All bunched up
Last week I mentioned that we’ve seen more houses available under the one million dollar mark as prices have declined over the past 10 months. Crossing below that threshold drops down payment requirements and opens...
Category: Trends
Rental market remains extremely tight
A brief update as we wait for January to close out tomorrow. Unlike the wealth of data we have about the real estate market, rental data is extremely limited in Canada. The only reliable source...
Changing rates and the market
The central bank is likely getting ready to hike again on Wednesday, with consensus expectations of a 0.25% increase in the overnight rate. However unlike previous rate hikes that directly increased both the lowest available...
Migration to and from Victoria
In addition to the buyer origin data, we also got the latest update on population estimates from StatsCan. Note that these are based on administrative data and thus a little different than the census population...
Out of town buyers remain active in Victoria
The full year of buyer origin data is out and it shows that while out of town buyers pulled back a bit during the weak second half of the year, 2022 marked a new high...
2023 Predictions
Well we’re closing out another year and what a tumultuous one it was, swinging from epic bidding wars and mania to rapid rate increases driving the biggest drop in prices the Victoria market has seen...
Dec 19 Market Update: New listings pull back
During the runup in prices last year, we saw a dearth of new listings as sellers decided that they would rather stay on the ride of rising values, while upgraders were scared away by the...
Higher rates, but what’s the impact?
As expected the Bank of Canada raised rates again last week, now hitting the steepest calendar year of rate hikes since the 1930s. But are all these hikes still having an impact on housing purchases? ...
The market impact of lifting rental restrictions
Last week we discussed the changes coming from the first part of Eby’s new housing platform. One of the biggest immediate changes was the removal of the ability of strata councils to restrict owners renting...
Who grew Victoria in the last 5 years
A brief update as I’ve been busy moving my parents to town over the last few days (success). We know that after a few decades of a relatively low and constant growth rate near 1%,...