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Victoria, BC Market Update + Bank of Canada Interest Rate Announcement Schedule

Victoria Real Estate Board November 2023 market statistics:

Anticipated trends are evident, with the number of sales decreasing as we go into the holiday season.

There has been a 25% increase in the number of listings compared to last year, giving those navigating the market more choices and time.

Previous Year

(Nov 2022)

Properties Sold:

384

Active Listings:

2,111

Benchmark Single Family:

$1,248,600

Benchmark Condo:

$568,400

Previous Month

(Oct 2023)

Properties Sold:

407

Active Listings:

2,756

Benchmark Single Family:

$1,305,900

Benchmark Condo:

$585,600

Current Stats

(Nov 2023)

Properties Sold:

394

Active Listings:

2,644

Benchmark Single Family:

$1,286,400

Benchmark Condo:

$577,400

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: TBA

Predictions are that interest rates will be coming down next year. 

The past two years have restored a level of balance to the market that was missing in 2021. 

We suspect 2024 will be a strong year for Victoria’s real estate market.

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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