Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.
Greater Victoria's housing market continues to improve, although today's Bank of Canada interest rate increase adds some uncertainty.
Single-family home sales have strengthened considerably over the past month, while inventory continues to decline.
Townhomes are also performing better, with sales now matching last year's pace.
Condos remain the weakest segment, with slower sales and plenty of choice for buyers.
Overall, sales have increased about 21% since late September, although we're still slightly behind last year.
Despite stronger activity, median selling prices remain relatively soft, with no clear evidence of a sustained recovery.
The Bank of Canada raised its key interest rate by 0.25 percentage points to 2.50% today. Higher borrowing costs could make some buyers more cautious, although it's too early to know the impact.
For buyers, opportunities remain, particularly with condos. For sellers, improving activity is encouraging, but realistic pricing remains important.
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Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun
