Is the luxury market picking up?
As Marko Juras reports, there’s been a series of high end sales in Victoria recently, with 8 sales over $2.5M in April, including one at $6.3M, one at $5M, and one at $4.4M. Two weeks...
Long run update
Uncertainty is roiling the stock market and kicking the crap out of some real estate markets across the country. Interestingly enough, while some markets are suffering from multi-decade lows in sales, Victoria seems to still...
March: Uncertainty continues to drag on market
March numbers are in, and the slow weakening of the market continues. We’ve gone from a 60% increase in year over year sales in October as buyers took advantage of lower rates, to now only...
Election: Temper your expectations
We’re one day into the campaign, and just like the provincial election last fall, both parties have immediately forgotten their previous concern about budgets and deficits and switched to handing out goodies to the electorate. ...
Sales waver in the face of strong new listings
Brief update as I’ve been out of town, but I thought it was worth noting that while are still slightly ahead (+5%) of this time last year, activity has been slowly losing steam these last...
Blood from a stone
The BC Budget was released last week, and there was essentially very little new in it, especially on housing. Other than continuing funding for various programs already in place, the only real change was increasing...
February market steady but surge on pause
Well the trade war is on again, but it’s far from clear what it will do to the Victoria market. On the negative side, it’s bad for consumer confidence and likely to drive up unemployment,...
Victoria growth more dependent on immigration, but that will change
Last year the federal government panicked about the negative public reaction to extraordinary population growth in Canada in the last couple years. Beyond slashing the number of temporary residents (mostly international students and temporary workers),...
Supply side update
It’s tough to make the development math work these days, and builders are struggling to make a choice between building rentals (that will complete into a dramatically weakening rental market) or build condos at a...
January: Steady market as Canada faces economic uncertainty
Who knew 2025 would bring such uncertainty so quickly? Despite the pause on tariffs, the country is on edge, with measures of economic uncertainty spiking to levels we haven’t seen in decades. Just a few...
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