ANOTHER RATE HIKE! Will the Victoria BC Real Estate Market Survive? June 2023
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Alex Carroll PREC*
*Personal Real Estate Corporation
Licensed Realtor
Engel & Völkers Vancouver Island
[email protected]
+1.250.889.9060
https://alexcarroll.ca
Will the Victoria BC Real Estate Market Survive the latest rate hike?
Homebuyers across Canada are asking similar questions, and whether they have made a recent purchase, or are considering one in the future, the inflation story is front and centre in June 2023 thanks to another rate hike from the Bank of Canada. Canadian Real Estate is once again at a crossroads and the path of interest rates is uncertain from here.
Vancouver Island real estate has been remarkably resilient to this point, and Victoria BC housing market data tells us that home prices have actually risen in 2023 despite the interest rates/mortgage rates that are on offer from Canadian banks.
Where are house prices in Victoria BC headed? I expect that overall activity will subside and the relationship between sales and active listings should remain relatively stable as we move into the summer. But be sure to watch this video to get some insights on the Victoria BC Canada market:
00:00 Intro
00:34 What has the spring market taught us so far?
01:17 Latest trends
02:51 The hottest segment
03:29 Where are the listings?
05:00 Buyers keep buying
06:03 THE HIKE to 4.75%
06:51 How does the hike effect the market?
07:51 Looking ahead to summer trends
08:31 What happens to interest rates from here?
10:11 Outro
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