We are in a healthy spring market, with more inventory to choose from and stable interest rates benefiting those looking to buy.
Homeowners are feeling more comfortable listing their homes with confidence that they will be able to secure their next home.
We’re seeing more multiple offer scenarios, particularly for detached homes in the $1-1.5 million price range. Making strategy, relationships, and creative solutions even more important when navigating the market.
Victoria Real Estate Board’s February 2024 Market Statistics
Properties Sold:
637
Active Listings:
2,043
Benchmark Single Family:
$1,295,800
Benchmark Condo:
$564,000
Previous Month
(Mar 2024)
Properties Sold:
588
Active Listings:
2,647
Benchmark Single Family:
$1,79,300
Benchmark Condo:
$567,300
Current Stats
(Apr 2024)
Properties Sold:
678
Active Listings:
3,017
Benchmark Single Family:
$1,284,600
Benchmark Condo:
$567,800
Bank of Canada Interest Rate Announcement Schedule for 2024
Everyone’s talking about interest rates coming down this year, and we can suspect more people will be looking to buy when they do.
New construction is slowing down, particularly for single family detached homes. This is likely due to a number of factors, including the high cost of borrowing, incentives pushing for purpose-built rentals, and labour shortages in Victoria.
However, active listings are the highest they’ve been in years. This is good news for a healthy real estate market.
Lower interest rates will undoubtedly have an effect on prices, but if new inventory continues to come on to the market at the rate we’ve been seeing, it’s unlikely we’ll see the staggering jump in prices that occurred when rates were historically low during the COVID market.
January 24: Hold at Policy Rate of 5%
March 6: Hold at Policy Rate of 5%
April 10: Hold at Policy Rate of 5%
June 5: TBA
July 24: TBA
September 4: TBA
October 23: TBA
December 11: TBA
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]
Subscribe to our monthly newsletter & receive our Buyer’s and Seller’s Guides (PDFs).
With gratitude,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
