The Test for the Victoria BC Real Estate Market
I believe the spring market will be the ultimate test for the Victoria BC Real Estate Market. From peak optimism to peak pessimism in real estate in 2022 that brought home prices from historic highs through a historic reset in Canada, we have reached a stability point as 2023 has begun.
Seasonal inventory fell as we entered the fall/winter markets and although demand was sluggish at times, the Victoria housing market has shown its resilience since October 2022. Real estate prices have stabilized in Victoria BC Housing as a consequence of limited inventory. So what’s on the horizon?
The spring market will be the next big test for the direction of real state prices in British Columbia, Canada. Will seasonal trends of new listings also mean enough demand comes back to help support house prices? I don’t believe that buyer demand in an environment of elevated mortgage rates (brought on mostly by inflation and Tiff Macklem/Bank of Canada response to it) will be able to stem the tide.
However, there are some positives that seem to be eliminating much of the doom and gloom that has permeated Canadian Real Estate for the last 12 months. The Bank of Canada has signalled a pause, but recent jobs reports may cause some to question that. For that same reason, bond yields have risen since I began editing this video which could pause any dips in interest rates (fixed rate mortgages).
What do you think will unfold in the Spring market in 2023?
1) Prices stabilize?
2) Bull market?
3) More downside?
4) Home prices fall more than 20%?
Let me know in the comments below and don’t hesitate if you have ay questions about Victoria BC Real Estate as it relates to Vancouver Island Real Estate, Canadian Real Estate investing, and Canadian Finance. Feel free to reach out to me directly as well, I would be happy to answer your questions about Vancouver Island and the Victoria Housing Market.
Timeline:
00:00 Intro
00:47 Stats & Takeaways
02:45 Themes
05:57 OSFI proposals
06:54 Outro
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Alex Carroll is a licensed real estate professional in the province of British Columbia serving the Greater Victoria Real Estate Market
Alex Carroll PREC*
Licensed Realtor
Engel & Völkers Vancouver Island
[email protected]
https://alexcarroll.ca
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