC? + October Interest Rate Announcement

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

Subscribe to our monthly newsletter & receive our Buyer’s and Seller’s Guides (PDFs): https://northpacifichomes.ca/guides/

Thank you for being here,

Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents

*Personal Real Estate Corporation

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